<SEC-DOCUMENT>0000928816-23-000266.txt : 20230228
<SEC-HEADER>0000928816-23-000266.hdr.sgml : 20230228
<ACCEPTANCE-DATETIME>20230228131346
ACCESSION NUMBER:		0000928816-23-000266
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230223
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230228
DATE AS OF CHANGE:		20230228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		23682710

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a_mot8k.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
<TEXT>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-transform: uppercase; text-align: center">UNI<FONT STYLE="letter-spacing: 1pt">T</FONT>ED
    STATES</P>
    <P STYLE="font: bold 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-transform: uppercase; text-align: center">SECURITIES AND EXCHANGE
    COMMISSION</P>
    <P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-transform: uppercase; text-align: center">WASHINGTON, D.C.
    20549</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 3pt; text-align: center; layout-grid-mode: char; font-size: 10pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 18pt">FORM 8&#45;K</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: center">CURRENT REPORT<BR>
    Pursuant to Section 13 OR 15(d)<BR>
    of The Securities Exchange Act of 1934</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">Date of Report (Date of Earliest Event Reported):
    February 23, 2023</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: center">Putnam Municipal Opportunities Trust</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: center">(Exact Name of Registrant as Specified in
    its Charter)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: center; layout-grid-mode: char; font-size: 10pt; font-weight: bold">Massachusetts<BR>
<FONT STYLE="font-size: 8pt">(State or Other Jurisdiction<BR>
of Incorporation)</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: center; layout-grid-mode: char; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 2pt; padding-left: 40.5pt; text-align: left; layout-grid-mode: char; font-size: 10pt; font-weight: bold">811-07626<BR>
<FONT STYLE="font-size: 8pt">(Commission<BR>
File Number)</FONT></TD>
    <TD STYLE="padding-top: 2pt; layout-grid-mode: char; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; text-align: left; layout-grid-mode: char; font-size: 10pt; font-weight: bold">04-3187549<BR>
<FONT STYLE="font-size: 8pt">(IRS Employer<BR>
Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; layout-grid-mode: char; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 6pt; text-align: center; layout-grid-mode: char; font-size: 10pt; font-weight: bold">100 Federal Street<BR>
Boston, Massachusetts<BR>
<FONT STYLE="font-size: 8pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: center; layout-grid-mode: char; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; text-align: center; layout-grid-mode: char; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-left: 13.5pt; text-align: left; layout-grid-mode: char; font-size: 10pt; font-weight: bold">02110<BR>
<FONT STYLE="font-size: 8pt">(Zip Code)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 81pt; text-align: left; layout-grid-mode: char; font-size: 10pt; font-weight: bold">Registrant&rsquo;s Telephone Number, Including Area Code:&nbsp;&nbsp;(617) 292-1000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: char; font-size: 10pt; font-weight: bold">Not Applicable<BR>
<FONT STYLE="font-size: 8pt">(Former Name or Former Address, if Changed Since Last Report)</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Check the appropriate box below if the Form 8&#45;K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT>&#9;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT>&#9;Soliciting
material pursuant to Rule 14a&#45;12 under the Exchange Act (17 CFR 240.14a&#45;12)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT>&#9;Pre&#45;commencement
communications pursuant to Rule 14d&#45;2(b) under the Exchange Act (17 CFR 240.14d&#45;2(b))</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT>&#9;Pre&#45;commencement
communications pursuant to Rule 13e&#45;4(c) under the Exchange Act (17 CFR 240.13e&#45;4(c))</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: char; font-size: 10pt"><B>Title of Each Class</B></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: char; font-size: 10pt"><B>Trading<BR>
Symbol(s)</B></TD>
    <TD STYLE="vertical-align: top; width: 1%; layout-grid-mode: char; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: Black 1pt solid; text-align: center; layout-grid-mode: char; font-size: 10pt"><B>Name of Each Exchange<BR>
on Which Registered</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Common Shares of beneficial interest</B></P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center; layout-grid-mode: char; font-size: 10pt"><B>PMO</B></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center; layout-grid-mode: char; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center; layout-grid-mode: char; font-size: 10pt"><B>New York Stock Exchange</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (CFR 230.405 of this chapter) or Rule 12b&#45;2 of the Securities Exchange
Act of 1934 (CFR 240.12b&#45;2 of this chapter).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Emerging growth company <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 3pt">&nbsp;</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">&nbsp;</P>

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    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-bottom: #D0CECE 3.75pt groove; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/6pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in
Fiscal Year.</B></P>

<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-indent: 0.5in">On February 23, 2023, the Board of Trustees (the &ldquo;Trustees&rdquo;)
of Putnam Managed Municipal Income Trust (the &ldquo;Fund&rdquo;) amended and restated the Bylaws of the Fund (the &ldquo;Amended and
Restated Bylaws&rdquo;). The Amended and Restated Bylaws include the following changes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Addition of &ldquo;Vice Chair&rdquo; References</I>: Article 3 of the Fund&rsquo;s Bylaws deals with matters related to Fund and
Trustee officers and was amended to add references throughout explicitly permitting, but not requiring, a Vice Chair of the Trustees.
For example, the Amended and Restated Bylaws make clear that the Trustees, at their discretion, may elect or appoint a Vice Chair and
that any Vice Chair is an officer of the Trustees. Prior to February 23, 2023, there was no reference to a Vice Chair of the Trustees
in the Fund&rsquo;s Bylaws.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Fixing a New Record Date</I>: Article 10.4 of the Fund&rsquo;s Bylaws, which deals with record dates for shareholder meetings,
was amended to clarify that the Trustees may, but, unless otherwise required by law, are not required to, fix a new record date for a
shareholder meeting, including any postponed or adjourned session of the meeting. Prior to February 23, 2023, the Fund&rsquo;s Bylaws
did not explicitly address this power.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Validity of Proxies at Postponed or Adjourned Meeting</I>: Article 10.6 of the Fund&rsquo;s Bylaws, which deals with shareholder
proxies, was amended to make clear that, unless otherwise specifically limited by its terms, a proxy shall entitle a shareholder to vote
at any postponed or adjourned session of a shareholder meeting and, unless revoked, any proxy given in connection with a postponed or
adjourned meeting for which a new record date is fixed shall continue to be valid so long as the shareholder giving the proxy is a shareholder
of record on the new record date. Prior to February 23, 2023, the Fund&rsquo;s Bylaws did not explicitly address the validity of proxies
at a postponed or adjourned session of a shareholder meeting.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The above discussion is only a high&#45;level summary
of certain aspects of the changes included in the Fund&rsquo;s Amended and Restated Bylaws, and is qualified in its entirety by reference
to the full Amended and Restated Bylaws. Investors should refer to the Amended and Restated Bylaws for more information.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The Amended and Restated Bylaws were effective as of
February 23, 2023, are attached as an Exhibit, and are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Item 8.01 Other Events.</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On February 23, 2023, the Trustees voted to exempt, including on a going
forward basis, all prior and, until further notice, new purchases of shares of the Fund that might otherwise be deemed &ldquo;Control
Share Acquisitions&rdquo; under Article 16 of the Fund&rsquo;s Amended and Restated Bylaws from the provisions of Article 16 of the Fund&rsquo;s
Amended and Restated Bylaws.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<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 6pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; border-top: #F2F2F2 2.25pt groove; border-bottom: Black 1pt solid; padding-top: 6pt; layout-grid-mode: char; font-size: 10pt"><B>Exhibit<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No.</B></TD>
    <TD STYLE="width: 8%; border-top: #F2F2F2 2.25pt groove; padding-top: 6pt; layout-grid-mode: char; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 84%; border-top: #F2F2F2 2.25pt groove; border-bottom: Black 1pt solid; padding-top: 6pt; layout-grid-mode: char; font-size: 10pt"><B>Description</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #D0CECE 3pt groove; padding-bottom: 3pt; layout-grid-mode: char; font-size: 10pt">5.03</TD>
    <TD STYLE="border-bottom: #D0CECE 3pt groove; padding-bottom: 3pt; layout-grid-mode: char; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D0CECE 3pt groove; padding-bottom: 3pt; layout-grid-mode: char; font-size: 10pt">Amended and Restated Bylaws of Putnam Municipal Opportunities Trust dated February 23, 2023</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>

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

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


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-transform: uppercase; text-align: center">SIGNATURE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; layout-grid-mode: char">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; layout-grid-mode: char; font-weight: bold">Putnam Municipal Opportunities Trust</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="width: 5%; layout-grid-mode: char">By:</TD>
    <TD STYLE="width: 52%">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Jonathan S. Horwitz</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: char">Jonathan S. Horwitz</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="layout-grid-mode: char">Date:&nbsp;&nbsp;February 28, 2023</TD>
    <TD STYLE="padding-bottom: 3pt; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: char">Executive Vice President, Principal Executive Officer and Compliance Liaison</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.B BYLAWS
<SEQUENCE>2
<FILENAME>b_exbylaws.htm
<DESCRIPTION>EX-99.B BYLAWS
<TEXT>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AMENDED AND RESTATED BYLAWS </B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PUTNAM MUNICIPAL OPPORTUNITIES TRUST<SUP>*</SUP></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>(Dated as of February 23, 2023)</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 1</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Agreement and Declaration of Trust and Principal
Office</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>1.1 Agreement and Declaration of Trust.</B> These
Bylaws shall be subject to the Agreement and Declaration of Trust, as from time to time in effect (the &#8220;Declaration of Trust&#8221;),
of the Massachusetts business trust established by the Declaration of Trust (the &#8220;Trust&#8221;). Capitalized terms used but not
defined in these Bylaws have the meanings given to them in the Declaration of Trust.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>1.2 Principal Office of the Trust.</B> The principal
office of the Trust shall be located in Boston, Massachusetts. The Trust may have other principal offices within or without the Commonwealth
of Massachusetts as the Trustees may from time to time determine.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 2</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>2.1 Regular Meetings.</B> Regular meetings of the
Trustees may be held without call or notice at such places and at such times as the Trustees may from time to time determine, provided
that notice of the first regular meeting following any such determination shall be given to absent Trustees.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>2.2 Special Meetings.</B> Special meetings of the
Trustees may be held at any time and at any place designated in the call of the meeting when called by the Chair of the Trustees, the
President, the Executive Vice President or the Treasurer or by two or more Trustees, sufficient notice thereof being given to each Trustee
by the Clerk or an Assistant Clerk or by the officer or the Trustees calling the meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>2.3 Notice of Special Meetings.</B> It shall be sufficient
notice to a Trustee of a special meeting: (a) to send notice (i) by mail at least forty&#45;eight hours before the meeting, (ii) by courier
at least forty-eight hours before the meeting, (iii) by electronic mail (e-mail), facsimile or other electronic means at least twenty&#45;four
hours before the meeting, in each case, addressed to the Trustee at his or her usual or last known business or residence address (or e-mail
address, facsimile number or other appropriate address); or (b) to give notice to him or her in person or by telephone at least twenty&#45;four
hours before the meeting. Notice of a special meeting need not be given to any Trustee if a written waiver of notice, executed by him
or her before or after the</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">_____________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">* Articles 1 &ndash; 11 and 13 &ndash; 16 of the Bylaws are amended
and restated as of February 23, 2023. Article 12 of the Bylaws is amended through September 16, 2016.</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">meeting, is filed with the records of the meeting, or to any Trustee who
attends the meeting without protesting before or at its commencement the lack of notice to him or her. Any written waiver of notice may
be provided and delivered to the Trust by mail, courier, e-mail, facsimile or other electronic means. Neither notice of a meeting nor
a waiver of a notice need specify the purposes of the meeting. All notices shall be deemed to be given when sent.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>2.4 Quorum.</B> At any meeting of the Trustees a
majority of the Trustees then in office shall constitute a quorum. Once a quorum has been validly established for a meeting, it cannot
be broken by Trustees withdrawing from the meeting. Any meeting may be adjourned from time to time by a majority of the votes cast upon
the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>2.5 Telephone Meeting; Action Without a Meeting.</B>
Except as otherwise provided in the Declaration of Trust and these Bylaws, any action to be taken by the Trustees may be taken by a majority
of the Trustees present at the meeting of the Trustees (a quorum being present), including any meeting held by means of a conference telephone
or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time and
participation by such means shall constitute presence in person at a meeting. Any action to be taken by the Trustees may also be taken
without a meeting if one or more written consents thereto are signed by a majority of the Trustees. Any written consent may be given by
mail, courier, e-mail, facsimile or other electronic means. Copies of such written consents shall be filed with the minutes of the proceedings
of the Trustees. Such consents shall be treated for all purposes as a vote taken at a meeting of the Trustees. If in accordance with the
provisions of the Declaration of Trust and these Bylaws any action is taken by the Trustees by written consents of less than all of the
Trustees, then prompt notice of any such action shall be furnished to each Trustee who did not execute such written consent, provided
that the effectiveness of such action shall not be impaired by any delay or failure to furnish such notice.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 3</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>3.1 Enumeration; Qualification.</B> The officers
of the Trust shall be a President, a Treasurer, a Clerk and such other officers (including Vice President, which shall include the office
of Executive Vice President), if any, as the Trustees from time to time may in their discretion elect. The Trust may also have such agents
as the Trustees from time to time may in their discretion appoint. In addition, there shall be a Chair of the Trustees and, at the discretion
of the Trustees, there may be a Vice Chair of the Trustees. The Chair of the Trustees and any Vice Chair of the Trustees will be considered
officers of the Trustees and not of the Trust. The Chair of the Trustees and any Vice Chair of the Trustees shall be Trustees and may
but need not be Shareholders; and any other officer may but need not be a Trustee or a Shareholder. Any two or more offices may be held
by the same person.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>3.2 Election.</B> The Chair of the Trustees, the
President, the Treasurer and the Clerk shall be elected by the Trustees upon the occurrence of any vacancy in any such office. Other officers
of the Trustees or of the Trust, if any, may be elected or appointed by the Trustees at any time. Vacancies in any such other office may
be filled at any time.</P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>3.3 Tenure.</B> The Chair of the Trustees, the President,
the Treasurer and the Clerk shall hold office in each case until he or she dies, resigns, is removed or becomes disqualified. Each other
officer of the Trustees or of the Trust shall hold office, and each agent shall retain authority, at the pleasure of the Trustees. Notwithstanding
the foregoing, the tenure of any officer of the Trust who is an employee or officer of the Trust&#8217;s investment adviser or its affiliates
shall automatically terminate contemporaneously with the termination of such person&#8217;s employment with, or service as officer of,
the Trust&#8217;s investment adviser and all of its affiliates.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>3.4 Powers.</B> Subject to the other provisions of
these Bylaws, each officer shall have, in addition to the duties and powers set forth in these Bylaws and in the Declaration of Trust,
such duties and powers as are commonly incident to the office occupied by him or her as if the Trust were organized as a Massachusetts
business corporation and such other duties and powers as the Trustees may from time to time designate.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>3.5 Chair; Vice Chair.</B> Unless the Trustees otherwise
provide, the Chair of the Trustees shall preside at all meetings of the Trustees. Each of the Chair of the Trustees and any Vice Chair
of the Trustees shall have such other duties and powers relating to the operations of the Trustees as the Trustees may from time to time
designate, but shall have no individual authority to act for the Trust as an officer of the Trust. The Trustees, including a majority
of the Trustees who are not &#8220;interested persons&#8221; of the Trust, as that term is defined in the 1940 Act, may appoint one or
more persons to perform the duties of the Chair of the Trustees in the event of his or her absence at any meeting or in the event of his
or her disability. The Chair of the Trustees shall also have the power to appoint one or more persons to perform the duties of the Chair
of the Trustees in the event of his or her absence at any meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>3.6 President.</B> Unless the Trustees otherwise
provide by vote or otherwise, the President shall be the principal executive officer of the Trust.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>3.7 Treasurer.</B> Unless the Trustees otherwise
provide by vote or otherwise, the Treasurer shall be the principal financial and accounting officer of the Trust, and shall, subject to
the provisions of the Declaration of Trust and to any arrangement made by the Trustees with a custodian, investment adviser, subadviser
or manager, or transfer, Shareholder servicing or similar agent, be in charge of the valuable papers, books of account and accounting
records of the Trust, and shall have such other duties and powers as may be designated from time to time by the Trustees or by the principal
executive officer of the Trust.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>3.8 Clerk.</B> The Clerk shall record all proceedings
of the Shareholders and the Trustees in books to be kept therefor, which books or a copy thereof shall be kept at the principal office
of the Trust. In the absence of the Clerk from any meeting of the Shareholders or Trustees (or a Committee thereof), an Assistant Clerk,
or if there be none or if he or she is absent, a temporary Clerk chosen at such meeting by the chair of such meeting, shall record the
proceedings thereof in the aforesaid books.</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>3.9 Resignations and Removals.</B> Any Trustee or
officer may resign at any time by written instrument signed by him or her and delivered to the Chair of the Trustees, the President or
the Clerk or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other
time. The Trustees may remove any officer elected or appointed by them with or without cause. Except to the extent expressly provided
in a written agreement with the Trust, no Trustee or officer resigning and no officer removed shall have any right to any compensation
for any period following his or her resignation or removal, or any right to damages on account of such removal.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 4</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>4.1 Quorum; Voting. </B> Except as provided below
or as otherwise specifically provided in the votes or charter constituting a Committee of the Trustees and providing for the conduct of
its meetings, a majority of the members of any Committee of the Trustees shall constitute a quorum for the transaction of business (which
quorum once validly established cannot be broken by Trustees withdrawing from the meeting), and any action of such a Committee may be
taken by a vote of a majority of the members of such Committee (a) present at a meeting of such Committee (a quorum being present), including
any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the
meeting can hear each other at the same time (participation by such means shall constitute presence in person at a meeting), or (b) evidenced
by one or more written consents, including written consents submitted by mail, courier, e-mail, facsimile or other electronic means. Copies
of such written consents shall be filed with the minutes of the proceedings of such Committee. Such consents shall be treated for all
purposes as a vote taken at a meeting of such Committee. If in accordance with the provisions of the Declaration of Trust and these Bylaws
any action is taken by written consents of less than all of the Committee&#8217;s members, then prompt notice of any such action shall
be furnished to each member who did not execute such written consent, provided that the effectiveness of such action shall not be impaired
by any delay or failure to furnish such notice. In the absence of any member of any such Committee, the members thereof present at any
properly called meeting, whether or not they constitute a quorum, may appoint a member of the Trustees to act at that meeting only in
the place of any absent member.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Except as specifically provided in the votes constituting
a Committee of the Trustees and providing for the conduct of its meetings, Section 2.3 of these Bylaws relating to special meetings shall
govern the notice requirements for Committee meetings.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>4.2 Authority of Trustees. </B>The Trustees have
the power to rescind any action of any Committee, but no such rescission shall have retroactive effect unless determined so by the Trustees.</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 5</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>5.1 General. </B> The Trustees and officers shall
render reports at the time and in the manner required by the Declaration of Trust or any applicable law. Officers and Committees shall
render such additional reports as they may deem desirable or as may from time to time be required by the Trustees.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 6</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>6.1 General.</B> Except as from time to time otherwise
provided by the Trustees, the initial fiscal year of the Trust shall end on such date as is determined in advance or in arrears by the
Treasurer, and subsequent fiscal years shall end on such date in subsequent years.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 7</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>7.1 General.</B> The seal of the Trust, if any, shall
consist of a flat&#45;faced die with the word &#8220;Massachusetts&#8221;, together with the name of the Trust and the year of its organization
cut or engraved thereon but, unless otherwise required by the Trustees, the seal need not be placed on, and its absence shall not impair
the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 8</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>8.1 General.</B> Except as the Trustees may generally
or in particular cases authorize the execution thereof in some other manner, all deeds, leases, contracts, notes and other obligations
made, accepted or endorsed by the Trust shall be signed by the President, a Vice President or the Treasurer, and need not bear the seal
of the Trust.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 9</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Issuance of Shares and Share Certificates</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>9.1 Sale of Shares.</B> Except as otherwise determined
by the Trustees, the Trust will issue and sell for cash or securities from time to time full and fractional Shares, such Shares to be
issued and sold at a price of not less than the par value per share, if any, and not less than the net asset value per share as from time
to time determined in accordance with procedures adopted by the Trustees and, in the case of fractional Shares, at a proportionate reduction
in such price. In the case of Shares sold for securities, such securities shall be valued in accordance with procedures approved by the
Trustees for determining the value of the assets of the Trust. The officers of the Trust are severally authorized to take all such actions
as may be necessary or desirable to carry out this Section 9.1.</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>9.2 Share Certificates.</B> In lieu of issuing certificates
for Shares, the Trustees or the transfer agent may either issue receipts therefor or may keep accounts upon the books of the Trust for
the record holders of such Shares, who shall in either case be deemed, for all purposes hereunder, to be the holders of certificates for
such Shares as if they had accepted such certificates and shall be held to have expressly assented and agreed to the terms hereof.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">The Trustees may at any time authorize the issuance
of Share certificates. In that event, each Shareholder shall be entitled to a certificate stating the number of Shares owned by him or
her, in such form as shall be prescribed from time to time by the Trustees. Such certificate shall be signed by the President or a Vice
President and by the Treasurer or an Assistant Treasurer. Such signatures may be facsimile if the certificate is signed by a transfer
agent or by a registrar. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall cease
to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were such officer
at the time of its issue.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>9.3 Loss of Certificates.</B> The transfer agent
of the Trust, with the approval of any two officers of the Trust, is authorized to issue and countersign replacement certificates for
the Shares of the Trust which have been lost, stolen or destroyed upon (i) receipt of an affidavit or affidavits of loss or non&#45;receipt
and of an indemnity agreement executed by the registered holder or his or her legal representative and supported by an open penalty surety
bond, said agreement and said bond in all cases to be in form and content satisfactory to and approved by the President or the Treasurer,
or (ii) receipt of such other documents as may be approved by the Trustees.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>9.4 Issuance of New Certificate to Pledgee.</B> A
pledgee of Shares transferred as collateral security shall be entitled to a new certificate if the instrument of transfer substantially
describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral
security, and the name of the pledgor shall be stated thereon, who alone shall be liable as a Shareholder and entitled to vote thereon.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>9.5 Discontinuance of Issuance of Certificates. </B>
The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder whom the Trust
believes to hold a Share certificate, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation
shall not affect the ownership of Shares in the Trust.</P>

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>10.1 Annual Meeting.</B> The annual meeting of the
Shareholders of the Trust shall be held on the last Friday in April in each year or on such other day as may be fixed by the Trustees.
The meeting shall be held at such time as the Trustees may fix in the notice of the meeting or otherwise. Purposes for which an annual
meeting is to be held, additional to those prescribed by law or these Bylaws, may be specified by the Trustees. Any previously scheduled
annual meeting of Shareholders may be postponed or cancelled by the Trustees upon public notice given prior to the time previously scheduled
for such meeting, in accordance with these Bylaws.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>10.2 Adjournment. </B>Any meeting of Shareholders
may, by action of the chair of the meeting, be adjourned from time to time without notice other than announcement at the meeting at which
the adjournment is taken with respect to one or more matters to be considered at such meeting to a designated date which may be more than
120 days after the date initially set for the meeting, time and place, whether or not a quorum is present with respect to such matter.
Upon motion of the chair of the meeting, the question of adjournment may be (but is not required by these Bylaws to be) submitted to a
vote of the Shareholders, and in that case, any adjournment with respect to one or more matters must be approved by the vote of holders
of a majority of the Shares present and entitled to vote with respect to the matter or matters adjourned and, if approved, such adjournment
shall take place without further notice other than announcement at the meeting at which the adjournment is taken. Unless a proxy is otherwise
limited in this regard, any Shares present and entitled to vote at a meeting, including any Shares that are represented by broker non-votes,
may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Any proposal for which sufficient favorable
votes have been received may (but need not) be acted upon and considered final and effective regardless of whether the meeting is adjourned
to permit additional solicitation with respect to any other proposal that is properly before the meeting.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>10.3 Conduct of Meetings.</B> Meetings of the Shareholders
shall be presided over by the Chair of the Trustees, or, if the Chair is not present at the meeting, then by a Trustee or officer designated
by the Chair or authorized by the Trustees, or if there is no such person present at the meeting, then by any officer of the Trust present
at the meeting, and such person shall be deemed for all purposes the chair of the meeting. The chair of the meeting shall have the right
and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chair, are necessary,
appropriate or convenient for the proper conduct of the meeting, including, without limitation, establishing: an agenda or order of business
for the meeting; rules and procedures for maintaining order at the meeting and the safety of those present; conditions on the recording
of the meeting; limitations on participation in such meeting to Shareholders of record of the Trust and their duly authorized and constituted
proxies, and such other persons as the chair shall permit; restrictions on entry to the meeting after the time fixed for the commencement
thereof; limitations on the time allotted to questions or comments by participants; conditions for the removal of any Shareholder or any
other person who refuses to comply with meeting procedures, rules or guidelines as set forth by the chair of the meeting; and regulations
for the opening and closing of the polls for balloting on matters which are to be voted on by ballot. With the exception of proposals
submitted in accordance with, and otherwise meeting the requirements of, Rule 14a-8 under the Securities Exchange Act of 1934, as amended,
or any successor provisions, only matters proposed by the Trustees may be included in the Trust&#8217;s proxy materials. At all meetings
of Shareholders, unless voting is conducted by inspectors, all questions relating to the qualification of voters and the validity of proxies
and the acceptance or rejection of votes shall be decided by the chair of the meeting. The chair of the meeting shall determine, in the
chair&#8217;s sole discretion, whether to appoint an inspector for any meeting. Unless otherwise determined by the chair of the meeting,
meetings shall not be required to be held in accordance with any rules of parliamentary procedure.</P>

