<SEC-DOCUMENT>0000940394-20-001166.txt : 20200805
<SEC-HEADER>0000940394-20-001166.hdr.sgml : 20200805
<ACCEPTANCE-DATETIME>20200805160551
ACCESSION NUMBER:		0000940394-20-001166
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20200805
DATE AS OF CHANGE:		20200805
EFFECTIVENESS DATE:		20200805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EATON VANCE SENIOR FLOATING RATE TRUST
		CENTRAL INDEX KEY:			0001258623
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-229695
		FILM NUMBER:		201077245

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EATON VANCE SENIOR FLOATING RATE FUND
		DATE OF NAME CHANGE:	20030806
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>efrpartc.htm
<DESCRIPTION>EATON VANCE SENIOR FLOATING-RATE TRUST POS EX DTD 8-5-2020
<TEXT>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on August 5, 2020</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1933 Act File No. 333-229695</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: right">1940 Act File No. 811-21411</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt NewsGoth Dm BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: Black 4.5pt double; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>WASHINGTON, D.C. 20549</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 14pt; text-align: center; line-height: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FORM N-2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT of 1933</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PRE-EFFECTIVE AMENDMENT NO. </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>&uml;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>POST-EFFECTIVE AMENDMENT NO. 3</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>and/or</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE INVESTMENT COMPANY ACT OF 1940</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>o</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AMENDMENT NO. 23</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings"><B>x</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 14pt; text-align: center; line-height: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EATON VANCE SENIOR FLOATING-RATE TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Exact Name of Registrant as Specified in Charter)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Two International Place, Boston, Massachusetts 02110</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Address of Principal Executive Offices)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(617) 482-8260</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Registrant&#8217;s Telephone Number)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Maureen A. Gemma</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Two International Place, Boston, Massachusetts 02110</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Name and Address of Agent for Service)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0"><B>Approximate Date of Proposed Public Offering:</B> As soon
as practicable after the effective date of this Registration Statement.</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">If any of the securities
being registered on this form are to be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act
of 1933, as amended, other than securities offered in connection with a dividend reinvestment plan, check the following box. </FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0">It is proposed that this filing will become effective (check
appropriate box):</P>

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0"><FONT STYLE="font-family: Wingdings">&uml;</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When
declared effective pursuant to Section 8(c)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This post-effective amendment will become effective immediately pursuant
to Rule 462(d) under the Securities Act of 1933, as amended.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Explanatory Note</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Post-Effective Amendment No. 3 to the Registration Statement
on Form N-2 (File Nos. 333-229695 and 811-21411) of Eaton Vance Senior Floating-Rate Trust (the &#8220;Registration Statement&#8221;)
is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), solely
for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 3 consists only
of a facing page, this explanatory note, Part C of the Registration Statement and Exhibit 2(b) pursuant to Item 25 of the Registration
Statement. This Post-Effective Amendment No. 3 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d)
under the Securities Act, this Post-Effective Amendment No. 3 shall become effective immediately upon filing with the Securities
and Exchange Commission. Parts A and B of the Registration Statement are hereby incorporated by reference.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>PART C</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>OTHER INFORMATION</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 25.</B></TD><TD><B>FINANCIAL STATEMENTS AND EXHIBITS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">Included in Part A:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 58.5pt">Financial Highlights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">Included in Part B:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 58.5pt">Registrant&#8217;s Certified Shareholder
Reports on Form N-CSR filed December 23, 2019 (Accession No. 0001193125-19-322665) and June 26, 2020 (Accession No. 0001193125-20-179265)
and incorporated herein by reference.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">____________________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 6%; padding-top: 6pt; padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 89%; padding-top: 6pt; padding-bottom: 6pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000089843203000791/ev_exhibit-a.txt" STYLE="-sec-extract: exhibit">Agreement and Declaration of Trust dated August 5, 2003 is incorporated herein by reference to the Registrant's initial Registration Statement on Form N-2 (File Nos. 333-108010 and 811-21411) as to the Registrant's common shares of beneficial interest (&quot;Common Shares&quot;) filed with the Securities and Exchange Commission on August 15, 2003 (Accession No. 0000898432-03-000791) (&quot;Initial Common Shares Registration Statement&quot;).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013503005300/b48157a1exv99wxayx2y.txt" STYLE="-sec-extract: exhibit">Amendment dated October 15, 2003 to Agreement and Declaration of Trust is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement filed with the Commission on October 24, 2003 (Accession No. 0000950135-03-005300) (&quot;Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement&quot;).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000089843211000425/exhibita3.htm" STYLE="-sec-extract: exhibit">Amendment dated August 11, 2008 to Agreement and Declaration of Trust is incorporated herein by reference to the Registrant&#8217;s Initial Registration Statement on Form N-2 (File Nos. 333-172870 and 811-21411) as to Registrant&#8217;s shelf offering filed with the Commission on March 16, 2011 (Accession No. 0000898432-11-000425) (&#8220;Initial Shelf Registration Statement&#8221;).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="exhibitb_ex99zb.htm">Amended and Restated By-Laws dated March 23, 2020 filed herewith.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013503005300/b48157a1exv99wxdy.txt" STYLE="-sec-extract: exhibit">Form of Specimen Certificate for Common Shares of Beneficial Interest incorporated herein by reference to the Registrant&#8217;s Initial Common Shares Registration Statement.&nbsp;&nbsp;</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000089843203001228/certificate-seriesa.txt" STYLE="-sec-extract: exhibit">Form of Specimen Certificate of Series A Auction Preferred Shares is incorporated herein by reference to the Registrant&#8217;s initial Registration Statement on Form N-2 (File Nos. 333-111041and 811-21411) as to Registrant&#8217;s Auction Preferred Shares (&#8220;APS&#8221;) filed with the Commission on September 25, 2002 (Accession No. 0000898432-03-001228) (&#8220;Initial APS Registration Statement&#8221;).</A>&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000089843203001228/certificate-seriesb.txt" STYLE="-sec-extract: exhibit">Form of Specimen Certificate of Series B Auction Preferred Shares is incorporated herein by reference to Registrant&#8217;s Initial APS Registration Statement.&nbsp;</A>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000089843203001228/certificate-seriesc.txt" STYLE="-sec-extract: exhibit">Form of Specimen Certificate of Series C Auction Preferred Shares is incorporated herein by reference to Registrant&#8217;s Initial APS Registration Statement.</A>&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000089843203001228/certificate-seriesd.txt" STYLE="-sec-extract: exhibit">Form of Specimen Certificate of Series D Auction Preferred Shares is incorporated herein by reference to Registrant&#8217;s Initial APS Registration Statement.</A>&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="width: 89%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000089843203001228/certificate-seriese.txt" STYLE="-sec-extract: exhibit">Form of Specimen Certificate of Series E Auction Preferred Shares is incorporated herein by reference to Registrant&#8217;s Initial APS Registration Statement.</A>&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013503005300/b48157a1exv99wxey.txt" STYLE="-sec-extract: exhibit">Dividend Reinvestment Plan filed as Exhibit (17)(d) to the Registrant&#8217;s Initial N-14 and incorporated herein by reference.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013503005300/b48157a1exv99wxgyx1y.txt" STYLE="-sec-extract: exhibit">Investment Advisory Agreement dated October 20, 2003, is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013503005300/b48157a1exv99wxgyx2y.txt" STYLE="-sec-extract: exhibit">Expense Reimbursement Arrangement dated October 20, 2003, is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013503005300/b48157a1exv99wxhyx1y.txt" STYLE="-sec-extract: exhibit">Form of Underwriting Agreement is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013503005300/b48157a1exv99wxhyx2y.txt" STYLE="-sec-extract: exhibit">Form of Master Agreement Among Underwriters is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013503005300/b48157a1exv99wxhyx3y.txt" STYLE="-sec-extract: exhibit">Form of Master Selected Dealers Agreement is incorporated herein by reference to the Registrant's Pre-Effective Amendment No. 1 to the Initial Common Shares Registration Statement.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013504000163/b49089evexv99wxhyx4y.txt" STYLE="-sec-extract: exhibit">Form of Underwriting Agreement as to Registrant&#8217;s Auction Preferred Shares incorporated herein by reference to Registrant&#8217;s APS Pre-Effective Amendment No. 1.</A>&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013504000163/b49089evexv99wxkyx6y.txt" STYLE="-sec-extract: exhibit">Form of Auction Agent Agreement as to Registrant&#8217;s Auction Preferred Shares is incorporated herein by reference to APS Pre-Effective Amendment No. 1.&nbsp;</A>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013504000163/b49089evexv99wxkyx7y.txt" STYLE="-sec-extract: exhibit">Form of Broker-Dealer Agreement as to Registrant&#8217;s Auction Preferred Shares is incorporated herein by reference to APS Pre-Effective Amendment No. 1.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000094039419001110/exhibith7_ex-99zh7.htm" STYLE="-sec-extract: exhibit">Form of Distribution Agreement with respect to the Rule 415 shelf offering is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Shelf Registration Statement filed with the Commission on August 7, 2019 (Accession No. 0000940394-19-001110) (&#8220;Form of Distribution Agreement&#8221;).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000094039419001110/exhibith8_ex-99zh8.htm" STYLE="-sec-extract: exhibit">Form of Sub-Placement Agent Agreement between Eaton Vance Distributors, Inc. and UBS Securities LLC is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Shelf Registration Statement filed with the Commission on August 7, 2019 (Accession No. 0000940394-19-001110) (&#8220;Form of Sub-Placement Agent Agreement&#8221;).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Securities and Exchange Commission has granted the Registrant an exemptive order that permits the Registrant to enter into deferred compensation arrangements with its independent Trustees. See in the matter of Capital Exchange Fund, Inc., Release No. IC- 20671 (November 1, 1994).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/745463/000094039413001073/exhibitg1_ex99zg1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated Master Custodian Agreement between Eaton Vance Funds and State Street Bank &amp; Trust Company dated September 1, 2013 filed as Exhibit (g)(1) is incorporated herein by reference to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073).</FONT></A></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 89%; padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1563696/000119312513122398/d501357dex99j2.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated as of September 1, 2010 filed as Exhibit (j)(2) is incorporated herein by reference to Pre-Effective Amendment No. 3 to the Eaton Vance Municipal Income 2028 Term Trust Registration Statement on Form N-2 (File Nos. 333-185340, 811-22777) filed with the Securities and Exchange Commission on March 22, 2013 (Accession No. 0001193125-13-122398).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/914529/000094039412000641/exhibitg3_ex99zg3.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment Number 1 dated May 16, 2012 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (g)(3) is incorporated herein by reference to Post-Effective Amendment No. 39 of Eaton Vance Municipals Trust II (File Nos. 033-71320, 811-08134) filed May 29, 2012 (Accession No. 0000940394-12-000641).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/745463/000094039413001073/exhibitg4_ex99zg4.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated September 1, 2013 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2020 filed as Exhibit (g)(4) is incorporated herein by reference to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/102816/000094039418001408/exhibitg5_ex-99zg5.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated July 18, 2018 and effective June 29, 2018 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (g)(5) to Post-Effective Amendment No. 212 filed July 31, 2018 (Accession No. 0000940394-18-001408) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(k)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1379438/000095013507000974/b63412n4exv99wxkyx1y.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (k)(1) is incorporated herein by reference to Pre-Effective Amendment No. 3 to the initial Registration Statement on Form N-2 of Eaton Vance Tax-Managed Global Diversified Equity Income Fund (File Nos. 333-138318, 811-21973) filed February 21, 2007 (Accession No. 0000950135- 07- 000974). </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1454741/000119312509083055/dex99k1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated April 21, 2008 to Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (k)(1) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the initial Registration Statement on Form N-2 of Eaton Vance National Municipal Opportunities Trust (File Nos. 333-156948, 811-22269) filed April 21, 2009 (Accession No. 0000950135- 09- 083055). </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1665817/000119312516552383/d166897dex99k1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment dated June 13, 2012 to Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (k)(1) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the initial Registration Statement on Form N-2 of Eaton Vance High Income 2021 Target Term Trust (File Nos. 333-209436, 811-23136) filed April 25, 2016 (Accession No. 0000950135- 16- 552383).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000094039412001347/77q1efr103112.txt" STYLE="-sec-extract: exhibit">Amended and Restated Administrative Services Agreement dated August 6, 2012 is incorporated herein by reference to the Post-Effective Amendment No. 2 to the Initial Shelf Registration Statement.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000094039420000262/exhibitl_ex-99zl.htm" STYLE="-sec-extract: exhibit">Opinion of Internal Counsel filed as Exhibit (l) to the Registrant&#8217;s Post-Effective Amendment No. 2 on Form N-2 filed February 20, 2020 (Accession No. 0000940394-20-000262) and incorporated herein by reference.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(m)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(n)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000094039420000262/exhibitn_ex-99zn.htm" STYLE="-sec-extract: exhibit">Consent of Independent Registered Public Accounting Firm filed as Exhibit (n) to the Registrant&#8217;s Post-Effective Amendment No. 2 on Form N-2 filed February 20, 2020 (Accession No. 0000940394-20-000262) and incorporated herein by reference.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(o)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
</TABLE>

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    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(p)</FONT></TD>
    <TD STYLE="width: 6%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 89%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000095013503005762/b48380evexv99wxpy.txt" STYLE="-sec-extract: exhibit">Letter Agreement with Eaton Vance Management is incorporated herein by reference to Pre-Effective Amendment No. 2 to the Initial Common Shares Registration Statement filed with the Commission on November 20, 2003 (Accession No. 0000950135-03-005762).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(q)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(r)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/31266/000094039420000815/exhibitp1a_ex-99zp1a.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Code of Ethics adopted by the Eaton Vance Funds effective April 8, 2020 filed as Exhibit (p)(1)(a) to Post-Effective Amendment No. 198 of Eaton Vance Special Investment Trust (File Nos. 002-27962, 811-01545) filed April 27, 2020 (Accession No. 0000940394-20-000815) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/31266/000094039420000020/exhibitp1b_ex-99zp3.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Code of Ethics adopted by the Eaton Vance Entities effective January 1, 2020 filed as Exhibit (p)(1)(b) to Post-Effective Amendment No. 192 of Eaton Vance Special Investment Trust (File Nos. 002-27962, 811-01545) filed January 9, 2020 (Accession No. 0000940394-20-000020) and incorporated herein by reference. </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(s)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1258623/000094039419000267/exhibits_ex-99zs.htm" STYLE="-sec-extract: exhibit">Power of Attorney dated October 10, 2018 filed as Exhibit (s) is incorporated herein by reference to Post-Effective Amendment No. 3 to the Registrant&#8217;s Shelf Registration Statement filed with the Commission on February 14, 2019 (Accession No. 0000940394-19-000267).</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 26.</B></TD><TD><B>MARKETING ARRANGEMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">See Form of Distribution Agreement with
respect to the Rule 415 shelf offering.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">See Form of Sub-Placement Agent Agreement
between Eaton Vance Distributors, Inc. and UBS Securities LLC.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 27.</B></TD><TD><B>OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">The approximate expenses in connection
with the offering are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 71%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Registration and Filing Fees</FONT></TD>
    <TD STYLE="text-align: right; width: 29%; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$&#9;6,451</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FINRA Fees</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$&#9;500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">New York Stock Exchange Fees</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$&#9;14,297</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Costs of Printing and Engraving</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounting Fees and Expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$&#9;2,050</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal Fees and Expenses</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;<U>$&#9;5,000</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 3pt; padding-bottom: 3pt; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9;$&#9;28,298</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* The Adviser will pay expenses of the offering (other than the applicable commissions).</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 28.</B></TD><TD><B>PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">None.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 29.</B></TD><TD><B>NUMBER OF HOLDERS OF SECURITIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Set forth below is the number of record
holders as of June 30, 2020, of each class of securities of the Registrant:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Title of Class</B></FONT></TD>
    <TD STYLE="width: 16%; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 44%; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Record Holders</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Shares of Beneficial interest, par value $0.01 per share </FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,709</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Auction Preferred Shares - Series A, par value $0.01 per share</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Auction Preferred Shares - Series B, par value $0.01 per share</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-size: 10pt">5<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Auction Preferred Shares - Series C, par value $0.01 per share</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Auction Preferred Shares - Series D, par value $0.01 per share</FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;7</FONT></TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 30.</B></TD><TD><B>INDEMNIFICATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">The Registrant's Amended and
Restated By-Laws filed herewith, and the Form of Distribution Agreement filed in Pre-Effective Amendment No. 1 to the Initial
Common Shares Registration Statement contain provisions limiting the liability, and providing for indemnification, of the
Trustees and officers under certain circumstances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">The Registrant's Trustees and
officers are insured under a standard investment company errors and omissions insurance policy covering loss incurred by
reason of negligent errors and omissions committed in their official capacities as such. Insofar as indemnification for
liabilities arising under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the provisions described in this Item 30, or
otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 31.</B></TD><TD><B>BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Reference is made to: (i) the
information set forth under the caption &#8220;Investment advisory and other services&#8221; in the Statement of Additional
Information; (ii) the Eaton Vance Corp. 10-K filed under the Securities Exchange Act of 1934, as amended (File No.
001-08100); and (iii) the Form ADV of Eaton Vance Management (File No. 801-15930) filed with the Securities and Exchange
Commission, all of which are incorporated herein by reference.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 32.</B></TD><TD><B>LOCATION OF ACCOUNTS AND RECORDS</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">All applicable accounts, books and
documents required to be maintained by the Registrant by Section 31(a) of the Investment Company Act of 1940, as amended, and
the Rules promulgated thereunder are in the possession and custody of the Registrant's custodian, State Street Bank and Trust
Company, State Street Financial Center, One Lincoln Street, Boston, MA 02111, and its transfer agent, American Stock Transfer
&amp; Trust Company, LLC, 6201 15<SUP>th</SUP> Avenue, Brooklyn, NY 11219, with the exception of certain corporate documents
and portfolio trading documents which are in the possession and custody of Eaton Vance Management, Two International Place,
Boston, MA 02110. Registrant is informed that all applicable accounts, books and documents required to be maintained by
registered investment advisers are in the custody and possession of Eaton Vance Management.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 33.</B></TD><TD><B>MANAGEMENT SERVICES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Not applicable.</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 34.</B></TD><TD><B>UNDERTAKINGS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to suspend the offering of Common Shares until the prospectus is amended if (1) subsequent to the
effective date of this Registration Statement, the net asset value declines more than 10 percent from its net asset value as
of the effective date of this Registration Statement or (2) the net asset value increases to an amount greater than its net
proceeds as stated in the prospectus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;(a)&#9;file, during any period in
which offers or sales are being made, a post-effective amendment to the registration statement:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;(1)&#9;to include any prospectus required
by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;(2)&#9;to reflect in the prospectus
any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;(3)&#9;to include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;(b)&#9;that, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide
offering thereof;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;(c)&#9;to remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;(d)&#9;that, for the purpose of determining
liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C: Each prospectus filed pursuant
to Rule 497(b), (c), (d) or (e) under the Securities Act as part of a registration statement relating to an offering, other than
prospectus filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of
contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to such date of first use;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller
to the purchaser and will be considered to offer or sell such securities to the purchaser:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 1.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
497 under the Securities Act;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 1.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
portion of any advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information
about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 1.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes that:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;(a)&#9;for the purpose of determining
any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration
Statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant pursuant to 497(h) under the
Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared effective; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&#9;(b)&#9;for the purpose of determining
any liability under the Securities Act, each post- effective amendment that contains a form of prospectus shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business
days of receipt of an oral or written request, its Statement of Additional Information.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>NOTICE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">A copy of the Agreement and Declaration
of Trust of Eaton Vance Senior Floating-Rate Trust is on file with the Secretary of State of The Commonwealth of Massachusetts
and notice is hereby given that this instrument is executed on behalf of the Registrant by an officer of the Registrant as an officer
and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers
or shareholders individually, but are binding only upon the assets and property of the Registrant.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.25in">Pursuant to the requirements of the Securities Act of 1933,
as amended, and the Investment Company Act of 1940, as amended the Registrant has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston and the Commonwealth of Massachusetts,
on the 5<SUP>th</SUP> day of August 2020.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><B>Eaton Vance Senior Floating-Rate Trust</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-top: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid; padding-top: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payson F. Swaffield*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payson F. Swaffield, <I>President</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Pursuant to the requirements of the Securities Act of 1933,
as amended this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature</B></FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payson F. Swaffield*</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">President (Chief Executive Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payson F. Swaffield</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">James F. Kirchner*</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Treasurer (Principal Financial and Accounting Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">James F. Kirchner</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt NewsGoth Lt BT; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature</B></FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Thomas E. Faust Jr.*</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Helen Frame Peters*</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Thomas E. Faust Jr.</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Helen Frame Peters</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mark R. Fetting*</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Keith Quinton*</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Mark R. Fetting</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Keith Quinton</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cynthia E. Frost*</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marcus L. Smith*</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cynthia E. Frost</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Marcus L. Smith</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">George J. Gorman*</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Susan J. Sutherland*</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">George J. Gorman</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Susan J. Sutherland</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Valerie A. Mosley*</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Scott E. Wennerholm*</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Valerie A. Mosley</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Scott E. Wennerholm</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">William H. Park*</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Trustee</FONT></TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">William H. Park</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">*By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">/s/ Maureen A. Gemma</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font: 10pt NewsGoth Lt BT; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Maureen A. Gemma <I>(As attorney-in-fact)</I></FONT></TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INDEX TO EXHIBITS<BR>
<BR>
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt; font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD>
    <TD STYLE="width: 7%; padding-top: 6pt; padding-bottom: 6pt; font: 10pt NewsGoth Lt BT">&nbsp;</TD>
    <TD STYLE="width: 88%; padding-top: 6pt; padding-bottom: 6pt; font: 10pt NewsGoth Lt BT"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated By-Laws dated March 23, 2020 </FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>2
<FILENAME>exhibitb_ex99zb.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT (b)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMENDED AND RESTATED BY-LAWS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EATON VANCE SENIOR FLOATING-RATE TRUST</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE I</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">The Trustees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Number of Trustees</U>. The
number of Trustees shall be fixed by the Trustees, provided, however, that such number shall at no time be less than two or exceed
fifteen.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 2. &#9;<U>Trustee Qualifications</U>. All Trustees shall
satisfy the requirements set forth below in this Section 2 of this Article I, except that such requirements are subject to waiver
by a majority of Trustees in office at the time of the nomination of such Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) Only persons satisfying
the following qualification requirements applicable to all Trustees may be nominated, elected, appointed, qualified or seated (&#8220;nominated
or seated&#8221;) to serve as Trustees:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall be at least twenty-one years of age and not
older than the mandatory retirement age determined from time to time by the Trustees or a committee of the Trustees, in each case
at the time the individual is nominated or seated;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall, at the time the individual is nominated or
seated, serve as a trustee or director of no more than 5 issuers (including the Trust) having securities registered under the Securities
Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) (investment companies or individual series thereof having the
same investment adviser or investment advisers affiliated through a control relationship shall all be counted as a single company
for this purpose);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Except as set forth in this Section 2, an individual nominated or seated as a Trustee shall not
be an employee, officer, partner, member, trustee, director or 5% or greater shareholder in any investment adviser (other than
the Trust&#8217;s investment adviser or any investment adviser affiliated with the Trust&#8217;s investment adviser), collective
investment vehicle primarily engaged in the business of investing in &#8220;investment securities&#8221; (as defined in the Investment
Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) (an &#8220;investment company&#8221;) or entity controlling or controlled
by any investment adviser (other than the Trust&#8217;s investment adviser or any investment adviser affiliated with the Trust&#8217;s
investment adviser) or investment company;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall not be and shall not have been subject to
any censure, order, consent decree (including consent decrees in which the respondent has neither admitted nor denied the findings)
or adverse final action of any federal, state or foreign governmental or regulatory authority (including self-regulatory organizations),
barring or suspending such individual from participation in or association with any investment-related business or restricting
such individual&#8217;s activities with respect to any investment-related business (collectively, &#8220;Prohibited Conduct&#8221;),
nor shall an individual</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">nominated or seated as a Trustee be
the subject of any investigation or proceeding that could reasonably be expected to result in an individual nominated or seated
as a Trustee failing to satisfy the requirements of this paragraph, nor shall any individual nominated or seated as a Trustee be
or have engaged in any conduct which has resulted in, or could have reasonably been expected or would reasonably be expected to
result in, the Securities and Exchange Commission (&#8220;SEC&#8221;) censuring, placing limitations on the activities, functions,
or operations of, suspending, or revoking the registration of any investment adviser under Section 203(e) or (f) of the Investment
Advisers Act of 1940, as amended; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">An individual nominated or seated as a Trustee shall not be and shall not have been the subject
of any of the ineligibility provisions contained in Section 9(b) of the 1940 Act that would permit, or could reasonably have been
expected or would reasonably be expected to permit the SEC by order to prohibit, conditionally or unconditionally, either permanently
or for a period of time, such individual from serving or acting as an employee, officer, trustee, director, member of an advisory
board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person (as
defined in Section 2(a)(3) of the 1940 Act) of such investment adviser, depositor, or principal underwriter.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE II</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Officers and Their Election</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Officers</U>. The officers
of the Trust shall be a President, a Treasurer, a Secretary, and such other officers or agents as the Trustees may from time to
time elect. It shall not be necessary for any Trustee or other officer to be a holder of shares in the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Election of Officers</U>.
The Treasurer and Secretary shall be chosen annually by the Trustees. The President shall be chosen annually by the Trustees. Except
for the offices of the President and Secretary, two or more offices may be held by a single person. The officers shall hold office
until their successors are chosen and qualified.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Resignations and Removals</U>.
Any officer of the Trust may resign by filing a written resignation with the President or with the Trustees or with the Secretary,
which shall take effect on being so filed or at such time as may otherwise be specified therein. The Trustees may at any meeting
remove an officer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE III</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Powers and Duties of Trustees and Officers</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Trustees</U>. The business
and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out
that responsibility, so far as such powers are not inconsistent with the laws of the Commonwealth of Massachusetts, the Declaration
of Trust, or these By-Laws. Except as may be required by Section 16(a) of the 1940 Act, Trustees shall be elected by shareholders
only at an annual meeting of shareholders or special meeting in lieu of an annual meeting , provided that this restriction shall
not apply to special meetings called pursuant to Section 5(d)(i) of Appendix I to these By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Executive and other Committees</U>.
The Trustees may elect from their own number an executive committee to consist of not less than three nor more than five members,
which shall have the power and duty to conduct the current and ordinary business of the Trust while the Trustees are not in session,
and such other powers and duties as the Trustees may from time to time delegate to such committee. The Trustees may also elect
from their own number other committees from time to time, the number composing such committees and the powers conferred upon the
same to be determined by the Trustees. Without limiting the generality of the foregoing, the Trustees may appoint a committee consisting
of less than the whole number of 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 the institution,
prosecution, dismissal, settlement, review, investigation or other disposition of any dispute, claim, action, suit or proceeding
which shall be pending or threatened to be brought before any court, administrative agency or other adjudicatory body.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Chairperson of the Trustees</U>.
The Trustees shall appoint from among their number a Chairperson. The Chairperson shall preside at the meetings of the Trustees
and may call meetings of the Trustees and of any committee thereof whenever he deems it necessary or desirable to do so. The Chairperson
may in his discretion preside at any meeting of the shareholders, and may delegate such authority to another Trustee or officer
of the Trust. The Chairperson shall exercise and perform such additional powers and duties as from time to time may be assigned
to him by the Trustees, and shall have the resources and authority appropriate to discharge the responsibilities of the office.
A Trustee elected or appointed as Chairperson shall not be considered an officer of the Trust by virtue of such election or appointment.
As used herein, the masculine gender shall be deemed to denote the feminine or other gender.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>President</U>. Subject to
such supervisory powers, if any, as may be given by the Trustees to the Chairperson of the Trustees, the President shall be the
chief executive officer of the Trust and subject to the control of the Trustees, he shall have general supervision, direction and
control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested
in the office of President of a corporation. In the event that the Chairperson does not preside at a meeting of shareholders or
delegate such power and authority to another Trustee or officer of the Trust, the President or his designee shall preside at such
meeting. He shall have the power to employ attorneys and counsel for the Trust and to employ such subordinate officers, agents,
clerks and employees as he may find necessary to transact the business of the Trust. He shall also have the power to grant, issue,
execute or sign such powers of attorney, proxies, contracts, agreements or other documents as may be deemed advisable or necessary
in furtherance of the interests of the Trust. The President shall have such other powers and duties as, from time to time, may
be conferred upon or assigned to him by the Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Treasurer</U>. The Treasurer
shall be the principal financial and accounting officer of the Trust. He shall deliver all funds and securities of the Trust which
may come into his hands to such bank or trust company as the Trustees shall employ as custodian in accordance with Article III
of the Declaration of Trust. He shall make annual reports in writing of the business conditions of the Trust, which reports shall
be preserved upon its records, and he shall furnish such other reports regarding the business and condition as the Trustees may
from time to time require. The Treasurer shall perform such duties additional to foregoing as the Trustees may from time to time
designate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 6.&#9;<U>Secretary</U>. The Secretary
shall record in books kept for the purpose all votes and proceedings of the Trustees and the shareholders at their respective meetings.