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

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>10.4 Record Dates.</B> For the purpose of determining
the Shareholders of any class or series of Shares of the Trust who are entitled to vote or act at any meeting or any adjournment thereof,
or who are entitled to receive payment of any dividend or of any other distribution, the Trustees (or their designees) may from time to
time fix a time, which shall be not more than 90 days before the date of any meeting of Shareholders or more than 60 days before the date
of payment of any dividend or of any other distribution, as the record date for determining the Shareholders of such class or series having
the right to notice of and to vote at such meeting and any adjournment thereof or the right to receive such dividend or distribution,
and in such case only Shareholders of record on such record date shall have such right notwithstanding any transfer of Shares on the books
of the Trust after the record date; or without fixing such record date the Trustees may for any such purposes close the register or transfer
books for all or part of such period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><U>The Trustees may, but, unless otherwise required
by law, are not required to, fix a new record date for a meeting of Shareholders, including any postponed or adjourned session of such
meeting. If, after a postponement or adjournment, a new record date is fixed for the postponed or adjourned meeting, notice of the postponed
or adjourned meeting shall be given to Shareholders of record entitled to vote at such meeting.</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>10.5 Communications with Shareholders. </B>Any notices,
reports, statements or other communications with Shareholders of any kind required under the Declaration of Trust, these Bylaws or applicable
law may be sent, delivered or made available in any reasonable manner as may be determined by the Trustees or officers if not otherwise
prohibited by applicable law, including, without limitation, by mail, courier, e-mail, facsimile or other electronic means or by posting
on a website; and such communications may be sent, delivered or otherwise made available to Shareholders in accordance with householding
or other similar rules under which a single copy of such notice or report may be sent to Shareholders who reside at the same address.
No communication need be given to any Shareholder who shall have failed to inform the Trust of the Shareholder&#8217;s current address
and the Trustees may from time to time adopt, or may authorize the officers or agents of the Trust to adopt, procedures or policies with
respect to communications to Shareholders that are returned to the Trust or its agents as undeliverable and similar matters. Any Shareholder
may waive receipt of any notice or other communication.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>10.6 Proxies.</B> The placing of a Shareholder&#8217;s
name on a proxy pursuant to telephone or electronically transmitted instructions (including instructions submitted via the Internet) obtained
pursuant to procedures reasonably designed to verify that such instructions have been authorized by such Shareholder shall constitute
execution of such proxy by or on behalf of such Shareholder. Unless otherwise specifically limited by their terms, proxies shall entitle
the Shareholder to vote at the relevant meeting of Shareholders and at any postponed or adjourned session of such meeting. Unless revoked,
any proxy given in connection with a postponed or adjourned meeting for which a new record date is fixed shall continue to be valid so
long as the Shareholder giving such proxy is a Shareholder of record on such new record date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 11</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>11.1 Inspection of Books. </B>The Trustees shall
from time to time determine whether and to what extent, at what times and places and under what conditions and regulations any of the
accounts and books of the Trust 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 otherwise by the Trustees or by these Bylaws.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>ARTICLE 12<BR>
Shares of Beneficial Interest</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><B>12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust has
an unlimited number of Common Shares, without par value, which may be issued from time to time by the Trustees of the Trust. The Trust
also has a class of 6,000 preferred shares, without par value, which may be issued by the Trustees from time to time in one or more series.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>12.1<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B><U>Statement Creating Three Series of Remarketed Preferred<SUP>&reg;</SUP> Shares</U>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">There are three series of Remarketed Preferred<SUP>&reg;
</SUP>Shares.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">PART I<BR>
DESIGNATION</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">SERIES A: A series of 800 shares of preferred
shares, without par value, liquidation preference $50,000 per share plus accumulated but unpaid dividends, if any, thereon (whether or
not earned or declared), is hereby designated &quot;Remarketed Preferred Shares, Series A&quot; and is referred to below as &quot;Series
A RP<SUP>&reg;</SUP>&quot;. Each share of Series A RP shall be issued on a date to be determined by the Trustees, by any duly authorized
committee thereof or by any of the President, the Vice Chairman, any Executive Vice President or the Treasurer of the Trust; have such
initial dividend rate as shall be determined in advance of the issuance thereof by the Trustees, by any duly authorized committee thereof
or by any of the President, the Vice Chairman, any Executive Vice President or the Treasurer of the Trust; have an Initial Dividend Period
and an Initial Dividend Payment Date to be determined by the Trustees of the Trust, by a duly authorized committee thereof or by any
of the President, the Vice Chairman, any Executive Vice President or the Treasurer of the Trust; be redeemed (unless such share shall
have been otherwise redeemed pursuant to paragraph 4 of Part I of this Section 12.1 by the Trust on a date to be determined by the Trustees
of the Trust) at the option of the Trust at a redemption price of $50,000 per share plus accumulated but unpaid dividends to the date
fixed for redemption (whether or not earned or declared) plus the premium, if any, resulting from the designation of a Premium Call Period;
and have such other preferences, limitations and relative voting rights, in addition to those required by applicable law or set forth
in the Trust's Declaration of Trust applicable to preferred shares of the Trust, as are set forth in Part I and Part II of this Section
12.1. Series A RP shall constitute a separate series of preferred shares of the Trust, and each</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><SUP>&reg;</SUP> Registered trademark of Merrill Lynch &amp; Co.,
Inc.</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">share of Series A RP shall be identical except as provided in paragraph
4 of this Part I of this Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">SERIES B: A series of 1,620 shares of preferred
shares, without par value, liquidation preference $25,000 per share plus accumulated but unpaid dividends, if any, thereon (whether or
not earned or declared), is hereby designated &quot;Remarketed Preferred Shares, Series B&quot; and is referred to below as &quot;Series
B RP&quot;. Each share of Series B RP shall be issued on a date to be determined by the Trustees, by any duly authorized committee thereof
or by any of the President, the Vice Chairman, any Executive Vice President or the Treasurer of the Trust; have such initial dividend
rate as shall be determined in advance of the issuance thereof by the Trustees, by any duly authorized committee thereof or by any of
the President, the Vice Chairman, any Executive Vice President or the Treasurer of the Trust; have an Initial Dividend Period and an Initial
Dividend Payment Date to be determined by the Trustees of the Trust, by a duly authorized committee thereof or by any of the President,
the Vice Chairman, any Executive Vice President or the Treasurer of the Trust; be redeemed (unless such share shall have been otherwise
redeemed pursuant to paragraph 4 of Part I of this Section 12.1 by the Trust on a date to be determined by the Trustees of the Trust)
at the option of the Trust at a redemption price of $25,000 per share plus accumulated but unpaid dividends to the date fixed for redemption
(whether or not earned or declared) plus the premium, if any, resulting from the designation of a Premium Call Period; and have such other
preferences, limitations and relative voting rights, in addition to those required by applicable law or set forth in the Trust's Declaration
of Trust applicable to preferred shares of the Trust, as are set forth in Part I and Part II of this Section 12.1. Series B RP shall constitute
a separate series of preferred shares of the Trust, and each share of Series B RP shall be identical except as provided in paragraph 4
of this Part I of this Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">SERIES C: A series of 1,620 shares of preferred
shares, without par value, liquidation preference $25,000 per share plus accumulated but unpaid dividends, if any, thereon (whether or
not earned or declared), is hereby designated &quot;Remarketed Preferred Shares, Series C&quot; and is referred to below as &quot;Series
C RP&quot;. Each share of Series C RP shall be issued on a date to be determined by the Trustees, by any duly authorized committee thereof
or by any of the President, the Vice Chairman, any Executive Vice President or the Treasurer of the Trust; have such initial dividend
rate as shall be determined in advance of the issuance thereof by the Trustees, by any duly authorized committee thereof or by any of
the President, the Vice Chairman, any Executive Vice President or the Treasurer of the Trust; have an Initial Dividend Period and an Initial
Dividend Payment Date to be determined by the Trustees of the Trust, by a duly authorized committee thereof or by any of the President,
the Vice Chairman, any Executive Vice President or the Treasurer of the Trust; be redeemed (unless such share shall have been otherwise
redeemed pursuant to paragraph 4 of Part I of this Section 12.1 by the Trust on a date to be determined by the Trustees of the Trust)
at the option of the Trust at a redemption price of $25,000 per share plus accumulated but unpaid dividends to the date fixed for redemption
(whether or not earned or declared) plus the premium, if any, resulting from the designation of a Premium Call Period; and have such other
preferences, limitations and relative voting rights, in addition to those required by applicable law or set forth in the Trust's Declaration
of Trust applicable to preferred shares of the Trust, as are set forth in Part I and Part II of this Section 12.1. Series C RP shall constitute
a separate series of preferred shares of the Trust, and each</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">share of Series C RP shall be identical except as provided in paragraph
4 of this Part I of this Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
Unless the context or use indicates another or different meaning or intent, in this Section 12.1 the following terms have the following
meanings, whether used in the singular or plural:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;'AA' Composite Commercial Paper Rate,&quot;
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 &quot;AA&quot; by S&amp;P or &quot;Aa&quot; by Moody's or the equivalent of such rating by another nationally recognized
rating agency, as such rate is made available on a discount basis or otherwise by the Federal Reserve Bank of New York for the Business
Day immediately preceding such date, or (ii) in the event that the Federal Reserve Bank of New York does not make available such a rate,
then the arithmetic average of the Interest Equivalent of the rate on commercial paper placed on behalf of such issuers, as quoted on
a discount basis or otherwise by the Commercial Paper Dealers to the Remarketing Agents 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 &quot;AA&quot;
Composite Commercial Paper Rate, the &quot;AA&quot; Composite Commercial Paper Rate will be determined on the basis of the quotation or
quotations furnished by any Substitute Commercial Paper Dealer or Substitute Commercial Paper Dealers selected by the Trust to provide
such rate or rates not being supplied by the Commercial Paper Dealer. If the number of Dividend Period days (in each case determined without
regard to any adjustment in the length of a Dividend Period or in the remarketing schedule in respect of non-Business Days, as provided
herein) shall be (i) 7 or more days 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 days 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 of 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>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Accountant's Confirmation&quot; has the
meaning set forth in paragraph 8(g) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Additional Dividend&quot; has the meaning
set forth in paragraph 3(k) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Adviser&quot; means the Trust's investment
manager which is Putnam Investment Management, Inc.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Agent Member&quot; means a member of the
Securities Depository that will maintain records for a Beneficial Owner of one or more shares of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Alternate Treasury Bill Rate&quot; has
the meaning set forth under &quot;U.S. Treasury Bill Rate&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Alternate Treasury Note Rate&quot; has
the meaning set forth under &quot;U.S. Treasury Note Rate&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Anticipation Notes&quot; shall mean the
following Municipal Bonds: revenue anticipation notes, tax anticipation notes, tax and revenue anticipation notes, grant anticipation
notes and bond anticipation notes.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Applicable Dividend Rate&quot; means, with
respect to the Initial Dividend Period, the rate of dividend per annum established by the Trustees, by a duly authorized committee thereof
or by any of the President, the Vice Chairman, any Executive Vice President or the Treasurer of the Trust and, for each subsequent Dividend
Period, means the rate of dividend per annum that (i) except for a Dividend Period commencing during a Non-Payment Period, will be equal
to the lower of the rate of dividend per annum that the Remarketing Agents advise results on the Remarketing Date preceding the first
day of such Dividend Period from implementation of the remarketing procedures set forth in Part II hereof and the Maximum Dividend Rate
or (ii) for each Dividend Period commencing during a Non-Payment Period, will be equal to the Non-Payment Period Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Applicable Percentage&quot; has the meaning
set forth under &quot;Maximum Dividend Rate&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Authorized Newspaper&quot; means a newspaper
of general circulation in the English language generally published on Business Days in The City of New York.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Beneficial Owner&quot; means a person that
is listed as the beneficial owner of one or more shares of RP in the records of the Paying Agent or, with respect to any share of RP not
registered in the name of the Securities Depository on the share transfer books of the Trust, the person in whose name such share is so
registered.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Business Day&quot; means a day on which
the New York Stock Exchange, Inc. is open for trading, and which is not a day on which banks in The City of New York are authorized or
obligated by law to close.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;By-laws&quot; means these Amended and Restated
By-laws of the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Closing Transactions&quot; has the meaning
set forth in paragraph 12(a) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Code&quot; means the Internal Revenue Code
of 1986, as amended from time to time.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Commercial Paper Dealers&quot; means 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Common Shares&quot; means the common shares
of beneficial interest, without par value, of the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Date of Original Issue&quot; means, with
respect to any share of RP, the date on which the Trust originally issues such share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Declaration of Trust&quot; means the Agreement
and Declaration of Trust dated April 1, 1993 of the Trust on file with the Secretary of State of The Commonwealth of Massachusetts.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Deposit Securities&quot; means cash and
Municipal Bonds rated at least AAA, A-l + or SP-1+ by S&amp;P.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Discounted Value&quot; means (i) with respect
to an S&amp;P Eligible Asset, the quotient of the Market Value thereof divided by the applicable S&amp;P Discount Factor and (ii) with
respect to a Moody's Eligible Asset, the lower of par and the quotient of the Market Value thereof divided by the applicable Moody's Discount
Factor.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Dividend Payment Date,&quot; with respect
to RP, means, (i) with respect to the Initial Dividend Period for RP, the Initial Dividend Payment Date; (ii) with respect to any 7-day
Dividend Period (in the case of Series B RP and Series C RP) or 28-day Dividend Period (in the case of Series A RP) and any Short Term
Dividend Period of 35 or fewer days, the day next succeeding the last day thereof; and (iii) with respect to any Short Term Dividend Period
of more than 35 days and with respect to any Long Term Dividend Period, the first Business Day of each calendar month during such Short
Term Dividend Period or Long Term Dividend Period and the day next succeeding the last day of such period (each such date referred to
in clause (i), (ii) or (iii) being herein referred to as a &quot;Normal Dividend Payment Date&quot;), except that if such Normal Dividend
Payment Date is not a Business Day, then (a) the Dividend Payment Date shall be the first Business Day next succeeding such Normal Dividend
Payment Date if such Normal Dividend Payment Date is a Monday, Tuesday, Wednesday or Thursday, or (b) the Dividend Payment Date shall
be the first Business Day next preceding such Normal Dividend Payment Date if such Normal Dividend Payment Date is a Friday, and in each
case the length of the current Dividend Period will be adjusted accordingly, if necessary. If, however, in the case of clause (b) in the
preceding sentence, the Securities Depository shall make available to its participants and members in funds immediately available in New
York City on Dividend Payment Dates the amount due as dividends on such Dividend Payment Dates (and the Securities Depository shall have
so advised the Trust), and if the Normal Dividend Payment Date is not a Business Day, then the Dividend Payment Date shall be the next
succeeding Business Day and the length of the current Dividend Period will be adjusted accordingly, if necessary. Although any particular
Dividend Payment Date may not occur on the originally scheduled date because of the exceptions discussed above, the next succeeding Dividend
Payment Date, subject to such exceptions, will occur on the next following originally scheduled date, and in each case the length of the
next succeeding Dividend Period will be adjusted accordingly, if necessary. If for any reason a Dividend Payment Date cannot be fixed
as described above, then the Trustees shall</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">fix the Dividend Payment Date and the length of the current Dividend
Period will be adjusted accordingly, if necessary. The Initial Dividend Period, 7-day Dividend Periods (in the case of Series B RP and
Series C RP), 28-day Dividend Periods (in the case of Series A RP) and Special Dividend Periods are hereinafter sometimes referred to
as &quot;Dividend Periods.&quot; Each dividend payment date determined as provided above is hereinafter referred to as a &quot;Dividend
Payment Date.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&quot;Dividend
Period&quot; means with respect to any share of RP, the Initial Dividend Period for such share and thereafter a period which shall commence
on each (but not the final) Dividend Payment Date for such share; <U>provided</U>, <U>however</U>, that any Dividend Payment Date occurring
after commencement of and during a Special Dividend Period of more than 35 days, other than the last Dividend Payment Date during such
Dividend Period, will not give rise to a new Dividend Period. Subject to the adjustment of Dividend Payment Dates as provided elsewhere
herein, each such subsequent Dividend Period for such share will be comprised of, beginning with and including the day upon which it commences,
7 consecutive days (in the case of Series B </FONT>RP and Series C RP) or 28 consecutive days (in the case of Series A RP); or in the
case of a Special Dividend Period, the number of consecutive days as shall be specified by the Trustees in accordance with the provisions
set forth in paragraph 3(j) of this Part I at the time the Trustees designate a Special Dividend Period. Notwithstanding the foregoing,
the Dividend Periods for each of Series A RP, Series B RP and Series C RP will never be co-extensive with the Dividend Period of any other
series of RP unless the Trust has received an opinion of tax counsel that having such co-extensive periods will not affect the tax opinion
relating to the deductibility of dividends paid on the different series of RP. Further, any adjustment of the remarketing schedule or
the length of a Dividend Period as provided herein shall also cause an adjustment of the relevant Settlement Date, if necessary, so that
such Settlement Date will be the first day of the next Dividend Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Forward Commitments&quot; shall have the
meaning specified in paragraph 12(c) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Gross-Up Tax Rate&quot; has the meaning
set forth in paragraph 3(k) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Holder&quot; means, with respect to any
share of RP, the person whose name appears on the share transfer books of the Trust as the registered holder of such share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Independent Accountant&quot; means a nationally
recognized accountant, or firm of accountants, that is, with respect to the Trust, an independent public accountant or firm of independent
public accountants under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Initial Dividend Payment Date&quot; means
August 30, 1993 with respect to Series A RP, July 29, 1997 with respect to Series B RP and August 1, 1997 with respect to Series C RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Initial Dividend Period&quot; means, with
respect to RP, the period commencing on and including the Date of Original Issue of such RP and ending on and including the day prior
to the Initial Dividend Payment Date for such RP.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Initial Margin&quot; 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 or an option thereon.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Interest Equivalent&quot; 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Kenny Index&quot; has the meaning set forth
under &quot;Taxable Equivalent of the Short-Term Municipal Bond Rate.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Long Term Dividend Period&quot; 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Mandatory Redemption Price&quot; means
$25,000 per share of Series B RP and Series C RP, or $50,000 per share of Series A RP, plus in the case of each series of RP an amount
equal to accumulated but unpaid dividends thereon (whether or not earned or declared) to the date fixed for redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Marginal Tax Rate&quot; means the maximum
marginal regular Federal individual income tax rate applicable to ordinary income or the maximum marginal regular Federal corporate income
tax rate, whichever is greater.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Market Value&quot; of any asset of the
Trust means the market value thereof determined by the Pricing Service. The Market Value of any asset shall include any interest accrued
thereon. The Pricing Service shall value portfolio securities at the mean between the quoted bid and asked price or the yield equivalent
when quotations are readily available. Securities for which quotations are not readily available shall be valued at fair value as determined
by the Pricing Service using methods which include consideration of: yields or prices of municipal bonds of comparable quality, type of
issue, coupon, maturity and rating; indications as to value from dealers; and general market conditions. The Pricing Service may employ
electronic data processing techniques and/or a matrix system to determine valuations. In the event the Pricing Service is unable to value
a security, the security shall be valued at the lower of two dealer bids obtained by the Trust from dealers who are members of the National
Association of Securities Dealers, Inc. and 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 Trustees.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Maximum Dividend Rate&quot; for any Dividend
Period shall be the Applicable Percentage of the Reference Rate determined as of the relevant Remarketing Date or the Date of Original
Issue, as the case may be, for such RP. The Applicable Percentage on any date will be determined based on (i) the lower of the credit
rating or ratings assigned on such date to shares of such RP by Moody's and S&amp;P (or if Moody's or S&amp;P or both shall not make such
rating available, the equivalent of either or both of such ratings by a Substitute Rating Agency or two Substitute Rating Agencies or,
in the event that only one such rating shall be available, such rating) and (ii) whether the Trust has provided to the Remarketing Agents
prior to the Remarketing establishing the Applicable Dividend Rate notification pursuant to paragraph 3(m)</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">of this Part I of Section 12.1 that net capital gain or other income
subject to regular Federal income tax will be included in a dividend on shares of such RP during such Dividend Period as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD ROWSPAN="3" STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Applicable Percentage
    of Reference Rate &#8211; No Notification</P></TD>
    <TD ROWSPAN="3" STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Applicable Percentage
    of Reference Rate - Notification</P></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Credit Ratings</P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Moody's</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">S&amp;P</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&quot;aa3&quot; or higher</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">AA-or higher</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">110%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">150%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&quot;a3&quot; to &quot;a1&quot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">A- to A+</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">125%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">160%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&quot;baa3&quot; to &quot;baa1&quot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">BBB- to BBB+</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">150%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">250%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Below &quot;baa3&quot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Below BBB-</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">200%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">275%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">The Remarketing Agents shall round each applicable
Maximum Dividend Rate to the nearest one-thousandth (0.001) of one percent per annum, with any such number ending in five ten-thousandths
(0.0005) of one percent being rounded upwards to the nearest one-thousandth (0.001) of one percent. The Remarketing Agents shall not round
the Reference Rate as part of their calculation of any Maximum Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Maximum Potential Additional Dividend Liability,&quot;
as of any Valuation Date, means the aggregate amount of Additional Dividends that would be payable with respect to RP if the Trust were
to make Retroactive Taxable Allocations, with respect to any fiscal year, estimated based upon dividends paid and the amount of undistributed
realized net capital gain and other income subject to regular Federal income tax earned by the Trust, as of the end of the calendar month
immediately preceding such Valuation Date and assuming such Additional Dividends are fully taxable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Moody's&quot; means Moody's Investors Service,
Inc. or its successors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Moody's Discount Factor&quot; means, for
purposes of determining the Discounted Value of any Municipal Bond which constitutes a Moody's Eligible Asset, the percentage determined
by reference to (a) the rating by Moody's or S&amp;P on such Bond and (b) the Moody's Exposure Period, in accordance with the table set
forth below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Rating Category</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Moody's Exposure Period</U></B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Aaa*</U></B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Aa*</U></B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>A*</U></B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Baa*</U></B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>Other**</U></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>VMIG-1***</U></B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B><U>SP-1+****</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">7 weeks or less&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">151%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">159%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">168%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">202%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;229%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;136%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;148%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">8 weeks or less but</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">greater than 7 weeks&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">154</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">164</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">173</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">205</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;235</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;137</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;149</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">9 weeks or less but</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">greater than 8 weeks&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">158</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">169</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">179</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">209</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;242</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;138</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&#9;150</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">___________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt">Moody's rating.</TD></TR>
</TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">**</TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt">Municipal Bonds not rated by Moody's but rated BBB-, BBB or BBB+ by
  S&amp;P.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">***</TD><TD>Municipal Bonds rated MIG-1, VMIG-1 or P-1 by Moody's which do not mature or have a demand feature at par exercisable within the Moody's
Exposure Period and which do not have a long-term rating. For the purpose of the definition of Moody's Eligible Assets, these securities
will have an assumed rating of 'A' by Moody's.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">****</TD><TD>Municipal Bonds rated SP-1+ or A-l+ by S&amp;P which do not mature or have a demand feature at par exercisable within the Moody's
Exposure Period and which do not have a long-term rating. For the purposes of the definition of Moody's Eligible Assets, these securities
will have an assumed rating of 'A' by Moody's.</TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Notwithstanding the foregoing, (i) no Moody's
Discount Factor will be applied to short-term Municipal Bonds, so long as such Municipal Bonds are rated at least MIG-1, VMIG-1 or P-1
by Moody's and mature or have a demand feature at par exercisable within the Moody's Exposure Period, and the Moody's Discount Factor
for such Bonds will be 125% if such Bonds are not rated by Moody's but are rated A-1+ or SP-1+ or AA by S&amp;P and mature or have a demand
feature at par exercisable within the Moody's Exposure Period, and (ii) no Moody's Discount Factor will be applied to cash or to Receivables
for Municipal Bonds Sold.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Receivables for Municipal Bonds Sold,&quot;
for purposes of calculating Moody's Eligible Assets as of any Valuation Date, means the aggregate of the following: (i) the book value
of receivables for Municipal Bonds sold as of or prior to such Valuation Date if such receivables are due within five Business Days of
such Valuation Date, and if the trades which generated such receivables are (x) settled through clearing house firms with respect to which
the Trust has received prior written authorization from Moody's or (y) with counterparties having a Moody's long-term debt rating of at
least Baa3; and (ii) the Discounted Value of Municipal Bonds sold (applying the relevant Moody's Discount Factor to such Bonds) as of
or prior to such Valuation Date which generated such receivables, if such receivables are due within five Business Days of such Valuation
Date but do not comply with either of conditions (x) or (y) of the preceding clause (i).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&quot;Moody's
Eligible Asset&quot; means cash, Receivables for Municipal Bonds Sold, a short-term Municipal Bond rated VMIG-1, MIG-1 or P-1 by Moody's
or SP-1+ or A-l+ by S&amp;P or a Municipal Bond that (i) pays interest in cash; (ii) is publicly rated Baa or higher by Moody's or, if
not rated by Moody's but rated by S&amp;P, is rated at least BBB- by S&amp;P (provided that, for purposes of determining the Moody's Discount
Factor applicable to any such S&amp;P-rated </FONT>Municipal Bond, such Municipal Bond (excluding any short-term Municipal Bond and any
Municipal Bond rated BBB-, BBB or BBB+) will be deemed to have a Moody's rating which is one full rating category lower than its S&amp;P
rating); (iii) does not have its Moody's rating suspended by Moody's; and (iv) is part of an issue of Municipal Bonds of at least $10,000,000.
In addition, Municipal Bonds in the Trust's portfolio will be included as Moody's Eligible Assets only to the extent they meet the following
diversification requirements:</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>Rating</U></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Minimum<BR>
Issue Size<BR>
<U>($ Millions)</U></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Maximum<BR>
Underlying<BR>
<U>Obligor (%)(1)</U></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">Maximum State<BR>
or Territory<BR>
<U>Concentration (%)(1)(3)</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Aaa&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">100</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Aa&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">20</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">A&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Baa&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Other(2)&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt">12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">_______________________</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The referenced percentages represent maximum cumulative totals for the related rating category and each lower rating category.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(2)&nbsp;</TD><TD>Municipal Bonds not rated by
Moody's but rated BBB-, BBB or BBB+ by S&amp;P.</TD></TR>
                                                                                                                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(3)</TD><TD>Territorial bonds (other than those issued by Puerto Rico and counted collectively) of any territory are limited to 10% of Moody's
Eligible Assets.</TD></TR>
                                                                                                                                                                                                       </TABLE>





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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">For purposes of the maximum underlying obligor requirement described
above, any such Bond backed by a guaranty, letter of credit or insurance issued by a third party will be deemed to be issued by such third
party if the issuance of such third party credit is the sole determinant of the rating on such Bond.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">When the Trust sells a Municipal Bond and agrees
to repurchase it at a future date, such Bond will constitute a Moody's Eligible Asset and the amount the Trust is required to pay upon
repurchase of such Bond will count as a liability for purposes of calculating the RP Basic Maintenance Amount. When the Trust purchases
a Municipal Bond and agrees to sell it at a future date to another party, cash receivable by the Trust in connection therewith will constitute
a Moody's Eligible Asset if the long-term debt of such other party is rated at least A2 by Moody's and such agreement has a term of 30
days or less; otherwise such Bond will constitute a Moody's Eligible Asset.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Notwithstanding the foregoing, an asset will
not be considered a Moody's Eligible Asset if it is (i) held in a margin account, (ii) subject to any material lien, mortgage, pledge,
security interest or security agreement of any kind, (iii) held for the purchase of a security pursuant to a Forward Commitment or (iv)
irrevocably deposited by the Trust for the payment of dividends or redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Moody's Exposure Period&quot; means the
period commencing on and including a given Valuation Date and ending 48 days thereafter.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Moody's Hedging Transaction&quot; has the
meaning set forth in paragraph 12(b) of this Part I of Section 12.1.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Moody's Volatility Factor&quot; means 272%
as long as there has not been enacted an increase to the Marginal Tax Rate. If an increase is enacted to the Marginal Tax Rate but not
yet implemented, the Moody's Volatility Factor shall be as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">% Change in<BR>
    Marginal Tax Rate</P></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Moody's Volatility<BR>
    Factor</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><U>&lt;</U> 5%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">292%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&gt; 5% but <U>&lt;</U> 10%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">313%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&gt; 10% but <U>&lt;</U> 15%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">338%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&gt; 15% but <U>&lt;</U> 20%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">364%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&gt; 20% but <U>&lt;</U> 25%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">396%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&gt; 25% but <U>&lt;</U> 30%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">432%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&gt; 30% but <U>&lt;</U> 35%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">472%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&gt; 35% but <U>&lt;</U> 40%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">520%</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Notwithstanding the foregoing, the Moody's Volatility Factor may
mean such other potential dividend rate increase factor as Moody's advises the Trust in writing is applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Municipal Bonds&quot; means obligations
issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions,
agencies and instrumentalities, the interest on which, in the opinion of bond counsel or other counsel to the issuer of such securities,
is at the time of issuance not includable in gross income for Federal income tax purposes.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Municipal Index&quot; has the meaning set
forth in paragraph 12(a) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;1940 Act&quot; means the Investment Company
Act of 1940, as amended from time to time.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;1940 Act Cure Date,&quot; with respect
to the failure by the Trust to maintain the 1940 Act RP Asset Coverage (as required by paragraph 7 of this Part I of Section 12.1) as
of the last Business Day of each month, means the last Business Day of the following month.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;1940 Act RP Asset Coverage&quot; means
asset coverage, as defined in section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the
Trust which are shares, including all outstanding shares of each series of RP (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 a closed-end investment company as a
condition of paying dividends on its common shares).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Non-Call Period&quot; has the meaning described
under &quot;Specific Redemption Provisions&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Non-Payment Period&quot; with respect to
any shares of RP means any period commencing on and including the day on which the Trust shall fail to (i) declare, prior to 12:00 noon,
New York City time, on any Dividend Payment Date for shares of such RP, for payment on or (to the</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">extent permitted below) within three Business Days after such Dividend
Payment Date to the Holders of such shares as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment Date,
the full amount of any dividend on such shares payable on such Dividend Payment Date or (ii) deposit, irrevocably in trust, in same-day
funds, with the Paying Agent by 12:00 noon, New York City time, (A) on or (to the extent permitted below) within three Business Days after
any Dividend Payment Date for any shares of RP the full amount of any dividend on such shares (whether or not earned or declared) payable
on such Dividend Payment Date or (B) on or (to the extent permitted below) within three Business Days after any redemption date for any
shares of RP called for redemption, the Mandatory Redemption Price or Optional Redemption Price, as the case may be, and ending on and
including the Business Day on which, by 12:00 noon, New York City time, all unpaid 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
during the first seven days thereof unless the Trust shall have given at least three days' written notice to the Paying Agent, the Remarketing
Agents and the Securities Depository and thereafter shall not end unless the Trust shall have given at least fourteen days' written notice
to the Paying Agent, the Remarketing Agents, the Securities Depository and all Holders. Any dividend on shares of RP due on any Dividend
Payment Date for such shares (if, prior to 12:00 noon, New York City time, on such Dividend Payment Date, the Trust has declared such
dividend payable on or within three Business Days after such Dividend Payment Date to the Holders who held such shares as of 12:00 noon,
New York City time, on the Business Day preceding such Dividend Payment Date) or redemption price with respect to shares of RP not paid
to Holders when due may (if such non-payment occurs because the Trust is prevented from doing so by these By-laws or applicable law) be
paid pro rata to such Holders in the same form of funds by 12:00 noon, New York City time, on any of the first three Business Days after
such Dividend Payment Date or due date, as the case may be, provided that such amount is accompanied by a late charge calculated for such
period of non-payment at the Non-Payment Period Rate applied to the amount of such non-payment based on the actual number of days comprising
such period divided by 365.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Non-Payment Period Rate&quot; means 200%
of the applicable Reference Rate (or 275% of such rate if the Trust has provided notification to the Remarketing Agents prior to the Remarketing
Date establishing the Applicable Dividend Rate for the relevant dividend pursuant to paragraph 3(m) hereof that net capital gain or other
income subject to regular Federal income tax will be included in such dividend on shares of RP), provided that the Trustees shall have
the authority to adjust, modify, alter or change from time to time the Non-Payment Period Rate if the Trustees determine and Moody's and
S&amp;P (or any Substitute Rating Agency in lieu of Moody's or S&amp;P in the event either of such parties shall not rate the RP) advise
the Trust in writing that such adjustment, modification, alteration or change will not adversely affect the then-current ratings of the
RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Normal Dividend Payment Date&quot; has
the meaning set forth under &quot;Dividend Payment Date.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Notice of Redemption&quot; means any notice
with respect to the redemption of shares of RP pursuant to paragraph 4 of this Part I of Section 12.1.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Notice of Revocation&quot; has the meaning
set forth in paragraph 3(j) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Notice of Special Dividend Period&quot;
has the meaning set forth in paragraph 3(j) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Optional Redemption Price&quot; shall mean
$25,000 per share of Series B RP or Series C RP, or $50,000 per share of Series A RP, as the case may be, plus in the case of each series
of RP 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 per share attributable to the designation of a Premium Call Period for such share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Paragraph 3(a) Dividend&quot; has the meaning
set forth in paragraph 3(k) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Paying Agent&quot; means Bankers Trust
Company or any successor company or entity, which has entered into a Paying Agent Agreement with the Trust to act for the Trust, among
other things, as the transfer agent, registrar, dividend and redemption price disbursing agent, settlement agent and agent for certain
notifications in connection with the shares of RP in accordance with such agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Paying Agent Agreement&quot; means an agreement
to be entered into between the Trust and the Paying Agent.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Preferred Shares&quot; means the preferred
shares of the Trust, and includes RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Premium Call Period&quot; has the meaning
specified in &quot;Specific Redemption Provisions,&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Pricing Service&quot; means Muller Investdata
Corp., or any successor company or entity, or any other entity designated from time to time by the Trustees. Notwithstanding the foregoing,
the Trustees will not designate a new Pricing Service unless the Trust has received a written confirmation from Moody's and S&amp;P that
such action would not impair the ratings then assigned by Moody's and S&amp;P to any series of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Quarterly Valuation Date&quot; means the
last Business Day of each fiscal quarter of the Trust in each fiscal year of the Trust, commencing July 31, 1993.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Receivables for Municipal Bonds Sold&quot;
for Moody's has the meaning set forth under the definition of Moody's Discount Factor, and for S&amp;P has the meaning set forth under
the definition of S&amp;P Discount Factor.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Reference Rate&quot; means: (i) with respect
to a Dividend Period having 28 or fewer days, the higher of the applicable &quot;AA&quot; Composite Commercial Paper Rate and the Taxable
Equivalent of the Short-Term Municipal Bond Rate, (ii) with respect to any Short Term Dividend Period having more than 28 but fewer than
183 days, the applicable &quot;AA&quot; Composite Commercial Paper Rate, (iii) with respect to any Short Term Dividend Period having 183
or</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">more but fewer than 365 days, the U.S. Treasury Bill Rate and (iv)
with respect to any Long Term Dividend Period, the applicable U.S. Treasury Note Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Remarketing&quot; means each periodic operation
of the process for remarketing shares of RP as described in Part II of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Remarketing Agents&quot; means Merrill
Lynch, Pierce, Fenner &amp; Smith Incorporated and any additional or successor companies or entities, if any, which have entered into
an agreement with the Trust to follow the remarketing procedures for the purpose of determining the Applicable Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Remarketing Agreement&quot; means an agreement
entered into between the Trust and the Remarketing Agents with respect to Remarketing.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Remarketing Date&quot; means any date on
which (i) each Beneficial Owner of shares of RP must provide to the Remarketing Agents irrevocable telephonic notice of intent to tender
shares in a Remarketing and (ii) the Remarketing Agents (A) determine the Applicable Dividend Rate for the ensuing Dividend Period, (B)
notify Holders, purchasers and tendering Beneficial Owners of shares of RP by telephone, telex or otherwise of the results of the Remarketing
and (C) announce the Applicable Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Request for Special Dividend Period&quot;
has the meaning set forth in paragraph 3(j) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Response&quot; has the meaning set forth
in paragraph 3(j) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Retroactive Taxable Allocation&quot; has
the meaning set forth in paragraph 3(k) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Right&quot; has the meaning set forth in
paragraph 3(k) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;RP&quot; means, as the case may be, the
Series A RP; the Series B RP; or the Series C RP; or if the context shall so indicate, all such series.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;RP Basic Maintenance Amount,&quot; as of
any Valuation Date, means the dollar amount equal to (i) the sum of (A) the product of the number of shares of Series A RP outstanding
on such Valuation Date multiplied by the sum of (a) $50,000 and (b) any applicable redemption premium per share attributable to the designation
of a Premium Call Period; (B) the product of the number of shares of Series B RP and Series C RP outstanding on such Valuation Date multiplied
by the sum of (a) $25,000 and (b) any applicable redemption premium per share of each series attributable to the designation of a Premium
Call Period; (C) the aggregate amount of cash dividends (whether or not earned or declared) that will have accumulated for each series
of RP outstanding, in each case, to (but not including) the end of the current Dividend Period for such series of RP that follows such
Valuation Date or to (but not including) the 49th day after such Valuation Date, whichever is sooner; (D) the aggregate amount of cash
dividends that would accumulate at the Maximum Dividend Rate applicable to a Dividend Period of 28 days (in the case of shares of Series
A RP) and 7 days (in the case of shares of Series B RP and Series C RP) outstanding from the end of such Dividend Period through the 49th
day after such Valuation</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Date, multiplied by the larger of the Moody's Volatility Factor and
the S&amp;P Volatility Factor, determined from time to time by Moody's and S&amp;P, respectively (except that if such Valuation Date occurs
during a Non-Payment Period, the cash dividend for purposes of calculation would accumulate at the then current Non-Payment Period Rate);
(E) the amount of anticipated expenses of the Trust for the 90 days subsequent to such Valuation Date; (F) the amount of the Trust's Maximum
Potential Additional Dividend Liability as of such Valuation Date; and (G) any current liabilities as of such Valuation Date to the extent
not reflected in any of (i)(A) through (i)(F) (including, without limitation, any amounts due and payable by the Trust pursuant to repurchase
agreements and any payables for Municipal Bonds purchased as of such Valuation Date) less (ii) either (A) the Discounted Value of any
of the Trust's assets, or (B) the face value of any of the Trust's assets if such assets mature prior to or on the date of redemption
of any shares of RP or payment of a liability and are either securities issued or guaranteed by the U.S. Government or, with respect to
Moody's, have a rating assigned by Moody's of at least Aaa, P-l, VMIG-1 or MIG-1 and, with respect to S&amp;P, have a rating assigned
by S&amp;P of at least AAA, SP-1+ or A-1+, in both cases irrevocably deposited by the Trust for the payment of the amount needed to redeem
shares of RP subject to redemption or any of (i)(C) through (i)(G).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;RP Basic Maintenance Cure Date,&quot; with
respect to the failure by the Trust to satisfy the RP Basic Maintenance Amount (as required by paragraph 8(a) of this Part I of Section
12.1) as of a given Valuation Date, means the sixth Business Day following such Valuation Date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;RP Basic Maintenance Report&quot; means
a report signed by the President, Treasurer or any Executive Vice President or Vice President of the Trust which sets forth, as of the
related Valuation Date, the assets of the Trust, the Market Value and the Discounted Value thereof (seriatim and in the aggregate), and
the RP Basic Maintenance Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;S&amp;P&quot; means Standard &amp; Poor's
Ratings Services or its successors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;S&amp;P Discount Factor&quot; means, for
purposes of determining the Discounted Value of any Municipal Bond which constitutes an S&amp;P Eligible Asset, the percentage determined
by reference to (a) the rating by S&amp;P or Moody's on such Bond and (b) the S&amp;P Exposure Period, in accordance with the table set
forth below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><U>Rating Category</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><U>S&amp;P Exposure Period</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><U>AAA</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><U>AA</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><U>A</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><U>BBB</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">40 Business Days&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;190%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;195%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;210%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;250%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">22 Business Days&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;170</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;175</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;190</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;230</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">10 Business Days&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;155</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;160</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;175</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;215</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">7 Business Days&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;150</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;155</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;170</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;210</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">3 Business Days&#9;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;130</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;135</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;150</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&#9;190</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Notwithstanding the foregoing, (i) the S&amp;P Discount Factor for short-term
Municipal Bonds will be 115%, so long as such Municipal Bonds are rated A-1+ or SP-1+ by S&amp;P and mature or have a demand feature exercisable
in 30 days or less, or 125% if such Municipal Bonds are not rated by S&amp;P but are rated VMIG-1, P-l or MIG-1 by Moody's, and such short-term
Municipal Bonds referred to in this clause (i) shall qualify as S&amp;P Eligible Assets; provided, however, such short-</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">term Municipal Bonds rated by Moody's but not rated by S&amp;P having a
demand feature exercisable in 30 days or less must be backed by a letter of credit, liquidity facility or guarantee from a bank or other
financial institution having a short-term rating of at least A-1+ from S&amp;P; and further provided that such short-term Municipal Bonds
rated by Moody's but not rated by S&amp;P may comprise no more than 50% of short-term Municipal Bonds that qualify as S&amp;P Eligible
Assets and (ii) no S&amp;P Discount Factor will be applied to cash or to Receivables for Municipal Bonds Sold.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Receivables for Municipal Bonds Sold,&quot;
for purposes of calculating S&amp;P Eligible Assets as of any Valuation Date, means the book value of receivables for Municipal Bonds
sold as of or prior to such Valuation Date if such receivables are due within five Business Days of such Valuation Date. For purposes
of the foregoing, Anticipation Notes rated SP-1+ or, if not rated by S&amp;P, rated VMIG-1 by Moody's, whether or not they mature or have
a demand feature exercisable in 30 days and which do not have a long-term rating, shall be considered to be short-term Municipal Bonds
and shall qualify as S&amp;P Eligible Assets.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&quot;S&amp;P
Eligible Asset&quot; means cash, Receivables for Municipal Bonds Sold or a Municipal Bond that (i) is issued by any of the 50 states,
any territory or possession of the United States, the District of Columbia, and any political subdivision, instrumentality, county, city,
town, village, school district or agency (such as authorities and special districts created by the states) of any of the foregoing, and
certain federally sponsored agencies such as local housing authorities; (ii) is interest bearing and pays interest at least semi-annually;
(iii) is payable with respect to principal and interest in United States Dollars; (iv) is publicly rated BBB or higher by S&amp;P or,
except in the case of Anticipation Notes that are grant anticipation notes or bond anticipation notes which must be rated by S&amp;P to
be included in S&amp;P Eligible Assets, if not rated by S&amp;P but rated by Moody's, is rated at least A by Moody's (provided that such
Moody's-rated Municipal Bonds will be included in S&amp;P Eligible Assets only to the extent the Market Value of such Municipal Bonds
does not exceed 50% of the aggregate Market Value of the S&amp;P Eligible Assets; and further provided that, for purposes of determining
the S&amp;P Discount Factor applicable to any such Moody's-rated Municipal Bond, such Municipal Bond will be deemed to have an S&amp;P
</FONT>rating which is one full rating category lower than its Moody's rating); (v) is not subject to a covered call or covered put option
written by the Trust; (vi) is not part of a private placement of Municipal Bonds; and (vii) is part of an issue of Municipal Bonds with
an original issue size of at least $20 million or, if of an issue with an original issue size below $20 million (but in no event below
$10 million), is issued by an issuer with a total of at least $50 million of securities outstanding. Notwithstanding the foregoing:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal
Bonds of any one issuer will be considered S&amp;P Eligible Assets only to the extent the Market Value of such Municipal Bonds does not
exceed 10% of the aggregate Market Value of the S&amp;P Eligible Assets, provided that 2% is added to the applicable S&amp;P Discount
Factor for every 1 % by which the Market Value of such Municipal Bonds exceeds 5% of the aggregate Market Value of the S&amp;P Eligible
Assets; and</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0.5in 12pt; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal
Bonds issued by issuers in any one state or territory will be considered S&amp;P Eligible Assets only to the extent the Market Value of
such Municipal Bonds does not exceed 20% of the aggregate Market Value of S&amp;P Eligible Assets.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;S&amp;P Exposure Period&quot; means the
maximum period of time following a Valuation Date, including the Valuation Date and the RP Basic Maintenance Cure Date, that the Trust
has under this Section 12.1 to cure any failure to maintain, as of such Valuation Date, a Discounted Value of its portfolio at least equal
to the RP Basic Maintenance Amount (as described in paragraph 8(a) of this Section 12.1).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;S&amp;P Hedging Transactions&quot; has
the meaning set forth in paragraph 12(a) of this Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;S&amp;P Volatility Factor&quot; means 277%
or such other potential dividend rate increase factor as S&amp;P advises the Trust in writing is applicable.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Securities Depository&quot; means The Depository
Trust Company or any successor company or other entity selected by the Trust as securities depository of the shares of RP that agrees
to follow the procedures required to be followed by such securities depository in connection with shares of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Series A RP&quot; means the Remarketed
Preferred Shares, Series A.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Series B RP&quot; means the Remarketed
Preferred Shares, Series B.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Series C RP&quot; means the Remarketed
Preferred Shares, Series C.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Service&quot; means the Internal Revenue
Service.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Settlement Date&quot; means the first Business
Day after a Remarketing Date applicable to a share of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;7-day Dividend Period&quot; means, with
respect to Series B RP and Series C RP, a Dividend Period consisting of seven days.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Short Term Dividend Period&quot; means
a Special Dividend Period consisting of a specified number of days (other than 28, in the case of Series A RP, or seven, in the case of
Series B RP and Series C RP), evenly divisible by seven and not fewer than seven or more than 364.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Special Dividend Period&quot; means a Dividend
Period consisting of (i) a specified number of days (other than 28, in the case of Series A RP, or seven, in the case of Series B RP and
Series C RP), 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 herein). Except as otherwise provided in the definition
of &quot;Dividend Period&quot; in this Section 12.1, the Dividend Periods for the Series A RP, Series B RP and Series C RP will never
be co-extensive.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Specific Redemption Provisions&quot; means,
with respect to a Special Dividend Period of 365 or more days, either, or any combination of, the designation of (i) a period (a &quot;Non-Call
Period&quot;) determined by the Trustees, after consultation with the Remarketing Agents, during which the shares of RP subject to such
Dividend Period shall not be subject to redemption at the option of the Trust and (ii) a period (a &quot;Premium Call Period&quot;), consisting
of a number of whole years and determined by the Trustees, after consultation with the Remarketing Agents, during each year of which the
shares of RP subject to such Dividend Period shall be redeemable at the Trust's option at a price per share equal to $50,000 (in the case
of Series A RP), or $25,000 (in the case of Series B RP or Series C RP), plus in the case of each series of RP accumulated but unpaid
dividends plus an applicable premium, as determined by the Trustees after consultation with the Remarketing Agents.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Substitute Commercial Paper Dealers&quot;
means such substitute commercial paper dealer or dealers as the Trust may from time to time appoint or, in lieu of any thereof, their
respective affiliates or successors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Substitute Rating Agency&quot; and &quot;Substitute
Rating Agencies&quot; mean a nationally recognized statistical rating organization or two nationally recognized statistical rating organizations,
respectively, selected by the Trust 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 RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Taxable Equivalent of the Short-Term Municipal
Bond Rate&quot; on any date means 90% of the quotient of (A) the per annum rate expressed on an Interest Equivalent basis equal to the
Kenny S&amp;P 30-day High Grade Index or any comparable index based upon 30-day yield evaluations at par of bonds the interest on which
is excludable for regular Federal income tax purposes under the Code of &quot;high grade&quot; component issuers selected by Kenny Information
Systems Inc. (or any successor thereto from time to time selected by the Trust in its discretion), which component issuers shall include,
without limitation, issuers of general obligation bonds but shall exclude any bonds the interest on which constitutes an item of tax preference
under Section 57(a)(5) of the Code, or successor provisions, for purposes of the &quot;alternative minimum tax,&quot; (as defined in the
Code) (the &quot;Kenny Index&quot;), made available for the Business Day immediately preceding such date but in any event not later than
8:30 A.M., New York City time, on such date by Kenny Information Systems Inc. (or any such successor), divided by (B) 1.00 minus the Marginal
Tax Rate (expressed as a decimal); provided, however, that if the Kenny Index is not made so available by 8:30 A.M., New York City time,
on such date by Kenny Information Systems Inc. (or any such successor), the Taxable Equivalent of the Short-Term Municipal Bond Rate shall
mean the quotient of (A) the per annum rate expressed on an Interest Equivalent basis equal to the most recent Kenny Index so made available,
divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal). No successor to Kenny Information Systems Inc. shall be chosen
without first obtaining written confirmation from Moody's and S&amp;P that the choice of such successor would not impair the rating then
assigned to any series of RP by Moody's or S&amp;P.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Tender and Dividend Reset&quot; means the
process pursuant to which shares of RP may be tendered in a Remarketing or held and become subject to the new Applicable Dividend Rate
determined by the Remarketing Agents in such Remarketing.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Treasury Bonds&quot; shall have the meaning
set forth in paragraph 12(a) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Trust&quot; means Putnam Municipal Opportunities
Trust, a Massachusetts business trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;28-day Dividend Period&quot; means, with
respect to Series A RP, a Dividend Period consisting of 28 days.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Trustees&quot; means the Trustees of the
Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;U.S. Treasury Bill Rate&quot; on any date
of determination means (i) the Interest Equivalent of the rate on the actively traded Treasury Bill with a maturity most nearly comparable
to the length of the related Dividend Period, as such rate is made available on a discount basis or otherwise on the Business Day immediately
preceding such date by the Federal Reserve Bank of New York in its Composite 3:30 P.M. Quotations for U.S. Government Securities report
for such Business Day, or (ii) if such yield as so calculated is not available, the Alternate Treasury Bill Rate on such date. &quot;Alternate
Treasury Bill Rate&quot; on any date means the Interest Equivalent of the yield as calculated by reference to the arithmetic average of
the bid price quotations of the actively traded Treasury Bill with a maturity most nearly comparable to the length of the related Dividend
Period, as determined by bid price quotations as of any time on the Business Day immediately preceding such date, obtained from at least
three recognized primary U.S. Government securities dealers selected by the Remarketing Agents.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;U.S. Treasury Note Rate&quot; on any date
of determination means (i) the yield as calculated by reference to the bid price quotation of the actively traded, current coupon Treasury
Note with a maturity most nearly comparable to the length of the related Dividend Period, as such bid price quotation is published on
the Business Day immediately preceding such date by the Federal Reserve Bank of New York in its Composite 3:30 P.M. Quotations for U.S.
Government Securities report for such Business Day, or (ii) if such yield as so calculated is not available, the Alternate Treasury Note
Rate on such date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Alternate Treasury Note Rate&quot; on any
date means the yield as calculated by reference to the arithmetic average of the bid price quotations of the actively traded, current
coupon Treasury Note with a maturity most nearly comparable to the length of the related Dividend Period, as determined by the bid price
quotations as of any time on the Business Day immediately preceding such date, obtained from at least three recognized primary U.S. Government
securities dealers selected by the Remarketing Agents.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Valuation Date&quot; means, for purposes
of determining whether the Trust is maintaining the RP Basic Maintenance Amount, each Business Day commencing with the Date of Original
Issue.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Voting Period&quot; has the meaning set
forth in paragraph 6(b) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Variation Margin&quot; means, in connection
with an outstanding futures contract or option thereon 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 or option fluctuates.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fractional
Shares</U>. No fractional shares of RP shall be issued.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(a)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Holders of RP as of 12:00 noon, New York City time, on the Business Day preceding the applicable Dividend Payment Date, shall
be entitled to receive, when, as and if declared by the Trustees, out of funds legally available therefor, (i) cumulative dividends, at
the Applicable Dividend Rate, (ii) a Right (as defined in paragraph 3(k) of this Part I of Section 12.1) to receive an Additional Dividend
or Additional Dividends in certain circumstances, and (iii) any additional amounts as set forth in paragraph 3(m) of this Part I of Section
12.1. Each share of RP shall remain on a parity with other shares of RP with respect to the payment of dividends at the rates fixed for
the respective series. No dividends on any series of RP shall be paid or declared if there shall exist a Non-Payment Period with respect
to any other series of RP unless dividends in ratable proportion are declared and paid on such other series. Dividends on the shares of
RP 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: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(b)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Dividends on each share of RP shall accumulate from its Date of Original Issue and will be payable, when, as and if declared by
the Trustees, on each Dividend Payment Date applicable to such share of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each declared dividend shall be payable on the applicable Dividend Payment Date to the Holder or Holders of such shares of RP as
set forth in paragraph 3(a) of this Part I of Section 12.1. Dividends on shares of RP in arrears with respect to any past Dividend Payment
Date may be declared and paid at any time, without reference to any regular Dividend Payment Date, pro rata to the Holders of such shares
as of a date not exceeding five Business Days preceding the date of payment thereof as may be fixed by the Trustees. Any dividend payment
made on any share of RP shall be first credited against the dividends accumulated but unpaid (whether or not earned or declared) with
respect to the earliest Dividend Payment Date on which dividends were not paid.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(d)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither Holders nor Beneficial Owners of shares of RP shall be entitled to any dividends on the shares of RP, whether payable in
cash, property or stock, in excess of full cumulative dividends thereon (which include any amounts actually due and payable pursuant to
paragraph 3(k), 3(1) or 3(m) of this Part I of Section 12.1). Except as provided in paragraph 3(h) of this Part I of Section 12.1, neither
Holders nor Beneficial Owners of shares of RP shall be entitled to any interest, or other additional amount, on any dividend payment on
any share of RP which may be in arrears.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(e)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided herein, the Applicable Dividend Rate on each share of RP for each Dividend Period with respect to
such share shall be equal to the lower of the rate per annum that results from implementation of the remarketing procedures described
in Part II hereof and the Maximum Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(f)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The amount of declared dividends for each share of RP payable on the Initial Dividend Payment Date, the Dividend Payment Date for
each 7-day Dividend Period, the Dividend Payment Date for each 28-day Dividend Period and the Dividend Payment Date or</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Dates for each Short-Term Dividend Period shall be computed by the
Trust by multiplying the Applicable Dividend Rate in effect with respect to dividends payable on such share on such Dividend Payment Date
by a fraction the numerator of which shall be the number of days in such Dividend Period such share was outstanding from and including
its Date of Original Issue or the preceding Dividend Payment Date, as the case may be, to and including the day preceding such Dividend
Payment Date, and the denominator of which shall be 365, then multiplying the amount so obtained by $50,000 (in the case of Series A RP)
or $25,000 (in the case of Series B RP and Series C RP) and rounding the amount so obtained to the nearest cent. During any Long Term
Dividend Period, the amount of dividends per share payable on any Dividend Payment Date shall be computed by dividing the Applicable Dividend
Rate for such Dividend Period by twelve, multiplying the amount so obtained by $50,000 (in the case of Series A RP) or $25,000 (in the
case of Series B RP and Series C RP), and rounding the amount so obtained to the nearest cent; provided, however, that, if the number
of days from and including the Date of Original Issue or the preceding Dividend Payment Date, as the case may be, to and including the
day preceding such Dividend Payment Date is less than 30 and such days do not constitute a full calendar month, then the amount of dividends
per share payable on such Dividend Payment Date shall be computed by multiplying the Applicable Dividend Rate for such Dividend Period
by a fraction, the numerator of which will be such number of days and the denominator of which will be 360, multiplying the amount so
obtained by $50,000 (in the case of Series A RP) or $25,000 (in the case of Series B RP and Series C RP), and rounding the amount so obtained
to the nearest cent.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(g)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No later than 12:00 noon, New York City time, on each Dividend Payment Date, the Trust shall deposit in same-day funds with the
Paying Agent the full amount of any dividend declared and payable on such Dividend Payment Date on any share of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(h)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Applicable Dividend Rate for each Dividend Period commencing during a Non-Payment Period shall be equal to the Non-Payment
Period Rate and any share of RP for which a Special Dividend Period would otherwise have commenced on the first day of or during a Non-Payment
Period shall have a 28-day Dividend Period (in the case of Series A RP) or a 7-day Dividend Period (in the case of Series B RP and Series
C RP). Any amount of any dividend due on any Dividend Payment Date for any shares of RP (if, prior to 12:00 noon, New York City time,
on such Dividend Payment Date, the Trust has declared such dividend payable on or within three Business Days after such Dividend Payment
Date to the Holders who held such shares of RP as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment
Date) or redemption price with respect to any shares of RP not paid to Holders when due but paid to such Holders in the same form of funds