He shall have custody of the seal, if any, of the Trust and shall perform such duties additional to the foregoing as the Trustees
may from time to time designate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 7.&#9;<U>Other Officers</U>. Other
officers elected by the Trustees shall perform such duties as the Trustees may from time to time designate, including executing
or signing such powers of attorney, proxies, contracts, agreements or other documents as may be deemed advisable or necessary in
furtherance of the interests of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 8.&#9;<U>Compensation</U>. The Trustees
and officers of the Trust may receive such reasonable compensation from the Trust for the performance of their duties as the Trustees
may from time to time determine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Meetings of Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Meetings</U>. Meetings of
shareholders, at which the shareholders shall elect Trustees and transact such other business as may properly come before the meeting,
shall be held annually so long as required by NYSE American LLC, New York Stock Exchange or such other exchange or trading system
on which shares of the Trust are principally traded. Meetings of the shareholders (or any class or series) may be called at any
time by the President, and shall be called by the President or the Secretary at the request, in writing or by resolution, of a
majority of the Trustees, or at the written request of the holder or holders of fifty-one percent or more of the total number of
the then issued and outstanding shares of the Trust entitled to vote at such meeting, except that meetings of holders of preferred
shares held for the purpose of considering matters upon which holders of preferred shares are entitled to vote as a separate class
may be called at the written request of the holder or holders of twenty-five percent or more of the total number of the then issued
and outstanding preferred shares of the Trust entitled to vote at such meeting. Any such request shall state the purposes of the
proposed meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Place of Meetings</U>. Meetings
of the shareholders shall be held at the principal place of business of the Trust in Boston, Massachusetts, unless a different
place within the United States is designated by the Trustees and stated as specified in the respective notices or waivers of notice
with respect thereto; provided that the Trust may, subject to any applicable law, and upon designation by a majority of Trustees,
hold meetings of shareholders solely by means of remote communications, or may hold &#8220;hybrid&#8221; meetings where some participants
attend in person and others attend by means of remote communications.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Notice of Meetings</U>. Notice
of all meetings of the shareholders, stating the time, place and the purposes for which the meetings are called, shall be given
by the Secretary to each shareholder entitled to vote thereat, and to each shareholder who under the By-Laws is entitled to such
notice, by delivering (by electronic, telephonic, computerized or other alternative means as may be approved by resolutions adopted
by the Trustees, which authorization is received not more than six months before delivery of such notice) or mailing, postage paid,
addressed to such address as it appears upon the books of the Trust, at least ten days no more than ninety days before the time
fixed for the meeting, and the person given such notice shall make an affidavit with respect thereto. If any shareholder shall
have failed to inform the Trust of his address, no notice need be sent to him. No notice need be given to any shareholder if a
written waiver of notice, executed before or after the meeting by the shareholder or his attorney thereunto authorized, is filed
with the records of the meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Quorum</U>. Except as otherwise
provided by law, to constitute a quorum for the transaction of any business at any meeting of shareholders, there must be present,
in person or by proxy, holders of a majority of the total number of shares of the then issued and outstanding shares of the Trust
entitled to vote at such meeting; provided that if a class (or series) of shares is entitled to vote as a separate class (or series)
on any matter, then in the case of that matter a quorum shall consist of the holders of a majority of the total number of shares
of the then issued and outstanding shares of that class (or series) entitled to vote at the meeting. Shares owned directly or indirectly
by the Trust, if any, shall not be deemed outstanding for this purpose.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a quorum, as above defined,
shall not be present for the purpose of any vote that may properly come before any meeting of shareholders at the time and place
of any meeting, the shareholders present in person or by proxy and entitled to vote at such meeting on such matter holding a majority
of the shares present and entitled to vote on such matter may by vote adjourn the meeting from time to time to be held at the same
place without further notice than by announcement to be given at the meeting until a quorum, as above defined, entitled to vote
on such matter, shall be present, whereupon any such matter may be voted upon at the meeting as though held when originally convened.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Voting</U>. At each meeting
of the shareholders, every shareholder of the Trust shall be entitled to one vote in person or by proxy for each of the then issued
and outstanding shares of the Trust then having voting power in respect of the matter upon which the vote is to be taken, standing
in his name on the books of the Trust at the time of the closing of the transfer books for the meeting, or, if the books be not
closed for any meeting, on the record date fixed as provided in Section 4 of Article VI of these By-Laws for determining the shareholders
entitled to vote at such meeting, or if the books be not closed and no record date be fixed, at the time of the meeting. The record
holder of a fraction of a share shall be entitled in like manner to corresponding fraction of a vote. Notwithstanding the foregoing,
the Trustees may, in connection with the establishment of any class (or series) of shares or in proxy materials for any meeting
of shareholders or in other solicitation materials or by vote or other action duly taken by them, establish conditions under which
the several classes (or series) shall have separate voting rights or no voting rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All elections of Trustees
shall be conducted in any manner approved at the meeting of the shareholders at which said election is held, and shall be by ballot
if so requested by any shareholder entitled to vote thereon. Subject to any provision of applicable binding law, the Declaration
of Trust, these By-Laws or a resolution of the Trustees specifying a greater or a lesser vote requirement, for the transaction
of any item of business that properly comes before any meeting of shareholders, (i) with respect to the election of Trustees, other
than a Contested Election, a nominee receiving the affirmative vote of a plurality of the shares represented in person or by proxy
at any meeting at which a quorum is present shall be deemed and declared elected, (ii) with respect to a Contested Election, a
nominee receiving the affirmative vote of a majority of the shares outstanding and entitled to vote with respect to such matter
at such meeting shall be deemed and declared elected and (iii) for all other items of business, upon the affirmative vote of a
majority of the votes cast in person or by proxy at any meeting at which a quorum is present and entitled to vote on the subject
matter, such matter shall be deemed and declared approved.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of the foregoing
paragraph, &#8220;Contested Election&#8221; shall mean any election of Trustees in which the number of persons nominated for election
as Trustees with respect to a given class of shares of the Trust in accordance with Article IV, Section 8 hereof exceeds the number
of Trustees to be elected with respect to such class, with the determination that any election of Trustees is a Contested Election
to be made by the Secretary or other officer of the Trust prior to the time the Trust mails its initial proxy statement in connection
with such election of Trustees; provided, however, that a Contested Election does not include any election of Trustees by holders
of the Trust&#8217;s preferred shares voting as a separate class pursuant to Section 5(a) or 5(d)(i) of Appendix I hereto. If,
prior to the time the Trust mails its initial proxy statement in connection with such election of Trustees, one or more persons
nominated for election as a Trustee are withdrawn or deemed to be ineligible pursuant to these By-Laws, such that the number of
persons nominated for election as Trustee no longer exceeds the number of Trustees to be elected, such election shall not be considered
a Contested Election.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the event of a Contested
Election, if one (or more) nominees are elected who were not Trustees prior to such Contested Election (&#8220;Non-Incumbents&#8221;),
then the Non-Incumbents shall first fill any vacancies and then succeed those Trustees who served as Trustees prior to such Contested
Election and stood for reelection at such Contested Election with the fewest affirmative votes. If an annual meeting (the &#8220;Current
Annual Meeting&#8221;) is called for the purpose of considering the election of a Trustee whose term is expiring at the time of
such annual meeting (an &#8220;Expiring Trustee&#8221;) or such Trustee&#8217;s successor, and the Expiring Trustee is not elected
and such Expiring Trustee&#8217;s successor is not elected and qualified (in either case, because the required vote or quorum is
not obtained, or otherwise), then such Trustee shall remain a member of the relevant class of Trustees, holding office until the
annual meeting held in the third succeeding year following the year set for the Current Annual Meeting in the initial notice thereof
and until the election and qualification of such Trustee&#8217;s successor, if any, or until such Trustee sooner dies, resigns,
retires or is removed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">SECTION 6.&#9;<U>Proxies</U>. A<FONT STYLE="letter-spacing: -0.15pt">ny
shareholder entitled to vote upon any matter at any meeting of the shareholders may so vote by proxy, provided that such proxy
to act is authorized to act by (i) a written instrument, dated not more than six months before the meeting and executed either
by the shareholder or by his or her duly authorized attorney in fact (who may be so authorized by a writing or by any non-written
means permitted by the laws of the Commonwealth of Massachusetts) or (ii) such electronic, telephonic, computerized or other alternative
means as may be approved by a resolution adopted by the Trustees, which authorization is received not more than six months before
the initial session of the meeting. Proxies shall be delivered to the Secretary of the Trust or other person responsible for recording
the proceedings before being voted. A proxy with respect to shares held in the name of two or more persons shall be valid if executed
by one of them unless at or prior to exercise of such proxy the Trust receives a specific written notice to the contrary from any
one of them. Unless otherwise specifically limited by their terms, proxies shall entitle the holder thereof to vote at any adjournment
of a meeting. A proxy purporting to be exercised 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. At all meetings of the shareholders, unless
the voting is conducted by inspectors, all questions relating to the qualifications of voters, the validity of proxies, and the
acceptance or rejection of votes shall be decided by the chairperson of the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 7.&#9;<U>Consents</U>. Any action which
may be taken by shareholders may be taken without a meeting if the holder or holders of fifty-one percent or more of the total
number of the then issued and outstanding shares of the Trust entitled to vote on such matter (or such higher proportion as would
be required by the Declaration of Trust or these By-Laws with respect to such action at an in-person meeting) consent to the action
in writing and the written consents are filed with the records of the meetings of shareholders. Such consents shall be treated
for all purposes as a vote taken at a meeting of shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 8.&#9;<U>Notice of Shareholder Business
and Nominations</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) <U>Annual
Meetings of Shareholders</U>. (1) Nominations of persons for election to the Board of Trustees and the proposal of business
to be considered by the shareholders may be made at an annual meeting of shareholders or special meeting in lieu of an annual
meeting (a) pursuant to the notice of meeting described in Section 3 of this Article of these By-Laws; (b) by or at the
direction of the Board of Trustees; or (c) by any shareholder of the Trust who was a shareholder of record at the time of
giving of notice provided for in Section 3 of this Article of these By-Laws, who is entitled to vote at the meeting, who
complied with the notice provisions set forth in this Section 8 and who held at least $2,000 in market value, or 1%, of the
Trust&#8217;s securities entitled to be voted on the nomination or proposal at the meeting for at least one year by the date
such shareholder submitted such nomination or proposal. As used in these By-Laws, an &#8220;annual meeting&#8221; is a
meeting of the shareholders of the Trust that is required pursuant to the first sentence of Section 1 of this Article IV. As
used in these By-Laws, a &#8220;special meeting in lieu of an annual meeting&#8221; is a meeting held in lieu of
an annual meeting that is not held in a given year if so required, whether the omission be by oversight or otherwise.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(2) For nominations or other
business properly to be brought before an annual meeting or special meeting in lieu of an annual meeting by a shareholder pursuant
to clause (c) of paragraph (A)(1) of this Section 8, the shareholder must have given timely notice thereof in writing to the Secretary
of the Trust and such other business must be a proper matter for shareholder action. To be timely, a shareholder&#8217;s notice
shall be delivered to the Secretary at the principal executive offices of the Trust not later than the close of business on the
ninetieth day nor earlier than the close of business on the one hundred-twentieth day prior to the first anniversary of the preceding
year&#8217;s annual meeting or, as applicable, special meeting in lieu of an annual meeting; provided, however, that in the event
that the date of the annual meeting or special meeting in lieu of an annual meeting is more than thirty days before or more than
sixty days after such anniversary date, notice by the shareholder to be timely must be so delivered not earlier than the close
of business on the later of the ninetieth day prior to such annual meeting or special meeting in lieu of an annual meeting or the
tenth day following the day on which public announcement of the date of such meeting is first made. In no event, shall the public
announcement of an adjournment of an annual meeting or special meeting in lieu of an annual meeting commence a new time period
for the giving of a shareholder&#8217;s notice as described above. Such shareholder&#8217;s notice shall set forth:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a) as to each person whom
the shareholder proposes to nominate for election or reelection as a Trustee:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the name, age, business address and residence address of such proposed nominee and of any Proposed
Nominee Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the principal occupation or employment of such proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the class or series and number of all shares of the Trust which are owned beneficially or of record,
directly or indirectly, by such proposed nominee and any Proposed Nominee Associated Person, and the name and address of the record
holder(s) of such shares (if different than the beneficial owner(s)) as they appear on the records of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the name of each nominee holder of shares owned beneficially but not of record by such proposed
nominee or any Proposed Nominee Associated Person, and the number of such shares held by each such nominee holder;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">whether and the extent to which any derivative instrument, swap, option, warrant, short interest,
hedge or profit interest or other transaction has been entered into by or on behalf of such proposed nominee, or any Proposed Nominee
Associated Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">whether and the extent to which any other transaction, agreement, arrangement or understanding
(including any short position or any borrowing or lending of shares) has been made by or on behalf of such proposed nominee, or
any Proposed Nominee Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk
or benefit of share price changes for, such proposed nominee, or any Proposed Nominee Associated Person, or to increase or decrease
the voting power or pecuniary or economic interest of such proposed nominee, or any Proposed Nominee Associated Person, with respect
to the shares;</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">a representation as to whether such proposed nominee is an &#8220;interested person,&#8221; as
defined under Section 2(a)(19) of the 1940 Act and sufficient information about the proposed nominee to permit counsel to the Trust
to confirm such representation, including information with respect to each relationship set forth in Section 2(a)(19) of the 1940
Act which may cause such proposed nominee to be an interested person of the Trust or a representation that no such relationship
exists;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">information to establish to the satisfaction of the Board of Trustees that the proposed nominee
satisfies the trustee qualifications as set out in these By-Laws; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">any other information relating to such proposed nominee or Proposed Nominee Associated Person that
would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of
proxies for election of directors in an election contest pursuant to Section 14 of the Exchange Act (even if an election contest
is not involved); and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) as to any other business
that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the
meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder
and the beneficial owner, if any, on whose behalf the proposal is made; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(c) as to the shareholder
giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the name and address of such shareholder, as they appear on the Trust&#8217;s books, and of such
beneficial owner and of any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the class/series and number of shares of the Trust which are owned beneficially and of record by
such shareholder, such beneficial owner and any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">whether and the extent to which any derivative instrument, swap option, warrant, short interest,
hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any Shareholder Associated
Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">whether and the extent to which any other transaction, agreement, arrangement or understanding
(including any short position or any borrowing or lending of shares) has been made by or on behalf of such person, or any Shareholder
Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock
price changes for, such person, or any Shareholder Associated Person, or to increase or decrease the voting power or pecuniary
or economic interest of such person, or any Shareholder Associated Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">a description of all agreements, arrangements, or understandings (whether written or oral) between
such person, or any Shareholder Associated Person and any proposed nominee or any other person or persons (including their names)
pursuant to which the proposal(s) or nomination(s)
are being made by such person, and any material interest of such person, or any Shareholder Associated Person, in such proposal
or nomination, including any anticipated benefit therefrom to such person, or any Shareholder Associated Person;</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">a representation that the shareholder, or group of shareholders, giving notice intends to appear
in person at the annual meeting or special meeting in lieu of an annual meeting to make the proposals or nominate the persons named
in its notice; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">any other information relating to such person that would be required to be disclosed in a proxy
statement or other filings required to be made in connection with the solicitation of proxies for election of directors in an election
contest pursuant to Section 14 of the Exchange Act (even if an election contest is not involved).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For purposes of the foregoing,
a &#8220;Proposed Nominee Associated Person&#8221; of any proposed nominee shall mean (A) any person acting in concert with such
proposed nominee and (B) any direct or indirect beneficial owner of shares owned of record or beneficially by such proposed nominee
or person acting in concert with the proposed nominee. A &#8220;Shareholder Associated Person&#8221; of any beneficial or record
shareholder shall mean (A) any person acting in concert with such shareholder, (B) any direct or indirect beneficial owner of shares
owned of record or beneficially by such shareholder or any person acting in concert with such shareholder, (C) any person controlling,
controlled by or under common control with such shareholder or a Shareholder Associated Person and (D) any member of the immediate
family of such shareholder or Shareholder Associated Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(3) A shareholder of record,
or group of shareholders of record, providing notice of any proposal or nomination proposed to be made at an annual meeting or
special meeting in lieu of an annual meeting shall further update and supplement such notice, if necessary, so that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the information provided or required to be provided in such notice pursuant to paragraph (A)(2)
of this Article IV, Section 8 shall be true and correct as of the record date for determining the shareholders entitled to receive
notice of the annual meeting or special meeting in lieu of an annual meeting, and such update and supplement shall be delivered
to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five business days
after the record date for determining the shareholders entitled to receive notice of such annual meeting or special meeting in
lieu of an annual meeting; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any subsequent information reasonably requested by the Board of Trustees to determine that any
proposed nominee has met the trustee qualifications as set out in these By-Laws is provided, and such update and supplement shall
be delivered to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five
business days after the request by the Board of Trustees for subsequent information regarding trustee qualifications has been delivered
to or mailed and received by such shareholder of record, or group of shareholders of record, providing notice of any nomination.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;&nbsp;(4)
Notwithstanding anything in the second sentence of paragraph (A)(2) of this Section 8 to the contrary, in the event that the number
of Trustees to be elected by shareholders of the Trust to the Board of Trustees is increased and there is no public announcement
naming all of the nominees for Trustee or specifying the size of the increased Board of Trustees made by the Trust at least one
hundred days prior to the first anniversary of the preceding year&#8217;s annual meeting, a shareholder&#8217;s notice required
by this Section 8 shall also be considered timely, but only with respect to nominees for any new positions created by such increase,
if it shall be delivered to the Secretary at the principal executive offices of the Trust not later than the close of business
on the tenth day following the day on which such public announcement is first made by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(B) <U>Special Meetings
of Shareholders</U>. As used in these By-Laws, &#8220;special meeting&#8221; refers to any meeting of the Trust&#8217;s shareholders
other than an annual meeting or special meeting in lieu of an annual meeting. Only such business shall be conducted by a special
meeting of shareholders as shall have been brought before the meeting pursuant to the Trust&#8217;s notice of meeting given by
or at the direction of a majority of the Trustees. Except as may be required by Section 16(a) of the 1940 Act, Trustees shall be
elected only at an annual meeting of shareholders or special meeting in lieu of an annual meeting and not at a special meeting,
provided that this restriction shall not apply to special meetings called pursuant to Section 5(d)(i) of Appendix I to these By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(C) <U>General</U>. (1)
Only such persons who are nominated in accordance with the procedures set forth in this Section 8 shall be eligible to serve as
Trustees and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in
accordance with the procedures set forth in this Section 8. Except as otherwise provided by law, the Declaration of Trust or these
By-Laws, the Chairperson (or such officer of the Trust or its investment adviser presiding at the meeting) shall have the power
and duty to determine whether a nomination or any business proposed to be brought before the meeting was made, or proposed, as
the case may be, in accordance with the procedures set forth in this Section 8 and, if any proposed nomination or business is not
in compliance with this Section 8, to declare that such defective proposal or nomination shall be disregarded.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(2) For purposes of this
Section 8, &#8220;public announcement&#8221; shall mean disclosure in a press release reported by the Dow Jones News Service, Associated
Press or comparable national news service or in a document publicly filed by the Trust with the SEC pursuant to Section 13, 14
or 15(d) of the Exchange Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(3) Notwithstanding the foregoing
provisions of this Section 8, a shareholder shall also comply with all applicable requirements of the Exchange Act and the rules
and regulations thereunder with respect to the matters set forth in this Section 8. Nothing in this Section 8 shall be deemed to
affect any rights of (a) shareholders to request inclusion of proposals in the Trust&#8217;s proxy statement pursuant to Rule 14a-8
under the Exchange Act or (b) the holders of any class of preferred shares of beneficial interest to elect Trustees under specified
circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE V</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Trustees Meetings</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Meetings</U>. The Trustees
may in their discretion provide for regular or stated meetings of the Trustees. Meetings of the Trustees other than regular or
stated meetings shall be held whenever called by the Chairperson and at least one other Trustee at the time being in office, or
by a majority of the Trustees at the time being in office. Any or all of the Trustees may participate in a meeting by means of
a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time, and participation
by such means shall constitute presence in person at a meeting.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Notices</U>. Notice of regular
or stated meetings need not be given. Notice of the time and place of each meeting other than regular or stated meeting shall be
given by the Secretary or by one of the Trustee(s) calling the meeting and shall be mailed to each Trustee at his or her business
address for delivery at least two days before the meeting, or shall be transmitted electronically to each Trustee at his or her
electronic delivery address or personally delivered to him at least one day before the meeting. Such notice may, however, be waived
by all the Trustees. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him before
or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior
thereto or at its commencement the lack of notice to him. A notice or waiver of notice need not specify the purpose of any special
meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Consents</U>. Any action required
or permitted to be taken at any meeting of the Trustees may be taken by the Trustees without a meeting if a written consent thereto
is signed by a majority of the Trustees (or such higher proportion as would be required by the Declaration of Trust or these By-Laws
with respect to such action at an in-person meeting) and filed with the records of the Trustees' meetings. A Trustee may deliver
his consent to the Trust by facsimile machine or other electronic communication equipment. Such consent shall be treated as a vote
at a meeting for all purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Place of In-Person Meetings</U>.
The Trustees may hold their meetings within or without the Commonwealth of Massachusetts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Quorum and Manner of Acting</U>.
Except as otherwise required by the Declaration of Trust, these By-Laws or by statute, a majority of the Trustees in office shall
be present in person at any regular or stated meeting or special meeting of the Trustees in order to constitute a quorum for the
transaction of business at such meeting and the act of a majority of the Trustees present at any such meeting, at which a quorum
is present, shall be the act of the Trustees. In the event that action is to be taken with respect to the death, declination, resignation,
retirement, removal or incapacity of one or more Trustees, a quorum for the transaction of such business and any other business
conducted at such meeting and (except as otherwise required by the Declaration of Trust, by these By-Laws or by statute) shall
be a majority of the remaining Trustees then in office. In the absence of a quorum, a majority of the Trustees present may adjourn
the meeting from time to time until a quorum shall be present. Notice of any adjourned meeting need not be given.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VI</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shares of Beneficial Interest</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Certificates for Shares of
Beneficial Interest</U>. Certificates for shares of beneficial interest of any class of shares of the Trust, if issued, shall be
in such form as shall be approved by the Trustees. They shall be signed by, or in the name of, the Trust by the President and by
the Treasurer and may, but need not be, sealed with seal of the Trust; provided, however, that where such certificate is signed
by a transfer agent or a transfer clerk acting on behalf of the Trust or a registrar other than a Trustee, officer or employee
of the Trust, the signature of the President or Treasurer and the seal may be facsimile. In case any officer or officers who shall
have signed, or whose facsimile signature or signatures shall have been used on any such certificate or certificates, shall cease
to be such officer or officers of the Trust whether because of death, resignation or otherwise, before such certificate or certificates
shall have been delivered by the Trust, such certificate or certificates may nevertheless be adopted by the Trust and be issued
and delivered as though the person or persons who
signed such certificate or certificates or whose facsimile signatures shall have been used thereon had not ceased to be such officer
or officers of the Trust.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Transfer of Shares</U>. Transfers
of shares of beneficial interest of any shares of the Trust shall be made only on the books of the Trust by the owner thereof or
by his attorney thereunto authorized by a power of attorney duly executed and filed with the Secretary or a transfer agent, and
only upon the surrender of any certificate or certificates for such shares. The Trust shall not impose any restrictions upon the
transfer of the shares of the Trust, but this requirement shall not prevent the charging of customary transfer agent fees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Transfer Agent and Registrar;
Regulations</U>. The Trust shall, if and whenever the Trustees shall so determine, maintain one or more transfer offices or agencies,
each in the charge of a transfer agent designated by the Trustees, where the shares of beneficial interest of the Trust shall be
directly transferable. The Trust shall, if and whenever the Trustees shall so determine, maintain one or more registry offices,
each in the charge of a registrar designated by the Trustees, where such shares shall be registered, and no certificate for shares
of the Trust in respect of which a transfer agent and/or registrar shall have been designated shall be valid unless countersigned
by such transfer agent and/or registered by such registrar. The principal transfer agent may be located within or without the Commonwealth
of Massachusetts and shall have charge of the stock transfer books, lists and records, which shall be kept within or without Massachusetts
in an office which shall be deemed to be the stock transfer office of the Trust. The Trustees may also make such additional rules
and regulations as it may deem expedient concerning the issue, transfer and registration of certificates for shares of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Closing of Transfer Books
and Fixing Record Date</U>. The Trustees may fix in advance a time which shall be not more than seventy-five days before the date
of any meeting of shareholders, or the date for the payment of any dividend or the making or any distribution to shareholders or
the last day on which the consent or dissent of shareholders may be effectively expressed for any purpose, as the record date for
determining the shareholders having the right to notice of and to vote at such meeting, and any adjournment thereof, or the right
to receive such dividend or distribution or the right to give such consent or dissent, and in such case only shareholders of record
on such record date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date.
The Trustees may, without fixing such record date, close the transfer books for all or any part of such period for any of the foregoing
purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5.&#9;<U>Lost, Destroyed or Mutilated
Certificates</U>. The holder of any shares of the Trust shall immediately notify the Trust of any loss, destruction or mutilation
of the certificate therefor, and the Trustees may, in their discretion, cause a new certificate or certificates to be issued to
him, in case of mutilation of the certificate, upon the surrender of the mutilated certificate, or, in case of loss or destruction
of the certificate, upon satisfactory proof of such loss or destruction and, in any case, if the Trustees shall so determine, upon
the delivery of a bond in such form and in such sum and with such surety or sureties as the Trustees may direct, to indemnify the
Trust against any claim that may be made against it on account of the alleged loss or destruction of any such certificate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 6.&#9;<U>Record Owner of Shares</U>.
The Trust shall be entitled to treat the person in whose name any share of the Trust is registered on the books of the Trust as
the owner thereof, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the
part of any other person.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Preferred Shares</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The rights and preferences of the Trust&#8217;s
preferred shares are as set forth on Appendix I, which is incorporated herein in its entirety.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VIII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fiscal Year</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Fiscal Year</U>. The fiscal
year of the Trust shall end on such date as the Trustees may, from time to time, determine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IX</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Seal</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Seal</U>. The Trustees may
adopt a seal of the Trust which shall be in such form and shall have such inscription thereon as the Trustees may from time to
time prescribe.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE X</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Inspection of Books</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Inspection of Books by Shareholders</U>.
The Trustees shall from time to time determine whether and to what extent, and at what times and places, and under what conditions
and regulations the accounts and books of the Trust or any of them shall be open to the inspection of the shareholders; and no
shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by law or authorized
by the Trustees or by resolution of the shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Inspection of Books by Trustees</U>.
The results of all actions taken at a meeting of the Trustees, or by written consent of the Trustees, shall be recorded by the
Secretary of the meeting appointed by the Board of Trustees. Each Trustee shall be entitled to examine the Declaration of Trust
and these By-Laws. Subject to such policies and procedures as may be adopted by the Board of Trustees, a Trustee shall also be
entitled to access the Trust&#8217;s other records and to receive such other information about the Trust as is reasonably necessary
for the Trustee to perform his or her duties to the Trust and its shareholders and otherwise only to the extent required by applicable
law. Subject to such policies and procedures, a majority of Trustees shall determine in good faith whether any request for such
access to records or such other information is reasonably necessary for the Trustees to perform such duties, and such determination
shall be binding upon the requesting Trustee and all other parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XI</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Principal Custodian and Sub&#45;custodians</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Principal Custodian</U>. The
following provisions shall apply to the employment of the principal Custodian pursuant to the Declaration of Trust:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) The Trust may employ
the principal Custodian:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1.5in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To hold securities owned by the Trust and deliver the same upon written order
or oral order, if confirmed in writing, or by such electro-mechanical or electronic devices as are agreed to by the Trust and such
Custodian;</TD></TR>
</TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To receive and receipt for any moneys due to the Trust and deposit the same
in its own banking department or, as the Trustees may direct, in any bank, trust company or banking institution approved by such
Custodian, provided that all such deposits shall be subject only to the draft or order of such Custodian; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To disburse such funds upon orders or vouchers.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">The Trust may also employ such Custodian as its agent:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To keep the books and accounts of the Trust and furnish clerical and accounting
services; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">To compute the net asset value per share in the manner approved by the Trust.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(C)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">All
of the foregoing services shall be performed upon such basis of compensation as may be agreed upon between the Trust and the principal
Custodian. If so directed by vote of the holders of a majority of the outstanding shares of Trust, the principal Custodian shall
deliver and pay over all property of the Trust held by it as specified in such vote.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify; padding-right: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">In case of the resignation, removal or inability to serve of any such Custodian,
the Trustees shall promptly appoint another bank or trust company meeting the requirements of the Declaration of Trust as successor
principal Custodian. The agreement with the principal Custodian shall provide that the retiring principal Custodian shall, upon
receipt of notice of such appointment, deliver the funds and property of the Trust in its possession to and only to such successor,
and that pending appointment of a successor principal Custodian, or a vote of the shareholders to function without a principal
Custodian, the principal Custodian shall not deliver funds and property of the Trust to the Trustees, but may deliver them to a
bank or trust company doing business in Boston, Massachusetts, of its own selection, having an aggregate capital, surplus and undivided
profits, as shown by its last published report, of not less than $2,000,000, as the property of the Trust to be held under terms
similar to those on which they were held by the retiring principal Custodian.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Sub-Custodian</U>. The Trust
may also authorize the principal Custodian to employ one or more sub&#45;custodians from time to time to perform such of the acts
and services of the Custodian and upon such terms and conditions as may be agreed upon between the Custodian and sub&#45;custodian.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Securities Depositories, etc.</U>
Subject to such rules, regulations and orders as the SEC may adopt, the Trust may authorize or direct the principal Custodian or
any sub&#45;custodian to deposit all or any part of the securities in or with one or more depositories or clearing agencies or
systems for the central handling of securities or other book&#45;entry systems approved by the Trust, or in or with such other
persons or systems as may be permitted by the SEC, or otherwise in accordance with the Act, pursuant to which all securities of any particular class or series
of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the
Trust or the principal Custodian or the sub&#45;custodian. The Trust may also authorize the deposit in or with one or more eligible
foreign custodians (or in or with one or more foreign depositories, clearing agencies or systems for the central handling of securities)
of all or part of the Trust&#8217;s foreign assets, securities, cash and cash equivalents in amounts reasonably necessary to effect
the Trust&#8217;s foreign investment transactions, in accordance with such rules, regulations and orders as the SEC may adopt.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Limitation of Liability and Indemnification</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Limitation of Liability</U>.
Provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best interest
of the Trust, the Trustees shall not be responsible for or liable in any event for neglect or wrongdoing of them or any officer,
agent, employee or investment adviser of the Trust, but nothing contained in the Declaration of Trust or herein shall protect any
Trustee against any liability to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of his office.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 2.&#9;<U>Indemnification of Trustees
and Officers</U>. Subject to the exceptions and limitations contained in this section, every person who is, or has been, a Trustee
or officer of the Trust or, at the Trust&#8217;s request, serves, or has served, as a director, trustee or officer of another organization
in which the Trust has an interest as a shareholder, creditor or otherwise (hereinafter referred to as a &#8220;Covered Person&#8221;),
shall be indemnified by the Trust to the fullest extent permitted by applicable law, as in effect from time to time (&#8220;Applicable
Law&#8221;), against any and all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or
settlement, or as fines and penalties, and counsel fees, incurred by or for such Covered Person in connection with the preparation
for, defense or disposition of, any claim, demand, action, suit, investigation, inquiry or proceeding of any and every kind, whether
actual or threatened (collectively, a &#8220;Claim&#8221;), in which such Covered Person becomes involved as a party or otherwise
by virtue of being or having been a Covered Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">No indemnification shall
be provided hereunder to a Covered Person to the extent such indemnification is prohibited by Applicable Law. In no event shall
the Trust be obligated to indemnify a Covered Person against liabilities to the Trust or any shareholder to which such Covered
Person would otherwise be subject by reason of the willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of such Covered Person&#8217;s office (collectively, &#8220;Disabling Conduct&#8221;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The rights of indemnification
herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights
to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators
of such Covered Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the maximum extent permitted
by Applicable Law, the Trust shall make advances for the payment of expenses reasonably incurred by or for a Covered Person in
connection with any Claim for which the Covered Person is entitled to indemnification by the Trust prior to final disposition thereof
upon receipt of an undertaking by or on behalf of the Covered Person to repay such amount if it is ultimately determined that such
Covered Person is not entitled to indemnification by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The obligation of the Trust
to indemnify a Covered Person and/or make advances for the payment of expenses incurred by or for such Covered Person under this
section may be made subject to conditions and procedures as the Trustees determine are necessary or appropriate to protect the
Trust from the risk that a Covered Person will ultimately be determined to be not entitled to indemnification hereunder. Except
as otherwise provided in such conditions and procedures, the Covered Person shall be entitled to the benefit of a rebuttable presumption
that the Covered Person has not engaged in Disabling Conduct and that the Covered Person is entitled to indemnification hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Nothing contained in this
section shall affect any rights to indemnification to which any Covered Person or other person may be entitled by contract or otherwise
under law or prevent the Trust from entering into any contract to provide indemnification to any Covered Person or other person.
Without limiting the foregoing, the Trust may, in connection with the acquisition of assets subject to liabilities or a merger
or consolidation, assume the obligation to indemnify any person including a Covered Person or otherwise contract to provide such
indemnification, and such indemnification shall not be subject to the terms of this section.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Indemnification of Shareholders</U>.
In case any shareholder or former shareholder shall be held to be personally liable solely by reason of his being or having been
a shareholder and not because of his acts or omissions or for some other reason, the shareholder or former shareholder (or his
heirs, executors, administrators or other legal representatives, or in the case of a corporation or other entity, its corporate
or other general successor) shall be entitled out of the Trust estate to be held harmless from and indemnified against all loss
and expense arising from such liability. The Trust shall, upon request by the shareholder, assume the defense of any claim made
against any shareholder for any act or obligation of the Trust and satisfy any judgment thereon. A holder of shares of a series
shall be entitled to indemnification hereunder only out of assets allocated to that series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XIII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Litigation, Limitation of Liability, Applicable
Law and Conflicts of Law</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 1.&#9;<U>Litigation</U>. To the maximum extent permitted
by law, any exercise of power described in Section 2.18 of the Declaration of Trust shall be final, and binding on all persons
(including shareholders of the Trust).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">SECTION 2.&#9;<U>Derivative Actions</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) The purpose of this
Article XIII, Section 2 is to protect the interests of the Trust and the shareholders of the Trust by establishing a process that
will permit legitimate inquiries and claims to be made and considered while avoiding the time, expense, distraction and other harm
that can be caused to the Trust and shareholders as a result of spurious shareholder demands and derivative actions. In addition
to any requirements applicable to shareholders of a Massachusetts business corporation that are not inconsistent with the terms
of this Declaration of Trust, a shareholder or shareholders may bring a derivative action on behalf of the Trust only in accordance
with the terms of this Article XIII, Section 2.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(B) Except to the extent
explicitly permitted under the federal securities laws, no shareholder or group of shareholders shall have the right to bring or
maintain any court action, proceeding or claim on behalf of the Trust or any series or class of shares of the Trust without first
making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall
not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the demanding
shareholder(s) make a specific showing that irreparable nonmonetary injury to the Trust or series or class of shares of the Trust that
the shareholder(s) could not reasonably have prevented would otherwise result. Such demand shall be mailed to the Secretary of
the Trust at the Trust&#8217;s principal office and shall set forth with particularity the nature of the proposed court action,
proceeding or claim and the essential facts relied upon by the shareholder(s) to support the allegations made in the demand.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Within
90 days of receipt of any such demand, the Trustees shall consider the merits of the claim and determine whether commencing or
maintaining a suit would be in the best interests of the Trust or the affected series or class, as applicable.&nbsp; If, during
this 90-day period, the Trustees conclude that a determination as to the maintenance of a suit cannot reasonably be made within
the 90-day period, the Trustees may extend the 90-day period by a period of time that the Trustees consider will be sufficient
to permit them to make such a determination, not to exceed 60 calendar days from the end of the initial 90-day period. In their
sole discretion, the Trustees may submit the question of whether to proceed with the claim to a vote of shareholders of the Trust
or a series or class of shares, as appropriate. To the maximum extent permitted by law, any decision by the Trustees to bring,
maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote
of shareholders, shall be final and binding upon the shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(C) Any Trustee acting
in connection with any demand or any proceeding relating to a claim on behalf of or for the benefit of the Trust or any series
or class thereof who is not an &#8220;interested person&#8221; of the Trust within the meaning of Section 2(a)(19) of the 1940
Act shall be deemed to be independent and disinterested with respect to any actions taken in connection with any such demand, proceeding,
or claim. Without limiting the foregoing, a Trustee otherwise independent for purposes of considering the demand shall not be considered
not to be independent and disinterested by virtue of (i) the fact that 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 with the same or an affiliated investment
adviser or underwriter, (ii) the amount of such remuneration, (iii) the fact that such Trustee was identified in the demand as
a potential defendant or witness or was named as a defendant in any derivative action, or (iv) the fact that the Trustee approved
or participated in the act being challenged in the demand if the act resulted in no material personal benefit to the Trustee or,
if the Trustee is also a shareholder, no material personal benefit that is not shared pro rata with other shareholders of the series
or class of which the Trustee is a shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(D) For purposes of this
Article XIII, Section 2, the Trustees may designate a committee to consider a demand by shareholders. Such committee (or the Trustees
in the absence of a committee) shall be entitled to retain counsel or other advisers in considering the merits of the demand.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Exclusive Right of Action</U>.
To the maximum extent permitted by law, each shareholder of the Trust acknowledges and agrees that any alleged injury to the Trust&#8217;s
property, any diminution in the value of the shareholder&#8217;s shares, or any other claim arising out of or relating to an allegation
regarding the actions, inaction, or omissions of or by the Trustees, the Trust&#8217;s officers or the investment adviser of the
Trust is a legal claim belonging only to the Trust and not to the shareholders individually. Accordingly, all shareholders shall
be bound to bring any and all such claims pursuant only to the provisions of Article XIII, Section 2. The shareholders acknowledge
that, for these purposes, the Trust is deemed to be a separate and distinct legal entity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Direct Claims</U>. No group
of shareholders shall have the right to bring or maintain a direct action or claim for monetary damages against the Trust or the
Trustees predicated upon an express or implied right of action under the Declaration of Trust or the 1940 Act, nor shall any single
shareholder, who is similarly situated to one or more other shareholders with respect to the alleged injury, have the right to
bring such an action, unless such group of shareholders or shareholder has obtained authorization from the Trustees to bring the
action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on
the part of the Trustees. A request for authorization</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">shall be mailed to the Secretary of the Trust
at the Trust&#8217;s principal office and shall set forth with particularity the nature of the proposed court action, proceeding
or claim and the essential facts relied upon by the group of shareholders or shareholder to support the allegations made in the
request. The Trustees shall consider such request within 90 days of its receipt by the Trust. In their sole discretion, the Trustees
may submit the matter to a vote of shareholders of the Trust or series or class of shares, as appropriate. Any decision by the
Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the
matter to a vote of shareholders, shall be made in their business judgment and shall be binding on all shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 5. &#9;<U>No Implied Duties or Liabilities</U>.
Except to the extent required by applicable law or expressly stated herein, nothing in the Declaration of Trust or these By-Laws
shall be deemed to create any fiduciary duty or other legal obligation (a) on the part of the Trustees or Trust officers to the
Trust, the shareholders or any other Person; or (b) on the part of the Trust to any person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 6.&#9;<U>Applicable Law</U>. The Trust
is governed by and construed and administered according to the laws of the Commonwealth of Massachusetts. The Trust is of the type
commonly called a Massachusetts business trust, and without limiting the provisions hereof, the Trust may exercise all powers which
are ordinarily exercised by such a trust. Any suit, action or proceeding brought by or in the right of any shareholder of the Trust
or any person claiming any interest in any shares of the Trust seeking to enforce any provision of, or based on any matter arising
out of, related to, or in connection with, the Declaration of Trust or the Trust, any series or class or any shares of the Trust,
including without limitation any claim (whether direct, derivative or otherwise) of any nature against or on behalf of the Trust,
any series or class, the Trustees or officers of the Trust or the investment adviser of the Trust, shall be brought exclusively
in the United States District Court for the District of Massachusetts, or to the extent such court does not have jurisdiction than
such actions and/or claims, shall be brought in the Superior Court of Suffolk County for the Commonwealth of Massachusetts. If
a shareholder or group of shareholders bring a claim in a jurisdiction other than as specified above, and venue for such claim
is subsequently changed through legal process to the United States District Court for the District of Massachusetts or the Superior
Court of Suffolk County for the Commonwealth of Massachusetts, such shareholder(s) shall reimburse all expenses incurred by the
Trust or any other person in effecting such change of venue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 7.&#9;<U>Provisions in Conflict with
Law or Regulations</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) The provisions of the
Declaration of Trust and By-Laws are severable, and if the Trustees shall determine, with the advice of legal counsel, that any
of such provisions is in conflict with the 1940 Act, the Internal Revenue code of 1986 or with other applicable laws and regulations,
the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust or By-Laws, as applicable;
provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or By-Laws
or render invalid or improper any action taken or omitted prior to such determination.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(B) If any provision of
the Declaration of Trust or By-Laws 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 provisions in any other jurisdiction
or any other provision of the Declaration of Trust or By-Laws in any jurisdiction.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XIV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Report to Shareholders</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Reports to Shareholders</U>.
The Trustees shall at least semi-annually transmit by written, electronic, computerized or other alternative means to the shareholders
a written report of the financial statements of the Trust, which shall at least annually be certified by independent public accountants.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amendments</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Amendments</U>. These By-Laws
may be amended at any meeting of the Trustees by a vote of a majority of the Trustees then in office; provided, however, that any
provision of Article XII may be amended only by a two-thirds vote of such Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dated: March 23, 2020</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Appendix I</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">STATEMENT CREATING FOUR SERIES
OF AUCTION PREFFERED SHARES DESIGNATION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20; text-indent: 0.5in">Auction Preferred Shares, Series
A: 3,940 shares of beneficial interest of Preferred Shares, par value $0.01 per share, liquidation preference $25,000 per share
plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon, is hereby designated &#8216;&#8216;Auction
Preferred Shares, Series A.&#8217;&#8217; Each share of Auction Preferred Shares, Series A (sometimes referred to herein as &#8216;&#8216;Series
A APS&#8217;&#8217;) may be issued on a date to be determined by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as shall be
determined in advance of the issuance thereof by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>or
pursuant to their delegated authority; and have such other preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of redemption as are set forth in these Amended By- Laws. The Series A APS shall constitute a separate
series of Preferred Shares of the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>and each share of Series A APS shall be identical.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20; text-indent: 0.5in">Auction Preferred Shares, Series
B: 3,940 shares of beneficial interest of Preferred Shares, par value $0.01 per share, liquidation preference $25,000 per share
plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon, is hereby designated &#8216;&#8216;Auction
Preferred Shares, Series B.&#8217;&#8217; Each share of Auction Preferred Shares, Series B (sometimes referred to herein as &#8216;&#8216;Series
B APS&#8217;&#8217;) may be issued on a date to be determined by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as shall be
determined in advance of the issuance thereof by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>or
pursuant to their delegated authority; and have such other preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of redemption as are set forth in these Amended By- Laws. The Series B APS shall constitute a separate
series of Preferred Shares of the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>and each share of Series B APS shall be identical.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20; text-indent: 0.5in">Auction Preferred Shares, Series
C: 3,940 shares of beneficial interest of Preferred Shares, par value $0.01 per share, liquidation preference $25,000 per share
plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon, is hereby designated &#8216;&#8216;Auction
Preferred Shares, Series C.&#8217;&#8217; Each share of Auction Preferred Shares, Series C (sometimes referred to herein as &#8216;&#8216;Series
C APS&#8217;&#8217;) may be issued on a date to be determined by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as shall be
determined in advance of the issuance thereof by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>or
pursuant to their delegated authority; and have such other preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of redemption as are set forth in these Amended By- Laws. The Series C APS shall constitute a separate
series of Preferred Shares of the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>and each share of Series C APS shall be identical.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20; text-indent: 0.5in">Auction Preferred Shares, Series
D: 3,940 shares of beneficial interest of Preferred Shares, par value $0.01 per share, liquidation preference $25,000 per share
plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon, is hereby designated &#8216;&#8216;Auction
Preferred Shares, Series D.&#8217;&#8217; Each share of Auction Preferred Shares, Series D (sometimes referred to herein as &#8216;&#8216;Series
D APS&#8217;&#8217;) may be issued on a date to be determined by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as shall be
determined in advance of the issuance thereof by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>or
pursuant to their delegated authority; and have such other preferences, voting powers, limitations as to dividends, qualifications
and terms and conditions of redemption as are set forth in these Amended By-Laws. The Series D APS shall constitute a separate series of Preferred
Shares of the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>and each share of Series D APS shall be identical. The Series
A APS, the Series B APS, the Series C APS, and the Series D APS are sometimes collectively referred to herein as the &#8216;&#8216;APS.&#8217;&#8217;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">SECTION 1. <U>Definitions</U>. (a) Unless the context
or use indicates another or different meaning or intent, in these Amended By-Laws the following terms have the following meanings,
whether used in the singular or plural:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;28-Day Dividend Period&#8217;&#8217;
means a Dividend Period consisting of 28 days.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;1940 Act&#8217;&#8217; means the Investment
Company Act of 1940, as amended from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;1940 Act APS Asset Coverage&#8217;&#8217;
means asset coverage, as defined in section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities
of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>which are shares of beneficial interest, including all outstanding shares
of APS and other Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the
minimum asset coverage for senior securities which are shares of beneficial interest of a closed-end investment company as a condition
of paying dividends on its Common Shares).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;1940 Act Cure Date,&#8217;&#8217;
with respect to the failure by the Trust to maintain the 1940 Act APS Asset Coverage (as required by paragraph 6 of these Amended
By-Laws) as of the last Business Day of each month, means the last Business Day of the following month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;&#8216;AA&#8217; Financial Composite
Commercial Paper Rate,&#8217;&#8217; on any date of determination, means (i) the Interest Equivalent of the rate on commercial
paper placed on behalf of issuers whose corporate bonds are rated &#8216;&#8216;AA&#8217;&#8217; by Fitch or &#8216;&#8216;Aa&#8217;&#8217;
by Moody&#8217;s or the equivalent of such rating by another Rating Agency, as such rate is made available on a discount basis
or otherwise by the Federal Reserve Bank of New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>for the Business Day immediately
preceding such date, or (ii) in the event that the Federal Reserve Bank of New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>does
not make available such a rate, then the arithmetic average of the Interest Equivalent of the rate on commercial paper placed
on behalf of such issuers, as quoted on a discount basis or otherwise by UBS Securities LLC, Merrill Lynch, Pierce, Fenner &amp;
Smith Incorporated or their successors that are Commercial Paper Dealers, to the Auction Agent for the close of business on the
Business Day immediately preceding such date. If one of the Commercial Paper Dealers does not quote a rate required to determine
the &#8216;&#8216;AA&#8217;&#8217; Financial Composite Commercial Paper Rate, the &#8216;&#8216;AA&#8217;&#8217; Financial Composite
Commercial Paper Rate will be determined on the basis of the quotation or quotations furnished by any Substitute Commercial Paper
Dealer or Substitute Commercial Paper Dealers selected by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>to provide such
rate or rates not being supplied by the Commercial Paper Dealer. If the number of Dividend Period days shall be (i) 7 or more
but fewer than 49 days, such rate shall be the Interest Equivalent of the 30-day rate on such commercial paper; (ii) 49 or more
but fewer than 70 days, such rate shall be the Interest Equivalent of the 60-day rate on such commercial paper; (iii) 70 or more
days but fewer than 85 days, such rate shall be the arithmetic average of the Interest Equivalent on the 60-day and 90-day rates
on such commercial paper; (iv) 85 or more days but fewer than 99 days, such rate shall be the Interest Equivalent of the 90-day
rate on such commercial paper; (v) 99 or more days but fewer than 120 days, such rate shall be the arithmetic average of the Interest
Equivalent of the 90-day and 120-day rates on such commercial paper; (vi) 120 or more days but fewer than 141 days, such rate
shall be the Interest Equivalent of the 120-day rate on such commercial paper; (vii) 141 or more days but fewer than 162 days,
such rate shall be the arithmetic average of the Interest Equivalent of the 120-day and 180-day rates on such commercial paper;
and (viii) 162 or more days but fewer than 183 days, such rate shall be the Interest Equivalent of the 180-day rate on such commercial
paper.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Accountant&#8217;s Confirmation&#8217;&#8217;
has the meaning set forth in paragraph 7(c) of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Adviser&#8217;&#8217; means the Trust&#8217;s
investment adviser, which initially shall be Eaton Vance Management.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Affiliate&#8217;&#8217; means any
person known to the Auction Agent to be controlled by, in control of or under common control with the <FONT STYLE="letter-spacing: -0.15pt">Trust;
</FONT>provided that Eaton <FONT STYLE="letter-spacing: -0.2pt">Vance </FONT>Management shall not be deemed to be an Affiliate
nor shall any corporation or any person controlled by, in control of or under common control with such entity, one of the trustees,
directors or executive officers of which is also a trustee, director or executive officer of the <FONT STYLE="letter-spacing: -0.15pt">Trust,</FONT>
be deemed to be an Affiliate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Agent Member&#8217;&#8217; means a
member of the Securities Depository that will act on behalf of a Beneficial Owner of one or more shares of APS or a Potential Beneficial
Owner.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;All Hold Rate&#8217;&#8217; means
80% of the &#8216;&#8216;AA&#8217;&#8217; Financial Composite Commercial Paper Rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Amended By-Laws&#8217;&#8217; means
the By-Laws of the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>as amended by this Statement creating the APS and as may
otherwise be amended from time-to-time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Applicable Percentage&#8217;&#8217;
has the meaning set forth in paragraph 10(a)(vii) of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Applicable Rates&#8217;&#8217; means
the rates per annum at which cash dividends are payable on each Series of APS or Other APS, as the case may be, for any Dividend
Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Approved Price&#8217;&#8217; means
the &#8216;&#8216;fair value&#8217;&#8217; as determined by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>in accordance
with the valuation procedures adopted from time to time by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>and for which the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>receives a marked-to-market price (which, for the purpose
of clarity, shall not mean Market <FONT STYLE="letter-spacing: -0.15pt">Value) </FONT>from an independent source at least semi-annually.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;APS&#8217;&#8217; means, as the case
may be, the Auction Preferred Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;APS Basic Maintenance
Amount,&#8217;&#8217; as of any Valuation Date, shall mean the dollar amount equal to the sum of (i)(A) the product of the
number of Outstanding shares of each Series of APS on such date by the Liquidation Preference (and redemption premium, if
any) per share of such Series; (B) the aggregate amount of dividends that will have accumulated at the respective Applicable
Rates (whether or not earned or declared) to (but not including) the first respective Dividend Payment Dates for each Series
of APS Outstanding that follows such Valuation Date; (C) the aggregate amount of dividends that would accumulate on
Outstanding Preferred Shares from such first Dividend Payment Dates therefor referenced in (B) of this paragraph through the
45th day after such Valuation Date at the respective Applicable Rates referenced in (B) of this paragraph; (D) the amount of
anticipated non- interest expenses of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>for the 90 days subsequent to
such Valuation Date; (E) the amount of the current outstanding balances of any indebtedness or obligations of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>senior
in right of payment to the Preferred Shares plus interest actually accrued together with 30 days additional interest on the
current outstanding balances calculated at the current rate; and (F) any other current liabilities payable during the 30 days
subsequent to such Valuation Date, including, without limitation, indebtedness due within one year and any redemption premium
due with respect to the Preferred Shares for which a Notice of Redemption has been sent, as of such Valuation Date, to the
extent not reflected in any of (i)(A) through (i)(E) (including, without limitation, any liabilities incurred for the purpose
of clearing securities transactions) less (ii) the sum of any cash plus the value of any of the Trust&#8217;s assets
irrevocably deposited by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>for the payment of any of (i)(A) through
(i)(F) (&#8216;&#8216;value,&#8217;&#8217; for purposes of this clause (ii), means the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of
the security, except that if the security matures prior to the relevant redemption payment date and is either fully
guaranteed by the U.S. Government or is rated P2 by Moody&#8217;s and A2 by Fitch, it will be
valued at its face value).</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;APS Basic Maintenance Amount <FONT STYLE="letter-spacing: -0.15pt">Test&#8217;&#8217;
</FONT>means a test which is met if: (a) the aggregate Discounted <FONT STYLE="letter-spacing: -0.15pt">Values </FONT>of the Moody&#8217;s
Eligible Assets meets or exceeds 1.2 times the APS Basic Maintenance Amount and (b) the aggregate Discounted <FONT STYLE="letter-spacing: -0.15pt">Values
</FONT>of the Fitch Eligible Assets meets or exceeds 1.0 times the APS Basic Maintenance Amount.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;APS Basic Maintenance Cure Date,&#8217;&#8217;
with respect to the failure by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>to satisfy the APS Basic Maintenance Amount
(as required by paragraph 7(a) of these Amended By-Laws) as of a given Valuation Date, means the second Business Day following
such Valuation Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;APS Basic Maintenance Report&#8217;&#8217;
means a report signed by any of the President, Treasurer, any Senior Vice President or any Vice President of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>which sets forth, as of the related Valuation Date, the assets of the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>the
Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>and the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>thereof
(seriatim and in aggregate), and the APS Basic Maintenance Amount.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Auction&#8217;&#8217; means a periodic
operation of the Auction Procedures. &#8216;&#8216;Auction Date&#8217;&#8217; means the date of each Auction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Auction Agent&#8217;&#8217; means
Deutsche Bank <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>Company Americas unless and until another commercial bank, trust
company or other financial institution appointed by a resolution of the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>or a duly authorized committee thereof enters into an agreement with the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>to
follow the Auction Procedures for the purpose of determining the Applicable Rate and to act as transfer agent, registrar, dividend
disbursing agent and redemption agent for the APS and Other APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Auction Procedures&#8217;&#8217; means
the procedures for conducting Auctions set forth in paragraph 10 of this Article VII, of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Beneficial Owner&#8217;&#8217; means
a customer of a Broker-Dealer who is listed on the records of that Broker- Dealer (or, if applicable, the Auction Agent) as a holder
of shares of APS or a Broker-Dealer that holds APS for its own account.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Broker-Dealer&#8217;&#8217; means
any broker-dealer, or other entity permitted by law to perform the functions required of a Broker-Dealer in paragraph 10 of this
Article VII, of these Amended By-Laws, that has been selected by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and has
entered into a Broker-Dealer Agreement with the Auction Agent that remains effective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Broker-Dealer Agreement&#8217;&#8217;
means an agreement between the Auction Agent and a Broker-Dealer pursuant to which such Broker-Dealer agrees to follow the procedures
specified in paragraph 10 of this Article VII, of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Business Day&#8217;&#8217; means a
day on which The New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>Stock Exchange is open for trading and which is not a Saturday,
Sunday or other day on which banks in The City of New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>are authorized or obligated
by law to close.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Code&#8217;&#8217; means the Internal
Revenue Code of 1986, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Commercial Paper Dealers&#8217;&#8217;
means UBS Securities LLC, Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and such other commercial paper dealer or dealers
as the Trust may from time to time appoint, or, in lieu of any thereof, their respective affiliates or successors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Common Shares&#8217;&#8217; means
the shares of beneficial interest designated as common shares, par value</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">$0.01 per share, of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Credit Default Swap&#8217;&#8217;
has the meaning as defined under &#8216;&#8216;Swap.&#8217;&#8217;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Date of Original Issue&#8217;&#8217;
means, with respect to any share of APS or Other APS, the date on which the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>originally
issues such share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Declaration of Trust&#8217;&#8217;
means the Agreement and Declaration of Trust, as amended and supplemented (including these Amended By-Laws), of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Deposit Securities&#8217;&#8217;
means cash and Senior Loans rated at least A2 (having a remaining maturity of 12 months or less), P-1, VMIG-1 or MIG-1 by Moody&#8217;s
or A (having a remaining maturity of 12 months or less), F-1+ by Fitch.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Discounted <FONT STYLE="letter-spacing: -0.15pt">Value&#8217;&#8217;
</FONT>as of any Valuation Date, means (i) with respect to an Fitch Eligible Asset, the quotient of the Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>thereof divided by the applicable Fitch Discount Factor and (ii)(a) with respect to a Moody&#8217;s Eligible Asset that
is not currently callable as of such Valuation Date at the option of the issuer thereof, the quotient of the Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>thereof divided by the applicable Moody&#8217;s Discount Factor, or (b) with respect to a Moody&#8217;s Eligible Asset that
is currently callable as of such Valuation Date at the option of the issuer thereof, the quotient of (1) the lesser of the Market
<FONT STYLE="letter-spacing: -0.2pt">Value </FONT>or call price thereof, including any call premium, divided by (2) the applicable
Moody&#8217;s Discount Factor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Dividend Payment Date,&#8217;&#8217;
with respect to APS, has the meaning set forth in paragraph 2(b)(i) of these Amended By-Laws and, with respect to Other APS, has
the equivalent meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Dividend Period&#8217;&#8217; means
the Initial Dividend Period, any 28-day Dividend Period and any Special Dividend Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Existing Holder&#8217;&#8217; means
a Broker-Dealer or any such other Person as may be permitted by the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT> that is
listed as the holder of record of shares of APS in the Share Books.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Fitch&#8217;&#8217; means Fitch Ratings
and its successors at law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Fitch Discount Factor&#8217;&#8217;
means for purposes of determining the Discounted Value of any Fitch Eligible Asset as of any Valuation Date, the percentage determined
by reference to the then current asset discount factor applicable to such asset for liabilities rated AAA by Fitch as set forth
by Fitch in its <I>Closed-End Fund Criteria Report: Closed-End Fund Debt and Preferred Stock Rating Criteria, </I>or otherwise
made public by Fitch, provided that Fitch provides at least 30 days notice of any changes to such asset discount factors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>Corporate Debt Securities: The percentage determined by reference to the rating on such asset with reference to the remaining
term to maturity of such asset, in accordance with the table set forth below.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>Discount Factors for Corporate Debt Securities
Including Non-Investment Grade Bonds (Non-Convertibles)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; border-bottom: #231F20 1pt solid"><FONT STYLE="color: #231F20"><B>Terms to Maturity</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #231F20 1pt solid"><FONT STYLE="color: #231F20"><B>AAA</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #231F20 1pt solid"><FONT STYLE="color: #231F20"><B>AA</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>A</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>BBB</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>BB</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>B</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>NR(1)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">1 year or less ************************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">106</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">108</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">110</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">112</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">130</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">2 years or less (but longer than 1 year) *************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">106</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">108</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">110</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">112</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">130</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">3 years or less (but longer than 2 years)*************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">106</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">108</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">110</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">112</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">130</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">4 years or less (but longer than 3 years)*************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">111</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">113</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">115</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">117</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">134</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">5 years or less (but longer than 4 years)*************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">111</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">113</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">115</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">117</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">134</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">7 years or less (but longer than 5 years)*************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">114</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">116</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">118</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">120</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">136</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">10 years or less (but longer than 7 years)************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">116</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">118</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">120</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">122</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">137</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">15 years or less (but longer than 10 years) **********</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">120</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">122</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">124</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">124</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">139</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">30 years or less (but longer than 15 years) **********</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">124</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">127</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">129</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">129</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">145</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Greater than 30 years*****************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">124</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">127</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">129</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">129</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">145</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">152</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="cvrltr_504.gif" ALT="" STYLE="width: 66px; height: 2px"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">(1) If a security is not rated by Fitch but is rated
by two other Rating Agencies, then the lower of the ratings on the security from the two other Rating Agencies will be used to
determine the Fitch Discount Factor (e.g., where the S&amp;P rating is A and the Moody&#8217;s rating is Baa, a Fitch rating of
BBB will be used). If a security is not rated by Fitch but is rated by only one other Rating Agency, then the rating on the security
from the other Rating Agency will be used to determine the Fitch Discount Factor (e.g., where the only rating on a security is
an S&amp;P rating of AAA, a Fitch rating of AAA will be used, and where the only rating on a security is a Moody&#8217;s rating
of Ba, a Fitch rating of BB will be used). If a security is not rated by any Rating Agency, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>will use the percentage set forth under &#8216;&#8216;not rated&#8217;&#8217; in this table. Securities rated below B by
Fitch shall be traded the same as securities not rated by Fitch.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The Fitch Discount Factors presented in the immediately
preceding table apply to corporate debt securities that are Performing and have a Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>determined by a Pricing Service or an Approved Price. The Fitch Discount Factor noted in the table above for a debt security
rated B by Fitch shall apply to any non-Performing debt security with a price equal to or greater than $0.90. The Fitch Discount
Factor noted in the table above for a debt security rated CCC by Fitch shall apply to any non-Performing debt security with a price
less than $0.90 but equal to or greater than $0.20. If a debt security does not have a Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>determined by a Pricing Service or an Approved Price, a rating two rating categories below the actual rating on the debt
security will be used (e.g., where the actual rating is A-, the rating for Debt Securities rated BB- will be used). The Fitch Discount
Factor for a debt security issued by a limited partnership that is not a Rule 144A Security shall be the Discount Factor determined
in accordance with the table set forth above multiplied by 105%.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">The Fitch Discount Factors
presented in the immediately preceding table will also apply to corporate obligations backed by a guaranty, a letter of credit
or insurance issued by a third party. If the third- party credit rating is the basis for the rating on the obligation, then the
rating on the third party will be used to determine the Fitch Discount Factor in the table.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>Preferred stock: The percentage determined by references to the rating of a preferred stock in accordance with the table set