by 12:00 noon, New York City time, on any of the first three Business Days after such Dividend Payment Date or due date, as the case may
be, shall incur a late charge to be paid therewith to such Holders and 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 365. If the Trust
fails to pay a dividend on a Dividend Payment Date or to redeem any shares of RP on the date set for such redemption (otherwise than because
it is prevented from doing so by these By-laws or by applicable law), the preceding sentence shall not apply and the Applicable Dividend
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 and paragraphs 3(g) and 4(g) of this Part I of Section 12.1, payment to a person in New York Clearing
House (next-</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">day) funds on any Business Day at any time shall be considered equivalent
to payment to such person in same-day funds at the same time on the next Business Day, and any payment made after 12:00 noon, New York
City time, on any Business Day shall be considered to have been made instead in the same form of funds and to the same person before 12:00
noon, New York City time, on the next Business Day.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(i)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except during a Non-Payment Period, by 12:00 noon, New York City time, on the Remarketing Date in the Remarketing at the end of
the Initial Dividend Period applicable to a share of RP, and by 12:00 noon, New York City time, on the Remarketing Date in the Remarketing
at the end of each subsequent Dividend Period applicable to a share of RP, the Beneficial Owner of such share of RP may elect to tender
such share or hold such share for the next Dividend Period to the extent provided in Part II of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(j)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trust may, at its sole option and to the extent permitted by law, by telephonic or written notice (a &quot;Request for Special
Dividend Period&quot;) to the Remarketing Agents, request that the next succeeding Dividend Period for a series of RP be the number of
days (other than 28, in the case of Series A RP, or seven, in the case of Series B RP or Series C RP) evenly divisible by seven, and not
fewer than seven or more than 364 in the case of a Short Term Dividend Period or one whole year or more but not greater than five years
in the case of a Long Term Dividend Period, specified in such notice, provided that the Trust may not give a Request for Special Dividend
Period of greater than 28 days, in the case of Series A RP, or seven days, in the case of Series B RP or Series C RP (and any such request
shall be null and void) unless the Trust has given written notice thereof to Moody's and S&amp;P and unless, with respect to such series
of RP, full cumulative dividends, any amounts due with respect to redemptions, and any Additional Dividends payable prior to such date
have been paid in full and, for any Remarketing occurring after the initial Remarketing, all shares tendered were remarketed in the last
occurring Remarketing. Except as otherwise provided in the definition of &quot;Dividend Period&quot; in this Section 12.1, the Dividend
Periods for the Series A RP, Series B RP and Series C RP will never be co-extensive. Such Request for Special Dividend Period, in the
case of a Short Term Dividend Period, shall be given on or prior to the fourth Business Day but not more than seven Business Days prior
to a Remarketing Date and, in the case of a Long Term Dividend Period, shall be given on or prior to the 14th day but not more than 28
days prior to a Remarketing Date. Upon receiving such Request for a Special Dividend Period, the Remarketing Agents shall determine (i)
whether, given the factors set forth below, it is advisable that the Trust issue a Notice of Special Dividend Period for such RP as contemplated
by such Request for Special Dividend Period, (ii) the Optional Redemption Price of such RP during such Special Dividend Period and (iii)
the Specific Redemption Provisions and shall give the Trust written notice (a &quot;Response&quot;) of such determination by no later
than the third Business Day prior to such Remarketing Date. In making such determination the Remarketing Agents 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 RP, (4) industry and financial
conditions which may affect such RP, (5) the investment objective of the Trust, and (6) the Dividend Periods and dividend rates at which
current and potential Beneficial Owners of such RP would remain or become Beneficial Owners. If the Remarketing Agents shall not give
the Trust a Response by such third Business Day or if the Response states that given the factors set forth above it is not advisable that
the Trust give a Notice of Special Dividend Period, the</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Trust 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 Trust give a Notice of
Special Dividend Period, the Trust may by no later than the second Business Day prior to such Remarketing Date give a notice (a &quot;Notice
of Special Dividend Period&quot;) to the Remarketing Agents and to the Securities Depository which notice will specify (i) the duration
of the Special Dividend Period, (ii) the Optional Redemption Price as specified in the related Response and (iii) the Specific Redemption
Provisions, if any, as specified in the related Response. The Trust shall not give a Notice of Special Dividend Period and, if the Trust
has given a Notice of Special Dividend Period, the Trust is required to give telephonic or written notice of its revocation (a &quot;Notice
of Revocation&quot;) to the Remarketing Agents (in the case of clauses (x) and (y)) and the Securities Depository (in the case of clauses
(x), (y) and (z)) on or prior to the Business Day prior to the relevant Remarketing Date if (x) either the 1940 Act RP Asset Coverage
is not satisfied or the Trust shall fail to maintain S&amp;P Eligible Assets and Moody's Eligible Assets each with an aggregate Discounted
Value at least equal to the RP Basic Maintenance Amount, in each case on each of the two Valuation Dates immediately preceding the Business
Day prior to the relevant Remarketing 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 Remarketing Agents
shall advise the Trust is an approximately equal rate for securities similar to the RP with an equal dividend period), provided that (unless
Moody's advises the Trust to the contrary), in calculating the aggregate Discounted Value of Moody's Eligible Assets for this purpose,
the Moody's Exposure Period shall be deemed to be one week longer than the Moody's Exposure Period that would otherwise apply as of the
date of the Notice of Special Dividend Period, (y) sufficient funds for the payment of dividends payable on the immediately succeeding
Dividend Payment Date for RP have not been irrevocably deposited with the Paying Agent by the close of business on the third Business
Day preceding the relevant Remarketing Date or (z) the Remarketing Agents advise the Trust that after consideration of the factors listed
above, it is advisable to give a Notice of Revocation. If the Trust is prohibited from giving a Notice of Special Dividend Period as a
result of any of the factors enumerated in clause (x), (y) or (z) of the prior sentence or if the Trust gives a Notice of Revocation with
respect to a Notice of Special Dividend Period for RP, the next succeeding Dividend Period will be a 28-day Dividend Period (in the case
of Series A RP) or a 7-day Dividend Period (in the case of Series B RP or Series C RP), provided that if the then current Dividend Period
for RP is a Special Dividend Period of less than 28 days (in the case of Series A RP), the next succeeding Dividend Period will be the
same length as the current Dividend Period. In addition, in the event all shares of RP tendered for which the Trust has given a Notice
of Special Dividend Period are not remarketed or a Remarketing for RP is not held for any reason, the Trust may not again give a Notice
of Special Dividend Period with respect to RP (and any such attempted notice shall be null and void) until all shares of such RP tendered
in a subsequent Remarketing with respect to a 28-day Dividend Period (in the case of Series A RP) or a 7-day Dividend Period (in the case
of Series B RP or Series C RP) have been Remarketed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(k)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Simultaneously with the declaration of each dividend at the Applicable Dividend Rate to a Holder determined as set forth in paragraph
3(a) of this Part I of Section 12.1 (each, a &quot;Paragraph 3(a) Dividend&quot;), the Trustees shall also declare a dividend to the same
Holder consisting of one right (a &quot;Right&quot;) to receive an Additional Dividend in respect of such Paragraph 3(a) Dividend. If,
after the close of its fiscal year, the Trust characterizes all or a</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">portion of a Paragraph 3(a) Dividend paid on shares of RP during
such previous fiscal year as consisting of net capital gain or other income subject to regular Federal income tax, without having either
given advance notice to the Remarketing Agents of the inclusion of such taxable income in such Paragraph 3(a) Dividend prior to the setting
of the Applicable Dividend Rate for such Paragraph 3(a) Dividend or included an additional amount in the Paragraph 3(a) Dividend to offset
the tax effect of the inclusion therein of such taxable income, in each case as provided in paragraph 3(m) hereof, and the Trust so characterizes
all or a portion of the Paragraph 3(a) Dividend solely because (i) the Trust has redeemed all or a portion of the outstanding shares of
RP or the Trust has liquidated and (ii) the Trust, in its judgment, believes it is required, in order to comply with a published position
of the Internal Revenue Service concerning the allocation of different types of income between different classes and series of shares,
Rev. Rul. 89-81, 1989-1 C.B. 226, to allocate such taxable income to the RP (the amount so characterized referred to herein as a &quot;Retroactive
Taxable Allocation&quot;), the Trust will, within 90 days after the end of such fiscal year, provide notice of the Retroactive Taxable
Allocation made with respect to the Paragraph 3(a) Dividend to the Paying Agent and to each Holder who received such Paragraph 3(a) Dividend
and the corresponding Right, at such Holder's address as the same appears or last appeared on the share books of the Trust. The Trust
will, within 30 days after such notice is given to the Paying Agent, pay to the Paying Agent (who will then distribute to such holders
of Rights), out of funds legally available therefor, an amount equal to the aggregate of the Additional Dividends payable in respect of
such Retroactive Taxable Allocation. The Trust may direct the Paying Agent to invest any such available funds in Deposit Securities (provided
that such Deposit Securities are also rated at least P-l, MIG-1 or VMIG-1 by Moody's) provided that the proceeds of any such investment
will be available in The City of New York at the opening of business on the payment date for such Additional Dividends. All such funds
(to the extent necessary to pay the full amount of such Additional Dividends) shall be held in trust for the benefit of the holders of
Rights. An Additional Dividend or Additional Dividends declared in respect of a Right shall be paid to the Holder that received such Right,
whether or not such Holder continues to own the shares of RP in respect of which such Right was issued. Rights shall be nontransferable
except by operation of law, and no purported transfer of a Right will be recognized by the Trust. No certificates will be issued evidencing
Rights.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">An &quot;Additional Dividend&quot; in respect
of any Paragraph 3(a) Dividend means payment to a present or former Holder of a share of RP of an amount which, giving effect to the Retroactive
Taxable Allocation made with respect to such Paragraph 3(a) Dividend, would cause such Holder's after-tax return (taking into account
both the Paragraph 3(a) Dividend and the Additional Dividend and assuming such Holder is taxable at the Gross-Up Tax Rate) to be equal
to the after-tax return which the Holder would have realized if the retroactive allocation of taxable income had not been made. Such Additional
Dividend shall be calculated (i) without consideration being given to the time value of money; (ii) assuming that no Holder or former
Holder of shares of RP is subject to the Federal alternative minimum tax with respect to dividends received from the Trust; and (iii)
assuming that the Holder of the share of RP in respect of which a Retroactive Taxable Allocation was made is taxable at the Gross-Up Tax
Rate. An Additional Dividend will not include an amount to compensate for the fact that the Additional Dividend or the retroactive allocation
of taxable income may be subject to state and local taxes. The Gross-Up Tax Rate shall be equal to the sum of (i) the percentage of the
taxable income included in the Paragraph 3(a) Dividend that is taxable for Federal income tax purposes as ordinary income, multiplied
by the greater of (A) the highest marginal Federal corporate</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">income tax rate (without regard to the phase-out of graduated rates)
applicable to ordinary income and (B) the highest marginal Federal individual income tax rate applicable to ordinary income (including
any surtax but without regard to any phase-out of personal exemptions or any limitation on itemized deductions), and (ii) the percentage
of the taxable income included in the Paragraph 3(a) Dividend that is taxable for Federal income tax purposes as long-term capital gain,
multiplied by the greater of (A) the highest marginal Federal corporate income tax rate (without regard to the phase-out of graduated
rates) applicable to long-term capital gain and (B) the highest marginal Federal individual income tax rate applicable to long-term capital
gain (including any surtax, but without regard to any phase-out of personal exemptions or any limitation on itemized deductions).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Except as provided above, no Additional Dividend
shall for any reason be payable in respect of any Paragraph 3(a) Dividend previously paid to a Holder. In particular, and without limiting
the generality of the foregoing, no Additional Dividend shall be payable as a result of any Internal Revenue Service challenge to, among
other things, the characterization of the RP as equity, the Trust's method of allocating various types of income between dividends paid
on different classes or series of shares or between dividends paid on the same class or series of shares, or the designations made by
the Trust relating to distributions made with respect to an earlier taxable year.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(l)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustees may in their sole discretion from time to time declare a special dividend (each, a &quot;special dividend&quot;) in
an amount determined in their sole judgment to be necessary or desirable to cause the Trust to comply with any distribution requirements
of the Code and thereby to avoid the incurrence by the Trust of any income or excise tax under the Code, provided that the Trustees shall
not declare a special dividend if the declaration thereof causes the Trust to fail to maintain the RP Basic Maintenance Amount or the
1940 Act RP Asset Coverage. Any such special dividend shall be payable on a date specified by the Trustees to Holders of record on a date
specified by the Trustees consistent with these By-laws. The Trust shall deposit with the Paying Agent sufficient funds for the payment
of any such special dividend not later than noon on the Business Day immediately preceding the date on which such special dividend becomes
payable and shall give the Paying Agent irrevocable instructions to apply such funds and, if applicable, the income and proceeds therefrom,
to payment of such special dividends. The Trust may direct the Paying Agent to invest any such available funds in Deposit Securities (provided
that such Deposit Securities are also rated at least P-l, MIG-1 or VMIG-1 by Moody's) provided that the proceeds of any such investment
will be available in The City of New York at the opening of business on the payment date for such special dividend. All such funds (to
the extent necessary to pay the full amount of such special dividend) shall be held in trust for the benefit of the Holders.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(m)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever the Trust intends to include any net capital gain or other income subject to regular Federal income tax in a dividend
on shares of RP solely because the Trust, in its judgment, believes it is required, in order to comply with Rev. Rul. 89-81 described
in paragraph 3(k) of this Part I of Section 12.1, to allocate taxable income to shares of RP, the Trust may notify the Remarketing Agents
of the amount to be so included at least five Business Days prior to the Remarketing Date on which the Applicable Dividend Rate for such
dividend is to be established. In the event the Trust has provided such notice to the Remarketing Agents, yet, after giving such notice
and prior to paying the dividend the Trust intends to include additional</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">income subject to regular Federal income tax beyond the amount set
forth in such Notice in such dividend because the Trust, in its sole judgment, believes it is required, in order to comply with such Rev.
Rul. 89-81, to allocate such additional income to such shares of the series of RP, the Trust will (i) increase the dividend by an amount
such that the return to a Holder of RP with respect to such dividend (as so increased and after giving effect to Federal income tax at
the Gross-Up Tax Rate) shall equal the return such Holder of RP would have received, after application of Federal income tax, if such
additional amount of taxable income had not been included in such dividend (and such dividend had not been increased to take account of
any additional amount of taxable income) and (ii) notify the Paying Agent of the additional amount to be included in the dividend at least
five Business Days prior to the applicable Dividend Payment Date. Alternatively, if the Trust has not provided the notice referred to
in the second preceding sentence, yet nevertheless prior to paying the dividend intends to include income subject to regular Federal income
tax in a dividend on shares of RP solely because the Trust, in its judgment, believes it is required, in order to comply with such Rev.
Rul. 89-81, to allocate such income to shares of RP, the Trust will (i) increase the dividend by an amount such that the return to a Holder
of RP with respect to such dividend (as so increased and after giving effect to tax at the Gross-Up Tax Rate) equals the Applicable Dividend
Rate and (ii) notify the Paying Agent of the additional amount to be included in the dividend at least five Business Days prior to the
applicable Dividend Payment Date. The Trust will not be required to notify any Holder of RP of the prospective inclusion of, or to increase
any dividend as a result of the inclusion of, any taxable income in any dividend other than as provided in this paragraph 3(m) or in paragraph
3(k) of this Part I of Section 12.1.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.
Shares of RP shall be redeemable by the Trust as provided below:</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(n)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent permitted under the 1940 Act, upon giving a Notice of Redemption, the Trust at its option may redeem shares of any
series of RP, in whole or in part, on the next succeeding scheduled Dividend Payment Date applicable to those shares of RP called for
redemption, out of funds legally available therefor, at the Optional Redemption Price per share; provided that no share of RP shall be
subject to redemption pursuant to this paragraph 4(a) on any Dividend Payment Date during (A) the Initial Dividend Period with respect
to such share or (B) a Non-Call Period to which such share is subject; and provided further that the Trust shall effect no redemption
pursuant to this paragraph 4(a) if as a result of such redemption the Trust shall have failed to maintain S&amp;P Eligible Assets and
Moody's Eligible Assets with an aggregate Discounted Value at least equal to the RP Basic Maintenance Amount or to maintain the 1940 Act
RP Asset Coverage. For so long as S&amp;P rates any series of RP, the Trust may not give a Notice of Redemption relating to an optional
redemption as described in paragraph 4(a) unless, at the time of giving such Notice of Redemption, the Trust has available Deposit Securities
with maturity or tender dates not later than the day preceding the applicable redemption date and having a Discounted Value not less than
the amount due to Holders by reason of the redemption of shares of such series of RP on such redemption date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(o)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trust shall redeem, out of funds legally available therefor, at the Mandatory Redemption Price per share, certain of the shares
of RP, to the extent permitted under the 1940 Act, if the Trust fails to maintain S&amp;P Eligible Assets and Moody's Eligible Assets
with an aggregate Discounted Value at least equal to the RP Basic Maintenance Amount or to maintain the 1940 Act RP Asset Coverage and
such failure is not cured on or before the RP Basic</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Maintenance Cure Date or the 1940 Act Cure Date (each herein referred
to as a &quot;Cure Date&quot;), as the case may be. The number of shares of RP to be redeemed shall be equal to the lesser of (i) the
minimum number of shares of all series of RP the redemption of which, if deemed to have occurred immediately prior to the opening of business
on the Cure Date, together with all other Preferred Shares subject to redemption or retirement, would result in the satisfaction of the
RP Basic Maintenance Amount or the 1940 Act RP Asset Coverage, as the case may be, on such Cure Date (provided that, if there is no such
minimum number of shares of all series of RP and other Preferred Shares the redemption of which would have such result, all shares of
all series of RP then outstanding shall be redeemed) and (ii) the maximum number of shares of RP, together with all other Preferred Shares
subject to redemption or retirement, that can be redeemed out of funds expected to be legally available therefor. In determining the number
of shares of RP required to be redeemed in accordance with the foregoing, the Trust shall allocate the number required to be redeemed
to satisfy the RP Basic Maintenance Amount or the 1940 Act RP Asset Coverage, as the case may be, pro rata among shares of all series
of RP and other Preferred Shares (as determined by the liquidation preferences of such series of RP and other Preferred Shares) subject
to redemption provisions similar to those contained in this paragraph 4(b). The Trust shall effect such redemption not later than 35 days
after such Cure Date, except that if the Trust does not have funds legally available for the redemption of all of the required number
of shares of all series of RP and other Preferred Shares which are subject to mandatory redemption or the Trust otherwise is unable to
effect such redemption on or prior to 35 days after such Cure Date, the Trust shall redeem those shares of all series of RP and other
Preferred Shares which it was unable to redeem on the earliest practicable date on which it is able to effect such redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Any share of RP shall be subject to mandatory
redemption regardless of whether such share is subject to a Non-Call Period, provided that shares of RP subject to a Non-Call Period will
only be subject to redemption to the extent that the other shares of such series of RP not subject to a Non-Call Period or other Preferred
Shares are not available to satisfy the number of shares required to be redeemed. In such event, such shares subject to a Non-Call Period
will be selected for redemption in an ascending order of outstanding Non-Call Period (with shares with the lowest number of days remaining
in the respective Dividend Period to be called first) and by lot in the event of equal outstanding Non-Call Periods.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(p)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to paragraph 4(d) of this Part I of Section 12.1, if fewer than all the outstanding shares of any series of RP are to be
redeemed pursuant to this paragraph 4, the number of such shares of such series of RP so to be redeemed shall be a whole number of shares
and shall be determined by the Trustees, and the Trust shall give a Notice of Redemption as provided in paragraph 4(e) of this Part I,
provided that no such share of RP will be subject to optional redemption on any Dividend Payment Date during a Non-Call Period to which
it is subject and shares of RP subject to a Non-Call Period will be subject to mandatory redemption only on the basis described under
paragraph 4(b) of this Part I. Unless certificates representing shares of RP are held by Holders other than the Securities Depository
or its nominee, the Securities Depository, upon receipt of such notice, shall determine by lot (or otherwise in accordance with procedures
in effect at the time which shall be consistent with the 1940 Act) the number of shares of such series of RP to be redeemed from the account
of each Agent Member (which may include an Agent Member, including a Remarketing Agent, holding shares for its own account) and notify
the Paying Agent of such determination. The Paying Agent, upon</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">receipt of such notice, shall in turn determine by lot the number
of shares of such series of RP to be redeemed from the accounts of the Beneficial Owners of the shares of such series of RP whose Agent
Members have been selected by the Securities Depository and give notice of such determination to the Remarketing Agents. In doing so,
the Paying Agent may determine that shares of RP shall be redeemed from the accounts of some Beneficial Owners, which may include the
Remarketing Agents, without shares of RP being redeemed from the accounts of other Beneficial Owners.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(q)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding paragraph 4(c) of this Part I, if any certificates representing shares of any series of RP are held by Holders
other than the Securities Depository or its nominee, then the shares of such series of RP to be redeemed shall be selected by the Paying
Agent by lot.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(r)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Notice of Redemption with respect to shares of RP shall be given (A) in the case of a redemption pursuant to paragraph 4(a)
of this Part I, by the Trust to the Paying Agent, the Securities Depository (and any other Holder) and the Remarketing Agents, by telephone,
not later than 1:00 p.m. New York City time (and later confirmed in writing) not less than 20 nor more than 30 days prior to the earliest
date upon which any such redemption may occur and (B) in the case of a mandatory redemption pursuant to paragraph 4(b) of this Part I,
by the Trust to the Paying Agent, the Securities Depository (and any other Holder) and the Remarketing Agents, by telephone, not later
than 1:00 p.m., New York City time (and later confirmed in writing) not less than 20 nor more than 30 days prior to the redemption date
established by the Trustees and specified in such notice. In the case of a partial redemption of the shares of any series of RP, the Paying
Agent shall use its reasonable efforts to provide telephonic notice to each Beneficial Owner of shares of RP called for redemption not
later than the close of business on the Business Day on which the Paying Agent determines the shares to be redeemed, as described in paragraphs
4(c) and 4(d) of this Part I of Section 12.1 (or, during a Non-Payment Period with respect to such shares, not later than the close of
business on the Business Day immediately following the day on which the Paying Agent receives a Notice of Redemption from the Trust).
Such telephonic notice shall be confirmed promptly in writing to the Remarketing Agents, the Securities Depository and each Beneficial
Owner of shares of RP called for redemption not later than the close of business on the Business Day immediately following the day on
which the Paying Agent determines the shares to be redeemed. In the case of a redemption in whole of the shares of any series of RP, the
Paying Agent shall use its reasonable efforts to provide telephonic notice to each Beneficial Owner of shares of RP called for redemption
not later than the close of business on the Business Day immediately following the day on which it receives a Notice of Redemption from
the Trust. Such telephonic notice shall be confirmed promptly in writing to each Beneficial Owner of shares of RP called for redemption,
the Remarketing Agents and the Securities Depository not later than the close of business on the second Business Day following the day
on which the Paying Agent receives a Notice of Redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(s)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Every Notice of Redemption and other redemption notice shall state: (i) the redemption date; (ii) the number of shares of RP to
be redeemed; (iii) the redemption price; (iv) that dividends on the shares of RP to be redeemed shall cease to accumulate as of such redemption
date; and (v) the provision of the Declaration of Trust or the By-laws pursuant to which such shares are being redeemed. In addition,
notice of redemption given to a Beneficial Owner by the Paying Agent shall state the CUSIP number, if any, of the shares of RP to be</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">redeemed and the manner in which the Beneficial Owners of such shares
may obtain payment of the redemption price. No defect in the Notice of Redemption or other redemption notice or in the transmittal or
the mailing thereof shall affect the validity of the redemption proceedings, except as required by applicable law. The Paying Agent shall
use its reasonable efforts to cause the publication of a Notice of Redemption in an Authorized Newspaper within two Business Days of the
date of the Notice of Redemption, but failure so to publish such notification shall not affect the validity or effectiveness of any such
redemption proceedings.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(t)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On any redemption date, the Trust shall deposit, irrevocably in trust, in same-day funds, with the Paying Agent, by 12:00 noon,
New York City time, the Optional Redemption Price or Mandatory Redemption Price, as the case may be, for each share of RP called for redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(u)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with any redemption, upon the giving of a Notice of Redemption and the deposit of sufficient funds necessary for
such redemption with the Paying Agent in accordance with this paragraph 4, shares of RP so called for redemption shall no longer be deemed
outstanding for any purpose and all rights of the Holders of shares of RP so called for redemption shall cease and terminate, except the
right of the Holders thereof to receive the Optional Redemption Price or the Mandatory Redemption Price, as the case may be, but without
any interest or other additional amount (except as provided in paragraph 3(k) of this Part I of Section 12.1). The Trust shall be entitled
to receive from the Paying Agent, promptly after the date fixed for redemption, any cash deposited with the Paying Agent as aforesaid
in excess of the sum of (i) the aggregate redemption price of the shares of RP called for redemption on such date and (ii) all other amounts
to which Holders of shares of RP called for redemption may be entitled. The Trust shall be entitled to receive, from time to time after
the date fixed for redemption, any interest on any funds deposited in respect of such redemption. Any funds so deposited with the Paying
Agent which are unclaimed at the end of ninety days from such redemption date shall, to the extent permitted by law, be repaid to the
Trust, after which time the Holders of shares of RP so called for redemption shall look only to the Trust for payment of the redemption
price and all other amounts to which they may be entitled. For so long as S&amp;P rates any series of RP, if any such unclaimed funds
relating to shares of such series of RP are repaid to the Trust, the Trust shall invest such unclaimed funds in Deposit Securities with
a maturity of no more than one Business Day until such time as there are no unclaimed funds.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(v)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent that any redemption for which Notice of Redemption has been given is not made by reason of the absence of legally
available funds therefor, such redemption shall be made as soon as practicable to the extent such funds become available. Failure to redeem
shares of RP shall be deemed to exist at any time after the date specified for redemption in a Notice of Redemption when the Trust shall
have failed, for any reason whatsoever, to deposit funds with the Paying Agent pursuant to paragraph 4(g) of this Part I of Section 12.1
with respect to any shares for which such Notice of Redemption has been given.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(w)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any of the foregoing provisions of this paragraph 4, the Remarketing Agents may, in their sole discretion, modify
the procedures set forth above with respect to notification of redemption, provided that any such modification does not adversely affect
any Holder of shares of RP or materially alter the obligations of the Paying Agent or the Fund; and further provided that the Trust receives
written confirmation from S&amp;P or Moody's</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">that any such modification would not impair the ratings then assigned
by S&amp;P or Moody's to shares of any series of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(x)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In effecting any redemption pursuant to this paragraph 4, the Trust shall use all reasonable efforts to satisfy all applicable
procedural conditions precedent to effecting such redemption under the 1940 Act and Massachusetts law.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(y)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing, (i) no share of RP may be redeemed pursuant to paragraph 4(a) of this Part I of Section 12.1 unless
the full amount of accumulated but unpaid dividends to the date fixed for redemption for each such share of RP called for redemption shall
have been declared, and (ii) no share of RP may be redeemed unless all outstanding shares of such series of RP are simultaneously redeemed,
nor may any shares of RP be purchased or otherwise acquired by the Trust except in accordance with a purchase offer made on substantially
equivalent terms by the Trust for all outstanding shares of RP, unless, in each such instance, dividends (other than dividends, if any,
to be paid pursuant to paragraph 3(k) or 3(1) of this Part I of Section 12.1 which have not yet become due and payable) on all outstanding
shares of RP through the most recent Dividend Payment Date shall have been paid or declared and sufficient funds for the payment thereof
deposited with the Paying Agent.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(z)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in this paragraph 4 with respect to redemptions and subject to paragraph 4(1) of this Part I of Section 12.1,
nothing contained herein shall limit any legal right of the Trust or any affiliate to purchase or otherwise acquire any share of RP at
any price. Any shares of RP which have been redeemed, purchased or otherwise acquired by the Trust or any affiliate thereof may be resold
if, after the resale, the Trust has Moody's Eligible Assets with an aggregate Discounted Value equal to or greater than the RP Basic Maintenance
Amount as provided in Paragraph 8(a) of this Part I of Section 12.1. In lieu of redeeming shares called for redemption, the Trust shall
have the right to arrange for other purchasers to purchase from Holders all shares of RP to be redeemed pursuant to this paragraph 4,
except those shares of RP to be redeemed pursuant to paragraph 4(b) of this Part I of Section 12.1, by their paying to such Holders on
or before the close of business on the redemption date an amount equal to not less than the redemption price payable by the Trust on the
redemption of such shares, and the obligation of the Trust to pay such redemption price shall be satisfied and discharged to the extent
such payment is so made by such purchasers. Prior to the purchase of such shares by such purchasers, the Trust shall notify each purchaser
that such shares have been called for redemption.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(aa)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon a liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary or involuntary, the Holders of each
share of RP shall be entitled, whether from capital or surplus, before any assets of the Trust shall be distributed among or paid over
to holders of Common Shares or any other class or series of shares of the Trust ranking junior to the RP as to liquidation payments, to
be paid the amount of $50,000 per share of Series A RP, and $25,000 per share of Series B RP and Series C RP, as the case may be, plus
in the case of each series of RP an amount equal to all accumulated but unpaid dividends thereon (whether or not earned or declared) to
but excluding the date of final distribution, in same-day funds. After any such</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">payment, the Holders shall not be entitled to any further participation
in any distribution of assets of the Trust, except as provided in paragraph 3(k) of this Part I of Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(bb)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, upon any such liquidation, dissolution or winding up of the Trust, the assets of the Trust shall be insufficient to make such
full payments to the Holders of shares of RP and the holders of any Preferred Shares ranking as to liquidation, dissolution or winding
up on a parity with the RP, then such assets shall be distributed among the Holders of shares of each series of RP and such parity holders
ratably in accordance with the respective amounts which would be payable on such shares of RP and any other such parity Preferred Shares
if all amounts thereof were paid in full.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(cc)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the consolidation nor the merger of the Trust with or into any other entity or entities nor a reorganization of the Trust
alone nor the sale, lease or transfer by the Trust of all or substantially all of its assets shall be deemed to be a dissolution or liquidation
of the Trust.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U>.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(dd)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>General</U>. Except as otherwise provided in the Declaration of Trust or By-laws, each Holder of shares of RP and each record
holder of Common Shares shall be entitled to one vote for each share held on each matter submitted to a vote of shareholders of the Trust,
and the holders of outstanding Preferred Shares, including each series of RP, and of Common Shares shall vote together as a single class;
provided that, at any meeting of the shareholders of the Trust held for the election of Trustees, the holders of Preferred Shares, including
each series of RP, present in person or represented by proxy at said meeting, shall be entitled, as a class, to the exclusion of the holders
of all other securities and classes of capital shares of the Trust, to elect two Trustees of the Trust, each Preferred Share, including
each share of each series of RP, entitling the holder thereof to one vote. Subject to paragraph 6(b) of this Part I of Section 12.1, the
holders of outstanding Common Shares and Preferred Shares, including each series of RP, voting as a single class, shall elect the balance
of the Trustees.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ee)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Right to Elect Majority of Trustees</U>. During any period in which any one or more of the conditions described below shall
exist (such period being referred to herein as a &quot;Voting Period&quot;), the number of Trustees shall be automatically increased by
the smallest number that, when added to the two Trustees elected exclusively by the holders of Preferred Shares (including each series
of RP), would constitute a majority of the Trustees as so increased by such smallest number; and the holders of Preferred Shares (including
each series of RP) shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the holders of all other securities
and classes of capital shares 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:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</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 any series of RP equal to at least two full years' dividends shall be due and
unpaid and sufficient cash or securities shall not have been deposited with the Paying Agent for the payment of such accumulated dividends;
or</TD></TR></TABLE>