forth below.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt; color: #231F20">(iii)</FONT></TD><TD></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B><U>Preferred Stock(1)</U>&#9;<U>Discount Factor</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">AAA &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.130%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">AA &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;....133%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">A &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;...135%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">BBB&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;...139%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">BB&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<FONT STYLE="letter-spacing: -0.25pt">.154%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Not rated or below BB &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..<FONT STYLE="letter-spacing: -0.25pt">.....161%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Investment Grade DRD&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;....<FONT STYLE="letter-spacing: -0.25pt">..164%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Not rated or below Investment Grade DRD &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<FONT STYLE="letter-spacing: -0.25pt">.......200%</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="cvrltr_505.gif" ALT="" STYLE="width: 66px; height: 2px"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.75pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>If a security is not rated by Fitch but is rated by two other Rating Agencies, then the lower of the ratings on the security
from the two other Rating Agencies will be used to determine the Fitch Discount Factor (e.g., where the S&amp;P rating is A and
the Moody&#8217;s rating is Baa, a Fitch rating of BBB will be used). If a security is not rated by Fitch but is rated by only
one other Rating Agency, then the rating on the security from the other Rating Agency will be used to determine the Fitch Discount
Factor (e.g., where the only rating on a security is an S&amp;P rating of AAA, a Fitch rating of AAA will be used, and where the
only rating on a security is a Moody&#8217;s rating of Ba, a Fitch rating of BB will be used). If a security is not rated by any
Rating Agency, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will use the percentage set forth under &#8216;&#8216;not
rated&#8217;&#8217; in this table.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>Convertible securities:&#9;The Fitch Discount Factor applied to convertible securities is (A) 200% for investment grade convertibles
and (B) 222% for below investment grade convertibles so long as such convertible debt securities have neither (x) conversion premium
greater than 100% nor (y) have a yield to maturity or yield to worst of greater than 15.00% above the relevant Treasury curve.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The Fitch Discount Factor applied to convertible
debt securities which have conversion premiums of greater than 100% is (A) 152% for investment grade convertibles and (B) 179%
for below investment grade convertibles so long as such convertible debt securities do not have a yield to maturity or yield to
worst of greater than 15.00% above the relevant Treasury curve.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The Fitch Discount Factor applied to convertible
debt securities which have a yield to maturity or yield to worse of greater than 15.00% above the relevant Treasury curve is 370%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">If a security is not rated by Fitch but is rated
by two other Rating Agencies, then the lower of the ratings on the security from the two other Rating Agencies will be used to
determine the Fitch Discount Factor (e.g., where the S&amp;P rating is A and the Moody&#8217;s rating is Baa, a Fitch rating of
BBB will be used). If a security is not rated by Fitch but is rated by only one other Rating Agency, then the rating on the security
from the other Rating Agency will be used to determine the Fitch Discount Factor (e.g., where the only rating on a security is
an S&amp;P rating of AAA, a Fitch rating of AAA will be used, and where the only rating on a security is a Moody&#8217;s rating
of Ba, a Fitch rating of BB will be used). If a security is not rated by any Rating Agency, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>will treat the security as if it were below investment grade.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>U.S. Government Securities:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B><U>&nbsp;</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B><U>Time Remaining to Maturity&#9;</U>&#9;<U>Discount
Factor</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">1 year or less&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<FONT STYLE="letter-spacing: -0.15pt">101.5%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">2 years or less (but longer than 1 year) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;........&#8230;.<FONT STYLE="letter-spacing: -0.25pt">103%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">3 years or less (but longer than 2 years)&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<FONT STYLE="letter-spacing: -0.25pt">.........105%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">4 years or less (but longer than 3 years) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<FONT STYLE="letter-spacing: -0.25pt">........107%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">5 years or less (but longer than 4 years) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<FONT STYLE="letter-spacing: -0.25pt">........109%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">7 years or less (but longer than 5 years) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.......<FONT STYLE="letter-spacing: -0.25pt">112%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">10 years or less (but longer than 7 years) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..<FONT STYLE="letter-spacing: -0.25pt">........114%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">15 years or less (but longer than 10 years) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<FONT STYLE="letter-spacing: -0.25pt">........122%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">20 years or less (but longer than 15 years) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<FONT STYLE="letter-spacing: -0.25pt">........130%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">25 years or less (but longer than 20 years) &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;<FONT STYLE="letter-spacing: -0.25pt">........146%
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Greater than 30 years&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#8230;..<FONT STYLE="letter-spacing: -0.25pt">154%</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><FONT STYLE="letter-spacing: -0.25pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD>Short-Term Investments and Cash: The Fitch Discount Factor applied to short-term portfolio securities, including without limitation
Debt Securities, Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Money Market Instruments and municipal debt obligations,
will be (A) 100%, so long as such portfolio securities mature or have a demand feature at par exercisable within the Fitch Exposure
Period; (B) 115%, so long as such portfolio securities mature or have a demand feature at par not exercisable within the Fitch
Exposure Period; and (C) 125%, so long as such portfolio securities neither mature nor have a demand feature at par exercisable
within the Fitch Exposure Period. A Fitch Discount Factor of 100% will be applied to cash.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD>Rule 144A Securities: The Fitch Discount Factor applied to Rule 144A Securities shall be the Discount Factor determined in
accordance with the table above under Corporate Debt Securities in subsection (i) multiplied by 110% until such securities are
registered under the Securities Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD>Senior Loans: The Fitch Discount Factor applied to senior, secured floating rate Loans made to corporate and other business
entities (&#8216;&#8216;Senior Loans&#8217;&#8217;) shall be the percentage specified in the table below opposite such Fitch Loan
Category:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B><U>&nbsp;</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B><U>Fitch Loan Category</U>&#9;<U>Discount Factor</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">A *******************************************************************&#9;115%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">B *******************************************************************&#9;130%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">C *******************************************************************&#9;152%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">D *******************************************************************&#9;370%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD>Futures and call options: For purposes of the APS Basic Maintenance Amount, futures held by the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>and call options sold by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall not be included as Fitch Eligible
Assets. However, such assets shall be valued at Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>by subtracting the good
faith margin and the maximum daily trading variance as of a Valuation Date. For call options purchased by the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>the Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of the call option will be included as Fitch Eligible Asset
subject to a Fitch Discount Factor mutually agreed to between the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and Fitch
based on the characteristics of the option contract such as its maturity and the underlying security of the contract.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(x)</FONT></TD><TD>Securities lending: The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may engage in securities lending in an amount not
to exceed 15% of the Trust&#8217;s total gross assets. For purposes of calculating the APS Basic Maintenance Amount, such securities
lent shall be included as Fitch Eligible Assets with the appropriate Fitch Discount Factor applied to such lent security. The obligation
to return such collateral shall not be included as an obligation/liability for purposes of calculating the APS Basic Maintenance
Amount. However, the Fund may reinvest cash collateral for securities lent in conformity with its investment objectives and policies
and the provisions of these bylaws. In such event, to the extent that securities lending collateral</TD></TR></TABLE>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt"></FONT></TD><TD>received is invested by the Fund in assets that
otherwise would be Fitch Eligible Assets and the value of such assets exceeds the amount of the Fund&#8217;s obligation to return
the collateral on a Valuation Date, such excess amount shall be included in the calculation of Fitch Eligible Assets by applying
the applicable Fitch Discount Factor to this amount and adding the product to total Fitch Eligible Assets. Conversely, if the value
of assets in which securities lending collateral has been invested is less then the amount of the Fund&#8217;s obligation to return
the collateral on a Valuation Date, such difference shall be included as an obligation/liability of the Fund for purposes of calculating
the APS Basic Maintenance Amount. Collateral received by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>in a securities
lending transaction and maintained by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>in the form received shall not be
included as a Fitch Eligible Asset for purposes of calculating the APS Basic Maintenance Amount.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(xi)</FONT></TD><TD>Swaps (including <FONT STYLE="letter-spacing: -0.2pt">Total </FONT>Return Swaps, Interest Rate Swaps and Credit Default Swaps):
<FONT STYLE="letter-spacing: -0.2pt">Total </FONT>Return and Interest Rate Swaps are subject to the following provisions:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">If the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>has an outstanding gain from a swap transaction on a Valuation Date, the gain will be included as a Fitch Eligible Asset
subject to the Fitch Discount Factor on the counterparty to the swap transaction. At the time a swap is executed, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>will only enter into swap transactions where the counterparty has at least a Fitch rating of A&#8211; or Moody&#8217;s rating
of A3.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>Only the cumulative unsettled profit and loss from a <FONT STYLE="letter-spacing: -0.2pt">Total </FONT>Return Swap transaction
will be calculated when determining the APS Basic Maintenance Amount. If the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>has
an outstanding liability from a swap transaction on a Valuation Date, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>counts
such liability as an outstanding liability from the total Fitch Eligible Assets in calculating the APS Basic Maintenance Amount.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD>In addition, for swaps other than <FONT STYLE="letter-spacing: -0.2pt">Total </FONT>Return Swaps, the Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>of the position (positive or negative) will be included as a Fitch Eligible Asset. The aggregate notional value of all swaps
will not exceed the Liquidation Preference of the Outstanding APS.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(C)</FONT></TD><TD>(1) The underlying securities subject to a Credit Default Swap sold by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will
be subject to the applicable Fitch Discount Factor for each security subject to the swap;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74.95pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>If the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>purchases a Credit Default Swap and holds the underlying security,
the Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT> of the Credit Default Swap and the underlying security will be included
as a Fitch Eligible Asset subject to the Fitch Discount Factor assessed based on the counterparty risk; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 74.95pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify">The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will not include a Credit Default Swap as
a Fitch Eligible Asset purchased by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>without the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>holding the underlying security or when the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>buys a Credit Default Swap
for a basket of securities without holding all the securities in the basket.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Fitch Eligible Asset&#8217;&#8217;
means:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.55pt"></TD><TD STYLE="width: 19.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>(i) Cash (including interest and dividends due on assets rated (A) BBB or higher by Fitch or the equivalent by another Rating
Agency if the payment date is within ten (10) Business Days of the Valuation Date, (B) A or higher by Fitch or the equivalent by
another Rating Agency if the payment date is within thirty days of the Valuation Date, and (C) A+ or higher by Fitch or the equivalent
by another Rating Agency if the payment date is within the Fitch Exposure Period) and receivables for Fitch Eligible Assets sold
if the receivable is due within ten (10) Business Days of the Valuation Date, and if the trades which generated such receivables
are settled within ten (10) Business Days;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.95pt"></TD><TD STYLE="width: 25.05pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Money Market Instruments so long as (A) such securities are rated
                                                                                                                                             at least F1+ by Fitch or the equivalent by another Rating Agency, (B) in the case of demand deposits, time deposits and
                                                                                                                                             overnight funds, the supporting entity is rated at least A by Fitch or the equivalent by another Rating Agency, or (C) in all
                                                                                                                                             other cases, the supporting entity (1) is rated at least A by Fitch or the equivalent by another Rating Agency and the
                                                                                                                                             security matures within one month, (2) is rated at least A by Fitch or the equivalent by another Rating Agency and the
                                                                                                                                             security matures within three months or (3) is rated at least AA by Fitch or the equivalent
by another Rating Agency and the security matures within six months;</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 75pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.95pt"></TD><TD STYLE="width: 25.05pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>U.S. Government Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.55pt"></TD><TD STYLE="width: 19.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>Debt securities if such securities have been registered under the Securities Act or are restricted as to resale under federal
securities laws but are eligible for resale pursuant to Rule 144A under the Securities Act as determined by the Trust&#8217;s Adviser
acting pursuant to procedures approved by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust; </FONT>and
such securities are issued by (1) a U.S. corporation, limited liability company or limited partnership, (2) a corporation, limited
liability company or limited partnership domiciled in Argentina, Australia, Brazil, Chile, France, Germany, Italy, Japan, Korea,
Mexico, Spain or the United Kingdom or other country if Fitch does not inform the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>that
including debt securities from such foreign country will adversely impact Fitch&#8217;s rating of the APS (the &#8216;&#8216;Approved
Foreign Nations&#8217;&#8217;), (3) the government of any Approved Foreign Nation or any of its agencies, instrumentalities or
political subdivisions (the debt securities of Approved Foreign Nation issuers being referred to collectively as &#8216;&#8216;Foreign
Bonds&#8217;&#8217;), (4) a corporation, limited liability company or limited partnership domiciled in Canada or (5) the Canadian
government or any of its agencies, instrumentalities or political subdivisions (the debt securities of Canadian issuers being referred
to collectively as &#8216;&#8216;Canadian Bonds&#8217;&#8217;). Foreign Bonds held by the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>will qualify as Fitch Eligible Assets only up to a maximum of 20% of the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>of all assets constituting Fitch Eligible Assets. Similarly, Canadian Bonds held by the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>will qualify as Fitch Eligible Assets only up to a maximum of 20% of the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>of all assets constituting Fitch Eligible Assets. Notwithstanding the limitations in the two preceding sentences, Foreign
Bonds and Canadian Bonds held by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will qualify as Fitch Eligible Assets only
up to a maximum of 30% of the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of all assets constituting Fitch
Eligible Assets. All debt securities satisfying the foregoing requirements and restrictions of this paragraph (iv) are herein referred
to as &#8216;&#8216;Debt Securities.&#8217;&#8217;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 55.55pt"></TD><TD STYLE="width: 19.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>Preferred stocks if (i) dividends on such preferred stock are cumulative, (ii) such securities provide for the periodic payment
of dividends thereon in cash in U.S. dollars or euros and do not provide for conversion or exchange into, or have warrants attached
entitling the holder to receive equity capital at any time over the respective lives of such securities, (iii) the issuer of such
a preferred stock has common stock listed on either the New <FONT STYLE="letter-spacing: -0.25pt">York</FONT> Stock Exchange or
the American Stock Exchange,</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20">                                                                                                                                                                                                                                                                                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(iv)</TD><TD>the issuer of such a preferred stock has a
senior debt rating or preferred stock rating from Fitch of BBB&#8211; or higher or the equivalent rating by another Rating Agency.
In addition, the preferred stocks issue must be at least $50 million;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD>Rule 144A Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD>Interest Rate Swaps entered into according to International Swap Dealers Association (&#8216;&#8216;ISDA&#8217;&#8217;) standards
if (1) the counterparty to the swap transaction has a short-term rating of not less than F1 by Fitch or the equivalent by another
Rating Agency, or, if the swap counterparty does not have a short- term rating, the counterparty&#8217;s senior unsecured long-term
debt rating is AA or higher by Fitch or the equivalent by another Rating Agency and (2) the original aggregate notional amount
of the Interest Rate Swap transaction or transactions is not greater than the liquidation preference of the APS originally issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35pt"></TD><TD STYLE="width: 30.05pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD>Swaps, including total return and Credit Default Swaps entered into according to ISDA;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.35pt"></TD><TD STYLE="width: 25.05pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD>Senior Loans; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 8.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(x)</FONT></TD><TD>Fitch Hedging Transactions.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Financial contracts, as such term is defined in
Section 3(c)(2)(B)(ii) of the Investment Company Act, and other securities or assets not otherwise provided for in this definition
may be included in Fitch Eligible Assets, but, with respect to any financial contract or
other securities or assets, only upon receipt by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>of a writing from Fitch
specifying any conditions on including such financial contract or other securities or assets in Fitch Eligible Assets and assuring
the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>that including such financial contract or other securities or assets in
the manner so specified would not affect the credit rating assigned by Fitch to the APS.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Where the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>sells an asset and agrees to repurchase such asset in the future, the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT> of such asset will constitute a Fitch Eligible Asset and the amount the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>is
required to pay upon repurchase of such asset will count as a liability for the purposes of the APS Basic Maintenance Amount. Where
the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>purchases an asset and agrees to sell it to a third party in the future,
cash receivable by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>thereby will constitute a Fitch Eligible Asset if the
long-term debt of such other party is rated at least A&#8211; by Fitch or the equivalent by another Rating Agency and such agreement
has a term of 30 days or less; otherwise the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of such purchased asset
will constitute a Fitch Eligible Asset.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Notwithstanding the foregoing, an asset will not
be considered a Fitch Eligible Asset to the extent that it has been irrevocably deposited for the payment of (i)(A) through (i)(E)
under the definition of APS Basic Maintenance Amount or to the extent it is subject to any liens, except for (A) liens which are
being contested in good faith by appropriate proceedings and which Fitch has indicated to the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>will not affect the status of such asset as a Fitch Eligible Asset, (B) liens for taxes that are not then due and payable
or that can be paid thereafter without penalty, (C) liens to secure payment for services rendered or cash advanced to the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>by its Adviser, the Trust&#8217;s custodian, transfer agent or registrar or the Auction Agent and (D) liens arising by virtue
of any repurchase agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>Fitch Diversification Limitations:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Portfolio holdings as described below must be within
the following diversification and issue size requirements in order to be included in Fitch&#8217;s Eligible Assets:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 4in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; border-bottom: #231F20 1pt solid"><FONT STYLE="color: #231F20"><B>Security Rated At Least</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Maximum Single Issuer(1)</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Maximum Single Industry(1),(2)</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #231F20 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20"><B>Minimum Issue Size</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20"><B>($ in million)(3)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">AAA *******************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">$100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">AA&#8211; ********************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">75</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">A&#8211; *********************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">50</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">BBB&#8211; *******************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">25</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">BB&#8211; ********************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">50</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">B&#8211;**********************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">50</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">CCC *******************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">50</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="cvrltr_506.gif" ALT="" STYLE="width: 82px; height: 2px"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.25pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>Percentages represent a portion of the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value</FONT> of corporate debt
securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.25pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>Industries are determined according to Fitch&#8217;s Industry Classifications, as defined herein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.25pt"></TD><TD STYLE="width: 17.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD>Preferred stock has a minimum issue size of $50 million, and mortgage pass throughs issued by the Federal Home Loan Mortgage
Corporation (&#8216;&#8216;FHLMC&#8217;&#8217;), the Federal National Mortgage Association (&#8216;&#8216;FNMA&#8217;&#8217;) or the
Government National Mortgage Association (&#8216;&#8216;GNMA&#8217;&#8217;), which has no minimum issue size.</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">If a security is not rated by Fitch but is rated
by two other Rating Agencies, then the lower of the ratings on the security from the two other Rating Agencies will be used to
determine the Fitch Discount Factor (e.g., where the S&amp;P rating is A and the Moody&#8217;s rating is Baa, a Fitch rating of
BBB will be used). If a security is not rated by Fitch but is rated by only one other Rating Agency, then the rating on the security
from the other Rating Agency will be used to determine the Fitch Diversification Limitations (e.g., where the only rating on a
security is an S&amp;P rating of AAA, a Fitch rating of AAA will be used, and where the only rating on a security is a Moody&#8217;s
rating of Ba, a Fitch rating of BB will be used). If a security is not rated by any Rating Agency, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>will use the percentage set forth under &#8216;&#8216;not rated&#8217;&#8217; in this table.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Fitch Exposure Period&#8217;&#8217;
means the period commencing on (and including) a given Valuation Date and ending 41 days thereafter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Fitch General Portfolio Requirements&#8217;&#8217;
means as of any Valuation Date the then current diversification requirements set forth by Fitch in its <I>Closed-End Fund Criteria
Report: Closed-End Fund Debt and Preferred Stock Rating Criteria</I>&#8221; or other publically available guidance with respect
to liabilities rated AAA by Fitch, provided that Fitch provides at least 30 days notice of any changes to such diversification
requirement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Fitch Hedging Transactions&#8217;&#8217;
means purchases or sales of exchange-traded financial futures contracts based on any index approved by Fitch, LIBOR or Treasury
Bonds, and purchases, writings or sales of exchange-traded put options on such futures contracts, and purchases, writings or sales
of exchange- traded call options on such financial futures contracts, and put and call options on such financial futures contracts
(&#8216;&#8216;Fitch Hedging Transactions&#8217;&#8217;), subject to the following limitations:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt"><I>(i)</I></FONT></TD><TD>The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may not engage in any Fitch Hedging Transaction based on any index approved
by Fitch (other than transactions that terminate a futures contract or option held by the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>by the Trust&#8217;s taking the opposite position thereto (&#8216;&#8216;closing transactions&#8217;&#8217;)) that would
cause the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>at the time of such transaction to own or have sold outstanding financial
futures contracts based on such index exceeding in number 10% of the average number of daily traded financial futures contracts
based on such index in the 30 days preceding the time of effecting such transaction as reported by <I>The <FONT STYLE="letter-spacing: -0.2pt">Wall
</FONT>Street Journal.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify">The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will not engage in any Fitch Hedging Transaction
based on Treasury Bonds or LIBOR (other than closing transactions) that would cause the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>at the time of such transaction to own or have sold:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>Outstanding financial futures contracts based on Treasury Bonds or LIBOR with such contracts having an aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>exceeding 60% of the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of Fitch Eligible Assets owned by
the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and at least rated AA by Fitch (or, if not rated by Fitch Ratings, rated
at least Aa by Moody&#8217;s; or, if not rated by Moody&#8217;s, rated AAA by S&amp;P); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD>Outstanding financial futures contracts based on Treasury Bonds or LIBOR with such contracts having an aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>exceeding 40% of the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of all Fitch Eligible Assets owned
by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>(other than Fitch Eligible Assets already subject to a Fitch Hedging
Transaction) and rated at least A or BBB by Fitch (or, if not rated by Fitch Ratings, rated at least Baa by Moody&#8217;s; or,
if not rated by Moody&#8217;s, rated at least A or AA by S&amp;P) (for purposes of the foregoing clauses (i) and (ii), the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall be deemed to own futures contracts that underlie any outstanding options written by the Trust);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may engage in closing transactions to close out any outstanding financial
futures contract based on any index approved by Fitch if the amount of open interest in such index as reported by The <FONT STYLE="letter-spacing: -0.25pt">Wall
</FONT>Street Journal is less than an amount to be mutually determined by Fitch and the <FONT STYLE="letter-spacing: -0.15pt">Trust.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may not enter into an option or futures transaction unless, after giving
effect thereto, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>would continue to have Fitch Eligible Assets with an aggregate
Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>equal to or greater than the APS Shares Basic Maintenance Amount.</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Fitch Industry Classification&#8217;&#8217;
means, for the purposes of determining Fitch Eligible Assets, each of the following industry classifications:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 78%; border-bottom: #231F20 1pt solid"><FONT STYLE="color: #231F20"><B>Fitch Industry Classifications</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: #231F20 1pt solid; text-align: right"><FONT STYLE="color: #231F20"><B>SIC Code (Major Groups)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Aerospace and Defense ******************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">37, 45</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Automobiles ***************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">37, 55</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Banking, Finance and Real Estate *********************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">60, 65, 67</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Broadcasting and Media *****************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">27, 48</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Building and Materials ******************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">15-17, 32, 52</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Cable *********************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">48</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Chemicals *****************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">28, 30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Computers and Electronics***************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">35, 36</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Consumer Products *********************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">23, 51</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Energy ********************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">13, 29, 49</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Environmental Services ******************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">87</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Farming and Agriculture*****************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">1-3, 7-9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Food, Beverage and Tobacco *************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">20, 21, 54</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Gaming, Lodging and Restaurants ********************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">70, 58</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Health Care and Pharmaceuticals *********************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">38, 28, 80</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Industrial/Manufacturing ****************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Insurance ******************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">63, 64</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Leisure and Entertainment ***************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">78, 79</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Metals and Mining *********************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">10, 12, 14, 33, 34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Miscellaneous **************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">50, 72-76, 99</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Paper and Forest Products ***************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">8, 24, 26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Retail *********************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">53, 56, 59</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Sovereign ******************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">NA</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%"><FONT STYLE="color: #231F20">Supermarkets and Drug Stores************************************</FONT></TD>
    <TD STYLE="width: 21%; text-align: right"><FONT STYLE="color: #231F20">54</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Telecommunications*********************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">48</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Textiles and Furniture *******************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">22, 25, 31, 57</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Transportation *************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">40, 42-47</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Utilities********************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">49</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Structured Finance Obligations ***********************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">NA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Packaging and Containers ***************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">26, 32, 34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Business Services************************************************</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">73, 87</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The Trust shall use its discretion in determining
which industry classification is applicable to a particular investment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Fitch Loan Category&#8217;&#8217;
means the following four categories (and, for purposes of this categorization, the Market <FONT STYLE="letter-spacing: -0.2pt">Value</FONT>
of a Fitch Eligible Asset trading at par is equal to $1.00):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>&#8216;&#8216;Fitch Loan Category A&#8217;&#8217; means Performing Loans which have a Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>or an Approved Price greater than or equal to $0.90.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>&#8216;&#8216;Fitch Loan Category B&#8217;&#8217; means: (A) Performing Loans which have a Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>or an Approved Price of greater than or equal to $0.80 but less than $0.90; and (B) non-Performing Loans which have a Market
<FONT STYLE="letter-spacing: -0.2pt">Value</FONT> or an Approved Price greater than or equal to $0.85.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>&#8216;&#8216;Fitch Loan Category C&#8217;&#8217; means: (A) Performing Loans which have a Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>or an Approved Price of greater than or equal to $0.70 but less than $0.80; (B) non-Performing Loans which have a Market
<FONT STYLE="letter-spacing: -0.2pt">Value</FONT> or an Approved Price of greater than or equal to $0.75 but less than $0.85; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">(C) Performing Loans without an Approved Price rated
BB&#8211; or higher by Fitch. If a security is not rated by Fitch but is rated by two other Rating Agencies, then the lower of
the ratings on the security from the two other Rating Agencies will be used to determine the Fitch Discount Factor (e.g., where
the S&amp;P rating is A&#8211; and the Moody&#8217;s rating is Baa1, a Fitch rating of BBB+ will be used). If a security is not
rated by Fitch but is rated by only one other Rating Agency, then the rating on the security from the other Rating Agency will
be used to determine the Fitch Discount Factor (e.g., where the only rating on a security is an S&amp;P rating of AAA&#8211;, a
Fitch rating of AAA&#8211; will be used, and where the only rating on a security is a Moody&#8217;s rating of Ba3, a Fitch rating
of BB&#8211; will be used).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>&#8216;&#8216;Fitch Loan Category D&#8217;&#8217; means Loans not described in any of the foregoing categories.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Notwithstanding any other provision contained above,
for purposes of determining whether a Fitch Eligible Asset falls within a specific Fitch Loan Category, to the extent that any
Fitch Eligible Asset would fall within more than one of the Fitch Loan Categories, such Fitch Eligible Asset shall be deemed to
fall into the Fitch Loan Category with the lowest applicable Fitch Discount Factor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Holder&#8217;&#8217; means a Person
identified as a holder of record of shares of APS in the Share Register.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Independent Accountant&#8217;&#8217;
means a nationally recognized accountant, or firm of accountants, that is, with respect to the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>an independent public accountant or firm of independent public accountants under the Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Initial Dividend Payment Date&#8217;&#8217;
means the Initial Dividend Payment Date as determined by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>or their designee with respect to each series of APS or Other APS, as the case may be.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Initial Dividend Period&#8217;&#8217;
has the meaning set forth in paragraph 2(c)(i) of this Article VII, of these Amended By-Laws and, with respect to Other APS, has
the equivalent meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Initial Dividend Rate&#8217;&#8217;
means the rate per annum established by the Board of Trustees or their designee, applicable to the Initial Dividend Period for
such series of APS and, with respect to Other APS, has the equivalent meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Initial Margin&#8217;&#8217; means
the amount of cash or securities deposited with a broker as a margin payment at the time of purchase or sale of a futures contract.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Interest Equivalent&#8217;&#8217;
means a yield on a 360-day basis of a discount basis security which is equal to the yield on an equivalent interest-bearing security.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Interest Rate Swaps&#8217;&#8217;
has the meaning as defined under &#8216;&#8216;Swap.&#8217;&#8217;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;LIBOR&#8217;&#8217; means the London Interbank
Offered Rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Loan&#8217;&#8217; means any assignment
of or participation in any bank loan denominated in U.S. dollars including term loans, the funded and unfunded portions of revolving
credit lines (provided that the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall place in reserve an amount equal to any
unfunded portion of any revolving credit line) and debtor-in possession financings; provided that such loan (a) is not extended
for the purpose of purchasing or carrying any margin stock and (b) is similar to those typically made, syndicated, purchased or
participated in by a commercial bank in the ordinary course of business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Long Term Dividend Period&#8217;&#8217;
means a Special Dividend Period consisting of a specified period of one whole year or more but not greater than five years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Mandatory Redemption Price&#8217;&#8217;
means $25,000 per share of APS plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) to
the date fixed for redemption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Market <FONT STYLE="letter-spacing: -0.15pt">Value&#8217;&#8217;
</FONT>of any asset of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall be the market value thereof determined by the
Pricing Service or by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>in accordance with procedures approved by the Board
of Trustees. Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of any asset shall include any interest accrued thereon.
The Pricing Service or the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall value portfolio securities at the quoted bid
prices or the mean between the quoted bid and asked price or the yield equivalent when quotations are not readily available. Securities
for which quotations are not readily available shall be valued at fair value as determined by the Pricing Service or the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>using methods which include consideration of: yields or prices of obligations of comparable quality, type of issue, coupon,
maturity and rating; indications as to value from dealers; and general market conditions. The Pricing Service or the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>may employ electronic data processing techniques and/or a matrix system to determine valuations. At the Trust&#8217;s discretion,
in the event the Pricing Service is unable to value a security, the security shall be valued at the lower of two dealer bids obtained
by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>from dealers who are members of the National Association of Securities
Dealers, Inc. and who make a market in the security, at least one of which shall be in writing. Futures contracts and options are
valued at closing prices for such instruments established by the exchange or board of trade on which they are traded, or if market
quotations are not readily available, are valued at fair value on a consistent basis using methods determined in good faith by
the Board of Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Maximum Applicable Rate,&#8217;&#8217;
with respect to APS, has the meaning set forth in paragraph 10(a)(vii) of this Article VII, of these Amended By-Laws and, with
respect to Other APS, has the equivalent meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Monthly Valuation Date&#8217;&#8217;
means the last Business Day of each month in each fiscal year of the Trust, commencing from the Date of Original Issue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Moody&#8217;s&#8217;&#8217; means
Moody&#8217;s Investors Service, Inc., a Delaware corporation, and its successors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Moody&#8217;s Discount Factor&#8217;&#8217;
means for purposes of determining the Discounted Value of any Moody&#8217;s Eligible Asset, the percentage determined as follows.
The Moody&#8217;s Discount Factor for any Moody&#8217;s</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Eligible Asset other than the securities set forth below will be
the percentage provided in writing by Moody&#8217;s. Corporate debt securities: The percentage determined by reference to the rating
on such asset with reference to the remaining term to maturity of such asset, in accordance with the table set forth below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>Discount Factors for Corporate Debt Securities
including Non-Investment Grade Bonds (Non-Convertibles)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 64%; border-bottom: #231F20 1pt solid"><FONT STYLE="color: #231F20"><B>Terms to Maturity of Non-Investment Grade Bonds</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #231F20 1pt solid"><FONT STYLE="color: #231F20"><B>Aaa</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Aa</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>A</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #231F20 1pt solid"><FONT STYLE="color: #231F20"><B>Baa</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Ba</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>B</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>NR(1)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">1 year or less ********************************</FONT></TD>
    <TD><FONT STYLE="color: #231F20">109</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">112</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">115</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">118</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">137</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">150</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">2 years or less (but longer than 1 year) **********</FONT></TD>
    <TD><FONT STYLE="color: #231F20">115</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">118</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">122</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">125</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">146</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">160</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">3 years or less (but longer than 2 years) *********</FONT></TD>
    <TD><FONT STYLE="color: #231F20">120</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">123</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">127</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">131</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">153</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">168</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">4 years or less (but longer than 3 years) *********</FONT></TD>
    <TD><FONT STYLE="color: #231F20">126</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">129</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">133</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">138</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">161</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">176</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">5 years or less (but longer than 4 years) *********</FONT></TD>
    <TD><FONT STYLE="color: #231F20">132</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">135</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">139</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">144</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">168</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">185</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">7 years or less (but longer than 5 years) *********</FONT></TD>
    <TD><FONT STYLE="color: #231F20">139</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">143</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">147</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">152</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">179</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">197</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">10 years or less (but longer than 7 years) ********</FONT></TD>
    <TD><FONT STYLE="color: #231F20">145</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">150</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">155</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">160</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">189</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">208</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">15 years or less (but longer than 10 years) *******</FONT></TD>
    <TD><FONT STYLE="color: #231F20">150</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">155</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">160</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">165</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">196</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">216</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">20 years or less (but longer than 15 years) *******</FONT></TD>
    <TD><FONT STYLE="color: #231F20">150</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">155</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">160</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">165</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">196</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">228</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">30 years or less (but longer than 20 years) *******</FONT></TD>
    <TD><FONT STYLE="color: #231F20">150</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">155</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">160</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">165</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">196</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">229</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Greater than 30 years *************************</FONT></TD>
    <TD><FONT STYLE="color: #231F20">165</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">173</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">181</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">189</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">205</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">240</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">(1) Unless conclusions regarding liquidity risk
as well as estimates of both the probability and severity of default for the Fund&#8217;s assets can be derived from other sources,
securities rated below B by Moody&#8217;s and unrated securities, which are securities rated by neither Moody&#8217;s, S&amp;P
nor Fitch, are limited to 10% of Moody&#8217;s Eligible Assets. If a corporate, municipal or other debt security is unrated by
Moody&#8217;s, S&amp;P or Fitch, the Fund will use the percentage set forth under &#8216;&#8216;Below B and Unrated&#8217;&#8217;
in this table. Ratings assigned by S&amp;P or Fitch are generally accepted by Moody&#8217;s at face value. However, adjustments
to face value may be made to particular categories of credits for which the S&amp;P and/or Fitch rating does not seem to approximate
a Moody&#8217;s rating equivalent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The Moody&#8217;s Discount Factors presented in
the immediately preceding table will also apply to corporate debt securities that do not pay interest in U.S. dollars or euros,
provided that the Moody&#8217;s Discount Factor determined from the table shall be multiplied by a factor of 1.20% for purposes
of calculating the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value</FONT> of such securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>Preferred stock: The Moody&#8217;s Discount Factor for preferred stock shall be (A) for preferred stocks issued by a utility,
155%; (B) for preferred stocks of industrial and financial issuers, 197%; and (C) for auction rate preferred stocks and all other
preferred stocks, 350%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>Short-term instruments: The Moody&#8217;s Discount Factor applied to short-term portfolio securities, including without limitation
corporate debt securities, Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Money Market Instruments and municipal debt
obligations, will be (A) 100%, so long as such portfolio securities mature or have a demand feature at par exercisable within the
Moody&#8217;s Exposure Period; (B) 115%, so long as such portfolio securities mature or have a demand feature at par not exercisable
within the Moody&#8217;s Exposure Period; and (C) 125%, if such securities are not rated by Moody&#8217;s, so long as such portfolio
securities are rated at least A-1+/AA or SP-1+/AA by S&amp;P and mature or have a demand feature at par exercisable within the
Moody&#8217;s Exposure Period. A Moody&#8217;s Discount Factor of 100% will be applied to cash.</TD></TR></TABLE>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>Rule 144A Securities: The Moody&#8217;s Discount Factor applied to Rule 144A Securities for Rule 144A Securities whose terms
include rights to registration under the Securities Act within one year and Rule 144A Securities which do not have
registration rights within one year will be 120% and 130%, respectively, of the Moody&#8217;s Discount Factor which would apply
were the securities registered under the Securities Act.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD>Senior Loans: The Moody&#8217;s Discount Factor applied to Senior Loans shall &#9;be the percentage specified in the table
below opposite such Moody&#8217;s Loan Category:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B><U>Moody&#8217;s Loan Category</U>&#9;<U>Discount
Factor</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">A *******************************************************************&#9;118%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">B *******************************************************************&#9;137%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">C *******************************************************************&#9;161%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">D *******************************************************************&#9;222%</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Moody&#8217;s Eligible Asset&#8217;&#8217;
means:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>Cash (including interest and dividends due on assets rated (A) Baa3 or higher by Moody&#8217;s or the equivalent by another
Rating Agency if the payment date is within five (5) Business Days of the Valuation Date, (B) A2 or higher by Moody&#8217;s or
the equivalent by another Rating Agency if the payment date is within thirty days of the Valuation Date, and (C) A1 or higher by
Moody&#8217;s or the equivalent by another Rating Agency if the payment date is within the Moody&#8217;s Exposure Period) and receivables
for Moody&#8217;s Eligible Assets sold if the receivable is due within five (5) Business Days of the Valuation Date, and if the
trades which generated such receivables are (A) settled through clearing house firms with respect to which the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT>
has received prior written authorization from Moody&#8217;s or (B) (1) with counterparties having a Moody&#8217;s
long-term debt rating of at least Baa3 or the equivalent by another Rating Agency or (2) with counterparties having a Moody&#8217;s
Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Money Market Instrument rating of at least P-1or the equivalent by another
Rating Agency;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Money Market Instruments, so long as (A) such securities are rated
at least P-1 or the equivalent by another Rating Agency, (B) in the case of demand deposits, time deposits and overnight funds,
the supporting entity is rated at least A2 or the equivalent by another Rating Agency, or (C) in all other cases, the supporting
entity (1) is rated A2 or the equivalent by another Rating Agency and the security matures within one month, (2) is rated A1 or
the equivalent by another Rating Agency and the security matures within three months or (3) is rated at least A3 or the equivalent
by another Rating Agency and the security matures within six months; provided, however, that for purposes of this definition, such
instruments (other than commercial paper rated by S&amp;P and not rated by Moody&#8217;s) need not meet any otherwise applicable
S&amp;P rating criteria;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>U.S. Government Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>Rule 144A Securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>Senior Loans;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD>Corporate debt securities if (A) such securities are rated B3 or higher by Moody&#8217;s or the equivalent by another Rating
Agency; (B) such securities provide for the periodic payment of interest in cash in U.S. dollars or euros, except that such securities
that do not pay interest in U.S. dollars or euros shall be considered Moody&#8217;s Eligible Assets if they are rated by Moody&#8217;s,
S&amp;P or Fitch; (C) for securities which provide for conversion or exchange at the option of the issuer into equity capital at
some time over their lives, the issuer must be rated at least B3 by Moody&#8217;s or the equivalent by another Rating Agency and
the discount factor will be 250%; (D) for debt securities rated Ba1 and below, no more than 10% of the original amount of such
issue may constitute Moody&#8217;s Eligible Assets or the equivalent by another Rating Agency; (E) such securities have been registered
under the Securities Act or are restricted as to resale under federal securities laws but are eligible for resale pursuant to Rule
144A under the Securities Act as determined by the Trust&#8217;s Adviser acting pursuant to procedures approved by the Board of
Trustees, except that such securities that are not subject to U.S. federal securities laws shall be considered
Moody&#8217;s Eligible Assets if they are publicly traded; and (F) such securities are not subject to extended
settlement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Notwithstanding the foregoing limitations, (x) corporate
debt securities not rated at least B3 by Moody&#8217;s or not rated by Moody&#8217;s shall be considered to be Moody&#8217;s Eligible
Assets only to the extent the Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of such corporate debt securities does not
exceed 10% of the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of all Moody&#8217;s Eligible Assets; provided,
however, that if the Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of such corporate debt securities exceeds 10% of
the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of all Moody&#8217;s Eligible Assets, a portion of such
corporate debt securities (selected by the <FONT STYLE="letter-spacing: -0.15pt">Trust) </FONT>shall not be considered Moody&#8217;s
Eligible Assets, so that the Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of such corporate debt securities (excluding
such portion) does not exceed 10% of the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of all Moody&#8217;s
Eligible Assets; and (y) corporate debt securities rated by neither Moody&#8217;s, S&amp;P nor Fitch shall be considered to be
Moody&#8217;s Eligible Assets only to the extent such securities are issued by entities which (i) have not filed for bankruptcy
within the past three years, (ii) are current on all principal and interest in their fixed income obligations, (iii) are current
on all preferred stock dividends, and (iv) possess a current, unqualified auditor&#8217;s report without qualified, explanatory
language.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(vii)</FONT></TD><TD>Preferred stocks if (A) dividends on such preferred stock are cumulative, (B) such securities provide for the periodic payment
of dividends thereon in cash in U.S. dollars or euros and do not provide for conversion or exchange into, or have warrants attached
entitling the holder to receive, equity capital at any time over the respective lives of such securities, (C) the issuer of such
a preferred stock has common stock listed on either the New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>Stock Exchange or
the American Stock Exchange, (D) the issuer of such a preferred stock has a senior debt rating from Moody&#8217;s of Baa1 or higher
or a preferred stock rating from Moody&#8217;s of Baa3 or higher and (E) such preferred stock has paid consistent cash dividends
in U.S. dollars or euros over the last three years or has a minimum rating of A1 (if the issuer of such preferred stock has other
preferred issues outstanding that have been paying dividends consistently for the last three years, then a preferred stock without
such a dividend history would also be eligible). In addition, the preferred stocks must have the following diversification requirements:
(X) the preferred stock issue must be greater than $50 million and (Y) the minimum holding by the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>of each issue of preferred stock is $500,000 and the maximum holding of preferred stock of each issue is $5 million. In
addition, preferred stocks issued by transportation companies will not be considered Moody&#8217;s Eligible Assets;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD>Financial contracts, as such term is defined in Section 3(c)(2)(B)(ii) of the Investment Company Act of 1940, as amended, and
other securities or assets not otherwise provided for in this definition, but only upon receipt by the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>of a letter from Moody&#8217;s specifying any conditions on including such financial contract or other securities or assets
in Moody&#8217;s Eligible Assets and assuring the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>that including such financial
contract or other securities or assets in the manner so specified would not affect the credit rating assigned by Moody&#8217;s
to the APS ; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD>Moody&#8217;s Hedging Transactions.</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B>Moody&#8217;s Diversification Limitations:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">In addition, portfolio holdings as described below
must be within the following diversification and issue size requirements in order to be included in Moody&#8217;s Eligible Assets:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="color: #231F20"><B>Ratings(1)</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Maximum Single Issuer(2),(3)</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Maximum Single Industry(3),(4)</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Minimum Issue Size ($ in millions)(5)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Aaa *********************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">$100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Aa **********************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">60</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">A ***********************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">40</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Baa**********************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Ba***********************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">50(6)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">B1-B2 *******************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">50(6)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">B3 or below **************************</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">50(6)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 4.5pt; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT>
Refers to the securities of the portfolio holding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 4.5pt; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT>
Companies subject to common ownership of 25% or more are considered as one issuer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 4.5pt; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(3)</FONT>
Percentages represent a portion of the aggregate Market <FONT STYLE="letter-spacing: -0.2pt">Value</FONT> of securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 4.5pt; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(4)</FONT>
Industries are determined according to Moody&#8217;s Industry Classifications, as defined herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 4.5pt; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(5)</FONT>
Except for preferred stock, which has a minimum issue size of $50 million, and mortgage pass throughs issued by FNMA, FHLMC or
GNMA, which has no minimum issue size.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 4.5pt; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(6)</FONT>
Portfolio holdings from issues ranging from $50 million to $100 million are limited to 20% of the Trust&#8217;s total assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Unless conclusions regarding liquidity risk as well
as estimates of both the probability and severity of default for the Fund&#8217;s assets can be derived from other sources, securities
rated below B by Moody&#8217;s and unrated securities, which are securities rated by neither Moody&#8217;s, S&amp;P nor Fitch,
are limited to 10% of Moody&#8217;s Eligible Assets. If a corporate, municipal or other debt security is unrated by Moody&#8217;s,
S&amp;P or Fitch, the Fund will use the percentage set forth under &#8216;&#8216;Below B and Unrated&#8217;&#8217; in this table.
Ratings assigned by S&amp;P or Fitch are generally accepted by Moody&#8217;s at face value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">However, adjustments to face value may be made to
particular categories of credits for which the S&amp;P and/or Fitch rating does not seem to approximate a Moody&#8217;s rating
equivalent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Where the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>sells an asset and agrees to repurchase such asset in the future, the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT> of such asset will constitute a Moody&#8217;s Eligible Asset and the amount the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>is required to pay upon repurchase of such asset will count as a liability for the purposes of the APS Basic Maintenance
Amount. Where the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>purchases an asset and agrees to sell it to a third party
in the future, cash receivable by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>thereby will constitute a Moody&#8217;s
Eligible Asset if the long-term debt of such other party is rated at least A2 by Moody&#8217;s and such agreement has a term of
30 days or less; otherwise the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of such purchased asset will constitute
a Moody&#8217;s Eligible Asset. For the purposes of calculation of Moody&#8217;s Eligible Assets, portfolio securities which have
been called for redemption by the issuer thereof shall be valued at the lower of Market <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>or the call price of such portfolio securities.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Notwithstanding the foregoing, an asset will not
be considered a Moody&#8217;s Eligible Asset to the extent that it has been irrevocably deposited for the payment of (i)(A) through
(i)(E) under the definition of APS Basic Maintenance Amount or to the extent it is subject to any Liens, except for (A) Liens which
are being contested in good faith by appropriate proceedings and which Moody&#8217;s has indicated to the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>will not affect the status of such asset as a Moody&#8217;s Eligible Asset, (B) Liens for taxes that are not then due and
payable or that can be paid thereafter without penalty, (C) Liens to secure payment for services rendered or cash advanced to the
<FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>by its Adviser, the Trust&#8217;s custodian, transfer agent or registrar or
the Auction Agent and (D) Liens arising by virtue of any repurchase agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Moody&#8217;s Exposure Period&#8217;&#8217;
means the period commencing on a given Valuation Date and ending 49 days thereafter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Moody&#8217;s General Portfolio Requirements&#8217;&#8217;
means that the Trust&#8217;s portfolio must meet the following diversification requirements: (a) no more than 25% by par value
of the Trust&#8217;s total assets can be invested in the securities of borrowers and other issuers having their principal business
activities in the same Moody&#8217;s Industry Classification; provided, that this limitation shall not apply with respect to U.S.
Government Securities and provided further that for purposes of this subsection (a), the term &#8216;&#8216;issuer&#8217;&#8217;
shall not include a lender selling a participation to the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>or any other person
interpositioned between such lender and the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>with respect to a participation
and (b) no more than 10% by par value of the Trust&#8217;s total assets can be invested in securities of a single issuer, and
provided further that for purposes of this subsection (b), the term &#8216;&#8216;issuer&#8217;&#8217; includes both the borrower
under a loan agreement and the lender selling a participation to the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>together
with any other persons interpositioned between such lender and the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT> with respect
to such participation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Moody&#8217;s Hedging Transactions&#8217;&#8217;
has the meaning set forth in paragraph 8(a) of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Moody&#8217;s Industry Classification&#8217;&#8217;
means, for the purposes of determining Moody&#8217;s Eligible Assets, each of the following industry classifications (or such other
classifications as Moody&#8217;s may from time to time approve for application to the Preferred Shares):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Aerospace and Defense: Major Contractor, Subsystems, Research, Aircraft Manufacturing, Arms, Ammunition</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Automobile: Automobile Equipment, Auto-Manufacturing, Auto Parts Manufacturing, Personal Use Trailers, Motor Homes, Dealers</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Banking: Bank Holding, Savings and Loans, Consumer Credit, Small Loan, Agency, Factoring, Receivables</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Beverage, Food and <FONT STYLE="letter-spacing: -0.15pt">Tobacco: </FONT>Beer and Ale, Distillers, Wines and Liquors, Distributors,
Soft Drink Syrup, Bottlers, Bakery, Mill Sugar, Canned Foods, Corn Refiners, Dairy Products, Meat Products, Poultry Products, Snacks,
Packaged Foods, Distributors, Candy, Gum, Seafood, Frozen Food, Cigarettes, Cigars, Leaf/Snuff, Vegetable Oil</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Buildings and Real Estate: Brick, Cement, Climate Controls, Contracting, Engineering, Construction, Hardware, Forest Products
(building-related only), Plumbing, Roofing, Wallboard, Real Estate, Real Estate Development, <FONT STYLE="letter-spacing: -0.15pt">REITs,</FONT>
Land Development</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Chemicals, Plastics and Rubber: Chemicals (non-agricultural), Industrial Gases, Sulphur, Plastics, Plastic Products, Abrasives,
Coatings, Paints, <FONT STYLE="letter-spacing: -0.15pt">Varnish,</FONT> Fabricating Containers</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Containers, Packaging and Glass: Glass, Fiberglass, Containers made of: Glass, Metal, Paper, Plastic, <FONT STYLE="letter-spacing: -0.25pt">Wood
</FONT>or Fiberglass</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Personal and Non-Durable Consumer Products (Manufacturing Only): Soaps, Perfumes, Cosmetics, Toiletries, Cleaning Supplies,
School Supplies</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Diversified/Conglomerate Manufacturing</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Diversified/Conglomerate Service</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Diversified Natural Resources, Precious Metals and Minerals: Fabricating, Distribution</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Ecological: Pollution Control, <FONT STYLE="letter-spacing: -0.2pt">Waste</FONT> Removal, <FONT STYLE="letter-spacing: -0.2pt">Waste</FONT>
Treatment and <FONT STYLE="letter-spacing: -0.2pt">Waste</FONT> Disposal</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Electronics: Computer Hardware, Electric Equipment, Components, Controllers, Motors, Household Appliances, Information
Service Communication Systems, Radios, TVs, <FONT STYLE="letter-spacing: -0.25pt">Tape </FONT>Machines, Speakers, Printers, Drivers,
Technology</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Finance: Investment Brokerage, Leasing, Syndication, Securities</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">15.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Farming and Agriculture: Livestock, Grains, Produce, Agriculture Chemicals, Agricultural Equipment, Fertilizers</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">16.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Grocery: Grocery Stores, Convenience Food Stores</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">17.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Healthcare, Education and Childcare: Ethical Drugs, Proprietary Drugs, Research, Health Care Centers, Nursing Homes, HMOs,
Hospitals, Hospital Supplies, Medical Equipment</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">18.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Home and Office Furnishings, Housewares, and Durable Consumer Products: Carpets, Floor Coverings, Furniture, Cooking, Ranges</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">19.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Hotels, Motels, Inns and Gaming</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">20.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Insurance: Life, Property and Casualty, Broker, Agent, Surety</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">21.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Leisure, Amusement, Motion Pictures, Entertainment: Boating, Bowling, Billiards, Musical Instruments, Fishing, Photo Equipment,
Records, <FONT STYLE="letter-spacing: -0.15pt">Tapes, </FONT>Sports, Outdoor Equipment (Camping), <FONT STYLE="letter-spacing: -0.15pt">Tourism,
</FONT>Resorts, Games, <FONT STYLE="letter-spacing: -0.35pt">Toy </FONT>Manufacturing, Motion Picture Production Theaters, Motion
Picture Distribution</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">22.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Machinery (Non-Agricultural, Non-Construction, Non-Electronic): Industrial, Machine <FONT STYLE="letter-spacing: -0.3pt">Tools,
</FONT>Steam Generators</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">23.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Mining, Steel, Iron and Non-Precious Metals: Coal, Copper, Lead, Uranium, Zinc, Aluminum, Stainless Steel, Integrated Steel,
Ore Production, Refractories, Steel Mill Machinery, Mini-Mills, Fabricating, Distribution and Sales of the foregoing</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">24.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Oil and Gas: Crude Producer, Retailer, <FONT STYLE="letter-spacing: -0.2pt">Well</FONT> Supply, Service and Drilling</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">25.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Personal, Food and Miscellaneous</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">26.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Printing, Publishing, and Broadcasting: Graphic Arts, Paper, Paper Products, Business Forms, Magazines, Books, Periodicals,
Newspapers, Textbooks, Radio, T.V., Cable Broadcasting Equipment</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">27.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Cargo Transport: Rail, Shipping, Railroads, Rail-car Builders, Ship Builders, Containers, Container Builders, Parts, Overnight
Mail, Trucking, <FONT STYLE="letter-spacing: -0.15pt">Truck </FONT>Manufacturing, Trailer Manufacturing, Air Cargo, Transport</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">28.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Retail Stores: Apparel, <FONT STYLE="letter-spacing: -0.25pt">Toy,</FONT> <FONT STYLE="letter-spacing: -0.15pt">Variety,</FONT>
Drugs, Department, Mail Order Catalog, Showroom</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">29.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Telecommunications: Local, Long Distance, Independent, Telephone, Telegraph, Satellite, Equipment, Research, Cellular</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">30.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: -0.15pt">Textiles</FONT> and Leather: Producer, Synthetic Fiber, Apparel Manufacturer, Leather
Shoes</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">31.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Personal Transportation: Air, Bus, Rail, Car Rental</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">32.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Utilities: Electric, <FONT STYLE="letter-spacing: -0.15pt">Water, </FONT>Hydro Power, Gas</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">33.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Broadcasting and Entertainment: Recording Industry, Motion Exhibition Theaters, Motion Picture Production and Distribution,
Radio, T.V., Cable Broadcasting and Broadcasting Equipment</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #231F20"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">34.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Diversified Sovereigns: Semi-sovereigns, Canadian Provinces, Supra-national Agencies</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT>
will use its discretion in determining which industry classification is applicable to a particular investment in consultation with
the Independent Accountant and Moody&#8217;s, to the extent the</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Trust considers necessary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Moody&#8217;s Loan Category&#8217;&#8217;
means the following five categories (and, for purposes of this categorization, the Market Value of a Moody&#8217;s Eligible Asset
trading at par is equal to $1.00):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>&#8216;&#8216;Moody&#8217;s Loan Category A&#8217;&#8217; means Performing Loans which have a value as determined in accordance
with the Trust&#8217;s valuation procedures greater than or equal to $0.90.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>&#8216;&#8216;Moody&#8217;s Loan Category B&#8217;&#8217; means: (A) Performing Loans which have a value as determined in accordance
with the Trust&#8217;s valuation procedures of greater than or equal to $0.80 but less than $0.90; and (B) non-Performing Loans
which have a value as determined in accordance with the Trust&#8217;s valuation procedures greater than or equal to $0.85.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>&#8216;&#8216;Moody&#8217;s Loan Category C&#8217;&#8217; means: (A) Performing Senior Loans which have a value as determined
in accordance with the Trust&#8217;s valuation procedures of greater than or equal to $0.70 but less than $0.80; and (B) non-Performing
Loans which have a value as determined in accordance with the Trust&#8217;s valuation procedures of greater than or equal to $0.75
but less than $0.85.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>&#8216;&#8216;Moody&#8217;s Loan Category D&#8217;&#8217; means Loans which have a value as determined in accordance with the
Trust&#8217;s valuation procedures less than $0.75.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Notwithstanding any other provision contained above,
for purposes of determining whether a Moody&#8217;s Eligible Asset falls within a specific Moody&#8217;s Loan Category, to the
extent that any Moody&#8217;s Eligible Asset would fall in more than one of the Moody&#8217;s Loan Categories, such Moody&#8217;s
Eligible Asset shall be deemed to fall into the Moody&#8217;s Loan Category with the lowest applicable Moody&#8217;s Discount Factor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Non-Call Period&#8217;&#8217; has
the meaning set forth under the definition of &#8216;&#8216;Specific Redemption Provisions&#8217;&#8217;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Non-Investment Grade Bonds&#8217;&#8217;
means &#8216;&#8216;Non-Investment Grade Bonds&#8217;&#8217; as defined in the Trust&#8217;s Registration Statement on Form N-2
(File No. 333-111041) relating to the APS on file with the Securities and Exchange Commission, as such Registration Statement may
be amended from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Non-Payment Period&#8217;&#8217;
means any period commencing on and including the day on which the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall
fail to (i) declare, prior to the close of business on the second Business Day preceding any Dividend Payment Date, for
payment on or (to the extent permitted by paragraph 2(c)(i) of this Article VII, of these Amended By-Laws) within three
Business Days after such Dividend Payment Date to the Holders as of 12:00 noon, New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City
time, on the Business Day preceding such Dividend Payment Date, the full amount of any dividend on shares of APS payable on
such Dividend Payment Date or (ii) deposit, irrevocably in trust, in same-day funds, with the Auction Agent by 12:00 noon,
New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City time, (A) on such Dividend Payment Date the full amount of any
cash dividend on such shares payable (if declared) on such Dividend Payment Date or (B) on any redemption date for any shares
of APS called for redemption, the Mandatory Redemption Price per share of such APS or, in the case of an optional redemption,
the Optional Redemption Price per share, and ending on and including the Business Day on which, by 12:00 noon, New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City
time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have otherwise been made
available to Holders in same-day funds; provided that, a Non-Payment Period shall not end unless the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall
have given at least five days&#8217; but no more than 30 days&#8217; written notice of such deposit or availability to the
Auction Agent, all Existing Holders (at their addresses appearing in the Share Books) and the Securities Depository.