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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>if at any time holders of any Preferred Shares other than the RP are entitled to elect a majority of the Trustees of the Trust.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Upon the termination of a Voting Period, the voting rights described
in this paragraph 6(b) shall cease, subject always, however, to the revesting of such voting rights in the Holders upon the further occurrence
of any of the events described in this paragraph 6(b). A Voting Period shall terminate when all dividends in arrears shall have been paid
or otherwise provided for.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ff)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Actions</U>. Except as otherwise provided herein, so long as any shares of RP are outstanding, the Trust shall not, without
the affirmative vote or consent of the Holders of at least a majority of the shares of RP outstanding at the time, in person or by proxy,
either in writing or at a meeting (voting separately as one class): (i) authorize, create or issue, or increase or decrease the authorized
or issued amount of, any class or series of shares of beneficial interest ranking prior to or on a parity with the RP with respect to
payment of dividends or the distribution of assets on liquidation, or increase or decrease the number of authorized Preferred Shares (although
the Trust may, to the extent of the amount of Preferred Shares authorized from time to time, issue additional shares of RP or other series
of Preferred Shares on a parity with the RP with respect to payment of dividends and the distribution of assets on liquidation (including
Preferred Shares with different dividend rates and periods) without such vote or consent); (ii) amend, alter or repeal the provisions
of the Declaration of Trust and the By-laws, including this Section 12.1, whether by merger, consolidation or otherwise, so as to affect
materially and adversely any preference, right or power of such shares of RP or the Holders thereof; or (iii) take any other action (including
without limitation bankruptcy proceedings) which pursuant to Section 18(a)(2)(D) of the 1940 Act requires such approval by the Holders;
provided that (i) the issuance of not more than the 6,000 Preferred Shares presently authorized and (ii) the creation and issuance of
series of Preferred Shares ranking junior to the RP with respect to payment of dividends and the distribution of assets on liquidation,
will not be deemed to affect such preferences, rights or powers unless such issuance would, at the time thereof, cause the Trust not to
satisfy the 1940 Act RP Asset Coverage or the RP Basic Maintenance Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">In the event of an amendment, alteration or repeal
of the provisions of the Declaration of Trust or the By-Laws, whether by merger, consolidation or otherwise, so as to affect materially
and adversely any preference, right or power of shares of any series of RP or the Holders thereof, the affirmative vote or consent of
the Holders of at least a majority of the outstanding shares of such series, in person or by proxy, either in writing or at a meeting
voting as a separate series shall be required.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">The foregoing voting provisions shall not apply
with respect to shares of RP if, at or prior to the time when a vote is required, such shares of RP shall have been (i) redeemed or (ii)
called for redemption and sufficient funds (in the form of cash or Municipal Bonds rated at least P-1, MIG-1 or VMIG-1 by Moody's and
which mature prior to the redemption date) shall have been deposited in trust to effect such redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Notwithstanding the foregoing, the Trustees may,
without the vote or consent of the Holders of any series of RP, from time to time amend, alter or repeal any or all of the provisions
of paragraphs 12(a), 12(b), 12(c), 13(a) and 13(b) of this Part I of Section 12.1, as well as any or all of the definitions of the terms
listed below, and any such amendment, alteration or repeal will</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">be deemed not to affect the preferences, rights or powers of shares
of RP or the Holders thereof, provided the Trustees receive written confirmation from Moody's, in the case of any such action with respect
to paragraphs 12(b), 12(c), 13(a) and 13(b), or from S&amp;P, in the case of any such action with respect to paragraphs 12(a), 13(a) and
13(b), or from both Moody's and S&amp;P, in the case of any such action with respect to the definitions of the terms listed below, that
any such amendment, alteration or repeal would not impair the ratings then assigned to any series of RP by the rating agency providing
such confirmation:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Accountant's Confirmation</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">Municipal Bonds</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Anticipation Notes</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Municipal Index</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Closing Transactions</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Non-Payment Period Rate</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Deposit Securities</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Quarterly Valuation Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Discounted Value</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Forward Commitments</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Receivables for Municipal</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.05in">Bonds Sold</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Independent Accountant</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">RP Basic Maintenance Amount</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Initial Margin</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">RP Basic Maintenance Cure Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Market Value</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">RP Basic Maintenance Report</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Maximum Potential Additional</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 9pt">Dividend Liability</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P Discount Factor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P Eligible Asset</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Moody's Discount Factor</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P Hedging Transaction</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Moody's Eligible Asset</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P Exposure Period</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Moody's Hedging Transaction</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">S&amp;P Volatility Factor</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Moody's Exposure Period</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Treasury Bonds</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Moody's Volatility Factor</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Valuation Date</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1940 Act Cure Date</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Variation Margin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1940 Act RP Asset Coverage</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(gg)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting Procedures</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>As soon as practicable after the accrual of any right of the holders of shares of Preferred Shares (including shares of each series
of RP) to elect additional Trustees as described in paragraph 6(b) above, the Trust shall notify the Paying Agent and the Paying Agent
shall call a special meeting of such holders, by mailing a notice of such special meeting to such holders, such meeting to be held not
less than 10 nor more than 20 days after the date of mailing of such notice. If the Trust fails to send such notice to the Paying Agent
or if the Paying Agent does not call such a special meeting, it may be called by any such holder on like notice. The record date for determining
the holders entitled to notice of and to vote at such special meeting shall be the close of business on the fifth Business Day preceding
the day on which such notice is mailed. At any such special meeting and at each meeting held during a Voting Period, such holders, voting
together as a class (to the exclusion of the holders of all other securities and classes of capital shares of the Trust), shall be entitled
to elect the number of Trustees prescribed in paragraph 6(b) above on a one-vote-per-share basis. At any such meeting or adjournment thereof
in</TD></TR></TABLE>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1.5in">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 an announcement at the meeting, until a quorum
is present.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>For purposes of determining any rights of the Holders of shares of any series of RP to vote on any matter, whether such right is created
by this Section 12.1, by the other provisions of the Declaration of Trust or the By-laws, by statute or otherwise, no Holder of shares
of any series of RP shall be entitled to vote and no share of any series of RP shall be deemed to be &quot;outstanding&quot; for the purpose
of voting or determining the number of shares required to constitute a quorum if, prior to or concurrently with the time of determination
of shares entitled to vote or shares deemed outstanding for quorum purposes, as the case may be, sufficient funds (in the form of cash
or Municipal Bonds rated at least P-l, MIG-1 or VMIG-1 by Moody's and A-l+ or SP-1+ by S&amp;P and which mature prior to the redemption
date) for the redemption of such shares have been deposited in trust with the Paying Agent for that purpose and the requisite Notice of
Redemption with respect to such shares shall have been given as provided in paragraph 4 of this Part I of Section 12.1. No share of RP
held by the Trust or any affiliate of the Trust shall have any voting rights or be deemed to be outstanding for voting purposes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>The terms of office of all persons who are Trustees of the Trust at the time of a special meeting of Holders of shares of RP and holders
of other Preferred Shares to elect Trustees shall continue, notwithstanding the election at such meeting by the Holders of shares of RP
and such other holders of the number of Trustees that they are entitled to elect, and the persons so elected by the Holders of shares
of RP and such other holders of Preferred Shares, together with the two incumbent Trustees elected by the Holders of shares of RP and
such other holders of Preferred Shares and the remaining incumbent Trustees elected by the holders of the Common Shares and Preferred
Shares, shall constitute the duly elected Trustees of the Trust.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>Simultaneously with the expiration of a Voting Period, the terms of office of the additional Trustees elected by the Holders of shares
of RP and holders of other Preferred Shares pursuant to paragraph 6(b) of this Part I of Section 12.1 shall terminate, the remaining Trustees
shall constitute the Trustees of the Trust and the voting rights of the Holders of shares of RP and such other holders to elect additional
Trustees pursuant to paragraph 6(b) of this Part I of Section 12.1 shall cease, subject to the provisions of the penultimate sentence
of paragraph 6(b).</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(hh)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exclusive Remedy</U>. Unless otherwise required by law, the Holders of shares of RP shall not have any relative rights or preferences
or other special rights other than those specifically set forth herein. The Holders of shares of RP shall have no preemptive rights or
rights to cumulative voting. In the event that the Trust fails to pay any dividends on the shares of</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">RP, the exclusive remedy of the Holders of shares of RP shall be
the right to vote for Trustees pursuant to the provisions of this paragraph 6. In no event shall the Holders of shares of RP have any
right to sue for, or bring a proceeding with respect to, such dividends or redemptions or damages for the failure to receive any dividends
or the proceeds of a redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notification to Moody's and S&amp;P</U>. In the event a vote of Holders of shares of RP is required pursuant to the provisions
of Section 13(a) of the 1940 Act, the Trust shall, not later than ten Business Days prior to the date on which such vote is to be taken,
notify Moody's and S&amp;P that such vote is to be taken, the nature of the action with respect to which such vote is to be taken and,
not later than 10 Business Days following the vote, the results of the vote.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1940
Act RP Asset Coverage</U>. The Trust shall maintain, as of the last Business Day of each month in which any share of RP is outstanding,
the 1940 Act RP Asset Coverage.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>RP
Basic Maintenance Amount</U>.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(jj)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trust shall maintain, on each Valuation Date, and shall verify to its satisfaction that it is maintaining on such Valuation
Date, S&amp;P Eligible Assets having an aggregate Discounted Value equal to or greater than the RP Basic Maintenance Amount and Moody's
Eligible Assets having an aggregate Discounted Value equal to or greater than the RP Basic Maintenance Amount. Upon any failure to maintain
the required Discounted Value, the Trust will use its best efforts to alter the composition of its portfolio to reattain the RP Basic
Maintenance Amount on or prior to the RP Basic Maintenance Cure Date. If, on any Valuation Date, the Trust shall have Moody's Eligible
Assets with a Discounted Value which exceeds the RP Basic Maintenance Amount by not more than 5%, the Adviser shall not alter the composition
of the Trust's portfolio unless it determines that such action will not cause the Trust to have Moody's Eligible Assets with a Discounted
Value less than the RP Basic Maintenance Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(kk)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trust will deliver an RP Basic Maintenance Report to the Remarketing Agents, the Paying Agent, Moody's and S&amp;P as of (i)
each Quarterly Valuation Date, (ii) the first day of a Special Dividend Period, and (iii) any other time when specifically requested by
either Moody's or S&amp;P, in each case at or before 5:00 p.m., New York City time, on the third Business Day after such day.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ll)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust fails to maintain
Moody's Eligible Assets or S&amp;P Eligible Assets, as the case may be, with an aggregate Discounted Value which exceeds the RP Basic
Maintenance Amount by 5% or more or to satisfy the RP Basic Maintenance Amount, the Trust shall complete and deliver to the Remarketing
Agents, the Paying Agent, Moody's and S&amp;P an RP Basic Maintenance Report as of the date of such failure.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(mm)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust cures any failure
to satisfy the RP Basic Maintenance Amount, the Trust shall complete and deliver to the Remarketing Agents, the Paying Agent, Moody's
and S&amp;P an RP Basic Maintenance Report as of the date of such cure.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(nn)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> An RP Basic Maintenance Report or Accountant's Confirmation will be deemed to have been delivered to the Remarketing Agents, the
Paying Agent, Moody's and S&amp;P if the Remarketing Agents, the Paying Agent, Moody's and S&amp;P receive a copy or telecopy, telex or
other electronic transcription thereof and on the same day the Trust mails to the Remarketing Agents, the Paying Agent, Moody's and S&amp;P
for delivery on the next Business Day the full RP Basic Maintenance Report. A failure by the Trust to deliver an RP Basic Maintenance
Report under subparagraph (b), (c) or (d) of this paragraph 8 shall be deemed to be delivery of an RP Basic Maintenance Report indicating
that the Discounted Value for all assets of the Trust is less than the RP Basic Maintenance Amount, as of the relevant Valuation Date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(oo)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within ten Business Days after the date of delivery to the Remarketing Agents, the Paying Agent, S&amp;P and Moody's of an RP Basic
Maintenance Report in accordance with paragraph 8(b) above relating to a Quarterly Valuation Date, the Independent Accountant will confirm
in writing to the Remarketing Agents, the Paying Agent, S&amp;P and Moody's (i) the mathematical accuracy of the calculations reflected
in such Report (and, in any other RP Basic Maintenance Report that was delivered by the Trust during the quarter ending on such Quarterly
Valuation Date, if any, with such RP Basic Maintenance Report to be randomly selected by the Independent Accountant); (ii) that, in such
Report (and in such randomly selected Report, if any), (a) the Trust determined in accordance with this Section 12.1 whether the Trust
had, at such Quarterly Valuation Date (and at the Valuation Date addressed in such randomly selected Report, if any), S&amp;P Eligible
Assets of an aggregate Discounted Value at least equal to the RP Basic Maintenance Amount and Moody's Eligible Assets of an aggregate
Discounted Value at least equal to the RP Basic Maintenance Amount, and (b) it has obtained confirmation from the Pricing Service that
the Market Value of portfolio securities as determined by the Pricing Service equals the mean between the quoted bid and asked prices
or the yield equivalent (when quotations are readily available); (iii) that the Trust has excluded from the RP Basic Maintenance Report
assets not qualifying as Eligible Assets; and (iv) with respect to such confirmation to Moody's, that the Trust has satisfied the requirements
of paragraph 12(b) of this Part I of Section 12.1 as of the Quarterly Valuation Date (and at the Valuation Date addressed in such randomly
selected Report, if any) (such confirmation is herein called the &quot;Accountant's Confirmation&quot;). In preparing the Accountant's
Confirmation, the Independent Accountant shall be entitled to rely, without further investigation, on such interpretations of law by the
Trust as may have been necessary for the Trust to perform the computations contained in the RP Basic Maintenance Report.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(pp)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within ten Business Days after the date of delivery to the Remarketing Agents, the Paying Agent, S&amp;P and Moody's of an RP Basic
Maintenance Report in accordance with paragraph 8(c) above relating to any Valuation Date on which the Trust failed to satisfy the RP
Basic Maintenance Amount, the Independent Accountant will provide to the Remarketing Agents, the Paying Agent, S&amp;P and Moody's an
Accountant's Confirmation as to such RP Basic Maintenance Report.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(qq)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within ten Business Days after the date of delivery to the Remarketing Agents, the Paying Agent, S&amp;P and Moody's of an RP Basic
Maintenance Report in accordance with paragraph 8(d) above relating to any Valuation Date on which the Trust cured any failure to satisfy
the RP Basic Maintenance Amount, the Independent Accountant will provide to the</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Remarketing Agents, the Paying Agent, S&amp;P and Moody's an Accountant's
Confirmation as to such RP Basic Maintenance Report.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(rr)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Accountant's Confirmation delivered pursuant to subparagraph (g), (h) or (i) of this paragraph 8 shows that an error was
made in the RP Basic Maintenance Report for a particular Valuation Date for which such Accountant's Confirmation was required to be delivered,
or shows that a lower aggregate Discounted Value for the aggregate of all S&amp;P Eligible Assets or Moody's Eligible Assets, as the case
may be, of the Trust was determined by the Independent Accountant, the calculation or determination made by such Independent Accountant
shall be final and conclusive and shall be binding on the Trust, and the Trust shall accordingly amend and deliver the RP Basic Maintenance
Report to the Remarketing Agents, the Paying Agent, S&amp;P and Moody's promptly following receipt by the Trust of such Accountant's Confirmation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ss)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At or before 5:00 p.m., New York City time, on the first Business Day after the Date of Original Issue of the shares of RP, the
Trust will complete and deliver to Moody's and S&amp;P an RP 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 provide to Moody's and S&amp;P an Accountant's
Confirmation as to such RP Basic Maintenance Report.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(tt)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At or before 5:00 p.m., New York City time, on the first Business Day following any date on which the Trust repurchases any outstanding
Common Shares, the Trust will complete and deliver to Moody's and S&amp;P an RP Basic Maintenance Report as of the close of business on
the date of the repurchase.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[RESERVED]</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions
on Certain Distributions</U>. For so long as any share of RP is outstanding, the Trust shall not declare, pay or set apart for payment
any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe
for or purchase, Common Shares or other shares, if any, ranking junior to the shares of RP as to dividends and upon liquidation) in respect
of Common Shares or any other shares of the Trust ranking junior to or on a parity with the shares of RP as to dividends or upon liquidation,
or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares or parity
shares (except by conversion into or exchange for shares of the Trust ranking junior to the shares of RP as to dividends and upon liquidation),
unless (i) full cumulative dividends on shares of RP through the most recent Dividend Payment Date shall have been paid or shall have
been declared and sufficient funds for the payment thereof deposited with the Paying Agent, (ii) the Trust has redeemed the full number
of shares of RP required to be redeemed by any provision for mandatory redemption pertaining thereto, (iii) immediately after such transaction
the aggregate Discounted Value of Moody's Eligible Assets and S&amp;P Eligible Assets would at least equal the RP Basic Maintenance Amount
and (iv) the Trust meets the applicable requirements of Section 18(a)(2)(B) of the 1940 Act.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>.
All notices or communications, unless otherwise specified in these Bylaws, shall be sufficiently given if in writing and delivered in
person or mailed by first-class mail, postage prepaid. Notice shall be deemed given on the earlier of the date received or the date seven
days after which such notice is mailed.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Futures
and Options Transactions; Forward Commitments</U>. (a) For so long as any shares of RP are rated by S&amp;P, the Trust will not purchase
or sell futures contracts, write, purchase or sell options on futures contracts or write put options (except covered put options) or call
options (except covered call options) on portfolio securities unless it receives written confirmation from S&amp;P that engaging in such
transactions will not impair the rating then assigned to such shares of RP by S&amp;P, except that the Trust may purchase or sell futures
contracts based on the Bond Buyer Municipal Bond Index (the &quot;Municipal Index&quot;) or U.S. Treasury Bonds with remaining maturities
often years or more (&quot;Treasury Bonds&quot;) and write, purchase or sell put and call options on such contracts (collectively &quot;S&amp;P
Hedging Transactions&quot;), subject to the following limitations:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will not engage in any S&amp;P Hedging Transaction based on the Municipal Index (other than transactions which terminate a futures
contract or option held by the Trust by the Trust's taking an opposite position thereto (&quot;Closing Transactions&quot;)), which would
cause the Trust at the time of such transaction to own or have sold (1) 1,001 or more outstanding futures contracts based on the Municipal
Index, (2) outstanding futures contracts based on the Municipal Index and on Treasury Bonds exceeding in number 25% of the quotient of
the Market Value of the Trust's total assets divided by $100,000 or (3) outstanding futures contracts based on the Municipal Index exceeding
in number 10% of the average number of daily traded futures contracts based on the Municipal Index in the thirty days preceding the time
of effecting such transaction as reported by The Wall Street Journal;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will not engage in any S&amp;P Hedging Transaction based on Treasury Bonds (other than Closing Transactions) which would cause the
Trust at the time of such transaction to own or have sold (1) outstanding futures contracts based on Treasury Bonds and on the Municipal
Index exceeding in number 25% of the quotient of the Market Value of the Trust's total assets divided by $100,000 or (2) outstanding futures
contracts based on Treasury Bonds exceeding in number 10% of the average number of daily traded futures contracts based on Treasury Bonds
in the thirty days preceding the time of effecting such transaction as reported by The Wall Street Journal;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will engage in Closing Transactions to close out any outstanding futures contract which the Trust owns or has sold or any outstanding
option thereon owned by the Trust in the event (i) the Trust does not have S&amp;P Eligible Assets with an aggregate Discounted Value
equal to or greater than the RP Basic Maintenance Amount on two consecutive Valuation Dates and (ii) the Trust is required to pay Variation
Margin on the second such Valuation Date;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will engage in a Closing Transaction to close out any outstanding futures contract or option thereon in the month prior to the delivery
month under the terms of such futures contract or option thereon unless the Trust holds the securities deliverable under such terms; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;when
the Trust writes a futures contract or option thereon (including a futures contract or option thereon which requires delivery of an underlying
security), it will either maintain an amount of cash, cash equivalents or short-term, fixed-income securities in a segregated account
with the Trust's custodian, so that the amount so segregated plus the amount of Initial Margin and Variation Margin held in the account
of or on behalf of the Trust's broker with respect to such futures contract or option equals the Market Value of the futures contract
or option, or, in the event the Trust writes a futures contract or option thereon which requires delivery of an underlying security, it
shall hold such underlying security in its portfolio.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">For purposes of determining whether the Trust
has S&amp;P Eligible Assets with a Discounted Value that equals or exceeds the RP Basic Maintenance Amount, such Discounted Value shall,
unless the Trust receives written confirmation from S&amp;P to the contrary, be reduced by an amount equal to (i) 30% of the aggregate
settlement value, as marked to market, of any outstanding futures contracts based on the Municipal Index which are owned by the Trust
plus (ii) 25% of the aggregate settlement value, as marked to market, of any outstanding futures contracts based on Treasury Bonds which
contracts are owned by the Trust.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(uu)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For so long as any shares of RP are rated by Moody's, the Trust will not buy or sell futures contracts, write, purchase or sell
put or call options on futures contracts or write put or call options (except covered call or put options) on portfolio securities unless
it receives written confirmation from Moody's that engaging in such transactions would not impair the rating then assigned to any shares
of RP by Moody's, except that the Trust may purchase or sell exchange-traded futures contracts based on the Municipal Index or Treasury
Bonds and purchase, write or sell exchange-traded put options on such futures contracts and purchase, write or sell exchange-traded call
options on such futures contracts (collectively &quot;Moody's Hedging Transactions&quot;), subject to the following limitations:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will not engage in any Moody's Hedging Transaction based on the Municipal Index (other than Closing Transactions) which would cause
the Trust at the time of such transaction to own or have sold (1) outstanding futures contracts based on the Municipal Index exceeding
in number 10% of the average number of daily traded futures contracts based on the Municipal Index in the thirty days preceding the time
of effecting such transaction as reported by The Wall Street Journal or (2) outstanding futures contracts based on the Municipal Index
having a Market Value exceeding the Market Value of Municipal Bonds constituting Moody's Eligible Assets owned by the Trust;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will not engage in any Moody's Hedging Transaction based on Treasury Bonds (other than Closing Transactions) which would cause the
Trust at the time of such transaction to own or have sold in the aggregate (1) outstanding futures contracts based on Treasury Bonds having
an aggregate Market Value exceeding 10% of</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">the aggregate Market Value of all Moody's Eligible Assets owned
by the Trust and rated Aaa by Moody's, (2) outstanding futures contracts based on Treasury Bonds having an aggregate Market Value exceeding
50% of the aggregate Market Value of all Moody's Eligible Assets owned by the Trust and rated Aa by Moody's (or, if not rated by Moody's
but rated by S&amp;P, rated AAA by S&amp;P) or (3) outstanding futures contracts based on Treasury Bonds having an aggregate Market Value
exceeding 90% of the aggregate Market Value of Moody's Eligible Assets owned by the Trust and rated Baa or A by Moody's (or, if not rated
by Moody's but rated by S&amp;P, rated A or AA by S&amp;P) (for purposes of the foregoing clauses (A) and (B), the Trust shall be deemed
to own the number of futures contracts that underlie any outstanding options written by the Trust);</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will engage in Closing Transactions to close out any outstanding futures contract based on the Municipal Index if the amount of
open interest in the Municipal Index as reported by The Wall Street Journal is less than 5,000;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will engage in a Closing Transaction to close out any outstanding futures contract by no later than the fifth Business Day of the
month in which such contract expires and will engage in a Closing Transaction to close out any outstanding option on a futures contract
by no later than the first Business Day of the month in which such option expires;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will engage in Moody's Hedging Transactions only with respect to futures contracts or options thereon having the next settlement
date for such type of futures contract or option, or the settlement date immediately thereafter;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will not engage in options and futures transactions for leveraging or speculative purposes unless Moody's shall advise the Trust
that to do so would not adversely affect Moody's' then current rating of the shares of RP; provided, however, that the Trust will not
be deemed to have engaged in a futures or options transaction for leveraging or speculative purposes so long as it has done so otherwise
in accordance with this paragraph 12; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(G)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will not enter into an option or futures transaction unless, after giving effect thereto, the Trust would continue to have Moody's
Eligible Assets with an aggregate Discounted Value equal to or greater than the RP Basic Maintenance Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">For purposes of determining whether the Trust has Moody's
Eligible Assets with an aggregate Discounted Value that equals or exceeds the RP Basic Maintenance Amount, the Discounted Value of Moody's
Eligible Assets which the Trust is obligated to deliver or receive pursuant to an outstanding futures contract or option shall be as follows
(unless the Trust receives written confirmation to the contrary from Moody's): (i) assets subject to call options written by the Trust
which are either exchange-traded and &quot;readily reversible&quot; or which expire within 48 days after the date as of which such valuation
is made shall be valued at the lesser of (a) Discounted Value and (b) the exercise price of the call option written by the Trust; (ii)
assets subject to call options written by the Trust not meeting the requirements of clause (i) of this sentence shall have no value; (iii)
assets subject to put options written by the Trust shall be</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">valued at the lesser of (a) the exercise price and (b) the Discounted Value
of such security; and (iv) futures contracts shall be valued at the lesser of (a) settlement price and (b) the Discounted Value of the
subject security, provided that, if a contract matures within 48 days after the date as of which such valuation is made, where the Trust
is the seller the contract may be valued at the settlement price and where the Trust is the buyer the contract may be valued at the Discounted
Value of the subject securities.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">For purposes of determining whether the Trust
has Moody's Eligible Assets with an aggregate Discounted Value that equals or exceeds the RP Basic Maintenance Amount, the following amounts
shall be added to the RP Basic Maintenance Amount required to be maintained by the Trust under paragraph 8(a) of this Part I of Section
12.1 (unless the Trust receives written confirmation to the contrary from Moody's): (i) 10% of the exercise price of a written call option;
(ii) the exercise price of any written put option; (iii) where the Trust is the seller under a futures contract, 10% of the settlement
price of the futures contract; (iv) where the Trust is the purchaser under a futures contract, the settlement price of assets to be purchased
under such futures contract; (v) the settlement price of the underlying futures contract if the Trust writes put options on a futures
contract; and (vi) 105% of the Market Value of the underlying futures contracts if the Trust writes call options on futures contracts
and does not own the underlying contract.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(vv)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For so long as any shares of RP are rated by Moody's, the Trust will not enter into any contract to purchase securities for a fixed
price at a future date beyond customary settlement time (other than such contracts that constitute Moody's Hedging Transactions that are
permitted under paragraph 12(b) of this Part I of Section 12.1) unless it receives written confirmation from Moody's that engaging in
such transactions would not impair the rating then assigned to such shares of RP by Moody's except that the Trust may enter into such
contracts to purchase newly-issued securities on the date such securities are issued (&quot;Forward Commitments&quot;), subject to the
following limitations:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will maintain in a segregated account with its custodian cash, cash equivalents or short-term, fixed income securities rated P-l,
MIG-1 or VMIG-1 by Moody's and maturing prior to the date of the Forward Commitment with a face value that equals or exceeds the amount
of the Trust's obligations under any Forward Commitments to which it is from time to time a party or long-term fixed income securities
with a Discounted Value that equals or exceeds the amount of the Trust's obligations under any Forward Commitments to which it is from
time to time a party; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will not enter into a Forward Commitment unless, after giving effect thereto, the Trust would continue to have Moody's Eligible
Assets with an aggregate Discounted Value equal to or greater than the RP Basic Maintenance Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">For purposes of determining whether the Trust
has Moody's Eligible Assets with an aggregate Discounted Value that equals or exceeds the RP Basic Maintenance Amount, the Discounted
Value of all Forward Commitments to which the Trust is a party and of all securities deliverable to the Trust pursuant to such Forward
Commitments shall be zero.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Other Restrictions</U>.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ww)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For so long as any shares of RP are outstanding, the Trust will not, unless it has received written confirmation from Moody's and
S&amp;P that any such action would not impair the ratings then assigned by Moody's and S&amp;P to any shares of RP, engage in any one
or more of the following transactions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>borrow any money except as may be necessary for the clearance of purchases and sales of portfolio securities and which borrowings
shall be repaid within 60 days and not be extended or renewed (provided that no such borrowing will be permitted unless the Trust, after
giving effect to such borrowing, maintains Moody's Eligible Assets and S&amp;P Eligible Assets at least equal to the RP Basic Maintenance
Amount);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>lend portfolio securities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>designate a new Pricing Service;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>engage in short sales;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>merge or consolidate with any other entity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>engage in reverse repurchase agreements; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>issue a class or series of shares of beneficial interest ranking prior to or on a parity with the RP with respect to payment of dividends
or the distribution of assets on liquidation.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(xx)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For so long as any shares of RP are rated by Moody's or S&amp;P, the Trust shall give to Moody's or S&amp;P, as the case may be,
prompt written notice of the following circumstances:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>any change to the Declaration of Trust or Article 12 of the Bylaws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>any failure to declare or pay any dividend on the shares of RP;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>any mandatory or optional redemption of the shares of RP;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>any assumption of control of the Trustees by the Holders of shares of RP pursuant to Section 6(b) of this Part I of Section 12.1;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>in the event the Trust shall not be a party to a pricing services agreement and dealer quotes on assets are not available;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>in the event that the Applicable Dividend Rate equals or exceeds 95% of the applicable Reference Rate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>any person owning of record more than 5% of the Trust's Common Shares;</TD></TR></TABLE>


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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD>a change in Internal Revenue Service rules on Additional Dividends relating to the operation of the Trust; and</TD></TR></TABLE>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD>Putnam Investment Management, Inc. is no longer the Trust's investment manager.</TD></TR></TABLE>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legally
Available Funds</U>. For purposes of this Section 12.1, funds shall not be &quot;legally available&quot; for the payment of dividends
or the redemption price with respect to any share of RP if the Trust is insolvent at the time such payment would be made or to the extent
that such payment cannot be made without rendering the Trust insolvent.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">PART II<BR>
REMARKETING PROCEDURES</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">The provisions of this Part II of Section 12.1
and other provisions of these Bylaws describe the procedures pursuant to which the Applicable Dividend Rate shall, except as otherwise
provided in these Bylaws, be determined for any Dividend Period for any series of RP. In the event that any of the Remarketing Agents,
Paying Agent, Securities Depository, Agent Members and Beneficial Owners fail for any reason to perform any of the acts or obligations
to be performed by him or it as described herein, then no Holder or Beneficial Owner of any shares of such series of RP shall have any
right in respect thereof against the Trust or any Trustee or officer of the Trust, and the sole obligation of the Trust in respect of
the determination of the amount and the payment of any dividend shall be to pay to the Holders of such series of RP as shown on the share
transfer books of the Trust from time to time dividends as determined in accordance with the terms of this Part II of Section 12.1 and
any other applicable provisions of these Bylaws. Notwithstanding any provision of these Bylaws, the Trust shall have no obligation at
any time to provide notice (other than to the Remarketing Agents, the Paying Agent, the Securities Depository, S&amp;P and Moody's), or
to make any payment (in respect of any dividend or otherwise), to any person other than the Holders of the shares of RP shown on the share
transfer books of the Trust from time to time, and the providing of any notice or the payment of any amount to such Holders (or to such
other entities) shall discharge in full for all purposes (including without limitation as against all Beneficial Owners of any shares
of RP) the Trust's obligation to provide any notice or to make any payment.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remarketing
Schedule</U>. Each Remarketing shall take place over a two-Business Day period consisting of the Remarketing Date and the Settlement Date.
Such dates or the method of establishing such dates shall be determined by the Trustees from time to time and until further action by
the Trustees, a Remarketing Date shall occur on the last Business Day of a Dividend Period for a series of RP (except for the last Dividend
Period for such RP) and the related Settlement Date shall occur on the first Business Day of the succeeding Dividend Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure
for Tendering</U>.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(yy)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each share of RP is subject to Tender and Dividend Reset at the end of each Dividend Period for such RP and may be tendered in
the Remarketing which commences on the Remarketing Date immediately prior to the end of the current Dividend Period. By 9:00 a.m., New
York City time, on each such Remarketing Date, the Remarketing Agents shall, after</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">canvassing the market and considering prevailing market conditions
at the time for shares of such RP and similar securities, provide Beneficial Owners of such RP non-binding indications of the Applicable
Dividend Rate for the next succeeding 28-day Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series
B RP or Series C RP) or, if applicable, a Special Dividend Period; provided that, if the Trust has designated the next Dividend Period
for such RP as a Special Dividend Period, the Remarketing Agents will provide to Beneficial Owners a non-binding indication only of the
Applicable Dividend Rate for such Special Dividend Period. The actual Applicable Dividend Rate for such Dividend Period may be greater
than or less than the rate per annum indicated in such non-binding indications (but not greater than the applicable Maximum Dividend Rate).
By 12:00 noon, New York City time, on such Remarketing Date, each Beneficial Owner of a share of RP must notify a Remarketing Agent of
its desire, on a share-by-share basis, either to tender such share of RP at a price of $50,000 per share (in the case of Series A RP)
or $25,000 per share (in the case of Series B RP or Series C RP) or to continue to hold such share for the next 28-day Dividend Period
(in the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP) or, if applicable, the next Special
Dividend Period. Beneficial Owners who do not provide such notice shall be deemed to have elected (i) to hold all their shares of RP if
each of the current Dividend Period and succeeding Dividend Period is a 28-day Dividend Period (in the case of Series A RP) or 7-day Dividend
Period (in the case of Series B RP or Series C RP) or a Special Dividend Period of 60 days or less, and (ii) to tender all their shares
of RP if the current Dividend Period or succeeding Dividend Period is a Special Dividend Period of more than 60 days. Any notice given
to a Remarketing Agent to tender or hold shares for a particular Dividend Period shall be irrevocable and shall not be conditioned upon
the level at which the Applicable Dividend Rate is established. A Remarketing Agent may, in its sole discretion, (i) at the request of
a Beneficial Owner that has tendered one or more shares to such Remarketing Agent, waive such Beneficial Owner's tender, and thereby enable
such Beneficial Owner to continue to hold the share or shares for the next 28-day Dividend Period (in the case of Series A RP) or 7-day
Dividend Period (in the case of Series B RP or Series C RP) or, if applicable, a designated Special Dividend Period, as agreed to by such
Beneficial Owner and such Remarketing Agent at such time, so long as such tendering Beneficial Owner has indicated to such Remarketing
Agent that it would accept the new Applicable Dividend Rate for such Dividend Period, such waiver to be contingent upon the Remarketing
Agents' ability to remarket all shares of RP tendered in such Remarketing, and (ii) at the request of a Beneficial Owner that has elected
to hold one or more of its shares of RP, waive such Beneficial Owner's election with respect thereto, such waiver to be contingent upon
the Remarketing Agents' ability to remarket all shares of RP tendered in such Remarketing.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(zz)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The ability of each Beneficial Owner to tender shares of RP in a Remarketing shall be limited to the extent that (i) the Remarketing
Agents conduct a Remarketing pursuant to the terms of the Remarketing Agreement, (ii) shares tendered have not been called for redemption
and (iii) the Remarketing Agents are able to find a purchaser or purchasers for tendered shares of RP at an Applicable Dividend Rate for
the next applicable Dividend Period that is not in excess of the Maximum Dividend Rate for such Dividend Period.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Determination
of Applicable Dividend Rate</U>s.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(aaa)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By 3:00 p.m., New York City time, on each Remarketing Date for a series of RP, the Remarketing Agents shall determine the Applicable
Dividend Rate to the nearest one-thousandth (0.001) of one percent per annum for the next 28-day Dividend Period (in the case of Series
A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP), or, if designated, Special Dividend Period. The Applicable
Dividend Rate for each such Dividend Period, except as otherwise required herein, shall be the dividend rate per annum which the Remarketing
Agents determine, in their sole judgment, to be the lowest rate that will enable them to remarket on behalf of the Beneficial Owners thereof
all shares of RP subject to Tender and Dividend Reset in such Remarketing and tendered to them on such Remarketing Date at a price of
$50,000 per share (in the case of Series A RP) or $25,000 per share (in the case of Series B RP and Series C RP).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(bbb)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For any series of RP, if no Applicable Dividend Rate shall have been established on a Remarketing Date in a Remarketing for the
next 28-day Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP), or Special
Dividend Period, if any, for any reason (other than because there are no Remarketing Agents, the Remarketing Agents are not required to
conduct a Remarketing pursuant to the terms of the Remarketing Agreement or the Remarketing Agents are unable to remarket on the Remarketing
Date all shares of RP tendered (or deemed tendered) to them at a price of $50,000 per share (in the case of Series A RP) or $25,000 per
share (in the case of Series B RP and Series C RP)), then the Remarketing Agents, in their sole discretion, shall, if necessary and except
during a Non-Payment Period, after taking into account market conditions as reflected in the prevailing yields on fixed and variable rate
taxable and tax exempt debt securities and the prevailing dividend yields of fixed and variable rate preferred stock, determine the Applicable
Dividend Rate that would be the rate per annum that would be the initial dividend rate fixed in an offering on such Remarketing Date,
assuming in each case a comparable dividend period, issuer and security. If there is no Remarketing for such series of RP because there
are no Remarketing Agents or the Remarketing Agents are not required to conduct a Remarketing pursuant to the Remarketing Agreement or
if the Remarketing Agents are unable to remarket on the Remarketing Date all shares of RP tendered (or deemed tendered) to them at a price
of $50,000 per share (in the case of Series A RP) or $25,000 per share (in the case of Series B RP or Series C RP), then, except during
a Non-Payment Period, the Applicable Dividend Rate for the subsequent Dividend Period for RP and for each subsequent Dividend Period for
RP for which no Remarketing takes place because of the foregoing shall be the applicable Maximum Dividend Rate for a 28-day Dividend Period
(in the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP) and the next Dividend Period for RP
and each such subsequent Dividend Period shall be a 28-day Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the
case of Series B RP or Series C RP).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ccc)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In determining the Applicable Dividend Rate for a series of RP, the Remarketing Agents shall, after taking into account market
conditions as reflected in the prevailing yields on fixed and variable rate taxable and tax exempt debt securities and the prevailing
dividend yields of fixed and variable rate preferred stock determined for the purpose of providing non-binding indications of the Applicable
Dividend Rate to Beneficial Owners and potential purchasers of shares of RP, (i) consider the number of shares of RP tendered and the
number of shares of RP</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">potential purchasers are willing to purchase and (ii) contact by
telephone or otherwise current and potential Beneficial Owners of shares of RP subject to Tender and Dividend Reset to ascertain the dividend
rates at which they would be willing to hold shares of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ddd)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Applicable Dividend Rate for each series of RP shall be determined as aforesaid by the Remarketing Agents in their sole discretion
(except as otherwise provided in this Section 12.1 with respect to an Applicable Dividend Rate that shall be the Non-Payment Period Rate
or the Maximum Dividend Rate) and shall be conclusive and binding on Holders and Beneficial Owners.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(eee)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except during a Non-Payment Period, the Applicable Dividend Rate for any Dividend Period for each series of RP shall not be more
than the applicable Maximum Dividend Rate.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Allocation
of Shares: Failure to Remarket at Liquidation Preference</U>.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(fff)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Remarketing Agents are unable to remarket by 3:00 p.m., New York City time, on a Remarketing Date all shares of RP tendered
(or deemed tendered) to them in the related Remarketing at a price of $50,000 per share (in the case of Series A RP) or $25,000 per share
(in the case of Series B RP or Series C RP), (i) each Beneficial Owner that tendered or was deemed to have tendered shares of RP for sale
shall sell a number of shares of RP on a pro rata basis, to the extent practicable, or by lot, as determined by the Remarketing Agents
in their sole discretion, based on the number of orders to purchase shares of RP in such Remarketing, and (ii) the Applicable Dividend
Rate for the next Dividend Period for RP, which shall be a 28-day Dividend Period, shall be the Maximum Dividend Rate for such 28-day
Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ggg)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the allocation procedures described above would result in the sale of a fraction of a share of RP, the Remarketing Agents shall,
in their sole discretion, round up or down the number of shares of RP sold by each Beneficial Owner on the applicable Remarketing Date
so that each share sold by a Beneficial Owner shall be a whole share of RP, and the total number of shares sold equals the total number
of shares purchased on such Remarketing Date.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification
of Results: Settlement</U>.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(hhh)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>By telephone at approximately 3:30 p.m., New York City time, on each Remarketing Date, the Remarketing Agents shall advise each
Beneficial Owner of tendered shares and each purchaser thereof (or the Agent Member thereof) (i) of the number of shares such Beneficial
Owner or purchaser is to sell or purchase and (ii) to give instructions to its Agent Member to deliver such shares against payment therefor
or to pay the purchase price against delivery as appropriate. The Remarketing Agents will also advise each Beneficial Owner or purchaser
that is to continue to hold, or to purchase, shares with a Dividend Period beginning on the Business Day following such Remarketing Date
of the Applicable Dividend Rate for such shares.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> In accordance with the Securities Depository's normal procedures, on the Settlement Date, the transactions described above with
respect to each share of RP shall be executed through the Securities Depository, if the Securities Depository or its nominee holds or
is to hold the certificate relating to the shares to be purchased, and the accounts of the respective Agent Members of the Securities
Depository shall be debited and credited and shares delivered by book entry as necessary to effect the purchases and sales of shares of
RP in the related Remarketing. Purchasers of such shares of RP shall make payment to the Paying Agent in same-day funds against delivery
to such purchasers or their nominees of one or more certificates representing such shares of RP, or, if the Securities Depository or its
nominee holds or is to hold the certificate relating to such shares to be purchased, through their Agent Members in same-day funds to
the Securities Depository against delivery by book entry of such shares of RP through their Agent Members. The Securities Depository shall
make payment in accordance with its normal procedures.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(jjj)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Beneficial Owner selling shares of RP in a Remarketing fails to deliver such shares, the Agent Member of such selling Beneficial
Owner and of any other person that was to have purchased shares of RP in such Remarketing may deliver to any such other person a number
of whole shares of RP that is less than the number of shares that otherwise was to be purchased by such person. In such event, the number
of shares of RP to be so delivered shall be determined by such Agent Member. Delivery of such lesser number of shares of RP shall constitute
good delivery of such number of shares.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(kkk)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Remarketing Agents, the Paying Agent and the Securities Depository each will use its reasonable commercial efforts to meet
the timing requirements set forth in paragraphs (a) and (b) above; provided that, in the event that there is a delay in the occurrence
of any delivery or other event connected with a Remarketing, the Remarketing Agents, the Paying Agent and the Securities Depository each
will use its reasonable commercial efforts to accommodate such delivery in furtherance of the Remarketing.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(lll)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any of the foregoing provisions of this paragraph 5, the Remarketing Agents may, in their sole discretion, modify
the settlement procedures set forth above with respect to any Remarketing, provided any such modification does not adversely affect the
Beneficial Owners or the Holders of RP or the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(mmm)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Trust, the Paying Agent nor any of the Remarketing Agents shall be obligated in any case to provide funds to make payment
to a Beneficial Owner upon such Beneficial Owner's tender of its shares of RP in a Remarketing, unless, in each case, such shares of RP
were acquired for the account of the Trust, the Paying Agent or any of the Remarketing Agents, as the case may be.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
of Shares of RP by Remarketing Agents</U>. The Remarketing Agents may purchase for their own account shares of RP in a Remarketing, provided
that they purchase all tendered (or deemed tendered) shares of RP not sold in such Remarketing to other purchasers. If the Remarketing
Agents hold shares of RP for their own account upon completion of a Remarketing, they must establish an Applicable Dividend Rate with
respect to such shares in such Remarketing that is not higher than the Applicable Dividend Rate that would have been established if the
Remarketing Agents did not hold or had not purchased such shares. Except as</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">provided in the first sentence of this paragraph 6, the Remarketing
Agents shall not be obligated to purchase any shares of RP that would otherwise remain unsold in a Remarketing. If the Remarketing Agents
hold for their own account any shares of RP subject to a Remarketing immediately prior to such Remarketing and if all other shares subject
to such Remarketing and tendered for sale by other Beneficial Owners of shares of RP (including circumstances where any of the Remarketing
Agents hold such shares as nominee) have been sold in such Remarketing, then the Remarketing Agents may sell such number of their shares
in such Remarketing as there are outstanding orders to purchase that have not been filled by shares tendered for sale by other Beneficial
Owners.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable
Dividend Rate During a Non-Payment Period</U>. So long as a Non-Payment Period for any series of RP shall continue, paragraphs 1, 2, 3,
4, 5 and 6 of this Part II of Section 12.1 shall not be applicable to any of the shares of all series of RP and the shares of all series
of RP shall not be subject to Tender and Dividend Reset.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfers</U>.
Unless the Trust has elected, during a Non-Payment Period, to waive this requirement, ownership of shares of RP will be maintained in
book entry form by the Securities Depository, for the account of a designated Agent Member which, in turn, shall maintain records of such
purchaser's beneficial ownership.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(nnn)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent permitted by applicable law, the Trustees may interpret or adjust the provisions hereof to resolve any inconsistency
or ambiguity, or to remedy any formal defect.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ooo)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provision of these Bylaws, (i) no Remarketing Agent, Paying Agent, Securities Depository or Agent Member shall
have any obligation in respect of any person having any interest in any share of RP other than the Beneficial Owner thereof, and the Paying
Agent shall have no obligation to record any transfer of beneficial ownership in any share unless and until it shall have received proper
notice and evidence of such transfer and the right of the transferee in accordance with its procedures in effect from time to time, and
(ii) the record books of the Trust as kept by the Paying Agent shall be conclusive as to who is the Holder of any share of RP and as to
the number of shares of RP held from time to time by any Holder, and the Trust shall have no obligation in respect of any share of RP
to any person other than such Holder.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
Depository; Share Certificates</U>.</P>