Notwithstanding the foregoing, the failure by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>to deposit funds as
provided for by clauses (ii)(A) or (ii)(B) above within three Business Days after any Dividend Payment Date or redemption
date, as the case may be, in each case to the extent contemplated by paragraph 2(c)(i) of these Amended By-Laws, shall not
constitute a &#8216;&#8216;Non-Payment Period.&#8217;&#8217;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Non-Payment Period Rate&#8217;&#8217;
means, initially, 275% of the applicable Reference Rate, provided that the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the
Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>determines and Fitch (and any Substitute Rating Agency
in lieu of Fitch in the event such party shall not rate the APS) advise the Trust in writing that such adjustment, modification,
alteration or change will not adversely affect its then current ratings on the APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Normal Dividend Payment Date&#8217;&#8217;
has the meaning set forth in paragraph 2(b)(i) of Article VII, of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Notice of Redemption&#8217;&#8217;
means any notice with respect to the redemption of shares of APS pursuant to paragraph 4 of Article VII, of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Notice of Revocation&#8217;&#8217;
has the meaning set forth in paragraph 2(c)(iii) of Article VII, of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Notice of Special Dividend Period&#8217;&#8217;
has the meaning set forth in paragraph 2(c)(iii) of Article VII, of these Amended By-Laws.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Optional Redemption Price&#8217;&#8217;
means $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) to the date
fixed for redemption plus any applicable redemption premium attributable to the designation of a Premium Call Period.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Other APS&#8217;&#8217; means the
auction rate Preferred Shares of the Trust, other than the APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Outstanding&#8217;&#8217; means, as
of any date (i) with respect to APS, shares of APS therefor issued by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>except,
without duplication, (A) any shares of APS theretofore canceled or delivered to the Auction Agent for cancellation, or redeemed
by the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>or as to which a Notice of Redemption shall have been given and Deposit
Securities shall have been deposited in trust or segregated by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>pursuant
to paragraph 4(c) and (B) any shares of APS as to which the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>or any Affiliate
thereof shall be a Beneficial Owner, provided that shares of APS held by an Affiliate shall be deemed Outstanding for purposes
of calculating the APS Basic Maintenance Amount and (ii) with respect to shares of other Preferred Shares, has the equivalent meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Parity Shares&#8217;&#8217; means
the APS and each other Outstanding series of Preferred Shares the holders of which, together with the holders of the APS, shall
be entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding up, as the case may
be, in proportion to the full respective preferential amounts to which they are entitled, without preference or priority one over
the other.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Performing&#8217;&#8217; means that
no default as to the payment of principal or interest has occurred and is continuing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Person&#8217;&#8217; means and includes
an individual, a partnership, a fund, a trust, an unincorporated association, a joint venture or other entity or a government or
any agency or political subdivision thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Potential Beneficial Owner&#8217;&#8217;
means a customer of a Broker-Dealer or a Broker-Dealer that is not a Beneficial Owner of shares of APS but that wishes to purchase
such shares, or that is a Beneficial Owner that wishes to purchase additional shares of APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Potential Holder&#8217;&#8217; means
any Broker-Dealer or any such other Person as may be permitted by the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>including
any Existing Holder, who may be interested in acquiring shares of APS (or, in the case of an Existing Holder, additional shares
of APS).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Preferred Shares&#8217;&#8217; means
the preferred shares of beneficial interest, par value $0.01 per share, of the Trust, and includes APS and Other APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Premium Call Period&#8217;&#8217;
has the meaning set forth under the definition of &#8216;&#8216;Specific Redemption Provisions&#8217;&#8217;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&#8216;&#8216;Pricing Service&#8217;&#8217;
means any pricing service designated by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>provided
the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>obtains written assurance from Moody&#8217;s and Fitch that such designation
will not impair the rating then assigned by Moody&#8217;s and Fitch, as applicable, to the APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&#8216;&#8216;Rating Agency&#8217;&#8217;
means a nationally recognized statistical rating organization.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Reference Rate&#8217;&#8217; means,
with respect to the Non-Payment Period Rate and the Maximum Applicable Rate means the applicable &#8216;&#8216;AA&#8217;&#8217;
Financial Composite Commercial Paper Rate (for a Dividend Period of fewer than 184 days) or the applicable Treasury Index Rate
(for a Dividend Period of 184 days or more).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Request for Special Dividend Period&#8217;&#8217;
has the meaning set forth in paragraph 2(c)(iii) of Article VII, of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Response&#8217;&#8217; has the meaning
set forth in paragraph 2(c)(iii) of Article VII, of these Amended By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Rule 144A Securities&#8217;&#8217;
means securities which are restricted as to resale under federal securities laws but are eligible for resale pursuant to Rule 144A
under the Securities Act as determined by the Trust&#8217;s Adviser acting pursuant to procedures approved by the Board of Trustees
of the <FONT STYLE="letter-spacing: -0.15pt">Trust.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;S&amp;P&#8217;&#8217; means Standard
&amp; Poor&#8217;s Corporation, a New <FONT STYLE="letter-spacing: -0.25pt">York</FONT> Corporation, and its successors. &#8216;&#8216;Securities
Act&#8217;&#8217; means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Securities Depository&#8217;&#8217;
means The Depository Trust Company or any successor company or other entities elected by the Trust as securities depository for
the shares of APS that agrees to follow the procedures required to be followed by such securities depository in connection with
the shares of APS.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Series&#8217;&#8217; means a series
of Preferred Shares of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>including Series A APS, Series B APS, Series C APS
and Series D APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Senior Loans&#8217;&#8217; means &#8216;&#8216;Senior
Loans&#8217;&#8217; as defined in the Trust&#8217;s Registration Statement on Form N-2 (File No. 333-111041) relating to the APS
on file with the Securities and Exchange Commission, as such Registration Statement may be amended from time to time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&#8216;&#8216;Series A APS&#8217;&#8217;
means the Auction Preferred Shares, Series A.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&#8216;&#8216;Series B APS&#8217;&#8217;
means the Auction Preferred Shares, Series B.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&#8216;&#8216;Series C APS&#8217;&#8217;
means the Auction Preferred Shares, Series C.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&#8216;&#8216;Series D APS&#8217;&#8217;
means the Auction Preferred Shares, Series D.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&#8216;&#8216;Service&#8217;&#8217;
means the United States Internal Revenue Service.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&#8216;&#8216;Share Books&#8217;&#8217;
means the books maintained by the Auction Agent setting forth at all times a current list, as determined by the Auction Agent,
of Existing Holders of the APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Share Register&#8217;&#8217; means
the register of Holders maintained on behalf of the Trust by the Auction Agent in its capacity as transfer agent and registrar
for the APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Short <FONT STYLE="letter-spacing: -0.25pt">Term
</FONT>Dividend Period&#8217;&#8217; means a Special Dividend Period consisting of a specified number of days (other than twenty-eight),
evenly divisible by seven and not fewer than seven nor more than 364.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Short <FONT STYLE="letter-spacing: -0.25pt">Term
</FONT>Money Market Instruments&#8217;&#8217; means the following types of instruments if, on the date of purchase or other acquisition
thereof by the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>the remaining term to maturity thereof is not in excess of 180
days (or 270 days for instruments rated at least Aaa for purposes of determining Moody&#8217;s Eligible Assets):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>commercial paper rated either F-1 by Fitch or A-1 by S&amp;P if such commercial paper matures in 30 days or P-1 by Moody&#8217;s
and either F-1+ by Fitch or A-1+ by S&amp;P if such commercial paper matures in over 30 days;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>demand or time deposits in, and banker&#8217;s acceptances and certificates of deposit of, (A) a depository institution or
trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia or (B)
a United States branch office or agency of a foreign depository institution (provided that such branch office or agency is subject
to banking regulation under the laws of the United States, any state thereof or the District of Columbia);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>overnight funds;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>U.S. Government Securities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>Eurodollar demand or time deposits in, or certificates of deposit of, the head office or the London branch office of a depository
institution or trust company if the certificates of deposit, if any, and the long-term unsecured debt obligations (other than such
obligations the ratings of which are based on the credit of a person or entity other than such depository institution or trust
company) of such depository institution or trust company that have (1) credit ratings on each Valuation Date of at least P-1 from
Moody&#8217;s and either F-1+ from Fitch or A-1+ from S&amp;P, in the case of commercial paper or certificates of deposit, and
(2) credit ratings on each Valuation Date of at least Aa3 from Moody&#8217;s and either AA from Fitch or AA&#8211; from S&amp;P,
in the case of long-term unsecured debt obligations; provided, however, that in the case of any such investment that matures in
no more than one Business Day from the date of purchase or other acquisition by the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>all of the foregoing requirements shall be applicable except that the required long-term unsecured debt credit rating of
such depository institution or trust company from Moody&#8217;s, Fitch and S&amp;P shall be at least A2, A-2 and A, respectively;
and provided further, however, that the foregoing credit rating requirements shall be deemed to be met with respect to a depository
institution or trust company if (1) such depository institution or trust company is the principal depository institution in a holding
company system, (2) the certificates of deposit, if any, of such depository institution or trust company are not rated on any Valuation Date below
P-1 by Moody&#8217;s, F-1+ by Fitch or A-1+ by S&amp;P and there is no long-term rating, and (3) the holding company shall meet
all of the foregoing credit rating requirements (including the preceding proviso in the case of investments that mature in no more
than one Business Day from the date of purchase or other acquisition by the Trust); and provided further, that the interest receivable
by the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT> shall not be subject to any withholding or similar taxes.</TD></TR></TABLE>

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



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Special Dividend Period&#8217;&#8217;
means a Dividend Period consisting of (i) a specified number of days (other than twenty-eight), evenly divisible by seven and not
fewer than seven nor more than 364 or (ii) a specified period of one whole year or more but not greater than five years (in each
case subject to adjustment as provided in paragraph 2(b)(i)).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Specific Redemption Provisions&#8217;&#8217;
means, with respect to a Special Dividend Period either, or any combination of, (i) a period (a &#8216;&#8216;Non-Call Period&#8217;&#8217;)
determined by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT> after consultation with the Auction
Agent and the Broker-Dealers, during which the shares of APS subject to such Dividend Period shall not be subject to redemption
at the option of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and (ii) a period (a &#8216;&#8216;Premium Call Period&#8217;&#8217;),
consisting of a number of whole years and determined by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>after consultation with the Auction Agent and the Broker-Dealers, during each year of which the shares of APS subject to
such Dividend Period shall be redeemable at the Trust&#8217;s option at a price per share equal to $25,000 plus accumulated but
unpaid dividends plus a premium expressed as a percentage of $25,000, as determined by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>after consultation with the Auction Agent and the Broker-Dealers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Subsequent Dividend Period,&#8217;&#8217;
with respect to APS, has the meaning set forth in paragraph 2(c)(i) of Article VII, of these Amended By-Laws and, with respect
to Other APS, has the equivalent meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Substitute Commercial Paper Dealers&#8217;&#8217;
means such substitute Commercial Paper Dealer or Dealers as the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may from time
to time appoint or, in lieu of any thereof, their respective affiliates or successors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Substitute Rating Agency&#8217;&#8217;
and &#8216;&#8216;Substitute Rating Agencies&#8217;&#8217; mean a nationally recognized statistical rating organization or two
nationally recognized statistical rating organizations, respectively, selected by Eaton <FONT STYLE="letter-spacing: -0.2pt">Vance
</FONT>Management or its affiliates and successors, after consultation with the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and
the Broker-Dealers, to act as the substitute rating agency or substitute rating agencies, as the case may be, to determine the
credit ratings of the shares of APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Swap&#8217;&#8217; means a derivative
transaction between two parties who contractually agree to exchange the returns (or differentials in rates of return) to be exchanged
or &#8216;&#8216;swapped&#8217;&#8217; between the parties, which returns are calculated with respect to a &#8216;&#8216;notional
amount,&#8217;&#8217; <I>i.e.</I>, the return on or increase in value of a particular dollar amount invested at a particular interest
rate or in a &#8216;&#8216;basket&#8217;&#8217; of securities representing a particular index.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>&#8216;&#8216;Interest Rate Swap&#8217;&#8217; means an arrangement whereby two parties (called counterparties) enter into
an agreement to exchange periodic interest payments. The dollar amount the counterparties pay each other is an agreed-upon periodic
interest rate multiplied by some predetermined dollar principal, called the notional principal amount. No principal (no notional
amount) is exchanged between parties to the transaction; only interest is exchanged.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">&#8216;&#8216;Total </FONT>Return Swap&#8217;&#8217; means an agreement between counterparties
in which one party agrees to make payments of the total return from the underlying asset(s) which may include securities, baskets
of securities, or securities indices during the specified period, in return for payments equal to a fixed or floating rate of interest
or the total return from other underlying asset(s).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>&#8216;&#8216;Credit Default Swap&#8217;&#8217; means an agreement between counterparties in which one party is entitled to
receive the par (or other agreed-upon) value of a referenced debt obligation from the counterparty to the agreement in the event
of a default by a third party on the debt obligation. In return, such party would pay the counterparty a periodic stream of payments
over the term of the contract provided that no event of default has occurred.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Treasury Bonds&#8217;&#8217; means
United States Treasury Bills, Bonds or Notes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><I>&#8216;&#8216;Treasury Index Rate&#8217;&#8217;
</I>means the average yield to maturity for actively traded marketable U.S. Treasury fixed interest rate securities having the
same number of 30-day periods to maturity as the length of the applicable Dividend Period, determined, to the extent necessary,
by linear interpolation based upon the yield for such securities having the next shorter and next longer number of 30-day periods
to maturity treating all Dividend Periods with a length greater than the longest maturity for such securities as having a length
equal to such longest maturity, in all cases based upon data set forth in the most recent weekly statistical release published
by the Board of Governors of the Federal Reserve System</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(currently in H.15 (519)); provided, however, if the most recent
such statistical release shall not have been published during the 15 days preceding the date of computation, the foregoing computations
shall be based upon the average of comparable data as quoted to the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>by at least
three recognized dealers in U.S. government securities selected by the <FONT STYLE="letter-spacing: -0.15pt">Trust.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Trust&#8217;&#8217; means Eaton Vance
Senior Floating-Rate Trust, a Massachusetts business trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;U.S. Government Securities&#8217;&#8217;
means direct obligations of the United States or of its agencies or instrumentalities that are entitled to the full faith and credit
of the United States and that, other than Treasury bills, provide for the periodic payment of interest and the full payment of
principal at maturity or call for redemption.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Valuation Date&#8217;&#8217; means,
for purposes of determining whether the Trust is maintaining the APS Basic Maintenance Amount, each Business Day commencing with
the Date of Original Issue.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&#8216;&#8216;Variation Margin&#8217;&#8217; means,
in connection with an outstanding futures contract owned or sold by the Trust, the amount of cash or securities paid to or received
from a broker (subsequent to the Initial Margin payment) from time to time as the price of such futures contract fluctuates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">(b) The foregoing definitions of Accountant&#8217;s
Confirmation, APS Basic Maintenance Amount, APS Basic Maintenance Cure Date, APS Basic Maintenance Report, Deposit Securities,
Discounted <FONT STYLE="letter-spacing: -0.15pt">Value, </FONT>Independent Accountant, Initial Margin, Market <FONT STYLE="letter-spacing: -0.15pt">Value,
</FONT>Moody&#8217;s Discount Factor, Fitch Discount Factor, Moody&#8217;s Eligible Asset, Fitch Eligible Asset, Moody&#8217;s
Exposure Period, Fitch Exposure Period, Moody&#8217;s Hedging Transactions, Fitch Hedging Transactions, Fitch Industry Classification,
Maximum Applicable Rate, Moody&#8217;s Industry Classification, Moody&#8217;s Loan Category, 1940 Act Cure Date, 1940 Act APS Asset
Coverage, Performing, Senior Loans, Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Money Market Instruments, Treasury
Bonds, U.S. Government Securities, Valuation Date and Variation Margin (and any terms defined within such definitions) have been
determined by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT> in order to obtain a AAA rating from
Fitch and Aaa rating from Moody&#8217;s on the APS on their Date of Original Issue; and the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall have the authority, without shareholder approval, to amend, alter or repeal from time to time the foregoing definitions
and the restrictions and guidelines set forth thereunder if Moody&#8217;s, Fitch or any Substitute Rating Agency advises the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>in writing that such amendment, alteration or repeal will not adversely affect its then current rating on the APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">2. <B>Dividends. </B>(a) The Holders of a particular
series of APS shall be entitled to receive, when, as and if declared by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>out of funds legally available therefor, cumulative dividends each consisting of cash at the Applicable Rate, and no more,
payable on the respective dates set forth below. Dividends on the shares of each series of APS so declared and payable shall be
paid in preference to and in priority over any dividends declared and payable on the Common Shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD>(i) Cash dividends on shares of each series of APS shall accumulate from the Date of Original Issue and shall be payable, when,
as and if declared by the Board of Trustees, out of funds legally available therefor, commencing on the Initial Dividend Payment
Date. Following the Initial Dividend Payment Date for a series of APS, dividends on that series of APS will be payable, at the
option of the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>either (i) with respect to any 28-Day Dividend Period and any
Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Dividend Period of fewer than 28 days, on the day next succeeding the last
day thereof, or (ii) with respect to any Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Dividend Period of more than 28
days and with respect to any Long <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Dividend Period, monthly on the first Business
Day of each calendar month during such Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Dividend Period or Long <FONT STYLE="letter-spacing: -0.25pt">Term
</FONT>Dividend Period and on the day next succeeding the last day thereof (each such date referred to in clause (i) or (ii) being
herein referred to as a &#8216;&#8216;Normal Dividend Payment Date&#8217;&#8217;), except that if such Normal Dividend Payment
Date is not a Business Day, then the Dividend Payment Date shall be the first Business Day next succeeding such Normal Dividend
Payment Date. Although any particular Dividend Payment Date may not occur on the originally scheduled date because of the exception
discussed above, the next succeeding Dividend Payment Date, subject to such exception, will occur on the next following originally
scheduled date. If for any reason a Dividend Payment Date cannot be fixed as described above, then the Board of Trustees shall
fix the Dividend Payment Date. The</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">Board of Trustees by resolution prior to authorization of
a dividend by the Board of Trustees may change a Dividend Payment Date if such change does not adversely affect the contract rights
of the Holders of shares of APS set forth in the Declaration of <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>or the Amended
By-Laws. The Initial Dividend Period, 28-Day Dividend Periods and Special Dividend Periods with respect to a series of APS are
hereinafter sometimes referred to as Dividend Periods. Each dividend payment date determined as provided above is hereinafter referred
to as a &#8216;&#8216;Dividend Payment Date.&#8217;&#8217;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">(ii) Each dividend shall be paid to the Holders
as they appear in the Stock Register as of 12:00 noon, New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City time, on the
Business Day preceding the Dividend Payment Date. Dividends in arrears for any past Dividend Period may be declared and paid at
any time, without reference to any regular Dividend Payment Date, to the Holders as they appear on the Stock Register on a date,
not exceeding 15 days prior to the payment date therefor, as may be fixed by the Board of Trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD>(i) During the period from and including the Date of Original Issue to but excluding the Initial Dividend Payment Date for
each series of APS (the &#8216;&#8216;Initial Dividend Period&#8217;&#8217;), the Applicable Rate shall be the Initial Dividend
Rate. Commencing on the Initial Dividend Payment Date for each series of APS, the Applicable Rate for each subsequent dividend
period (hereinafter referred to as a &#8216;&#8216;Subsequent Dividend Period&#8217;&#8217;), which Subsequent Dividend Period
shall commence on and include a Dividend Payment Date and shall end on and include the calendar day prior to the next Dividend
Payment Date (or last Dividend Payment Date in a Dividend Period if there is more than one Dividend Payment Date), shall be equal
to the rate per annum that results from implementation of the Auction Procedures.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The Applicable Rate for each Dividend Period commencing
during a Non-Payment Period shall be equal to the Non-Payment Period Rate; and each Dividend Period, commencing after the first
day of, and during, a Non-Payment Period shall be a 28-Day Dividend Period in the case of each series of APS. Except in the case
of the willful failure of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>to pay a dividend on a Dividend Payment Date
or to redeem any shares of APS on the date set for such redemption, any amount of any dividend due on any Dividend Payment Date
(if, prior to the close of business on the second Business Day preceding such Dividend Payment Date, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>has declared such dividend payable on such Dividend Payment Date to the Holders of such shares of APS as of 12:00 noon,
New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City time, on the Business Day preceding such Dividend Payment Date) or
redemption price with respect to any shares of APS not paid to such Holders when due may be paid to such Holders in the same form
of funds by 12:00 noon, New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City time, on any of the first three Business Days
after such Dividend Payment Date or due date, as the case may be, provided that, such amount is accompanied by a late charge calculated
for such period of non-payment at the Non-Payment Period Rate applied to the amount of such non-payment based on the actual number
of days comprising such period divided by 360. In the case of a willful failure of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>to pay a dividend on a Dividend Payment Date or to redeem any shares of APS on the date set for such redemption, the preceding
sentence shall not apply and the Applicable Rate for the Dividend Period commencing during the Non-Payment Period resulting from
such failure shall be the Non-Payment Period Rate. For the purposes of the foregoing, payment to a person in same-day funds on
any Business Day at any time shall be considered equivalent to payment to such person in New <FONT STYLE="letter-spacing: -0.25pt">York
</FONT>Clearing House (next-day) funds at the same time on the preceding Business Day, and any payment made after 12:00 noon,
New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City time, on any Business Day shall be considered to have been made instead
in the same form of funds and to the same person before 12:00 noon, New <FONT STYLE="letter-spacing: -0.25pt">York</FONT> City
time, on the next Business Day.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>The amount of cash dividends per share of any series of APS payable (if declared) on the Initial Dividend Payment Date, each
28-Day Dividend Period and each Dividend Payment Date of each Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Dividend
Period shall be computed by multiplying the Applicable Rate for such Dividend Period by a fraction, the numerator of which will
be the number of days in such Dividend Period or part thereof that such share was Outstanding and the denominator of which will
be 360, multiplying the amount so obtained by $25,000, and rounding the amount so obtained to the nearest cent. During any Long
<FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Dividend Period, the amount of cash dividends per share of a series of APS payable
(if declared) on any Dividend Payment Date shall be computed by multiplying the Applicable Rate for</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">such Dividend Period by a fraction, the numerator of which
will be such number of days in such part of such Dividend Period that such share was Outstanding and for which dividends are payable
on such Dividend Payment Date and the denominator of which will be 360, multiplying the amount so obtained by $25,000, and rounding
the amount so obtained to the nearest cent.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may, at its sole option and to the extent permitted by law, by
                                                                                                                                    telephonic and written notice (a &#8216;&#8216;Request for Special Dividend Period&#8217;&#8217;) to the Auction Agent and to
                                                                                                                                    each Broker-Dealer, request that the next succeeding Dividend Period for a series of APS be a number of days (other than
                                                                                                                                    twenty-eight), evenly divisible by seven and not fewer than 7 nor more than 364 in the case of a Short <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Dividend
                                                                                                                                    Period or one whole year or more but not greater than 5 years in the case of a Long <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Dividend
                                                                                                                                    Period, specified in such notice, provided that the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may not give a Request
                                                                                                                                    for Special Dividend Period of greater than 28 days (and any such request shall be null and void) unless, for any Auction
                                                                                                                                    occurring after the initial Auction, Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date
                                                                                                                                    immediately preceding the first day of such proposed Special Dividend Period and unless full cumulative dividends and any
                                                                                                                                    amounts due with respect to redemption&#8217;s payable prior to such date have been paid in full. Such Request for Special
                                                                                                                                    Dividend Period, in the case of a Short <FONT STYLE="letter-spacing: -0.25pt">Term
</FONT>Dividend Period, shall be given on or prior to the second Business Day but not more than seven Business Days prior to an
Auction Date for a series of APS and, in the case of a Long <FONT STYLE="letter-spacing: -0.25pt">Term </FONT>Dividend Period,
shall be given on or prior to the second Business Day but not more than 28 days prior to an Auction Date for a series of APS. Upon
receiving such Request for Special Dividend Period, the Broker-Dealer(s) shall jointly determine whether, given the factors set
forth below, it is advisable that the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>issue a Notice of Special Dividend Period
for the series of APS as contemplated by such Request for Special Dividend Period and shall determine the Optional Redemption Price
of the APS during such Special Dividend Period and the Specific Redemption Provisions and shall give the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>and the Auction Agent written notice (a &#8216;&#8216;Response&#8217;&#8217;) of such determination by no later than the
second Business Day prior to such Auction Date. In making such determination the Broker-Dealer(s) will consider (1) existing short-term
and long-term market rates and indices of such short-term and long-term rates, (2) existing market supply and demand for short-
term and long-term securities, (3) existing yield curves for short-term and long-term securities comparable to the APS, (4) industry
and financial conditions which may affect the APS, (5) the investment objectives of the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>and (6) the Dividend Periods and dividend rates at which current and potential beneficial holders of the APS would remain
or become beneficial holders. If the Broker- Dealer(s) shall not give the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and
the Auction Agent a Response by such second Business Day or if the Response states that given the factors set forth above it is
not advisable that the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>give a Notice of Special Dividend Period for the series
of APS, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may not give a Notice of Special Dividend Period in respect of such
Request for Special Dividend Period. In the event the Response indicates that it is advisable that the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>give a Notice of Special Dividend Period for the series of APS, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may
by no later than the second Business Day prior to such Auction Date give a notice (a &#8216;&#8216;Notice of Special Dividend Period&#8217;&#8217;)
to the Auction Agent, the Securities Depository and each Broker-Dealer which notice will specify (i) the duration of the Special
Dividend Period, (ii) the Optional Redemption Price as specified in the related Response and (iii) the Specific Redemption Provisions,
if any, as specified in the related Response. The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>also shall provide a copy
of such Notice of Special Dividend Period to Moody&#8217;s and Fitch. The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall
not give a Notice of Special Dividend Period and, if the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>has given a Notice
of Special Dividend Period, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>is required to give telephonic and written notice
of its revocation (a &#8216;&#8216;Notice of Revocation&#8217;&#8217;) to the Auction Agent, each Broker-Dealer, and the Securities
Depository on or prior to the Business Day prior to the relevant Auction Date if (x) either the 1940 Act APS Asset Coverage is
not satisfied or the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall fail to maintain Fitch Eligible Assets or Moody&#8217;s
Eligible Assets with an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>at least equal to the APS Basic
Maintenance Amount, on each of the two Valuation Dates immediately preceding the Business Day prior to the relevant Auction Date
on an actual basis and on a pro forma basis giving effect to the proposed Special Dividend Period (using as a pro forma dividend
rate with respect to such Special Dividend Period the dividend rate which the Broker-Dealers shall advise the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT>
is an approximately equal rate for securities similar to the APS with an equal dividend period),</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">(y) sufficient funds for the payment of dividends
payable on the immediately succeeding Dividend Payment Date have not been irrevocably deposited with the Auction Agent by the close
of business on the third Business Day preceding the related Auction Date or (z) the Broker-Dealer(s) jointly advise the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>that after consideration of the factors listed above they have concluded that it is advisable to give a Notice of Revocation.
The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>also shall provide a copy of such Notice of Revocation to Fitch and Moody&#8217;s.
If the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>is prohibited from giving a Notice of Special Dividend Period as a result
of any of the factors enumerated in clause (x), (y) or (z) above or if the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>gives
a Notice of Revocation with respect to a Notice of Special Dividend Period for any series of APS, the next succeeding Dividend
Period will be a 28-Day Dividend Period. In addition, in the event Sufficient Clearing Bids are not made in the applicable Auction,
including any such Auction held on the Auction Date immediately preceding the first day of such proposed Special Dividend Period
or such Auction is not held for any reason, such next succeeding Dividend Period will be a 28-Day Dividend Period and the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>may not again give a Notice of Special Dividend Period for the APS (and any such attempted notice shall be null and void)
until Sufficient Clearing Bids have been made in an Auction with respect to a 28-Day Dividend Period.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD>(i) Holders shall not be entitled to any dividends, whether payable in cash, property or stock, in excess of full cumulative
dividends and applicable late charges, as herein provided, on the shares of APS. Except for the late charge payable pursuant to
paragraph 2(c)(i) hereof, no interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment
on the shares of APS that may be in arrears.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">(ii) For so long as any share of APS is Outstanding,
the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall not declare, pay or set apart for payment any dividend or other distribution
(other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares
or other shares of beneficial interest, if any, ranking junior to the shares of APS as to dividends or upon liquidation) in respect
of the Common Shares or any other shares of beneficial interest of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>ranking
junior to or on a parity with the shares of APS as to dividends or upon liquidation, or call for redemption, redeem, purchase or
otherwise acquire for consideration any shares of the Common Shares or any other such junior shares (except by conversion into
or exchange for shares of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>ranking junior to the shares of APS as to dividends
and upon liquidation) or any other such Parity Shares (except by conversion into or exchange for stock of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>ranking junior to or on a parity with the shares of APS as to dividends and upon liquidation), unless (A) immediately after
such transaction, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall have Fitch Eligible Assets and Moody&#8217;s Eligible
Assets with an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>equal to or greater than the APS Basic Maintenance
Amount and the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall maintain the 1940 Act APS Asset Coverage, (B) full cumulative
dividends on shares of APS and shares of Other APS due on or prior to the date of the transaction have been declared and paid or
shall have been declared and sufficient funds for the payment thereof deposited with the Auction Agent, and (C) the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>has redeemed the full number of shares of APS required to be redeemed by any provision for mandatory redemption contained
herein.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD>No fractional shares of APS shall be issued.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.35pt">3.</TD><TD><B>Liquidation Rights. </B>Upon any liquidation, dissolution or winding up of the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>whether voluntary or involuntary, the Holders shall be entitled to receive, out of the assets of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>available for distribution to shareholders, before any distribution or payment is made upon any Common Shares or any other
shares of beneficial interest ranking junior in right of payment upon liquidation to the APS, the sum of $25,000 per share plus
accumulated but unpaid dividends (whether or not earned or declared) thereon to the date of distribution, and after such payment
the Holders will be entitled to no other payments. If upon any liquidation, dissolution or winding up of the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>the amounts payable with respect to the APS and any other Outstanding class or series of Preferred Shares of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>ranking on a parity with the APS as to payment upon liquidation are not paid in full, the Holders and the holders of such
other class or series will share ratably in any such distribution of assets in proportion to the respective preferential amounts
to which they are entitled. After payment of the full amount of the liquidating distribution to which they are entitled, the Holders
will not be entitled to any further participation in any distribution of assets by the <FONT STYLE="letter-spacing: -0.15pt">Trust.