<P STYLE="font: 1pt/1pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(ppp)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If there is a Securities Depository, one certificate for all of the shares of each series of RP shall be issued to the Securities
Depository and registered in the name of the Securities Depository or its nominee. Any such certificate shall bear a legend to the effect
that such certificate is issued subject to the provisions contained in this Section 12.1. Unless the Trust shall have elected, during
a Non-Payment Period, to waive this requirement, the Trust will also issue stop-transfer instructions to this effect to the Paying Agent
for the shares of RP. 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.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(qqq)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> If the Applicable Dividend Rate applicable to all shares of any series of RP shall be the Non-Payment Period Rate or there is
no Securities Depository, the Trust may at its option issue one or more new certificates with respect to such shares (without the legend
referred to in paragraph 10(a) of this Part II of Section 12.1) registered in the names of the Beneficial Owners or their nominees and
rescind the stop-transfer instructions referred to in paragraph 10(a) of this Part II of Section 12.1 with respect to such shares.</P>

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 13</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in"><B>13.1 Advance Notice of Shareholder Nominations
of Trustees and Other Shareholder Proposals</B>. Except as otherwise provided in Article 16 of these Bylaws, the matters to be considered
and brought before any meeting of Shareholders shall be limited to only such matters, including the nomination and election of Trustees,
as shall be brought properly before such meeting in compliance with the procedures set forth in this Section 13.1. Only persons who are
nominated in accordance with the following procedures, other than persons nominated by the Board of Trustees, shall be eligible for election
as Trustees, and no proposal to fix the number of Trustees shall be considered at or brought before a meeting of Shareholders or otherwise
transacted unless notice is provided in accordance with the following procedures, except as may be otherwise provided in the Bylaws with
respect to the right of holders of Preferred Shares, if any, of the Trust to nominate and elect a specified number of Trustees in certain
circumstances.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(a) <I>Shareholder Nominations for Trustee
and Other Shareholder Proposals for Meetings of Shareholders.</I></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(1) For any matter to be properly brought
before a meeting of Shareholders, the matter must be (i) specified in the notice of meeting given by or at the direction of the Trustees
pursuant to Article V, Section 2 of the Declaration of Trust, (ii) brought before the meeting by or at the direction of the Trustees (or
any duly authorized committee thereof) or the Chair of the Trustees or (iii) brought before the meeting by any Shareholder of the Trust
who was a Shareholder of record (1) at the time the notice provided for in this Section 13.1 is delivered to the Clerk of the Trust, (2)
at the record date for the meeting and (3) at the time of the meeting, who is entitled to vote at the meeting on the nomination or proposal
for which the Shareholder has provided notice prior to such meeting in accordance with this Article 13, and who complies with the notice
procedures set forth in subparagraph (2) of this paragraph (a) of this Section 13.1 and the other requirements of this Article 13. If
the Shareholder ceases to be a holder of record of Shares, or if the beneficial owner ceases to be the beneficial owner of Shares to the
extent the record owner and beneficial owner are not the same person, entitled to vote at such meeting on the nomination or proposal for
which the Shareholder has provided notice prior to such meeting in accordance with this</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in">Article 13, the Shareholder&#8217;s proposal shall automatically
be withdrawn from consideration at the meeting.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(2) For such matter to be properly brought
before a meeting by a Shareholder pursuant to clause (iii) of subparagraph (1) of paragraph (a) of this Section 13.1, the Shareholder
must have given timely notice thereof in writing to the Clerk of the Trust in accordance with paragraph (b) of this Section 13.1. The
Shareholder&#8217;s notice shall contain, at a minimum, the required information set forth in paragraph (c) of this Section 13.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(b) <I>Timely Notice</I>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(1) <U>Annual Meeting</U>. To be timely,
a Shareholder&#8217;s notice required by subparagraph (2) of paragraph (a) of this Section 13.1 in respect of an annual meeting or a special
meeting in lieu of an annual meeting (each, an &#8220;Annual Meeting&#8221;) shall be delivered to the Clerk at the principal executive
offices of the Trust not less than sixty (60) nor more than ninety (90) days prior to the anniversary date of the immediately preceding
Annual Meeting; provided, however, if and only if the Annual Meeting is not scheduled to be held on a date that is within thirty (30)
days before or after such anniversary date, notice by the Shareholder in order to be timely must be so received no later than the close
of business on the tenth (10th) day following the earlier of the date on which notice of the date of the annual meeting was first mailed
to Shareholders and the date on which the date of the Annual Meeting was publicly announced or disclosed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(2) <U>Special Meeting (Other than Special
Meeting in Lieu of Annual Meeting)</U>. To be timely, a Shareholder&#8217;s notice required by subparagraph (2) of paragraph (a) of this
Section 13.1 in respect of a special meeting shall be delivered to the Clerk at the principal executive offices of the Trust not later
than the close of business on the tenth (10th) day following the earlier of the date on which notice of the date of the special meeting
was first mailed to Shareholders and the date on which the date of the special meeting was publicly announced or disclosed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(3) <U>General</U>. In no event shall one
or more adjournments or postponements (or public announcements thereof) of a meeting of Shareholders commence a new time period (or extend
any time period) for the giving of a Shareholder&#8217;s notice as described in this paragraph (b) of this Section 13.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(4) <U>Publicly Announced or Disclosed</U>.
For purposes of this Section 13.1, a matter shall be deemed to have been &#8220;publicly announced or disclosed&#8221; if such matter
is disclosed in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service, in a document
publicly filed by the Trust with the Securities Exchange Commission, or on a website accessible to the public maintained by the Trust
or its investment adviser or an affiliate of such investment adviser with respect to the Trust.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(c) <I>Content of Shareholder&#8217;s Notice</I>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(1) <U>Shareholder Nominations and Proposals
to Fix the Number of Trustees</U>. Any Shareholder desiring to nominate any person or persons (as the case may be) for election as a Trustee
or Trustees of the Trust shall set forth in the Shareholder&#8217;s notice required by this Section 13.1 as to each person, if any, whom
the Shareholder proposes to nominate for election or re-election as a Trustee (i) the person&#8217;s name, age, date of birth, business
address, residence address and nationality; (ii) any other information regarding the person required by each of paragraphs (a), (d), (e)
and (f) of Item 401 of Regulation S-K and paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Exchange Act; (iii) any other
information regarding the person that would be required to be disclosed in a proxy statement or other filings required to be made in connection
with solicitation of proxies for election of Trustees or directors pursuant to Section 14 of the Exchange Act and the rules and regulations
promulgated thereunder; (iv) whether the Shareholder believes the person is or will be an &#8220;interested person&#8221; of the Trust
(as defined in the 1940 Act) and, if not an &#8220;interested person,&#8221; information regarding the person that will be sufficient
for the Trust to make such determination; (v) the written consent of the person to being named as a nominee and to serve as a Trustee
if elected; and (vi) the class or series and number of all Shares owned beneficially and of record by the person. Any Shareholder&#8217;s
notice required by this Section 13.1 in respect of a proposal to fix the number of Trustees shall also set forth a description and the
text of the proposal, which description and text shall state a fixed number of Trustees that otherwise complies with the Bylaws and the
Declaration of Trust, and shall be accompanied by a written statement as to why the Shareholder believes that the proposal to fix the
number of Trustees at the specified number is in the best interests of Shareholders.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(2) <U>Other Proposals</U>. Any Shareholder
desiring to propose any matter at a Shareholders&#8217; meeting, other than the nomination of one or more persons for the election of
Trustee or Trustees or a proposal to fix the number of Trustees (which shall be subject to the provisions of subparagraph (1) of paragraph
(c) of this Section 13.1) shall set forth in the Shareholder&#8217;s notice required by this Section 13.1 (i) the exact text of the proposal
to be presented; (ii) a brief written statement of the reasons why such Shareholder favors the proposal; and (iii) a brief written statement
why the proposal is in the best interests of Shareholders.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(3) <U>General Requirements</U>. Without
limiting the foregoing, any Shareholder who gives a Shareholder&#8217;s notice of any matter proposed to be brought before a Shareholder
meeting (whether or not involving nominees for Trustees) as required by this Section 13.1 shall set forth in such Shareholder&#8217;s
notice, (i) the name and address of the Shareholder, as it appears on the Trust&#8217;s books; (ii) the class or series and number of
all Shares owned beneficially and of record by the Shareholder (or by each of the record owner and beneficial owner if not the same person,
identifying the name and address of each); (iii) any material interest of such Shareholder in the matter proposed (other than as a Shareholder);
(iv) if the proposal involves nominee(s) for Trustees, a description of all</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in">arrangements or understandings between the Shareholder and each
proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by the Shareholder;
(v) a representation that the Shareholder intends to appear in person or by proxy at the meeting to act on the matter(s) proposed; (vi)
any other information relating to the Shareholder that would be required to be disclosed in a proxy statement or other filings required
to be made in connection with solicitation of proxies with respect to the matter(s) proposed pursuant to Section 14 of the Exchange Act
and the rules and regulations promulgated thereunder; (vii) to the extent known by the Shareholder giving notice, the name and address
of any other Shareholder supporting the proposed nominee or other proposal; and (viii) in the case of a beneficial owner, evidence establishing
such beneficial owner&#8217;s indirect ownership of, and entitlement to vote, Shares at the meeting of Shareholders. As used in this Section
13.1, Shares &#8220;beneficially owned&#8221; shall mean all Shares which such person is deemed to beneficially own pursuant to Rules
13d-3 and 13d-5 under the Exchange Act. The Shareholder shall also provide such other information as the Board of Trustees may reasonably
request in order to assess whether the matter is a proper matter for Shareholder consideration and determine a position with respect to
such proposal.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(4) <U>Beneficial Owner</U>. If the record
owner and the beneficial owner of the Shares are not the same person, the Shareholder shall also provide the information called for by
clauses (iii), (iv), (v), (vi) and (vii) of subparagraph (3) of paragraph (c) of this Section 13.1 in respect of the beneficial owner
of such Shares.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(d) <I>Attendance at Meeting</I>. Notwithstanding
the foregoing provisions of this Article 13, unless otherwise required by the Declaration or Trust or applicable law, if the Shareholder
who has provided the notice prescribed in paragraph (b) of this Section 13.1 does not appear at the meeting to present in person the nominations
or other proposals that were the subject of such notice, any such nomination or nominations shall not be acted on and any proposal or
proposals shall not be transacted.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(e) <I>Authority to Determine Compliance
with Procedures</I>. The person presiding at any meeting of Shareholders, in addition to making any other determinations that may be appropriate
to the conduct of the meeting, shall have the power and duty to (i) determine whether a nomination or proposal was made in compliance
with the procedures set forth in this Article 13 and elsewhere in the Bylaws and in the Declaration of Trust and (ii) if any nomination
or proposal is not so in compliance to declare that such nomination or proposal shall be disregarded.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 14</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>14.1 General.</B> These Bylaws may be amended or
repealed, in whole or in part, by a majority of the Trustees then in office. These Bylaws may not be amended by Shareholders.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 15</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>15.1 Shareholder Claims.</B> As used herein, a &#8220;direct
Shareholder claim&quot; shall refer to (i) a claim based upon alleged violations of a Shareholder&#8217;s individual rights independent
of any harm to the Trust, including a Shareholder&#8217;s voting rights under Article 10, rights to receive a dividend payment as may
be declared from time to time, rights to inspect books and records, or other similar rights personal to the Shareholder and independent
of any harm to the Trust; and (ii) a claim for which a direct shareholder action is expressly provided under the U.S. federal securities
laws. Any claim asserted by a Shareholder that is not a direct Shareholder claim, including without limitation any claims purporting to
be brought on behalf of the Trust or involving any alleged harm to the Trust, shall be considered a &#8220;derivative claim&quot; as used
herein.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 16</B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>16.1 Certain Definitions</B>. As used in this Article
16, the following terms have the meanings specified below:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(a) &#8220;Associate&#8221; means, with respect
to any Person, any person who directly or indirectly controls or is controlled by, or is under common control with, such Person, &#8220;control,&#8221;
as used in this definition meaning the possession, direct or indirect, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ownership of voting securities, by contract or otherwise; any corporation or organization
of which such Person is an officer, director or partner or in which such Person performs a similar function; any direct or indirect Beneficial
Owner of ten percent (10%) or more of any class of equity securities of such Person; any trust or estate in which such Person has a beneficial
interest not represented by transferable shares or as to which such Person serves as trustee or in a similar fiduciary capacity; any relative
or spouse of such Person, or any relative of such spouse, any one of whom has the same residence as such Person or who is a Trustee or
officer of the Trust or any of its affiliates; any person who is acting or intends to act jointly or in concert with such Person in a
Control Share Acquisition; and any &#8220;affiliated person&#8221; of such Person, as such term is defined in Section 2(a)(3) of the 1940
Act.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(b) &#8220;Beneficial Ownership&#8221; or
&#8220;Beneficially Owned&#8221; means the sole or shared power to dispose or direct the disposition of Shares or the sole or shared power
to vote or to direct the voting of Shares, whether such power is direct or indirect or through any contract, arrangement, understanding,
relationship or otherwise. A Person shall not be deemed to be a Beneficial Owner of Shares as to which such Person may exercise voting</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">power solely by virtue of a revocable proxy conferring the right
to vote. A member of a national securities exchange shall not be deemed to be a Beneficial Owner of Shares held directly or indirectly
by it on behalf of another Person solely because such member is the record holder of such securities and, pursuant to the rules of such
exchange, may direct the vote of such Shares, without instruction, on other than contested matters or matters that may affect substantially
the rights or privileges of the holders of the Shares to be voted but is otherwise precluded by the rules of such exchange from voting
without instructions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 6pt 0.5in; text-indent: 0.5in">(c)(1) &#8220;Control Share Acquisition&#8221;
means the acquisition by any Person of Beneficial Ownership of Shares, other than remarketed preferred shares of a series existing as
of September 18, 2020 (&#8220;Existing Preferred Shares&#8221;), which, but for the provisions of this Article 16, would have voting rights
and which, when added to all other Shares Beneficially Owned by such Person (excluding Existing Preferred Shares but including Shares
otherwise included in the categories enumerated in Section 16.1(c)(2)(i) through (vi) below), would entitle such Person, upon acquisition
of such Shares, to vote or direct the voting of Shares having voting power in the election of Trustees (except for elections of Trustees
by preferred shareholders of the Trust voting as a separate class) within any of the following ranges of such voting power:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-indent: 0.5in">(i) One-tenth or more, but less than one-fifth
of all voting power;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-indent: 0.5in">(ii) One-fifth or more, but less than one-third
of all voting power;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-indent: 0.5in">(ii) One-third or more, but less than a
majority of all voting power; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-indent: 0.5in">(iv) A majority or more of all voting power.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">Subject to Section 16.1(c)(2) below, with
respect to any Control Share Acquisition by a Person, the following Shares, other than any Existing Preferred Shares, shall be deemed
to have been acquired in the same Control Share Acquisition for purposes of this Article 16: (a) all Shares the Beneficial Ownership of
which is acquired by such Person within ninety (90) days before the date on which such Person makes an acquisition of Beneficial Ownership
of Shares that results in such Control Share Acquisition and all Shares the Beneficial Ownership of which was acquired by such Person
pursuant to a plan to make a Control Share Acquisition; and (b) all Shares the Beneficial Ownership of which is acquired by such Person
within the range of voting power (specified in this Section 16.1(c)(1)) to which the Control Share Acquisition is subject at any time
after the date on which such Person makes an acquisition of Beneficial Ownership of Shares that results in such Control Share Acquisition
but prior to the authorization by Shareholders of such Person&#8217;s voting rights with respect to such Control Share Acquisition in
accordance with Section 16.4 of this Article 16.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-indent: 0.5in">(2) A Control Share Acquisition shall not
include the acquisition of Beneficial Ownership of Shares acquired:</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(i) before September 18, 2020, provided, for the avoidance of
doubt, that Shares acquired before September 18, 2020 shall, pursuant to Section 16.1(c)(1) above, be added to Shares the Beneficial Ownership
of which is acquired after September 18, 2020 for purposes of determining whether a Control Share Acquisition has taken place or will
take place following September 18, 2020;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(ii) pursuant to a contract to acquire Shares existing before
September 18, 2020;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(iii) by will or pursuant to the laws of descent and distribution;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(iv) pursuant to the satisfaction of a pledge or other security
interest created in good faith and not for the purpose of circumventing the provisions of this Article 16;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(v) pursuant to a tender offer, merger or consolidation, but only
if such tender offer, merger or consolidation is pursuant to an agreement to which the Trust is a party and has been approved by such
proportion of the Board of Trustees and/or Shareholders of the Trust as is required pursuant to the Declaration of Trust or Bylaws; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(vi) through any other transaction that is declared to be exempt
from the provisions of this Article 16 by vote of a majority of the Board of Trustees, whether such vote is taken before, at the time
of or after such transaction.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 0.5in; text-indent: 0.5in">(3) The acquisition of Beneficial Ownership
of Shares does not constitute a Control Share Acquisition if the acquisition is made by a Person whose voting rights with respect to Shares
were previously authorized by the Shareholders of the Trust in compliance with this Article 16, unless such acquisition, when added to
all other Shares Beneficially Owned by the Person making such acquisition, other than any Existing Preferred Shares, would entitle such
acquiring Person to vote or direct the voting of Shares having voting power in the election of Trustees in excess of the range of voting
power within which all Shares Beneficially Owned by such Person whose voting rights were previously so authorized had voting power immediately
following such authorization.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.05pt 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(d) &#8220;Control Share Acquisition Statement&#8221;
means a statement satisfying the requirements of Section 16.2 below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-indent: 0.5in">(e) &#8220;Interested Shares&#8221; means
Shares that are Beneficially Owned by:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(i) any Person who has acquired or proposes to acquire Beneficial
Ownership of Shares in a Control Share Acquisition;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(ii) any officer of the Trust; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(iii) any employee of the Trust or the Trust&#8217;s investment
adviser who is also a Trustee of the Trust.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">For the avoidance of doubt, any Person whose
voting rights in connection with a Control Share Acquisition are subject to a Shareholder vote at a meeting of Shareholders pursuant to
Section 16.3 shall be deemed to hold Interested Shares with respect to any Shareholder vote at such meeting on voting rights in connection
with a Control Share Acquisition by any other Person.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(f) &#8220;Person&#8221; means any individual,
corporation, partnership, unincorporated association or other entity, and includes any Associate of such Person.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><B>16.2 Delivery of Control Share Acquisition
Statement.</B> Any Person who has made a Control Share Acquisition or has made a bona fide written offer to make a Control Share Acquisition
may deliver a Control Share Acquisition Statement to the Clerk of the Trust at the principal executive offices of the Trust personally
or by certified mail. The Control Share Acquisition Statement shall set forth all of the following:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(i) the identity/identities of such Person who intends/intend
to acquire or has/have acquired Beneficial Ownership of Shares;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(ii) a statement that such Control Share Acquisition Statement
is being made and delivered pursuant to the provisions of this Article 16;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(iii) the number and class or series of Shares Beneficially Owned
by such Person prior to the Control Share Acquisition;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(iv) the number and class or series of Shares acquired or proposed
to be acquired by such Person pursuant to the Control Share Acquisition and the range of voting power to which the Control Share Acquisition
is or, if consummated, would be subject pursuant to the provisions of Section 16.1(c)(1) above;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(v) a description of the terms and conditions of the proposed
or completed Control Share Acquisition, including but not limited to the prices paid by such Person in the Control Share Acquisition and
the dates upon which the Shares were acquired or are planned to be acquired; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(vi) if the Control Share Acquisition has not been completed,
representations by such Person that such Control Share Acquisition, if consummated, will not be contrary to law, and that such Person
has the financial capacity to consummate the proposed Control Share Acquisition, together with a statement in reasonable detail of the
material facts upon which such representation is based.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>16.3 Meeting of Shareholders.</B> (a) If the Person
delivering a Control Share Acquisition Statement so demands in writing contemporaneously with the delivery of such Control Share Acquisition
Statement, consideration of the voting rights to be authorized for the Shares acquired or proposed to be acquired in the Control Share
Acquisition shall be presented at the next meeting of the Trust&#8217;s Shareholders notice of which has not been given prior to the receipt
by the Trust of the Control Share Acquisition Statement, whether such meeting is an annual meeting, special meeting in lieu of an annual
meeting or special meeting (and provided that the Board of Trustees shall have no obligation to call such a meeting for the sole purpose
of considering the voting rights in connection with a Control Share Acquisition). A demand delivered pursuant to the preceding sentence
shall not be considered a notice of Shareholder proposal for purposes of</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Article 13, Section 13.1 of these Bylaws and shall not be subject to the
associated informational requirements or deadlines. Such demand shall not be effective unless accompanied by an undertaking by the Person
making such demand to pay, if requested by the Trust, the reasonable expenses incurred by the Trust arising from or relating to the consideration
of the voting rights of such Person at a Shareholder meeting, but not including the expenses of the Trust incurred in opposing a vote
to authorize voting rights for the Shares acquired or proposed to be acquired in the Control Share Acquisition. The Trust shall have no
obligation to, but may, include the consideration of voting rights for the Shares acquired or proposed to be acquired in a Control Share
Acquisition in its own proxy statement for any Shareholder meeting. The Trustees may require the acquiring Person to give bond, with sufficient
surety, or may require such Person to deposit cash in escrow to reasonably assure the Trust that this undertaking will be satisfied. For
the avoidance of doubt, a demand delivered pursuant to this Section shall be limited to the consideration of the voting rights to be authorized
for only those Shares acquired within the range of voting power to which the Control Share Acquisition is subject pursuant to the provisions
of Section 16.1(c)(1) above, and any Shares acquired in excess of such range shall constitute a separate Control Share Acquisition with
respect to the next range of voting power and, therefore, shall be treated separately for purposes of applying the provisions of this
Article 16.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(b) The notice to the Shareholders of the Trust of any
annual meeting, special meeting in lieu of an annual meeting or special meeting at which the voting rights to be accorded Shares acquired
or proposed to be acquired in a Control Share Acquisition are to be considered shall be directed to all Shareholders of record of the
Trust entitled to vote on such matter as of the record date set for such meeting. Such notice may include or be accompanied by a copy
of the Control Share Acquisition Statement received by the Trust pursuant to this Article 16, and such other information as the Trust
deems appropriate.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(c) A Person whose voting rights with respect to Shares
acquired in a Control Share Acquisition are considered at a meeting of Shareholders of the Trust with respect to one of the four ownership
thresholds specified in Section 16.1(c)(1) above and not approved may not demand Shareholder consideration of its voting rights in connection
with a Control Share Acquisition with respect to the same ownership threshold at any subsequent Shareholder meeting held within two calendar
years of the initial meeting at which such Person&#8217;s voting rights were considered with respect to such threshold, and, for the avoidance
of doubt, such Person shall not have voting rights with respect to such Shares except to the extent approved at a future meeting held
after the expiration of such two-year period and, after the expiration of such two-year period, such Person may deliver a Control Share
Acquisition Statement (in accordance with Section 16.2 above) with respect to such Shares (and/or any other Shares acquired in a Control
Share Acquisition with respect to the same ownership threshold) and may demand Shareholder consideration of the voting rights to be authorized
for such Shares (in accordance with Section 16.3(a) above).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>16.4 Authorization of Voting Rights.</B> The Person
who has acquired Beneficial Ownership of Shares in a Control Share Acquisition shall have the same voting rights with respect to those
Shares as the Beneficial Owners of all other Shares of the same class or series of the Trust only to the extent authorized by vote of
Shareholders of the Trust at an annual meeting,</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">special meeting in lieu of an annual meeting or special meeting at which
such authorization is considered pursuant to Section 16.3(a) above. At any such meeting, such authorization shall be considered prior
to any other matter that is subject to a Shareholder vote, and such authorization shall require the affirmative vote of the holders of
a majority of the Shares entitled to vote generally in the election of Trustees, excluding Interested Shares. For the avoidance of doubt,
Interested Shares shall be treated in the same manner in connection with such authorization as Shares acquired in a Control Share Acquisition
for which no authorization is approved by Shareholders, as provided in the following sentence. If no such vote is adopted, (a) the Beneficial
Owner of such Shares acquired in a Control Share Acquisition shall not have &#8220;power to vote&#8221; such Shares on any matters listed
in Article V, Section 1 of the Declaration of Trust, such Shares held by such Beneficial Owner shall not be &#8220;entitled to&#8221;
the voting power set forth in Article V, Section 1 of the Declaration of Trust and the Beneficial Owner of such Shares shall not otherwise
have voting rights with respect to such Shares with respect to any matter pursuant to these Bylaws or the Declaration of Trust, and (b)
such Shares shall not be considered &#8220;entitled to vote&#8221; for purposes of determining quorum pursuant to Article V, Section 3
of the Declaration of Trust and shall not be considered &#8220;present and entitled to vote&#8221; with respect to any adjournment within
the meaning of Article 10, Section 10.2 of these Bylaws. Such Shares shall have &#8220;power to vote&#8221; (including the voting power
prescribed in the Declaration of Trust), be &#8220;entitled to vote&#8221; and be &#8220;present and entitled to vote&#8221; upon transfer
of Beneficial Ownership of such Shares to another Person unless such transfer constitutes a Control Share Acquisition by the acquirer,
in which event the ability of the acquirer to vote such Shares shall be subject to the provisions of this Article 16.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>16.5 Persons Required to Provide Information; Interpretation.</B>
(a) Each Person who owns Shares either beneficially or of record shall provide to the Trust such information as the Trust may request
as is necessary for the Trust to apply the provisions in this Article 16.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(b) Upon approval by a majority of the Board of Trustees,
the Board of Trustees may adopt policies, procedures or resolutions to supply any omission, cure any ambiguity or correct or supplement
any defective or inconsistent provisions contained in this Article 16. Any interpretation of any term or provision contained in this Article
16 made by the Trustees in good faith shall be conclusive and binding upon all Shareholders of the Trust.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">*Of the amendments below, only the amendments to Article 12 remain current.
Apart from the amendments to Article 12, all other amendments have been superseded by the Amended and Restated Bylaws of Putnam Municipal
Opportunities Trust dated as of September 18, 2020.</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Amendment No. 1 to Amended and Restated Bylaws</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Section 12.1, Part I, paragraph 6(c),
of the Bylaws (the &quot;Bylaws) of Putnam Municipal Opportunities Trust (the &quot;Trust&quot;) permits the Trustees of the Trust (the
&quot;Trustees&quot;) to amend, alter or repeal certain provisions of the Bylaws, subject to written confirmation from Standard &amp;
Poor's Rating Services (&quot;S&amp;P&quot;) and Moody's Investor Services, Inc. (&quot;Moody's&quot;) that such amendment, alteration
or repeal will not affect the ratings then assigned to the Trust's outstanding Remarketed Preferred Shares (&quot;RP&quot;; terms used
without definition in this amendment have the respective meanings ascribed to them in the Bylaws);</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Trustees desire to amend Section
12.1, Part I, paragraph 12 of the Bylaws;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Moody's and S&amp;P have confirmed to
the Trust that such amendment will not impair its ratings of outstanding RP;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">NOW, THEREFORE, the Bylaws are hereby amended
as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Section 12.1, Part I, paragraph 12 is amended
and restated to read in full as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Futures and Options
Transactions: Forward Commitments</U>. (a) For so long as any shares of RP are rated by S&amp;P, the Trust will not purchase or sell futures
contracts, write, purchase or sell options on futures contracts or write put options (except covered put options) or call options (except
covered call options) on portfolio securities unless it receives written confirmation from S&amp;P that engaging in such transactions
will not impair the rating then assigned to such shares of RP by S&amp;P, except that the Trust may purchase or sell futures contracts
based on the Bond Buyer Municipal Bond Index (the &quot;Municipal Index&quot;) or on U.S. Treasury Bonds, Bills or Notes (&quot;Treasury
Futures&quot;) and write, purchase or sell put and call options on such contracts (collectively &quot;S&amp;P Hedging Transactions&quot;),
subject to the following limitations:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Trust will not
engage in any S&amp;P Hedging Transactions based on the Municipal Index (other than transactions which terminate a futures contract or
option held by the Trust by the Trust's taking an opposition position thereto (&quot;Closing Transactions&quot;)), which would cause the
Trust at the time of such transaction to own or have sold (1) 1,001 or more outstanding futures contracts based on the Municipal Index,
(2) outstanding futures contracts based on the Municipal Index exceeding in number 25% of the quotient of the Market Value of the Trust's
total assets divided by $100,000 or (3) outstanding futures contracts based on the Municipal Index exceeding in number 10% of the average
daily open interest in futures contracts based on the Municipal Index in the thirty days preceding the time of effecting such transaction
as reported by The Wall Street Journal;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trust will not
engage in any S&amp;P Hedging Transaction based on Treasury Futures (other than Closing Transactions) which would cause the Trust at the
time of such transaction to own or have sold (1) outstanding futures contracts based on Treasury Futures exceeding in number 50% of the
quotient of the Market Value of the Trust's total assets divided by $100,000 ($200,000 in the case of futures on the two year Treasury
Note and $1,000,000 in the case of futures on Treasury Bills) or (2) outstanding futures contracts based on a particular Treasury instrument
exceeding in number 10% of the average daily open interest in such futures contracts in the thirty days preceding the time of effecting
such transaction as reported by The Wall Street Journal;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trust will engage
in Closing Transactions to close out any outstanding futures contracts which the Trust owns or has sold or any outstanding option thereon
owned by the Trust in the event (1) the Trust does not have S&amp;P Eligible Assets with an aggregate Discounted Value equal to or greater
than the RP Basic Maintenance Amount on two consecutive Valuation Dates and (2) the Trust is required to pay Variation Margin on the second
such Valuation Date; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;when the Trust engages
in an S&amp;P Hedging Transaction, it will maintain an amount of cash, cash equivalents or short-term, money market securities or longer
term fixed income obligations rated, in the case of longer term securities, at least A in a segregated account with the Trust's custodian,
so that the amount so segregated plus the amount of Initial Margin and Variation Margin held in the account of or on behalf of the Trust's
broker with respect to such futures contract or option equals the following:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Writing covered call options on futures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">the higher of the Market Value of the instruments underlying the
options contract or the strike price of the options contract.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Writing covered put options on futures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">the strike price of the options contract.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Buying futures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">the Trust's purchase obligation under the futures contract.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Selling futures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">the higher of the Market Value of the instruments or index underlying
the futures contract and the market price at which the futures will settle at expiration.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">For purposes of determining whether the Trust
has S&amp;P Eligible Assets with a Discounted Value that equals or exceeds the RP Basic Maintenance Amount, amounts deposited as Initial
Margin and, for futures contracts only, Variation Margin shall not constitute S&amp;P</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Eligible Assets and securities held in the segregated account contemplated
by paragraph 12 (a) (D) above shall have the following Discount Factors.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><B><U>Type Of Contract</U></B></TD>
  <TD STYLE="width: 50%"><B><U>Discounted Value</U></B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B><U></U></B></TD>
  <TD><B><U>Of Segregated Securities</U></B></TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Writing covered call options on futures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">The Discounted Value of segregated securities is equal to the
lower of the strike price of the option or the Discounted Value of the segregated securities.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Writing covered put options on futures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">The Discounted Value of segregated securities is equal to the
lower of the Discounted Value of the segregated securities and the Trust's purchase obligation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Futures:</TD><TD>The Discounted Value of segregated securities is determined by reference to the S&amp;P Exposure Period from the date of calculation
to the contract expiration date.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">(b) For so long as any shares of RP are rated by Moody's, the Trust will
not buy or sell futures contracts, write, purchase or sell put or call options on futures contracts or write put or call options (except
covered call or put options) on portfolio securities unless it receives written confirmation from Moody's that engaging in such transactions
would not impair the rating then assigned to any shares of RP by Moody's, except that the Trust may purchase or sell exchange-traded futures
contracts based on the Municipal Index or Treasury Futures and purchase, write or sell exchange-traded put options on such futures contracts
and purchase, write or sell exchange-traded call options on such futures contracts (collectively &quot;Moody's Hedging Transactions&quot;),
subject to the following limitations:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trust will not
engage in any Moody's Hedging Transaction based on the Municipal Index (other than Closing Transactions) which would cause the Trust at
the time of such transaction to own or have sold outstanding futures contracts based on the Municipal Index exceeding in number 10% of
the average number of daily traded futures contracts based on the Municipal Index in the thirty days preceding the time of effecting such
transaction as reported by The Wall Street Journal;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trust will engage
in Closing Transactions to close out any outstanding futures contract based on the Municipal Index if the amount of open interest in the
Municipal Index as reported by The Wall Street Journal is less than 5,000;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Trust will not
enter into an option or futures transaction unless, after giving effect thereto, the Trust would continue to have Moody's Eligible Assets
with an aggregate Discounted Value equal to or greater than the RP Basic Maintenance Amount; and</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;when the Trust engages
in a Moody's Hedging Transaction, it will maintain an amount of cash, cash equivalents or short-term, money market securities or longer
term fixed income obligations rated, in the case of longer term obligations, at least A2 in a segregated account with the Trust's custodian,
so that the amount so segregated plus the amount of Initial Margin and Variation Margin held in the account of or on behalf of the Trust's
broker with respect to such futures contract or option equals the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Writing covered call options on futures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">the higher of the Market Value of the instruments underlying the
options contract or the strike price of the options contract.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Writing covered put options:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">the strike price of the options contract.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Buying futures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">the Trust's purchase obligation under the futures contract.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Selling futures:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.5in">the higher of the Market Value of the instruments or index underlying
the futures contract and the price at which the futures contract will settle at expiration.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">For purposes of determining whether the Trust has Moody's Eligible
Assets with an aggregate Discounted Value that equals or exceeds the RP Basic Maintenance Amount, the Discounted Value of Moody's Eligible
Assets which the Trust is obligated to deliver pursuant to an outstanding futures contract or option shall be as follows (unless the Trust
receives written confirmation to the contrary from Moody's): (i) assets subject to call options written by the Trust which are either
exchange-traded and &quot;readily reversible&quot; or which expire within 48 days after the date as of which such valuation is made shall
be valued at the lesser of (a) Discounted Value and (b) the exercise price of the call option written by the Trust; (ii) assets subject
to call options written by the Trust not meeting the requirements of clause (i) shall have no value and (iii) assets subject to put options
written by the Trust shall be valued at the lesser of (a) the exercise price and (b) the Discounted Value of such security.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">For purposes of determining whether the Trust has Moody's Eligible Assets
with an aggregate Discounted Value that equals or exceeds the RP Basic Maintenance Amount, the following amounts shall be added to the
RP Basic Maintenance Amount required to be maintained by the Trust under paragraph 8(a) of this Part I of Section 12.1 (unless the Trust
receives written confirmation to the contrary from Moody's): (i) 10% of the exercise price of a written call option; (ii) the exercise
price of any written put option; (iii) where the Trust is the seller under a futures contract which does not settle in cash, 10% of the
settlement price of the futures contract; (iv) where the Trust is the purchaser under a futures contract which does not settle in cash,
10%</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">of the settlement price of assets to be purchased under such futures contract;
(v) the settlement price of the underlying futures contract if the Trust writes put options on a futures contract; and (vi) 105% of the
Market Value of the underlying futures contracts if the Trust writes call options on futures contracts and does not own the underlying
contract.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as any shares of RP are rated by Moody's, the Trust will not enter into any contract to purchase securities for a fixed price
at a future date beyond customary settlement time (other than such contracts that constitute Moody's Hedging Transactions that are permitted
under paragraph 12(b) of this Part I of Section 12.1) unless it receives written confirmation from Moody's that engaging in such transactions
would not impair the rating then assigned to such shares of RP by Moody's except that the Trust may enter into such contracts (&quot;Forward
Commitments&quot;), subject to the following limitations:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will maintain in a segregated account with its custodian cash, cash equivalents or short-term, fixed income securities rated P-l,
MIG-1 or VMIG-1 by Moody's with a face value that equals or exceeds the amount of the Trust's obligations under any Forward Commitments
to which it is from time to time a party or longer-term fixed income securities with a Discounted Value that equals or exceeds the amount
of the Trust's obligations under any Forward Commitments to which it is from time to time a party; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Trust will not enter into a Forward Commitment unless, after giving effect thereto, the Trust would continue to have Moody's Eligible
Assets with an aggregate Discounted Value equal to or greater than the RP Basic Maintenance Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">For purposes of determining whether the Trust
has Moody's Eligible Assets with an aggregate Discounted Value that equals or exceeds the RP Basic Maintenance Amount, the Discounted
Value of all Forward Commitments to which the Trust is a party and of all securities deliverable to the Trust pursuant to such Forward
Commitments shall be zero.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in">This amendment is effective as of May 24, 1999.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt; text-transform: uppercase; text-align: center">PUTNAM MUNICIPAL OPPORTUNITIES
TRUST<BR>
<BR>
<FONT STYLE="text-transform: none">Amendment No. 2 to Bylaws</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Article 13, Section 13.1 and Article
12, Section 12.1, Part I, paragraph 6(c) of the Bylaws (the &quot;Bylaws&quot;) of Putnam Municipal Opportunities Trust (the &quot;Trust&quot;)
permit the Trustees of the Trust (the &quot;Trustees&quot;) to amend, alter or repeal the definitions of certain listed terms contained
in the Bylaws, subject to written confirmation from Moody's Investors Service, Inc. (&quot;Moody's&quot;) and Standard &amp; Poors (&quot;S&amp;P&quot;)
that such amendment, alteration or repeal will not affect the ratings then assigned to the Trust's outstanding Remarketed Preferred Shares
(&quot;Preferred Shares&quot;), and to amend, alter or repeal any other provision of the Bylaws provided that such amendment, alteration
or repeal does not materially and adversely affect any preference, right or power of the Preferred Shares or any holder thereof;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Trustees desire to amend the Bylaws
so as to eliminate the liquidity test contained in Article 12, Section 12.1, Part 1, paragraph 9 of the Bylaws;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Moody's and S&amp;P have confirmed to
the Trust that the deletion of the definitions of the terms &quot;Dividend Coverage Amount,&quot; &quot;Dividend Coverage Assets&quot;
and &quot;Minimum Liquidity Level&quot; will not impair their ratings of outstanding Preferred Shares; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Trustees have determined that, in
the event that the definitions of the terms &quot;Dividend Coverage Amount,&quot; &quot;Dividend Coverage Assets&quot; and &quot;Minimum
Liquidity Level&quot; are deleted, the deletion of Article 12, Section 12.1, Part I, paragraphs 8(g)(ii)(b) and 9 of the Bylaws would
not materially and adversely affect any preference, right or power of the Preferred Shares or any holder thereof;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">NOW, THEREFORE, the Bylaws are hereby amended
as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Article 12, Section 12.1, Part I, paragraph 1 of the Bylaws is hereby amended by deleting the definitions of the terms &quot;Dividend
Coverage Amount,&quot; &quot;Dividend Coverage Assets&quot; and &quot;Minimum Liquidity Level&quot; set forth therein;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Article 12, Section 12.1, Part I, paragraph 8(g)(ii)(b) is hereby deleted and Article 12, Section 12.1, Part I, paragraph 8(g)(ii)(c)
is hereby redesignated Article 12, Section 12.1, Part I, paragraph 8(g)(ii)(b); and</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>The text of Article 12, Section 12.1, Part I, paragraph 9 of the Bylaws is hereby deleted and the word &quot;Reserved&quot; is hereby
substituted in its place.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">This Amendment is effective as of January 5, 1996.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 2in 12pt 0">&nbsp;</P>

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Amendment to Amended and Restated Bylaws</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Section 12.1, Part I, paragraph 6(c)
of the Bylaws (the &quot;Bylaws) of Putnam Municipal Opportunities Trust (the &quot;Trust&quot;) permits the Trustees of the Trust (the
&quot;Trustees&quot;) to amend, alter or repeal certain provisions of the Bylaws, subject to written confirmation from Standard &amp;
Poor's Rating Services (&quot;S&amp;P&quot;) and Moody's Investor Services, Inc. (&quot;Moody's&quot;) that such amendment, alteration
or repeal will not affect the ratings then assigned to the Trust's outstanding Remarketed Preferred Shares (&quot;RP&quot;; terms used
without definition in this amendment have the respective meanings ascribed to them in the Bylaws);</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, the Trustees desire to amend the definitions
of &quot;Moody's Discount Factor,&quot; &quot;Moody's Eligible Assets,&quot; &quot;S&amp;P Discount Factor&quot; and &quot;S&amp;P Eligible
Asset&quot; in Section 12.1, Part I, paragraph 1 of the Bylaws;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Moody's and S&amp;P have confirmed to
the Trust that such amendment will not impair its ratings of outstanding RP;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">NOW, THEREFORE, the Bylaws are hereby amended
as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definition of &quot;Moody's
Discount Factor&quot; in Section 12.1, Part I, paragraph 1 of the Bylaws is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;Moody's Discount Factor&quot; means for purposes
of determining the Discounted Value of any Municipal Bond which constitutes a Moody's Eligible Assets, the percentage determined by reference
to the rating on such Municipal Bond, in accordance with the tables (for the applicable Moody's Exposure Period) set forth below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>Moody's Exposure Period</B></P></TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>Aaa*</B></P></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>Aa*</B></P></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>A*</B></P></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>Baa*</B></P></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in"><B>Other**</B></P></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(V) MIG-1/P-1***</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>(V) MIG-1/P-1****</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">7 Weeks</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">33.8%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">37.1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">39.8%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">42.2%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">55.6%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">26.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">8 Weeks or less but greater than 7 weeks</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">35.1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">37.9%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">40.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">43.2%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">56.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">27.0%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">9 Weeks or less but greater than 8 weeks</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">35.9%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">38.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">41.2%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">43.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">58.3%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">27.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">0%</P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0in">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">* Moody's rating.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">** Municipal Bonds rated Ba1 to B3 by Moody&#8217;s
or, if not rated by Moody&#8217;s, rated BB+ to B- by S&amp;P or Fitch. In addition, Municipal Bonds not explicitly rated by Moody&#8217;s,
S&amp;P or Fitch, but rated at least the equivalent of B3 internally by the Adviser, provided that Moody&#8217;s reviews and achieves
sufficient comfort with the Adviser&#8217;s internal credit rating processes.</P>