</FONT>A consolidation, merger or statutory share exchange of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>with or into
any other <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>or entity or a sale, whether for cash, shares of stock, securities
or properties, of all or substantially all or any part of the assets of the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT>
shall not be deemed or construed to be a liquidation, dissolution or winding up of the <FONT STYLE="letter-spacing: -0.15pt">Trust.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.35pt">4.</TD><TD><B>Redemption.</B> (a) Shares of APS shall be redeemable by the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT> as provided
below:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.5pt">To </FONT>the extent permitted under the 1940 Act and Massachusetts law, upon giving a
Notice of Redemption, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>at its option may redeem shares of any series of APS,
in whole or in part, out of funds legally available therefor, at the Optional Redemption Price per share, on any Dividend Payment
Date; provided that no share of APS may be redeemed at the option of the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT> during</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>the Initial Dividend Period with respect to a series of shares or (B) a Non-Call Period to which such share is subject. The
<FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may not give a Notice of Redemption relating to an optional redemption as described
in this paragraph 4(a)(i) unless, at the time of giving such Notice of Redemption, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>has available Deposit Securities with maturity or tender dates not later than the day preceding the applicable redemption
date and having a value not less than the amount due to Holders by reason of the redemption of their shares
of APS on such redemption date, and the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of Fitch Eligible Assets at
least equals the APS Basic Maintenance Amount, and would at least equal the APS Basic Maintenance Amount immediately subsequent
to such redemption if such redemption were to occur on such date.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall redeem, out of funds legally available therefor, at the
                                                                                                                                   Mandatory Redemption Price per share, shares of APS to the extent permitted under the 1940 Act and Massachusetts law, on a
                                                                                                                                   date fixed by the Board of Trustees, if the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>fails to maintain Fitch
                                                                                                                                   Eligible Assets and Moody&#8217;s Eligible Assets with an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value</FONT>
                                                                                                                                   equal to or greater than the APS Basic Maintenance Amount as

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">provided in paragraph 7(a)
or to satisfy the 1940 Act APS Asset Coverage as provided in paragraph 6 and such failure is not cured on or before the APS Basic
Maintenance Cure Date or the 1940 Act Cure Date (herein collectively referred to as a &#8216;&#8216;Cure Date&#8217;&#8217;),
as the case may be. The number of shares of APS to be redeemed shall be equal to the lesser of (i) the minimum number of shares
of APS the redemption of which, if deemed to have occurred immediately prior to the opening of business on the Cure Date, together
with all shares of other Preferred Shares then Outstanding subject to redemption or retirement, would result in the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>having Fitch Eligible Assets and Moody&#8217;s Eligible Assets with an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>equal to or greater than the APS Basic Maintenance Amount or satisfaction of the 1940 Act APS Asset Coverage, as the case
may be, on such Cure Date (provided that, if there is no such minimum number of shares of APS and shares of other Preferred Shares
the redemption of which would have such result, all shares of APS and shares of other Preferred Shares then Outstanding shall
be redeemed), and (ii) the maximum number of shares of APS, together with all shares of other Preferred Shares subject to redemption
or retirement, that can be redeemed out of funds expected to be legally available therefor on such redemption date. In</P>

</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">determining the number of shares of APS required to be redeemed
in accordance with the foregoing, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall allocate the number required to
be redeemed which would result in the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>having Fitch Eligible Assets and Moody&#8217;s
Eligible Assets with an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>equal to or greater than the APS
Basic Maintenance Amount or satisfaction of the 1940 Act APS Asset Coverage, as the case may be, pro rata among shares of APS
of all series, Other APS and other Preferred Shares subject to redemption pursuant to provisions similar to those contained in
this paragraph 4(a)(ii); provided that, shares of APS which may not be redeemed at the option of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>due to the designation of a Non-Call Period applicable to such shares (A) will be subject to mandatory redemption only
to the extent that other shares are not available to satisfy the number of shares required to be redeemed and (B) will be selected
for redemption in an ascending order of outstanding number of days in the Non-Call Period (with shares with the lowest number
of days to be redeemed first) and by lot in the event of shares having an equal number of days in such Non-Call Period. The <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall effect such redemption on a Business Day which is not later than 35 days after such Cure Date, except that if the
<FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>does not have funds legally available for the redemption of all of the required
number of shares of APS and shares of other Preferred Shares which are subject to mandatory redemption or the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>otherwise is unable to effect such redemption on or prior to 35 days after such Cure Date, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall redeem those shares of APS which it is unable to redeem on the earliest practicable date on which it is able to effect
such redemption out of funds legally available therefor.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD>Notwithstanding any other provision of this paragraph 4, no shares of APS may be redeemed pursuant to paragraph 4(a)(i) of
Article VII, of these Amended By-Laws (i) unless all dividends in arrears on all remaining Outstanding shares of Parity Shares
shall have been or are being contemporaneously paid or declared and set apart for payment and (ii) if redemption thereof would
result in the Trust&#8217;s failure to maintain Fitch Eligible Assets and Moody&#8217;s Eligible Assets with an aggregate Discounted
<FONT STYLE="letter-spacing: -0.2pt">Value </FONT>equal to or greater than the APS Basic Maintenance Amount. In the event that
less than all the Outstanding shares of a series of APS are to be redeemed and there is more than one Holder, the shares of that
series of APS to be redeemed shall be selected by lot or such other method as the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT>
shall deem fair and equitable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD>Whenever shares of APS are to be redeemed, the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>not less than 17 nor more
than 30 days prior to the date fixed for redemption, shall mail a notice (&#8216;&#8216;Notice of Redemption&#8217;&#8217;) by
first-class mail, postage prepaid, to each Holder of shares of APS to be redeemed and to the Auction Agent. The <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT> shall cause the Notice of Redemption to also be published in the eastern and national editions of <I>The <FONT STYLE="letter-spacing: -0.2pt">Wall
</FONT>Street Journal</I>. The Notice of Redemption shall set forth (i) the redemption date, (ii) the amount of the redemption
price, (iii) the aggregate number of shares of APS of such series to be redeemed, (iv) the place or places where shares of APS of
such series are to be surrendered for payment of the redemption price, (v) a statement that dividends on the shares to be redeemed
shall cease to accumulate on such redemption date and (vi) the provision of these Amended By-Laws pursuant to which such shares
are being redeemed. No defect in the Notice of Redemption or in the mailing or publication thereof shall affect the validity of
the redemption proceedings, except as required by applicable law.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">If the Notice of Redemption shall have been given
as aforesaid and, concurrently or thereafter, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall have deposited in trust
with the Auction Agent, or segregated in an account at the Trust&#8217;s custodian bank for the benefit of the Auction Agent,
Deposit Securities (with a right of substitution) having an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>(utilizing
in the case of Fitch the Fitch Exposure Period of 41 Business Days and in the case of Moody&#8217;s the Moody&#8217;s Exposure
Period of 49 days) equal to the redemption payment for the shares of APS as to which such Notice of Redemption has been given
with irrevocable instructions and authority to pay the redemption price to the Holders of such shares, then upon the date of such
deposit or, if no such deposit is made, then upon such date fixed for redemption (unless the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall default in making the redemption payment), all rights of the Holders of such shares as shareholders of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>by reason of the ownership of such shares will cease and terminate (except their right to receive the redemption price
in respect thereof, but without interest), and such shares shall no longer be deemed Outstanding. The <FONT STYLE="letter-spacing: -0.15pt">Trust
shall</FONT> be entitled to receive, from time to</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">time, from the Auction Agent the interest, if any, on such Deposit
Securities deposited with it and the Holders of any shares so redeemed shall have no claim to any of such interest. In case the
Holder of any shares so called for redemption shall not claim the redemption payment for his shares within one year after the date
of redemption, the Auction Agent shall, upon demand, pay over to the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>such amount
remaining on deposit and the Auction Agent shall thereupon be relieved of all responsibility to the Holder of such shares called
for redemption and such Holder thereafter shall look only to the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT> for the redemption
payment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in; color: #231F20">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: -0.2pt"><B>Voting </B></FONT><B>Rights. </B>(a) General. Except as otherwise provided in the
Declaration of <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>or Amended By-Laws, each Holder of shares of APS shall be entitled
to one vote for each share held on each matter submitted to a vote of shareholders of the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>and the holders of Outstanding shares of Preferred Shares, including APS, and of shares of Common Shares shall vote together
as a single class; provided that, at any meeting of the shareholders of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>held
for the election of trustees, the holders of Outstanding shares of Preferred Shares, including APS, shall be entitled, as a class,
to the exclusion of the holders of all other securities and classes of capital stock of the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>to elect two trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust. </FONT>Subject to paragraph 5(b) hereof, the holders
of outstanding shares of beneficial interest of the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>including the holders of
Outstanding shares of Preferred Shares, including APS, voting as a single class, shall elect the balance of the trustees.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD>Right to Elect Majority of Board of Trustees. During any period in which any one or more of the conditions described
                                                                                                                                  below shall exist (such period being referred to herein as a <FONT STYLE="letter-spacing: -0.15pt">&#8216;&#8216;Voting </FONT>Period&#8217;&#8217;),
                                                                                                                                  the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number that, when
                                                                                                                                  added to the two directors elected exclusively by the holders of shares of Preferred Shares, would constitute a majority of
                                                                                                                                  the Board of Trustees as so increased by such smallest number; and the holders of shares of Preferred Shares shall be
                                                                                                                                  entitled, voting separately as one class (to the exclusion of the holders of all other securities and classes of shares of
                                                                                                                                  beneficial interest of the Trust), to elect such smallest number of additional trustees,
together with the two trustees that such holders are in any event entitled to elect. A Voting Period shall commence:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>if at any time accumulated dividends (whether or not earned or declared, and whether or not funds are then legally available
in an amount sufficient therefor) on the Outstanding shares of APS equal to at least two full years&#8217; dividends shall be due
and unpaid and sufficient cash or specified securities shall not have been deposited with the Auction Agent for the payment of
such accumulated dividends; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>if at any time holders of any other shares of Preferred Shares are entitled to elect a majority of the trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>under the 1940 Act. Upon the termination of a <FONT STYLE="letter-spacing: -0.15pt">Voting </FONT>Period, the voting rights
described in this paragraph 5(b) shall cease, subject always, however, to the reverting of such voting rights in the Holders upon
the further occurrence of any of the events described in this paragraph 5(b)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD>Right to <FONT STYLE="letter-spacing: -0.25pt">Vote </FONT>with Respect to Certain Other Matters. So long as any shares of
APS are Outstanding, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall not, without the affirmative vote of the Holders
of at least a majority of the shares of Preferred Shares Outstanding at the time, voting separately as one class, approve any conversion
of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>from a closed-end to an open-end investment company and (i) authorize,
create or issue any class or series of shares of beneficial interest ranking prior to the APS or any other series of Preferred
Shares with respect to payment of dividends or the distribution of assets on liquidation, or (ii) amend, alter or repeal the provisions
of the Declaration of <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>whether by merger, consolidation or otherwise, so as
to adversely affect any of the contract rights expressly set forth in the Declaration of <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>of holders of shares of APS or any other Preferred Shares. <FONT STYLE="letter-spacing: -0.5pt">To </FONT>the extent permitted
under the 1940 Act, in the event shares of more than one series of APS are Outstanding, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall not approve any of the actions set forth in clause (i) or (ii) which adversely affects the contract rights expressly
set forth in the Declaration of <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>of a Holder of shares of a series of APS differently
than those of a Holder of shares of any other series of APS without the affirmative vote of the holders of at least a majority
of the shares of APS of each series adversely affected and Outstanding at such time (each such adversely affected series voting
separately as a class). The <FONT STYLE="letter-spacing: -0.15pt">Trust shall</FONT> notify Fitch and Moody&#8217;s ten (10) Business
Days prior to any such vote described in clause (i) or (ii). Unless a higher</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">percentage is provided for under the Declaration of <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>the affirmative vote of the holders of a majority of the Outstanding shares of Preferred Shares, including APS, voting together
as a single class, will be required to approve any plan of reorganization (including bankruptcy proceedings) adversely affecting
such shares or any action requiring a vote of security holders under Section 13(a) of the 1940 Act. The class vote of holders of
shares of Preferred Shares, including APS, described above will in each case be in addition to a separate vote of the requisite
percentage of shares of Common Shares and shares of Preferred Shares, including APS, voting together as a single class necessary
to authorize the action in question.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">Voting</FONT> Procedures.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>As soon as practicable after the accrual of any right of the holders of shares of Preferred Shares to elect additional trustees
as described in paragraph 5(b) above, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall call a special meeting of such
holders and instruct the Auction Agent to mail a notice of such special meeting to such holders, such meeting to be held not less
than 10 nor more than 20 days after the date of mailing of such notice. If the <FONT STYLE="letter-spacing: -0.15pt">Trust fails</FONT>
to send such notice to the Auction Agent or if the <FONT STYLE="letter-spacing: -0.15pt">Trust does</FONT> not call such a special
meeting, it may be called by any such holder on like notice. The record date for determining the holders entitled to notice of
and to vote at such special meeting shall be the close of business on the fifth Business Day preceding the day on which such notice
is mailed. At any such special meeting and at each meeting held during a <FONT STYLE="letter-spacing: -0.15pt">Voting </FONT>Period,
such Holders, voting together as a class (to the exclusion of the holders of all other securities and classes of shares of beneficial
interest of the Trust), shall be entitled to elect the number of directors prescribed in paragraph 5(b) above. At any such meeting
or adjournment thereof in the absence of a quorum, a majority of such holders present in person or by proxy shall have the power to adjourn
the meeting without notice, other than by an announcement at the meeting, to a date not more than 120 days after the original record
date.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>For purposes of determining any rights of the Holders to vote on any matter or the number of shares required to constitute
a quorum, whether such right is created by these Amended By-Laws, by the other provisions of the Declaration of <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>by statute or otherwise, a share of APS which is not Outstanding shall not be counted.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>The terms of office of all persons who are trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>at the time of
a special meeting of Holders and holders of other Preferred Shares to elect trustees shall continue, notwithstanding the election
at such meeting by the Holders and such other holders of the number of trustees that they are entitled to elect, and the persons
so elected by the Holders and such other holders, together with the two incumbent trustees elected by the Holders and such other
holders of Preferred Shares and the remaining incumbent trustees elected by the holders of the Common Shares and Preferred Shares,
shall constitute the duly elected trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>Simultaneously with the expiration of a <FONT STYLE="letter-spacing: -0.15pt">Voting </FONT>Period, the terms of office of
the additional trustees elected by the Holders and holders of other Preferred Shares pursuant to paragraph 5(b) above shall terminate,
the remaining trustees shall constitute the trustees of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and the voting rights
of the Holders and such other holders to elect additional trustees pursuant to paragraph 5(b) above shall cease, subject to the
provisions of the last sentence of paragraph 5(b).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD>Exclusive Remedy.&#9;Unless otherwise required by law, the Holders of shares of APS shall not have any rights or preferences
other than those specifically set forth herein. The Holders of shares of APS shall have no preemptive rights or rights to cumulative
voting. In the event that the <FONT STYLE="letter-spacing: -0.15pt">Trust fails</FONT> to pay any dividends on the shares of APS,
the exclusive remedy of the Holders shall be the right to vote for trustees pursuant to the provisions of this paragraph 5.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD>Notification to Fitch <FONT STYLE="letter-spacing: 1.3pt">and</FONT> <FONT STYLE="letter-spacing: 0.45pt">Moody&#8217;s</FONT>.&#9;In
the event a vote of Holders of APS is required pursuant to the provisions of Section 13(a) of the 1940 Act, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall, not later than ten Business Days prior to the date on which such vote is to be taken, notify Fitch that such vote
is to be taken and the nature of the action with respect to which such vote is to be taken and, not later than ten Business Days
after the date on which such vote is taken, notify Fitch of the result of such vote.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.35pt">6.</TD><TD><B>1940 Act APS Asset Coverage. </B>The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall maintain, as of the last Business
Day of each month in which any share of APS is Outstanding, the 1940 Act APS Asset Coverage.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.35pt">7.</TD><TD><B>APS Basic Maintenance Amount. </B>The following references in this paragraph 7 to Fitch Eligible Assets and/or Moody&#8217;s
Eligible Assets, as the case may be, are only applicable if Fitch and/or Moody&#8217;s, as the case may be, is rating the APS.
(a) The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall maintain, on each Valuation Date, and shall verify to its satisfaction
that it is maintaining on such Valuation Date Fitch Eligible Assets and Moody&#8217;s Eligible Assets having an aggregate Discounted
<FONT STYLE="letter-spacing: -0.2pt">Value </FONT>equal to or greater than the APS Basic Maintenance Amount <FONT STYLE="letter-spacing: -0.2pt">Test.
</FONT>Upon any failure to maintain the required Discounted <FONT STYLE="letter-spacing: -0.15pt">Value, the Trust will</FONT>
use its best efforts to alter the composition of its portfolio to retain a Discounted <FONT STYLE="letter-spacing: -0.2pt">Value
at</FONT> least equal to the APS Basic Maintenance Amount <FONT STYLE="letter-spacing: -0.25pt">Test</FONT> on or prior to the
APS Basic Maintenance Cure Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD>On or before 5:00 p.m., New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City time, on the third Business Day after a
Valuation Date on which the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>fails to satisfy the APS Basic Maintenance Amount
<FONT STYLE="letter-spacing: -0.2pt">Test, </FONT>the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall complete and deliver
to the Auction Agent, Moody&#8217;s and Fitch, a complete APS Basic Maintenance Report as of the date of such failure, which will
be deemed to have been delivered to the Auction Agent if the Auction Agent receives a copy or telecopy, telex or other electronic
transcription thereof and on the same day the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>mails to the Auction Agent for
delivery on the next Business Day the complete APS Basic Maintenance Report. The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will
deliver an APS Basic Maintenance Report to the Auction Agent, Moody&#8217;s and Fitch, on or before 5:00 p.m., New <FONT STYLE="letter-spacing: -0.25pt">York
</FONT>City time, on the third Business Day after a Valuation Date on which the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>cures
its failure to maintain Fitch Eligible Assets and Moody&#8217;s, with an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value</FONT>
equal to or greater than the APS Basic Maintenance Amount <FONT STYLE="letter-spacing: -0.25pt">Test </FONT>or on which the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>fails to maintain Fitch Eligible Assets and Moody&#8217;s Eligible Assets, with an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>which exceeds the APS Basic Maintenance Amount by 5% or more. The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will
also deliver an APS Basic Maintenance Report to the Auction Agent, Fitch, and Moody&#8217;s as of each Monthly Valuation Date on
or before the third Business Day after such date.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">Additionally, on or before 5:00 p.m., New <FONT STYLE="letter-spacing: -0.25pt">York
City</FONT> time, on the third Business Day after the first day of a Special Dividend Period, the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>will deliver an APS Basic Maintenance Report to Fitch, Moody&#8217;s and the Auction Agent. The <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall also provide Fitch and Moody&#8217; with an APS Basic Maintenance Report when specifically requested by Fitch or Moody&#8217;s,
as applicable. A failure by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>to deliver an APS Basic Maintenance Report under
this paragraph 7(b) shall be deemed to be delivery of an APS Basic Maintenance Report indicating the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>for Fitch Eligible Assets and Moody&#8217;s Eligible Assets of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>is
less than the APS Basic Maintenance Amount <FONT STYLE="letter-spacing: -0.2pt">Test, </FONT>as of the relevant Valuation Date.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD>Within ten (10) Business Days after the date of delivery of an APS Basic Maintenance Report in accordance with paragraph 7(b)
above relating to a Valuation Date as of the last Business Day of the Trust&#8217;s fiscal year, the Independent Accountant will
confirm in writing to the Auction Agent, Moody&#8217;s and Fitch (i) the mathematical accuracy of the calculations reflected in
such Report (and in any other APS Basic Maintenance Report, randomly selected by the Independent Accountant, that was delivered
by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>at year-end on such Valuation Date), (ii) that, in such Report (and in
such randomly selected Report), the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>correctly determined the assets of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>which constitute Fitch Eligible Assets and Moody&#8217;s Eligible Assets at such Monthly Valuation Date in accordance with
these Amended By-Laws, (iii) that, in such Report (and in such randomly selected Report), the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>determined whether the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>had, at such Valuation Date (and at the Valuation
Date addressed in such randomly selected Report) in accordance with these Amended By-Laws, Fitch Eligible Assets and Moody&#8217;s
Eligible Assets of an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>at least equal to the APS Basic Maintenance
Amount <FONT STYLE="letter-spacing: -0.2pt">Test, </FONT>(iv) with respect to the Fitch ratings on debt securities, the issuer
name, issue size and coupon rate listed in such Report, that the Independent Accountant has requested that Fitch verify such information
and the Independent Accountant shall provide a listing in its letter of any differences,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>with respect to the Moody&#8217;s ratings on debt securities, the issuer name, issue size and coupon rate listed in such Report,
that such information has been verified by Moody&#8217;s (in the event such information is not verified by Moody&#8217;s, the Independent
Accountant will inquire of Moody&#8217;s what such information is, and provide a listing in its letter of any differences), (vi)
with respect to the bid or mean</TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">price (or such alternative permissible factor used in calculating
the Market <FONT STYLE="letter-spacing: -0.15pt">Value) </FONT>provided by the custodian of the Trust&#8217;s assets to the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>for purposes of valuing securities in the Trust&#8217;s portfolio, the Independent Accountant has traced the price used
in such Report to the bid or mean price listed in such Report as provided to the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and
verified that such information agrees (in the event such information does not agree, the Independent Accountant will provide a
listing in its letter of such differences) and (vii) with respect to such confirmation to Moody&#8217;s, that the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>has satisfied the requirements of paragraph 8(a) of these Amended By-Laws (such confirmation is herein called the &#8216;&#8216;Accountant&#8217;s
Confirmation&#8217;&#8217;).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD>Within ten (10) Business Days after the date of delivery of an APS Basic Maintenance Report in accordance with paragraph 7(b)
above relating to any Valuation Date on which the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>failed to maintain Fitch Eligible
Assets and Moody&#8217;s Eligible Assets with an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>equal to
or greater than the APS Basic Maintenance Amount, and relating to the APS Basic Maintenance Cure Date with respect to such failure,
the Independent Accountant will provide to the Auction Agent, Moody&#8217;s and Fitch an Accountant&#8217;s Confirmation as to
such APS Basic Maintenance Report.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD>If any Accountant&#8217;s Confirmation delivered pursuant to subparagraphs (c) or (d) of this paragraph 7 shows that an error
was made in the APS Basic Maintenance Report for a particular Valuation Date for which such Accountant&#8217;s Confirmation as
required to be delivered, or shows that a lower aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>for the
aggregate of all Fitch Eligible Assets and Moody&#8217;s Eligible Assets of the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>was
determined by the Independent Accountant, the calculation or determination made by such Independent Accountant shall be final and
conclusive and shall be binding on the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>and the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall accordingly amend and deliver the APS Basic Maintenance Report to the Auction Agent, Moody&#8217;s and Fitch promptly
following receipt by the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT> of such Accountant&#8217;s Confirmation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD>On or before 5:00 p.m., New <FONT STYLE="letter-spacing: -0.25pt">York City</FONT> time, on the first Business Day after the
Date of Original Issue of the shares of APS, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will complete and deliver to
Fitch and Moody&#8217;s an APS Basic Maintenance Report as of the close of business on such Date of Original Issue. Within five
Business Days of such Date of Original Issue, the Independent Accountant will confirm in writing to Fitch and Moody&#8217;s (i)
the mathematical accuracy of the calculations reflected in such Report and (ii) that the aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value
</FONT>of Fitch Eligible Assets or Moody&#8217;s Eligible Assets, as applicable reflected thereon equals or exceeds the APS Basic
Maintenance Amount reflected thereon. Also, on or before 5:00 p.m., New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City
time, on the first Business Day after shares of Common Shares are repurchased by the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will complete and deliver to Fitch and Moody&#8217;s an APS Basic
Maintenance Report as of the close of business on such date that Common Shares are repurchased.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.35pt"><B>8.</B></TD><TD><B>Certain Other Moody&#8217;s Restrictions and Requirements.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD>For so long as any APS are rated by Moody&#8217;s, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may buy or sell financial
futures contracts, write, purchase or sell call options on financial futures contracts or purchase put options on financial futures
contracts or write call options on portfolio securities, swaps and securities lending unless it receives written confirmation from
Moody&#8217;s that engaging in such transactions would impair the ratings then assigned to the APS by Moody&#8217;s, (collectively
&#8216;&#8216;Moody&#8217;s Hedging Transactions&#8217;&#8217;), subject to the following limitations:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>Future and call options:&#9;For purposes of the APS Basic Maintenance Amount, futures held by the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>and call options sold by the <FONT STYLE="letter-spacing: -0.15pt">Trust shall</FONT> not be included as Moody&#8217;s Eligible
Assets. However, such assets shall be valued at Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>by subtracting the good
faith margin and the maximum daily trading variance as of a Valuation Date. For call options purchased by the <FONT STYLE="letter-spacing: -0.15pt">Trust,
</FONT>the Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of the call option will be included as Moody&#8217;s Eligible
Asset subject to a Moody&#8217;s Discount Factor mutually agreed to between the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and
Moody&#8217;s based on the characteristics of the option contract such as its maturity and the underlying security of the contract.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>Securities lending: The <FONT STYLE="letter-spacing: -0.15pt">Trust may</FONT> engage in securities lending in an amount not
to exceed 15% of the Trust&#8217;s total gross assets. For purposes of calculating the APS Basic Maintenance Amount, such securities
lent shall be included as Moody&#8217;s Eligible Assets with the appropriate Moody&#8217;s Discount Factor applied to such lent
security. The obligation to return such collateral shall not be included as an obligation/liability for purposes of calculating
the APS Basic Maintenance Amount. However, the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT></TD></TR></TABLE>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt"></FONT></TD><TD>may reinvest cash collateral for securities lent in conformity
with its investment objectives and policies and the provisions of these bylaws. In such event, to the extent that securities lending
collateral received is invested by the Trust in assets that otherwise would be Moody&#8217;s
Eligible Assets and the value of such assets exceeds the amount of the Trust&#8217;s Moody&#8217;s Eligible Assets by applying
the applicable Moody&#8217;s Discount Factor to this amount and adding the product to total Moody&#8217;s Eligible Assets. Conversely,
if the value of assets in which securities lending collateral has been invested is less then the amount of the Trust&#8217;s obligation
to return the collateral on a Valuation Date, such difference shall be included as an obligation/liability of the Trust
for purposes of calculating the APS Basic Maintenance Amount. Collateral received by the Trust
in a securities lending transaction and maintained by the Trust in the form
received shall not be included as a Moody&#8217;s Eligible Asset for purposes of calculating the APS Basic Maintenance Amount.</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>Swaps (including <FONT STYLE="letter-spacing: -0.2pt">Total</FONT> Return Swaps, Interest Rate Swaps and Credit Default Swaps):&#9;<FONT STYLE="letter-spacing: -0.4pt">Total
</FONT>return and Interest Rate Swaps are subject to the following provisions:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>Only the cumulative unsettled profit and loss from a <FONT STYLE="letter-spacing: -0.2pt">Total </FONT>Return Swap transaction
will be calculated when determining the APS Basic Maintenance Amount. If the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>has
an outstanding gain from a swap transaction on a Valuation Date, the gain will be included as a Moody&#8217;s Eligible Asset subject
to the Moody&#8217;s Discount Factor on the counterparty to the swap transaction. If the <FONT STYLE="letter-spacing: -0.15pt">Trust
has</FONT> an outstanding liability from a swap transaction on a Valuation Date, the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT>
will subtract the outstanding liability from the total Moody&#8217;s Eligible Assets in calculating the APS Basic Maintenance Amount.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">In addition, for swaps other than <FONT STYLE="letter-spacing: -0.2pt">Total
</FONT>Return Swaps, the Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of the position (positive or negative) will be
included as a Moody&#8217;s Eligible Asset. The aggregate notional value of all swaps will not exceed the Liquidation Preference
of the Outstanding APS. At the time a swap is executed, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will only enter
into swap transactions where the counterparty has at least a Fitch rating of A- or Moody&#8217;s long-term rating of A3.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD>(1) The underlying securities subject to a Credit Default Swap sold by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will
be subject to the applicable Moody&#8217;s Discount Factor for each security subject to the swap;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>If the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>purchases a Credit Default Swap and holds the underlying security,
the Market <FONT STYLE="letter-spacing: -0.2pt">Value </FONT> of the Credit Default Swap and the underlying security will be included
as a Moody&#8217;s Eligible Asset subject to the Moody&#8217;s Discount Factor assessed based on the counterparty risk and the
duration of the swap agreement; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD>The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will not include a Credit Default Swap as a Moody&#8217;s Eligible Asset
purchased by the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>without the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>holding
the underlying security or when the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>buys a Credit Default Swap for a basket
of securities without holding all the securities in the basket.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">If not otherwise provided for in (a)(i)-(iii) above,
derivative instruments shall be treated as follows: Any derivative instruments will be valued pursuant to the Trust&#8217;s valuation
procedures on a Valuation Date. The amount of the net payment obligation and the cost of a closing transaction, as appropriate,
on any derivative instrument on a Valuation Date will be counted as a liability for purposes of determining the APS Basic Maintenance
Amount (<I>e.g.</I>, a written call option that is in the money for the holder). Any derivative instrument with respect to which
the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>is owed payment on the Valuation Date that is not based upon an individual
security or securities that are Moody&#8217;s Eligible Assets will have a mutually agreed upon valuation by Moody&#8217;s and the
<FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>for purposes of determining Moody&#8217;s Eligible Assets. Any derivative instrument
with respect to which the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>is owed payment on the valuation date that is based
upon an individual security or securities that are Moody&#8217;s Eligible Assets (<I>e.g.</I>, a purchased call option on a bond
that is in the money) will be valued as follows for purposes of determining Moody&#8217;s Eligible Assets: (A) For such derivative
instruments that are exchange traded, the value of the in-the-money amount of the payment obligation to the <FONT STYLE="letter-spacing: -0.15pt">Trust</FONT>
will be reduced by applying the Moody&#8217;s Discount Factor (as it would apply to the underlying security or securities) and
then added to Moody&#8217;s Eligible Assets; and (B) for such derivative instruments that are not exchange traded, the value of
the in-the-money amount of the payment obligation to the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT> will be (1) reduced
as described in (A) and (B) further reduced by applying to the remaining amount the Moody&#8217;s Discount Factor determined by reference to the
credit rating of the derivative counterparty with the remaining amount after these reductions then added to Moody&#8217;s Eligible
Assets.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">For purposes of determining whether the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>has Moody&#8217;s Eligible Assets with an aggregate Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>that equals
or exceeds the APS Basic Maintenance Amount, the Discounted <FONT STYLE="letter-spacing: -0.2pt">Value </FONT>of all Forward Commitments
to which the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>is a party and of all securities deliverable to the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>pursuant to such Forward Commitments shall be zero.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">A preferred stock rating is an assessment of the
capacity and willingness of an issuer to pay preferred stock obligations. The ratings on the Preferred Shares are not recommendations
to purchase, hold, or sell those shares, inasmuch as the ratings do not comment as to market price or suitability for a particular
investor. The rating agency guidelines described above also do not address the likelihood that an owner of Preferred Shares will
be able to sell such shares in an Auction or otherwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>agrees to notify Moody&#8217;s and Fitch with no less than thirty (30) days&#8217; notification of: (i) any material changes
to the Trust&#8217;s organizational documents and material contracts, as determined by the Trust&#8217;s officers, in their sole
discretion, (ii) any redemptions of APS by the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>or (iii) any failed Auctions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.35pt">9.</TD><TD><B>Notice. </B>All notices or communications, unless otherwise specified in the Amended By-Laws of the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>or these Amended By-Laws, shall be sufficiently given if in writing and delivered in person or mailed by first-class mail,
postage prepaid. Notice shall be deemed given on the earlier of the date received or the date 7 days after which such notice is
mailed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 13.35pt">10.</TD><TD><B>Auction Procedures. </B>(a) Certain definitions. As used in this paragraph 10, the following terms shall have the following
meanings, unless the context otherwise requires:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 19.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>&#8216;&#8216;APS&#8217;&#8217; means the shares of APS being auctioned pursuant to this paragraph 10.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>&#8216;&#8216;Auction Date&#8217;&#8217; means the first Business Day preceding the first day of a Dividend Period.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35pt"></TD><TD STYLE="width: 25.05pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>&#8216;&#8216;Available APS&#8217;&#8217; has the meaning specified in paragraph 10(d)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.95pt"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>&#8216;&#8216;Bid&#8217;&#8217; has the meaning specified in paragraph 10(b)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.7pt"></TD><TD STYLE="width: 21.7pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>&#8216;&#8216;Bidder&#8217;&#8217; has the meaning specified in paragraph 10(b)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.95pt"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD>&#8216;&#8216;Hold Order&#8217;&#8217; has the meaning specified in paragraph 10(b)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.95pt"></TD><TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt; color: #231F20">(vii)</FONT></TD><TD>&#8216;&#8216;Maximum Applicable Rate&#8217;&#8217; for any Dividend Period will be the Applicable Percentage of the Reference
Rate. The Applicable Percentage will be determined based on the credit rating assigned on such date to such shares by Fitch and
Moody&#8217;s (or if Fitch or Moody&#8217;s shall not make such rating available, the equivalent of such rating by a Substitute
Rating Agency) as follows:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"><B><U>&#9;Credit Ratings&#9;</U>&#9;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Moody&#8217;s</B></FONT></TD>
    <TD STYLE="width: 27%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Fitch</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #231F20 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>Percentage of&nbsp;Reference Rate</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Aa3 or higher</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">AA&#8211; or higher</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">150%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">A3 to A1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">A&#8211; to A+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">160%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Baa3 to Baa1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">BBB&#8211; to BBB+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">250%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="color: #231F20">Below Baa3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">Below BBB&#8211;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #231F20">275%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">The <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>shall take all reasonable action necessary to enable Fitch and Moody&#8217;s to provide a rating for each series of APS.
If Fitch or Moody&#8217;s shall not make such a rating available, Eaton <FONT STYLE="letter-spacing: -0.2pt">Vance </FONT>Management
or its affiliates and successors, after consultation with the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>and the Broker-Dealers
shall select a nationally recognized statistical rating organization to act as a Substitute Rating Agency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.4pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(viii)</FONT></TD><TD>&#8216;&#8216;Order&#8217;&#8217; has the meaning specified in paragraph 10(b)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35pt"></TD><TD STYLE="width: 25.05pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ix)</FONT></TD><TD>&#8216;&#8216;Sell Order&#8217;&#8217; has the meaning specified in paragraph 10(b)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 19.45pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(x)</FONT></TD><TD>&#8216;&#8216;Submission Deadline&#8217;&#8217; means 1:30 p.m., New <FONT STYLE="letter-spacing: -0.25pt">York </FONT>City
time, on any Auction Date or such other time on any Auction Date as may be specified by the Auction Agent from time to time as
the time by which each Broker-Dealer must submit to the Auction Agent in writing all Orders obtained by it for the Auction to be
conducted on such Auction Date.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35pt"></TD><TD STYLE="width: 25.05pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(xi)</FONT></TD><TD>&#8216;&#8216;Submitted Bid&#8217;&#8217; has the meaning specified in paragraph 10(d)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.4pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(xii)</FONT></TD><TD>&#8216;&#8216;Submitted Hold Order&#8217;&#8217; has the meaning specified in paragraph 10(d)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.4pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(xiii)</FONT></TD><TD>&#8216;&#8216;Submitted Order&#8217;&#8217; has the meaning specified in paragraph 10(d)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.4pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(xiv)</FONT></TD><TD>&#8216;&#8216;Submitted Sell Order&#8217;&#8217; has the meaning specified in paragraph 10(d)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.4pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(xv)</FONT></TD><TD>&#8216;&#8216;Sufficient Clearing Bids&#8217;&#8217; has the meaning specified in paragraph 10(d)(i) below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 25.4pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(xvi)</FONT></TD><TD>&#8216;&#8216;Winning Bid Rate&#8217;&#8217; has the meaning specified in paragraph 10(d)(i) below.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD>Orders by Beneficial Owners, Potential Beneficial Owners, Existing Holders and Potential Holders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>Unless otherwise permitted by the <FONT STYLE="letter-spacing: -0.15pt">Trust, </FONT>Beneficial Owners and Potential Beneficial
Owners may only participate in Auctions through their Broker-Dealers. Broker-Dealers will submit the Orders of their respective
customers who are Beneficial Owners and Potential Beneficial Owners to the Auction Agent, designating themselves as Existing Holders
in respect of shares subject to Orders submitted or deemed submitted to them by Beneficial Owners and as Potential Holders in respect
of shares subject to Orders submitted to them by Potential Beneficial Owners. A Broker-Dealer may also hold shares of <FONT STYLE="text-transform: uppercase">A</FONT>PS
in its own account as a Beneficial Owner. A Broker-Dealer may thus submit Orders to the Auction Agent as a Beneficial Owner or
a Potential Beneficial Owner and therefore participate in an Auction as an Existing Holder or Potential Holder on behalf of both
itself and its customers. On or prior to the Submission Deadline on each Auction Date:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 23.9pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>each Beneficial Owner may submit to its Broker-Dealer information as to:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>the number of Outstanding shares, if any, of APS held by such Beneficial Owner which such Beneficial Owner desires to continue
to hold without regard to the Applicable Rate for the next succeeding Dividend Period;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>the number of Outstanding shares, if any, of APS held by such Beneficial Owner which such Beneficial Owner desires to continue
to hold, provided that the Applicable Rate for the next succeeding Dividend Period shall not be less than the rate per annum specified
by such Beneficial Owner; and/or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD>the number of Outstanding shares, if any, of APS held by such Beneficial Owner which such Beneficial Owner offers to sell without
regard to the Applicable Rate for the next succeeding Dividend Period; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 23.9pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD>each Broker-Dealer, using a list of Potential Beneficial Owners that shall be maintained in good faith for the purpose of conducting
a competitive Auction, shall contact Potential Beneficial Owners, including Persons that are not Beneficial Owners, on such list
to determine the number of Outstanding shares, if any, of APS which each such Potential Beneficial Owner offers to purchase, provided
that the Applicable Rate for the next succeeding Dividend Period shall not be less than the rate per annum specified by such Potential
Beneficial Owner.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">For the purposes hereof, the communication by a
Beneficial Owner or Potential Beneficial Owner to a Broker-Dealer, or the communication by a Broker-Dealer acting for its own
account to the Auction Agent, of information referred to in clause (A) or (B) of this paragraph 10(b)(i) is hereinafter referred
to as an &#8216;&#8216;Order&#8217;&#8217; and each Beneficial Owner and each Potential Beneficial Owner placing an Order, including
a Broker-Dealer acting in such capacity for its own account, is hereinafter referred to as a &#8216;&#8216;Bidder&#8217;&#8217;;
an Order containing the information referred to in clause (A)(1) of this paragraph 10(b)(i) is hereinafter referred to as a &#8216;&#8216;Hold
Order&#8217;&#8217;; an Order containing the information referred to in clause (A)(2) or (B) of this paragraph 10(b)(i) is hereinafter
referred to as a &#8216;&#8216;Bid&#8217;&#8217;; and an Order containing the information referred to in clause (A)(3) of this
paragraph 10(b)(i) is hereinafter referred to as a &#8216;&#8216;Sell Order&#8217;&#8217;. Inasmuch as a Broker-Dealer participates
in an Auction as an Existing Holder or a Potential Holder only to represent the interests of a Beneficial Owner or Potential Beneficial
Owner, whether it be its customers or itself, all discussion herein relating to the consequences of an Auction for Existing Holders
and Potential Holders also applies to the underlying beneficial ownership interests represented.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>(A) A Bid by an Existing Holder shall constitute an irrevocable offer to sell:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>the number of Outstanding shares of APS specified in such Bid if the Applicable Rate determined on such Auction Date shall
be less than the rate per annum specified in such Bid; or (1) such number or a lesser number of Outstanding shares of APS to be
determined as set forth in paragraph 10(e)(i)(D) if the Applicable Rate determined on such Auction Date shall be equal to the rate
per annum specified therein; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>a lesser number of Outstanding shares of APS to be determined as set forth in paragraph 10(e)(ii)(C) if such specified rate per
annum shall be higher than the Maximum Applicable Rate and Sufficient Clearing Bids do not exist.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 22.8pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD>A Sell Order by an Existing Holder shall constitute an irrevocable offer to sell:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>the number of Outstanding shares of APS specified in such Sell Order; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5.95pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>such number or a lesser number of Outstanding shares of APS to be determined as set forth in paragraph 10(e)(ii)(C) if Sufficient
Clearing Bids do not exist.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.85pt"></TD><TD STYLE="width: 23.9pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(C)</FONT></TD><TD>A Bid by a Potential Holder shall constitute an irrevocable offer to purchase:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>the number of Outstanding shares of APS specified in such Bid if the Applicable Rate determined on such Auction Date shall
be higher than the rate per annum specified in such Bid; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>such number or a lesser number of Outstanding shares of APS to be determined as set forth in paragraph 10(e)(i)(E) if the Applicable
Rate determined on such Auction Date shall be equal to the rate per annum specified therein.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD>Submission of Orders by Broker-Dealers to Auction Agent</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>Each Broker-Dealer shall submit in writing or through the Auction Agent&#8217;s Auction Processing System to the Auction Agent
prior to the Submission Deadline on each Auction Date all Orders obtained by such Broker-Dealer, designating itself (unless otherwise
permitted by the <FONT STYLE="letter-spacing: -0.15pt">Trust) </FONT>as an Existing Holder in respect of shares subject to Orders
submitted or deemed submitted to it by Beneficial Owners and as a Potential Holder in respect of shares subject to Orders submitted
to it by Potential Beneficial Owners, and specifying with respect to each Order:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>the name of the Bidder placing such Order (which shall be the Broker-Dealer unless otherwise permitted by the Trust);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD>the aggregate number of Outstanding shares of APS that are the subject of such Order;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(C)</FONT></TD><TD>to the extent that such Bidder is an Existing Holder:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>the number of Outstanding shares, if any, of APS subject to any Hold Order placed by such Existing Holder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>the number of Outstanding shares, if any, of APS subject to any Bid placed by such Existing Holder and the rate per annum specified
in such Bid; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD>the number of Outstanding shares, if any, of APS subject to any Sell Order placed by such Existing Holder; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(D)</FONT></TD><TD>to the extent such Bidder is a Potential Holder, the rate per annum specified in such Potential Holder&#8217;s Bid.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>If any rate per annum specified in any Bid contains more than three figures to the right of the decimal point, the Auction
Agent shall round such rate up to the next highest one-thousandth (.001) of 1%.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>If an Order or Orders covering all of the Outstanding shares of APS held by an Existing Holder are not submitted to the Auction
Agent prior to the Submission Deadline, either because a Broker- Dealer failed to contact such Existing Holder or otherwise, the
Auction Agent shall deem a Hold Order (in the case of an Auction relating to a Dividend Period of 91 days or less) and a Sell Order
(in the case of an Auction relating to a Special Dividend Period of longer than 91 days) to have been submitted by or on behalf
of such Existing Holder covering the number of Outstanding shares of APS held by such Existing Holder and not subject to Orders
submitted to the Auction Agent.</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>If one or more Orders on behalf of an Existing Holder covering in the aggregate more than the number of Outstanding shares
of APS held by such Existing Holder are submitted to the Auction Agent, such Order shall be considered valid as follows and in
the following order of priority:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>any Hold Order submitted on behalf of such Existing Holder shall be considered valid up to and including the number of Outstanding
shares of APS held by such Existing Holder; provided that if more than one Hold Order is submitted on behalf of such Existing Holder
and the number of shares of APS subject to such Hold Orders exceeds the number of Outstanding shares of APS held by such Existing
Holder, the number of shares of APS subject to each of such Hold Orders shall be reduced pro rata so that such Hold Orders, in
the aggregate, will cover exactly the number of Outstanding shares of APS held by such Existing Holder;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD>any Bids submitted on behalf of such Existing Holder shall be considered valid, in the ascending order of their respective
rates per annum if more than one Bid is submitted on behalf of such Existing Holder, up to and including the excess of the number
of Outstanding shares of APS held by such Existing Holder over the number of shares of APS subject to any Hold Order referred to
in paragraph 10(c)(iv)(A) above (and if more than one Bid submitted on behalf of such Existing Holder specifies the same rate per
annum and together they cover more than the remaining number of shares that can be the subject of valid Bids after application
of paragraph 10(c)(iv)(A) above and of the foregoing portion of this paragraph 10(c)(iv)(B)
to any Bid or Bids specifying a lower rate or rates per annum, the number of shares subject to each of such Bids shall be reduced
pro rata so that such Bids, in the aggregate, cover exactly such remaining number of shares); and the number of shares, if any,
subject to Bids not valid under this paragraph 10(c)(iv)(B) shall be treated as the subject of a Bid by a Potential Holder; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(C)</FONT></TD><TD>any Sell Order shall be considered valid up to and including the excess of the number of Outstanding shares of APS held by
such Existing Holder over the number of shares of APS subject to Hold Orders referred to in paragraph 10(c)(iv)(A) and Bids referred
to in paragraph 10(c)(iv)(B); provided that if more than one Sell Order is submitted on behalf of any Existing Holder and the number
of shares of APS subject to such Sell Orders is greater than such excess, the number of shares of APS subject to each of such Sell
Orders shall be reduced pro rata so that such Sell Orders, in the aggregate, cover exactly the number of shares of APS equal to
such excess.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>If more than one Bid is submitted on behalf of any Potential Holder, each Bid submitted shall be a separate Bid with the rate
per annum and number of shares of APS therein specified.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(vi)</FONT></TD><TD>Any Order submitted by a Beneficial Owner as a Potential Beneficial Owner to its Broker-Dealer, or by a Broker-Dealer to the
Auction Agent, prior to the Submission Deadline on any Auction Date shall be irrevocable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD>Determination of Sufficient Clearing Bids, Winning Bid Rate and Applicable Rate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>Not earlier than the Submission Deadline on each Auction Date, the Auction Agent shall assemble all Orders submitted or deemed
submitted to it by the Broker-Dealers (each such Order as submitted or deemed submitted by a Broker-Dealer being hereinafter referred
to individually as a &#8216;&#8216;Submitted Hold Order&#8217;&#8217;, a &#8216;&#8216;Submitted Bid&#8217;&#8217; or a &#8216;&#8216;Submitted
Sell Order&#8217;&#8217;, as the case may be, or as a &#8216;&#8216;Submitted Order&#8217;&#8217;) and shall determine:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>the excess of the total number of Outstanding shares of APS over the number of Outstanding shares of APS that are the subject
of Submitted Hold Orders (such excess being hereinafter referred to as the &#8216;&#8216;Available APS&#8217;&#8217;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">from the Submitted Orders whether the number of Outstanding shares of APS that are the subject
of Submitted Bids by Potential Holders specifying one or more rates per annum equal to or lower than the Maximum Applicable Rate
exceeds or is equal to the sum of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>the number of Outstanding shares of APS that are the subject of Submitted Bids by Existing Holders specifying one or more rates
per annum higher than the Maximum Applicable Rate, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>the number of Outstanding shares of APS that are subject to Submitted Sell Orders (if such excess or such equality exists (other
than because the number of Outstanding shares of APS in clause (1) above and this clause (2) are each zero because all of the Outstanding
shares of APS are the subject of Submitted Hold Orders), such Submitted Bids by Potential
Holders being hereinafter referred to collectively as &#8216;&#8216;Sufficient Clearing Bids&#8217;&#8217;); and</TD></TR></TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(C)</FONT></TD><TD>if Sufficient Clearing Bids exist, the lowest rate per annum specified in the Submitted Bids (the &#8216;&#8216;Winning Bid
Rate&#8217;&#8217;) that if:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD>each Submitted Bid from Existing Holders specifying the Winning Bid Rate and all other Submitted Bids from Existing Holders
specifying lower rates per annum were rejected, thus entitling such Existing Holders to continue to hold the shares of APS that
are the subject of such Submitted Bids, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD>each Submitted Bid from Potential Holders specifying the Winning Bid Rate and all other Submitted Bids from Potential Holders
specifying lower rates per annum were accepted, thus entitling the Potential Holders to purchase the shares of APS that are the
subject of such Submitted Bids, would result in the number of shares subject to all Submitted Bids specifying the Winning Bid Rate
or a lower rate per annum being at least equal to the Available APS.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>Promptly after the Auction Agent has made the determinations pursuant to paragraph 10(d)(i), the Auction Agent shall advise
the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>of the Maximum Applicable Rate and, based on such determinations, the Applicable
Rate for the next succeeding Dividend Period as follows:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>if Sufficient Clearing Bids exist, that the Applicable Rate for the next succeeding Dividend Period shall be equal to the Winning
Bid Rate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD>if Sufficient Clearing Bids do not exist (other than because all of the Outstanding shares of APS are the subject of Submitted
Hold Orders), that the Applicable Rate for the next succeeding Dividend Period shall be equal to the Maximum Applicable Rate; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(C)</FONT></TD><TD>if all of the Outstanding shares of APS are the subject of Submitted Hold Orders, that the Dividend Period next succeeding
the Auction shall automatically be the same length as the immediately preceding Dividend Period and the Applicable Rate for the
next succeeding Dividend Period shall be equal to the All Hold Rate on the date of the Auction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD>Acceptance and Rejection of Submitted Bids and Submitted Sell Orders and Allocation of Shares. Based on the determinations
made pursuant to paragraph 10(d)(i), the Submitted Bids and Submitted Sell Orders shall be accepted or rejected and the Auction
Agent shall take such other action as set forth below:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD>If Sufficient Clearing Bids have been made, subject to the provisions of paragraph 10(e)(iii) and paragraph 10(e)(iv), Submitted
Bids and Submitted Sell Orders shall be accepted or rejected in the following order of priority and all other Submitted Bids shall
be rejected:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD>the Submitted Sell Orders of Existing Holders shall be accepted and the Submitted Bid of each of the Existing Holders specifying
any rate per annum that is higher than the Winning Bid Rate shall be accepted, thus requiring each such Existing Holder to sell
the Outstanding shares of APS that are the subject of such Submitted Sell Order or Submitted Bid;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD STYLE="text-align: justify">the Submitted Bid of each of the Existing Holders specifying any rate per annum that is lower than
the Winning Bid Rate shall be rejected, thus entitling each such Existing Holder to continue to hold the Outstanding shares of
APS that are the subject of such Submitted Bid;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(C)</FONT></TD><TD STYLE="text-align: justify">the Submitted Bid of each of the Potential Holders specifying any rate per annum that is lower
than the Winning Bid Rate shall be accepted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(D)</FONT></TD><TD>the Submitted Bid of each of the Existing Holders specifying a rate per annum that is equal to the Winning Bid Rate shall be
rejected, thus entitling each such Existing Holder to continue to hold the Outstanding shares of APS that are the subject of such
Submitted Bid, unless the number of Outstanding shares of APS subject to all such Submitted Bids shall be greater than the number
of Outstanding shares of APS (&#8216;&#8216;Remaining Shares&#8217;&#8217;) equal to the excess of the Available APS over the number
of Outstanding shares of APS subject to Submitted Bids described in paragraph 10(e)(i)(B) and paragraph 10(e)(i)(C), in which event
the Submitted Bids of each such Existing Holder shall be accepted, and each such Existing Holder shall be required to sell Outstanding
shares of APS, but only in an amount equal to the difference between (1) the number of Outstanding shares of APS then held by such
Existing Holder subject to such Submitted Bid and (2) the number of shares of APS obtained by multiplying (x) the number of Remaining
Shares by (y) a fraction the numerator of which shall be the number of Outstanding shares of APS held by such Existing
Holder subject to such Submitted Bid and the denominator of which shall be the sum of the number of Outstanding shares of APS subject
to such Submitted Bids made by all such Existing Holders that specified a rate per annum equal to the Winning Bid Rate; and</TD></TR></TABLE>


<!-- Field: Page; Sequence: 60 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(E)</FONT></TD><TD>the Submitted Bid of each of the Potential Holders specifying a rate per annum that is equal to the Winning Bid Rate
                                                                                                                                  shall be accepted but only in an amount equal to the number of Outstanding shares of APS obtained by multiplying (x) the
                                                                                                                                  difference between the Available APS and the number of Outstanding shares of APS subject to Submitted Bids described in
                                                                                                                                  paragraph 10(e)(i)(B), paragraph 10(e)(i)(C) and paragraph 10(e)(i)(D)
by (y) a fraction the numerator of which shall be the number of Outstanding shares of APS subject to such Submitted Bid and the
denominator of which shall be the sum of the number of Outstanding shares of APS subject to such 74 Submitted Bids made by all
such Potential Holders that specified rates per annum equal to the Winning Bid Rate.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD>If Sufficient Clearing Bids have not been made (other than because all of the Outstanding shares of APS are subject to Submitted
Hold Orders), subject to the provisions of paragraph 10(e)(iii), Submitted Orders shall be accepted or rejected as follows in the
following order of priority and all other Submitted Bids shall be rejected:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(A)</FONT></TD><TD STYLE="text-align: justify">the Submitted Bid of each Existing Holder specifying any rate per annum that is equal to or lower
than the Maximum Applicable Rate shall be rejected, thus entitling such Existing Holder to continue to hold the Outstanding shares
of APS that are the subject of such Submitted Bid;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(B)</FONT></TD><TD>the Submitted Bid of each Potential Holder specifying any rate per annum that is equal to or lower than the Maximum Applicable
Rate shall be accepted, thus requiring such Potential Holder to purchase the Outstanding shares of APS that are the subject of
such Submitted Bid; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(C)</FONT></TD><TD>the Submitted Bids of each Existing Holder specifying any rate per annum that is higher than the Maximum Applicable Rate shall
be accepted and the Submitted Sell Orders of each Existing Holder shall be accepted, in both cases only in an amount equal to the
difference between (1) the number of Outstanding shares of APS then held by such Existing Holder subject to such Submitted Bid
or Submitted Sell Order and (2) the number of shares of APS obtained by multiplying (x) the difference between the Available APS
and the aggregate number of Outstanding shares of APS subject to Submitted Bids described in paragraph 10(e)(ii)(A) and paragraph
10(e)(ii)(B) by (y) a fraction the numerator of which shall be the number of Outstanding shares of APS held by such Existing Holder
subject to such Submitted Bid or Submitted Sell Order and the denominator of which shall be the number of Outstanding shares of
APS subject to all such Submitted Bids and Submitted Sell Orders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD>If, as a result of the procedures described in paragraph 10(e)(i) or paragraph 10(e)(ii), any Existing Holder would be entitled
or required to sell, or any Potential Holder would be entitled or required to purchase, a fraction of a share of APS on any Auction
Date, the Auction Agent shall, in such manner as in its sole discretion it shall determine, round up or down the number of shares
of APS to be purchased or sold by any Existing Holder or Potential Holder on such Auction Date so that each Outstanding share of
APS purchased or sold by each Existing Holder or Potential Holder on such Auction Date shall be a whole share of APS.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD>If, as a result of the procedures described in paragraph 10(e)(i), any Potential Holder would be entitled or required to purchase
less than a whole share of APS on any Auction Date, the Auction Agent shall, in such manner as in its sole discretion it shall
determine, allocate shares of APS for purchase among Potential Holders so that only whole shares of APS are purchased on such Auction
Date by any Potential Holder, even if such allocation results in one or more of such Potential Holders not purchasing any shares
of APS on such Auction Date.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD>Based on the results of each Auction, the Auction Agent shall determine, with respect to each Broker-Dealer that submitted
Bids or Sell Orders on behalf of Existing Holders or Potential Holders, the aggregate number of Outstanding shares of APS to be
purchased and the aggregate number of the Outstanding shares of APS to be sold by such Potential Holders and Existing Holders and,
to the</TD></TR></TABLE>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">extent that such aggregate number of Outstanding shares
to be purchased and such aggregate number of Outstanding shares to be sold differ, the Auction Agent shall determine to which other
Broker- Dealer or Broker-Dealers acting for one or more purchasers such Broker-Dealer shall deliver, or from which other Broker-Dealer
or Broker-Dealers acting for one or more sellers such Broker-Dealer shall receive, as the case may be, Outstanding shares of APS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #231F20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 6pt"><FONT STYLE="font-family: Cambria, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD>Miscellaneous. The <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may interpret the provisions of this paragraph 10 to
resolve any inconsistency or ambiguity, remedy any formal defect or make any other change or modification that does not substantially
adversely affect the rights of Beneficial Owners of APS. A Beneficial Owner or an Existing Holder (A) may sell, transfer or otherwise
dispose of shares of APS only pursuant to a Bid or Sell Order in accordance with the procedures described in this paragraph 10
or to or through a Broker-Dealer, provided that in the case of all transfers other than pursuant to Auctions such Beneficial Owner
or Existing Holder, its Broker-Dealer, if applicable, or its Agent Member advises the Auction Agent of such transfer and (B) except
as otherwise required by law, shall have the ownership of the shares of APS held by it maintained in book entry form by the Securities
Depository in the account of its Agent Member, which in turn will
maintain records of such Beneficial Owner&#8217;s beneficial ownership. Neither the <FONT STYLE="letter-spacing: -0.15pt">Trust
</FONT>nor any Affiliate shall submit an Order in any Auction. Any Beneficial Owner that is an Affiliate shall not sell, transfer
or otherwise dispose of shares of APS to any Person other than the <FONT STYLE="letter-spacing: -0.15pt">Trust. </FONT>All of the
Outstanding shares of APS of a series shall be represented by a single certificate registered in the name of the nominee of the
Securities Depository unless otherwise required by law or unless there is no Securities Depository. If there is no Securities Depository,
at the Trust&#8217;s option and upon its receipt of such documents as it deems appropriate, any shares of APS may be registered
in the Stock Register in the name of the Beneficial Owner thereof and such Beneficial Owner thereupon will be entitled to receive
certificates therefor and required to deliver certificates therefor upon transfer or exchange thereof.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #231F20"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 26.85pt; text-indent: -13.35pt">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="color: #231F20"><B>Securities Depository; Stock Certificates. </B>(a) If there is a Securities Depository,
one certificate for all of the shares of APS of each series shall be issued to the Securities Depository and registered in the
name of the Securities Depository or its nominee. Additional certificates may be issued as necessary to represent shares of APS.
All such certificates shall bear a legend to the effect that such certificates are issued subject to the provisions restricting
the transfer of shares of APS contained in these Amended By-Laws. Unless the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>shall
have elected, during a Non-Payment Period, to waive this requirement, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>will
also issue stop-transfer instructions to the Auction Agent for the shares of APS. Except as provided in paragraph (b) below, the
Securities Depository or its nominee will be the Holder, and no Beneficial Owner shall receive certificates representing its ownership
interest in such shares. (b) If the Applicable Rate applicable to all shares of APS of a series shall be the Non-Payment Period
Rate or there is no Securities Depository, the <FONT STYLE="letter-spacing: -0.15pt">Trust </FONT>may at its option issue one or
more new certificates with respect to such shares (without the legend referred to in paragraph 11(a)) registered in the names of
the Beneficial Owners or their nominees and rescind the stop-transfer instructions referred to in paragraph 11(a) with respect
to such shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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