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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">&#9;*** Moody&#8217;s rated Municipal Bonds that have
a maturity greater than the Moody's Exposure Period and Municipal Bonds not rated by Moody&#8217;s but rated equivalently by S&amp;P or
Fitch that have a maturity greater than the Moody's Exposure Period.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.25in">**** Moody&#8217;s rated Municipal Bonds that have
a maturity less than or equal to the Moody's Exposure Period and Municipal Bonds not rated by Moody&#8217;s but rated equivalently by
S&amp;P or Fitch that have a maturity less than or equal to the Moody's Exposure Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.75in">Notwithstanding the foregoing, (a) no Moody's Discount
Factor will be applied to cash or to Receivables for Municipal Bonds Sold that are due within five business days of the Trust's Valuation
Date; (b) the Moody&#8217;s Discount Factor for Receivables for Municipal Bonds Sold that are due within six and 30 business days of the
Trust's Valuation Date will be the Moody&#8217;s Discount Factor applicable to the Municipal Bonds sold determined by the reference to
the bond&#8217;s rating in the above table; (c) the Moody&#8217;s Discount Factor for inverse floaters is determined by multiplying the
Moody's Discount Factor determined by reference to the rating on the underlying Municipal Bond(s) in the table above by 1.25; (d) the
Moody&#8217;s Discount Factor for Rule 2a-7 money market funds shall be 0%; and (e) the Moody's Discount Factor for Aaa Municipal Bonds
will be used to discount pre-refunded bonds even if the pre-refunded bonds are subsequently not re-rated.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.75in">&#9;&quot;Receivables for Municipal Bonds Sold&quot;
for purposes of calculating Moody's Eligible Assets as of any Valuation Date, means the aggregate of the book value of receivables if
such receivables are due within 30 business days of such Valuation Date. &#9;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.75in">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. Split rated securities assigned by S&amp;P
and Fitch will be accepted at the lower of the two ratings.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definition of &quot;Moody's
Eligible Asset&quot; in Section 12.1, Part I, paragraph 1 of the Bylaws is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;Moody's Eligible Asset&quot; means (a) cash; (b)
Receivables for Municipal Bonds Sold; (c) a short-term Municipal Bond rated VMIG-1, MIG-1 or P-1 by Moody's or SP-1+ or A-1+ by S&amp;P;
(d) a zero-coupon bond; (e) a Municipal Bonds that (i) pays interest in cash; (ii) does not have its Moody's rating suspended by Moody's;
and (iii) is part of an issue of Municipal Bonds of at least $10,000,000 (unless the Municipal Bond is rated Aaa by Moody's); and (f)
swaps, including total return swaps, interest rate swaps, currency swaps and credit default swaps.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Municipal Bonds in the Trust's portfolio will be included
as Moody's Eligible Assets only to the extent they meet the following diversification requirements:</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 18%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Rating</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Minimum Issue Size</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>($ Millions)</B></P></TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt"><B>Maximum Underlying Obligor (%) (1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Maximum</B></P>
    <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>State Allowed (%) (1)(3)</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">Aaa</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">*</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">Aa</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">Baa</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">Ba</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">B</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">Other (2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line"><FONT STYLE="font-size: 11pt">12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">* Not applicable.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><BR>
(1) The referenced percentages represent maximum cumulative totals for the related rating category and each lower rating category.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><BR>
(2) Municipal Bonds and Municipal Bonds not rated by Moody's, S&amp;P or Fitch, but rated at least the equivalent of B3 internally by
the Adviser.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><BR>
(3) Territorial bonds (other than those issued by Puerto Rico and counted collectively) are each limited to 10% of Moody's Eligible Assets.
For diversification purposes, Puerto Rico will be treated as a state.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">For purposes of the maximum underlying obligor requirement
described above, any state Municipal Bond or Municipal Bond backed by the guaranty, letter of credit or insurance issued by a third-party
will be deemed to be issued by such third party if the issuance of such third party credit is the sole determinant of the rating on such
bond.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">When the Trust sells a Municipal Bond and agrees to
repurchase it at a future date, such Municipal Bond will constitute a Moody's Eligible Asset and the amount the Trust is required to pay
upon repurchase of such Municipal Bond will count as a liability for purposes of calculating the RP Basic Maintenance Amount. When the
Trust purchases a Municipal Bond and agrees to sell it at a future date to another party, cash receivable by the Trust in connection therewith
will constitute a Moody's Eligible Asset if the long-term debt of such other party is rated at least A2 by Moody's and such agreement
has a term of 30 days or less; otherwise such Municipal Bond will constitute a Moody's Eligible Asset.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">In addition, with respect to total return swaps, only
the cumulative unsettled profit and loss from a total return swap transaction will be calculated when determining the RP Basic Maintenance
Amount. For purposes of calculating the RP Basic Maintenance Amount, any outstanding gain from a total return swap transaction or interest
rate swap transaction on a Valuation Date will be included as a Moody&#8217;s Eligible Asset subject to the Moody&#8217;s Discount Factor
on the counterparty to such swap transaction, and any outstanding liability from a swap transaction on a Valuation Date will be subtracted
from Moody&#8217;s Eligible Assets.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For
swaps (other than total return swaps and interest rate swaps), the Market Value 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
RP. In addition, the Trust will only enter into swap transactions where the counterparty has at least a&nbsp;S&amp;P rating of A-, Fitch
rating of A- or Moody&#8217;s long-term rating of A3 at the time the time a swap is executed.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">With respect to credit default swaps, each underlying
security subject to such swap sold by the Trust will be subject to the applicable Moody&#8217;s Discount Factor. If the Trust purchases
a credit default swap and holds the underlying security, the Market Value 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. In addition, the Trust will not include a credit default swap as a Moody&#8217;s Eligible Asset purchased
by the Trust unless the Trust holds the underlying security or, if the Trust purchases a credit default swap for a basket of securities,
unless the Trust holds all the securities in the basket.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, an asset will not be
considered a Moody's Eligible Asset if it is (i) held in a margin account, (ii) subject to any material lien, mortgage, pledge, security
interest or security agreement of any kind, (iii) held for the purchase of a security pursuant to a Forward Commitment or (iv) irrevocably
deposited by the Trust for the payment of dividends or redemption.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definition of &quot;S&amp;P
Discount Factor&quot; in Section 12.1, Part I, paragraph 1 of the Bylaws is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;S&amp;P Discount Factor&quot; shall mean either:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the
average S&amp;P Discount Factor (as set forth in (ii) below) of the Fund&#8217;s S&amp;P Eligible Assets is less than 200%, for purposed
of determining the Discounted Value of S&amp;P Eligible Assets, the S&amp;P Discount Factor shall be 200% for all S&amp;P Eligible Assets;
or</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the
average S&amp;P Discount Factor (as set forth in this section) of the Fund&#8217;s S&amp;P Eligible Assets is 200% or greater, for purposes
of determining the Discounted Value of any S&amp;P Eligible Asset, the percentage determined by reference to the rating on such asset
and the shortest Exposure Period set forth opposite such rating that is the same length as or is longer than the S&amp;P Exposure Period,
in accordance with the table set forth below:</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">Rating Category*</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">Exposure period (days)</TD>
    <TD STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">AAA</TD>
    <TD STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">AA</TD>
    <TD STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">A</TD>
    <TD STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">BBB</TD>
    <TD STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">BB</TD>
    <TD STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">B</TD>
    <TD STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">CCC</TD>
    <TD STYLE="padding-top: 9pt; padding-bottom: 9pt; text-align: left; font-weight: bold">High Yield/ NR</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-left: 0.4in; text-align: center; font-size: 9pt; text-indent: -0.4in">20*</TD>
    <TD STYLE="text-align: left; layout-grid-mode: line; vertical-align: bottom"><FONT STYLE="font-size: 9pt">1.427</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: line; vertical-align: bottom"><FONT STYLE="font-size: 9pt">1.457</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: line; vertical-align: bottom"><FONT STYLE="font-size: 9pt">1.487</FONT></TD>
    <TD STYLE="text-align: left; layout-grid-mode: line; vertical-align: bottom"><FONT STYLE="font-size: 9pt">1.517</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; text-indent: 0in">175%</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; text-indent: 0in">195%</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1.4pt; text-align: left; font-size: 9pt; text-indent: -1.4pt">215%</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; font-size: 9pt; text-indent: 0in">220%</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><BR>
_____________________<BR>
*S&amp;P rating</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">Notwithstanding the foregoing, (A)&nbsp;the S&amp;P
Discount Factor for shares of Money Market Funds rated &#8220;AAAm&#8221; by S&amp;P with an effective next day maturity shall be 100%,
unrated 2a-7 money market funds shall be discounted at 110%, and the S&amp;P Discount Factor for short-term Municipal Bonds shall be 115%
so long as such Municipal Bonds are rated &#8220;A-1+&#8221; or &#8220;SP-1+&#8221; by S&amp;P and mature or have a demand feature exercisable
within 30 days or less, or 123% so long as such Municipal Bonds are rated &#8220;A-1&#8221; or &#8220;SP-1&#8221; by S&amp;P and mature
or have a demand feature exercisable in 30 days or less, or 125% if such Municipal Bonds are not rated by S&amp;P but are rated equivalent
to &#8220;A-1+&#8221; or &#8220;SP-1+&#8221; by another nationally recognized statistical rating organization, on a case by case basis;
provided, however, that any such non-S&amp;P rated short-term Municipal Bonds which have demand features exercisable within 30 days or
less must be backed by a letter of credit, liquidity facility or guarantee from a bank or other financial institution with a short-term
rating of at least &#8220;A-1+&#8221; from S&amp;P; and further provided that such non-S&amp;P rated short-term Municipal Bonds may comprise
no more than 50% of short-term Municipal Bonds that qualify as S&amp;P Eligible Assets; provided, however, that Municipal Bonds not rated
by S&amp;P but rated equivalent to &#8220;BBB&#8221; or lower by another nationally recognized statistical rating organization, rated
&#8220;BB+&#8221; or lower by S&amp;P or non-rated (such Municipal Bonds are hereinafter referred to as &#8220;High Yield Securities&#8221;)
may comprise no more than 20% of the short-term Municipal Bonds that qualify as S&amp;P Eligible Assets; (B)&nbsp;the S&amp;P Discount
Factor for Receivables for Municipal Bonds Sold that are due in more than five Business Days from such Valuation Date will be the S&amp;P
Discount Factor applicable to the Municipal Bonds sold; (C)&nbsp;no S&amp;P Discount Factor will be applied to cash or Money Market Funds
rated &#8220;AAAm&#8221; by S&amp;P with effective next day maturities or to Receivables for Municipal Bonds Sold if such receivables
are due within five Business Days of such Valuation Date; (D)&nbsp;except as set forth in clause (A)&nbsp;above, in the case of any Municipal
Bond that is not rated by S&amp;P but qualifies as an S&amp;P Eligible Asset pursuant to clause (2)&nbsp;of that definition, such Municipal
Bond will be deemed to have an S&amp;P rating one full rating category lower than the S&amp;P rating category that is the equivalent of
the rating category in which such Municipal Bond is placed by a nationally recognized statistical rating organization. &#8220;Receivables
for Municipal Bonds Sold,&#8221; for purposes of calculating S&amp;P Eligible Assets as of any Valuation Date, means the book value of
receivables for Municipal Bonds sold as of or prior to such Valuation Date. For purposes of the foregoing, Anticipation Notes rated &#8220;SP-1+&#8221;
or, if not rated by S&amp;P, equivalent to &#8220;A-1+&#8221; or &#8220;SP-1+&#8221; by another nationally recognized statistical rating
organization, on a case by case basis, which do not mature or have a demand feature at par exercisable in 30 days and which do not</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">have a long-term rating, shall be considered to be short-term Municipal
Bonds and (E) the S&amp;P Discount Factor for AAA Municipal Bonds will be used to discount pre-refunded bonds even if the pre-refunded
bonds are subsequently not re-rated.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">For purposes of determining whether the Fund has S&amp;P Eligible
Assets with a Discounted Value that equals or exceeds the RP Basic Maintenance Amount, the Discounted Value of cash or securities held
for the payment of Initial Margin or Variation Margin of S&amp;P Hedging Transactions shall be zero and the aggregate Discounted Value
of S&amp;P Eligible Assets shall be reduced by an amount equal to (i)&nbsp;30% of the aggregate settlement value, as marked to market,
of any outstanding futures contracts based on the Municipal Index which are owned by the Fund plus (ii)&nbsp;25% of the aggregate settlement
value, as marked to market, of any outstanding futures contracts based on Treasury Bonds which contracts are owned by the Fund.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definition of &quot;S&amp;P
Eligible Asset&quot; in Section 12.1, Part I, paragraph 1 of the Bylaws is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;S&amp;P Eligible Asset&quot; shall mean either:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the
average S&amp;P Discount Factor of the Fund&#8217;s S&amp;P Eligible Assets (as set forth in (ii) below) is less than 200%, all assets
of the Fund shall be considered S&amp;P Eligible Assets; or</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the
average S&amp;P Discount Factor of the Fund&#8217;s S&amp;P Eligible Assets (as set forth in this section) is 200% or greater, S&amp;P
Eligible Assets means: (1) cash (excluding any cash irrevocably deposited by the Fund for the payment of any liabilities within the meaning
of RP Basic Maintenance Amount), (2) Receivables for Municipal Bonds Sold, (3) S&amp;P Hedging Transactions; (4) Municipal Zero Coupon
Bonds rated at least BBB by S&amp;P, (5) swaps, including total return swaps, interest rate swaps, currency swaps and credit default swaps,
and (6) Municipal Bonds (including Inverse Floater as defined below) owned by the Fund that (A)&nbsp;is interest bearing and pays interest
at least semi-annually; (B)&nbsp;is payable with respect to principal and interest in U.S. Dollars; (C)&nbsp;is not subject to a covered
call or put option written by the Fund; (D)&nbsp;except for Inverse Floaters, is not part of a private placement of Municipal Bonds; and
(E)&nbsp;except for Inverse Floaters, is part of an issue of Municipal Bonds with an original issue size of at least $10 million. Any
Municipal Bonds that is a part of an original issue size of less than $10 million must carry a rating of at least &#8220;AA&#8221; by
S&amp;P or &#8220;AAA&#8221; by another nationally recognized statistical rating organization. Notwithstanding the foregoing limitations</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(1)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Municipal Bonds (excluding Escrowed Bonds (as defined below) and High Yield Securities) of any one issuer or guarantor (excluding
bond insurers) shall be considered S&amp;P Eligible Assets only to the extent the Market Value of such Municipal Bonds (including short-term
Municipal Bonds) does not exceed 10% of the aggregate Market Value of S&amp;P Eligible Assets, provided that 2% is added to the applicable
S&amp;P Discount Factor for every 1% by which the Market Value of such Municipal Bonds exceeds 5% of the aggregate Market Value of S&amp;P
Eligible Assets or for any percentage</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">over 5% add 10 percentage points to the S&amp;P
Discount Factor. High Yield Securities of any one issuer shall be considered S&amp;P Eligible Assets only to the extent the Market Value
of such Municipal Bonds does not exceed 5% of the aggregate Market Value of S&amp;P Eligible Assets. Non-rated securities of any issuer
shall be considered S&amp;P Eligible Assets to the extent the Market Value of such Municipal Bonds does not exceed 5% of the aggregate
Market Value of S&amp;P Eligible Assets. No more than 10% of the aggregate Market Value of the portfolio may consist of non-rated securities;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(2)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Municipal Bonds not rated by S&amp;P shall be considered S&amp;P Eligible Assets only to the extent the Market Value of such Municipal
Bonds does not exceed 50% of the aggregate Market Value of S&amp;P Eligible Assets; provided, however, that High Yield Securities shall
be considered S&amp;P Eligible Assets only to the extent the Market Value of such Municipal Bonds does not exceed 20% of the aggregate
Market Value of S&amp;P Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(3)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Municipal Bonds issued by issuers in any one state or territory will be considered S&amp;P Eligible Assets only to the extent that
the Market Value of such Municipal Bonds does not exceed 25% of the aggregate Market Value of S&amp;P Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(4)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Municipal Bonds (excluding Escrowed Bonds) of any one state or territory shall be considered S&amp;P Eligible Assets only to the
extent the Market Value of such Municipal Bonds does not exceed 25% of the aggregate Market Value of S&amp;P Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(5)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For Municipal Zero Coupon Bonds, the S&amp;P overcollateralization levels based on the desired transaction rating shall be as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">Exposure Period</TD>
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">AAA</TD>
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">AA</TD>
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">A</TD>
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">BBB</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">20</TD>
    <TD STYLE="text-align: left; text-indent: 0in">3.584</TD>
    <TD STYLE="text-align: left; text-indent: 0in">3.153</TD>
    <TD STYLE="text-align: left; text-indent: 0in">2.723</TD>
    <TD STYLE="text-align: left; text-indent: 0in">2.292</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(6)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to total return swaps, only the cumulative unsettled profit and loss from a total return swap transaction will be
calculated when determining the RP Basic Maintenance Amount. For purposes of calculating the RP Basic Maintenance Amount, any outstanding
gain from a total return swap transaction or interest rate swap transaction on a Valuation Date will be included as a S&amp;P Eligible
Asset subject to the S&amp;P Discount Factor on the counterparty to such swap transaction, and any outstanding liability from a swap transaction
on a Valuation Date will be subtracted from S&amp;P Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(7)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For swaps (other than total return swaps and interest rate swaps), the Market Value of the position (positive or negative) will
be included as a S&amp;P Eligible Asset. The aggregate notional value of all swaps will not exceed the Liquidation Preference of the Outstanding
RP. In addition, the Trust will only enter into swap</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">transactions where the counterparty has at
least a&nbsp;S&amp;P rating of A-, Fitch rating of A- or Moody&#8217;s long-term rating of A3 at the time the time a swap is executed;
and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(8)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to credit default swaps, each underlying security subject to such swap sold by the Trust will be subject to the applicable
S&amp;P Discount Factor. If the Trust purchases a credit default swap and holds the underlying security, the Market Value of the credit
default swap and the underlying security will be included as a S&amp;P Eligible Asset subject to the S&amp;P Discount Factor assessed
based on the counterparty risk and the duration of the swap agreement. In addition, the Trust will not include a credit default swap as
a S&amp;P Eligible Asset purchased by the Trust unless the Trust holds the underlying security or, if the Trust purchases a credit default
swap for a basket of securities, unless the Trust holds all the securities in the basket.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&#8220;Inverse Floater&#8221;
shall mean trust certificates or other instruments evidencing interests in one or more Municipal Bonds that qualify as S&amp;P Eligible
Assets (such Inverse Floaters will also be considered Municipal Bonds and are S&amp;P Eligible Assets), the interest rates on which are
adjusted at short-term intervals on a basis that is inverse to the simultaneous readjustment of the interest rates on corresponding floating
rate trust certificates or other instruments issued by the same issuer, provided that the ratio of the aggregate dollar amount of floating
rate instruments to inverse floating rate instruments issued by the same issuer does not exceed two to one at their time of original issuance
and at the time of purchase has a duration that is less than thirteen years.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&#8220;Escrowed Bonds&#8221;
shall mean Municipal Bonds that (i)&nbsp;have been determined to be legally defeased in accordance with S&amp;P&#8217;s legal defeasance
criteria, (ii)&nbsp;have been determined to be economically defeased in accordance with S&amp;P&#8217;s economic defeasance criteria and
assigned a rating of AAA by S&amp;P, (iii)&nbsp;are not rated by S&amp;P but have been determined to be legally defeased by S&amp;P or
(iv)&nbsp;have been determined to be economically defeased by S&amp;P and assigned a rating no lower than the rating that is S&amp;P equivalent
of S&amp;P&#8217;s AAA rating. In the event that a defeased obligation which is an S&amp;P Eligible Asset does not meet the criteria of
an Escrowed Bond, such Municipal Bond will be deemed to remain in the Issue Type Category into which it fell prior to such defeasance.</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in">This amendment is effective as of November 2, 2007.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Amendment to Amended and Restated Bylaws</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">WHEREAS, Article 14 of the Amended and Restated Bylaws
of Putnam Municipal Opportunities Trust (the &quot;Trust&quot;), as last amended by an Amendment effective as of November 2, 2007 (the
&quot;Bylaws&quot;), permits the Board of Trustees of the Trust (the &quot;Trustees&quot;) to amend or repeal, in whole or in part, the
Bylaws;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">WHEREAS, the Trustees desire to amend the Bylaws in
connection with the merger of each of Putnam Investment Grade Municipal Trust and Putnam Municipal Bond Fund with and into the Trust (the
&quot;Merger&quot;) by increasing the issued amount of Remarketed Preferred Shares and effecting a two-for-one stock split of Remarketed
Preferred Shares, Series A;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">WHEREAS, Article 12, Section 12.1, Part I, paragraph
6(c) provides that so long as any Remarketed Preferred Shares of the Trust are outstanding, the affirmative vote or consent of the holders
of at least a majority of the Remarketed Preferred Shares outstanding at the time is required to (i) authorize, create or issue or increase
or decrease the authorized or issued amount of any class or series of stock ranking prior to or on a parity with the remarketed preferred
shares with respect to the payment of dividends or the distribution of assets on liquidation or to increase or decrease the authorized
amount of remarketed preferred shares; or (ii) amend, alter or repeal the provisions of the Bylaws so as to affect materially and adversely
any preference, right or power of such remarketed preferred shares or the holders thereof;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">WHEREAS, the holders of a majority of the outstanding
Remarketed Preferred Shares of the Trust have approved the issuance of additional Remarketed Preferred Shares in connection with the Merger
and the two-for-one stock split of Remarketed Preferred Shares, Series A;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">NOW, THEREFORE, the Bylaws are herby amended as follows:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, DESIGNATION SERIES A is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot; SERIES A: A series of 4,520 shares of
preferred shares, without par value, liquidation preference $25,000 per share plus accumulated but unpaid dividends, if any, thereon (whether
or not earned or declared), is hereby designated &quot;Remarketed Preferred Shares, Series A&quot; and is referred to below as &quot;Series
A RP&reg;&quot;. Each share of Series A RP shall be
issued on a date to be determined by the Trustees, by any duly authorized committee thereof or by any of the President, the Vice Chairman,
any Executive Vice President or the Treasurer of the Trust; have such initial dividend rate as shall be determined in advance of the issuance
thereof by the Trustees, by any duly authorized committee thereof or by any of the President, the Vice Chairman, any Executive Vice President
or the Treasurer of the Trust; have an Initial Dividend Period and an Initial</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">_________________________</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&reg; Registered trademark of Merrill Lynch &amp; Co., Inc.</P>
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Dividend Payment Date to be determined by the Trustees of the Trust,
by a duly authorized committee thereof or by any of the President, the Vice Chairman, any Executive Vice President or the Treasurer of
the Trust; be redeemed (unless such share shall have been otherwise redeemed pursuant to paragraph 4 of Part I of this Section 12.1 by
the Trust on a date to be determined by the Trustees of the Trust) at the option of the Trust at a redemption price of $25,000 per share
plus accumulated but unpaid dividends to the date fixed for redemption (whether or not earned or declared) plus the premium, if any, resulting
from the designation of a Premium Call Period; and have such other preferences, limitations and relative voting rights, in addition to
those required by applicable law or set forth in the Trust's Declaration of Trust applicable to preferred shares of the Trust, as are
set forth in Part I and Part II of this Section 12.1. Series A RP shall constitute a separate series of preferred shares of the Trust,
and each share of Series A RP shall be identical except as provided in paragraph 4 of this Part I of this Section 12.1.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definition
of &quot;Mandatory Redemption Price&quot; in Article 12, Section 12.1, Part I, paragraph 1 is hereby deleted and replaced in its entirety
with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot; &quot;Mandatory Redemption Price&quot; means
$25,000 per share of each series of RP, plus in the case of each series of RP an amount equal to accumulated but unpaid dividends thereon
(whether or not earned or declared) to the date fixed for redemption.&quot;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definition
of &quot;Optional Redemption Price&quot; in Article 12, Section 12.1, Part I, paragraph 1 is hereby deleted and replaced in its entirety
with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot; &quot;Optional Redemption Price&quot; shall mean
$25,000 per share of each series of RP, plus in the case of each series of RP 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 per share attributable to the designation
of a Premium Call Period for such share.&quot;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definition
of &quot;RP Basic Maintenance Amount&quot; in Article 12, Section 12.1, Part I, paragraph 1 is hereby deleted and replaced in its entirety
with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot; &quot;RP Basic Maintenance Amount,&quot;
as of any Valuation Date, means the dollar amount equal to (i) the sum of (A) the product of the number of shares of each series of RP
outstanding on such Valuation Date multiplied by the sum of (a) $25,000 and (b) any applicable redemption premium per share of each series
attributable to the designation of a Premium Call Period; (B) the aggregate amount of cash dividends (whether or not earned or declared)
that will have accumulated for each series of RP outstanding, in each case, to (but not including) the end of the current Dividend Period
for such series of RP that follows such Valuation Date or to (but not including) the 49th day after such Valuation Date, whichever is
sooner; (C) the aggregate amount of cash dividends that would accumulate at the Maximum Dividend Rate applicable to a Dividend Period
of 28 days (in the case of shares of Series A RP) and 7 days (in the case of shares of Series B RP and Series C RP) outstanding from the
end of such Dividend Period through the 49th day after such Valuation Date, multiplied by the larger of the Moody's</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Volatility Factor and the S&amp;P Volatility Factor, determined from
time to time by Moody's and S&amp;P, respectively (except that if such Valuation Date occurs during a Non-Payment Period, the cash dividend
for purposes of calculation would accumulate at the then current Non-Payment Period Rate); (D) the amount of anticipated expenses of the
Trust for the 90 days subsequent to such Valuation Date; (E) the amount of the Trust's Maximum Potential Additional Dividend Liability
as of such Valuation Date; and (F) any current liabilities as of such Valuation Date to the extent not reflected in any of (i)(A) through
(i)(E) (including, without limitation, any amounts due and payable by the Trust pursuant to repurchase agreements and any payables for
Municipal Bonds purchased as of such Valuation Date) less (ii) either (A) the Discounted Value of any of the Trust's assets, or (B) the
face value of any of the Trust's assets if such assets mature prior to or on the date of redemption of any shares of RP or payment of
a liability and are either securities issued or guaranteed by the U.S. Government or, with respect to Moody's, have a rating assigned
by Moody's of at least Aaa, P-l, VMIG-1 or MIG-1 and, with respect to S&amp;P, have a rating assigned by S&amp;P of at least AAA, SP-1+
or A-1+, in both cases irrevocably deposited by the Trust for the payment of the amount needed to redeem shares of RP subject to redemption
or any of (i)(B) through (i)(F).&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
definition of &quot;Specific Redemption Provisions&quot; in Article 12, Section 12.1, Part I, paragraph 1 is hereby deleted and replaced
in its entirety with the following:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot; &quot;Specific Redemption Provisions&quot;
means, with respect to a Special Dividend Period of 365 or more days, either, or any combination of, the designation of (i) a period (a
&quot;Non-Call Period&quot;) determined by the Trustees, after consultation with the Remarketing Agents, during which the shares of RP
subject to such Dividend Period shall not be subject to redemption at the option of the Trust and (ii) a period (a &quot;Premium Call
Period&quot;), consisting of a number of whole years and determined by the Trustees, after consultation with the Remarketing Agents, during
each year of which the shares of RP subject to such Dividend Period shall be redeemable at the Trust's option at a price per share equal
to $25,000 for each series of RP, plus accumulated but unpaid dividends plus an applicable premium, as determined by the Trustees after
consultation with the Remarketing Agents.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, paragraph 3(f) is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;The amount of declared dividends for each share
of RP payable on the Initial Dividend Payment Date, the Dividend Payment Date for each 7-day Dividend Period, the Dividend Payment Date
for each 28-day Dividend Period and the Dividend Payment Date or Dates for each Short-Term Dividend Period shall be computed by the Trust
by multiplying the Applicable Dividend Rate in effect with respect to dividends payable on such share on such Dividend Payment Date by
a fraction the numerator of which shall be the number of days in such Dividend Period such share was outstanding from and including its
Date of Original Issue or the preceding Dividend Payment Date, as the case may be, to and including the day preceding such Dividend Payment
Date, and the denominator of which shall be 365, then multiplying the amount so obtained by $25,000 (in the case of each series of RP)
and rounding the amount so obtained to the nearest cent. During any Long Term Dividend Period, the amount of dividends per share</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">payable on any Dividend Payment Date shall be computed by dividing the Applicable
Dividend Rate for such Dividend Period by twelve, multiplying the amount so obtained by $25,000 (in the case of each series of RP), and
rounding the amount so obtained to the nearest cent; provided, however, that, if the number of days from and including the Date of Original
Issue or the preceding Dividend Payment Date, as the case may be, to and including the day preceding such Dividend Payment Date is less
than 30 and such days do not constitute a full calendar month, then the amount of dividends per share payable on such Dividend Payment
Date shall be computed by multiplying the Applicable Dividend Rate for such Dividend Period by a fraction, the numerator of which will
be such number of days and the denominator of which will be 360, multiplying the amount so obtained by $25,000 (in the case of each series
of RP), and rounding the amount so obtained to the nearest cent.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, paragraph 5(a) is hereby deleted and replaced in its entirety with the following:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;Upon a liquidation, dissolution or winding up
of the affairs of the Trust, whether voluntary or involuntary, the Holders of each share of RP shall be entitled, whether from capital
or surplus, before any assets of the Trust shall be distributed among or paid over to holders of Common Shares or any other class or series
of shares of the Trust ranking junior to the RP as to liquidation payments, to be paid the amount of $25,000 per share of each series
of RP, plus an amount equal to all accumulated but unpaid dividends thereon (whether or not earned or declared) to but excluding the date
of final distribution, in same-day funds. After any such payment, the Holders shall not be entitled to any further participation in any
distribution of assets of the Trust, except as provided in paragraph 3(k) of this Part I of Section 12.1.&quot;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, paragraph 2(a) is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">&quot;Each share of RP is subject to Tender and
Dividend Reset at the end of each Dividend Period for such RP and may be tendered in the Remarketing which commences on the Remarketing
Date immediately prior to the end of the current Dividend Period. By 9:00 a.m., New York City time, on each such Remarketing Date, the
Remarketing Agents shall, after canvassing the market and considering prevailing market conditions at the time for shares of such RP and
similar securities, provide Beneficial Owners of such RP non-binding indications of the Applicable Dividend Rate for the next succeeding
28-day Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP) or, if applicable,
a Special Dividend Period; provided that, if the Trust has designated the next Dividend Period for such RP as a Special Dividend Period,
the Remarketing Agents will provide to Beneficial Owners a non-binding indication only of the Applicable Dividend Rate for such Special
Dividend Period. The actual Applicable Dividend Rate for such Dividend Period may be greater than or less than the rate per annum indicated
in such non-binding indications (but not greater than the applicable Maximum Dividend Rate). By 12:00 noon, New York City time, on such
Remarketing Date, each Beneficial Owner of a share of RP must notify a Remarketing Agent of its desire, on a share-by-share basis, either
to tender such share of RP at a price of</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">$25,000 per share (in the case of each series of RP) or to continue
to hold such share for the next 28-day Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series B
RP or Series C RP) or, if applicable, the next Special Dividend Period. Beneficial Owners who do not provide such notice shall be deemed
to have elected (i) to hold all their shares of RP if each of the current Dividend Period and succeeding Dividend Period is a 28-day Dividend
Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP) or a Special Dividend Period
of 60 days or less, and (ii) to tender all their shares of RP if the current Dividend Period or succeeding Dividend Period is a Special
Dividend Period of more than 60 days. Any notice given to a Remarketing Agent to tender or hold shares for a particular Dividend Period
shall be irrevocable and shall not be conditioned upon the level at which the Applicable Dividend Rate is established. A Remarketing Agent
may, in its sole discretion, (i) at the request of a Beneficial Owner that has tendered one or more shares to such Remarketing Agent,
waive such Beneficial Owner's tender, and thereby enable such Beneficial Owner to continue to hold the share or shares for the next 28-day
Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP) or, if applicable, a
designated Special Dividend Period, as agreed to by such Beneficial Owner and such Remarketing Agent at such time, so long as such tendering
Beneficial Owner has indicated to such Remarketing Agent that it would accept the new Applicable Dividend Rate for such Dividend Period,
such waiver to be contingent upon the Remarketing Agents' ability to remarket all shares of RP tendered in such Remarketing, and (ii)
at the request of a Beneficial Owner that has elected to hold one or more of its shares of RP, waive such Beneficial Owner's election
with respect thereto, such waiver to be contingent upon the Remarketing Agents' ability to remarket all shares of RP tendered in such
Remarketing.&quot;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part II, paragraph 3(a) is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;By 3:00 p.m., New York City time, on each Remarketing
Date for a series of RP, the Remarketing Agents shall determine the Applicable Dividend Rate to the nearest one-thousandth (0.001) of
one percent per annum for the next 28-day Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series
B RP or Series C RP), or, if designated, Special Dividend Period. The Applicable Dividend Rate for each such Dividend Period, except as
otherwise required herein, shall be the dividend rate per annum which the Remarketing Agents determine, in their sole judgment, to be
the lowest rate that will enable them to remarket on behalf of the Beneficial Owners thereof all shares of RP subject to Tender and Dividend
Reset in such Remarketing and tendered to them on such Remarketing Date at a price of $25,000 per share (in the case of each series of
RP).&quot;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part II, paragraph 3(b) is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;For any series of RP, if no Applicable Dividend
Rate shall have been established on a Remarketing Date in a Remarketing for the next 28-day Dividend Period (in the case of Series A RP)
or 7-day Dividend Period (in the case of Series B RP or Series C RP), or Special Dividend</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Period, if any, for any reason (other than because there are no Remarketing
Agents, the Remarketing Agents are not required to conduct a Remarketing pursuant to the terms of the Remarketing Agreement or the Remarketing
Agents are unable to remarket on the Remarketing Date all shares of RP tendered (or deemed tendered) to them at a price of $25,000 per
share (in the case of each series of RP)), then the Remarketing Agents, in their sole discretion, shall, if necessary and except during
a Non-Payment Period, after taking into account market conditions as reflected in the prevailing yields on fixed and variable rate taxable
and tax exempt debt securities and the prevailing dividend yields of fixed and variable rate preferred stock, determine the Applicable
Dividend Rate that would be the rate per annum that would be the initial dividend rate fixed in an offering on such Remarketing Date,
assuming in each case a comparable dividend period, issuer and security. If there is no Remarketing for such series of RP because there
are no Remarketing Agents or the Remarketing Agents are not required to conduct a Remarketing pursuant to the Remarketing Agreement or
if the Remarketing Agents are unable to remarket on the Remarketing Date all shares of RP tendered (or deemed tendered) to them at a price
of $25,000 per share (in the case of each series of RP), then, except during a Non-Payment Period, the Applicable Dividend Rate for the
subsequent Dividend Period for RP and for each subsequent Dividend Period for RP for which no Remarketing takes place because of the foregoing
shall be the applicable Maximum Dividend Rate for a 28-day Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the
case of Series B RP or Series C RP) and the next Dividend Period for RP and each such subsequent Dividend Period shall be a 28-day Dividend
Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP).&quot;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part II, paragraph 4(a) is hereby deleted and replaced in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;If the Remarketing Agents are unable to remarket
by 3:00 p.m., New York City time, on a Remarketing Date all shares of RP tendered (or deemed tendered) to them in the related Remarketing
at a price of $25,000 per share (in the case of each series of RP), (i) each Beneficial Owner that tendered or was deemed to have tendered
shares of RP for sale shall sell a number of shares of RP on a pro rata basis, to the extent practicable, or by lot, as determined by
the Remarketing Agents in their sole discretion, based on the number of orders to purchase shares of RP in such Remarketing, and (ii)
the Applicable Dividend Rate for the next Dividend Period for RP, which shall be a 28-day Dividend Period, shall be the Maximum Dividend
Rate for such 28-day Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP).&quot;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">This Amendment is effective as of February 22, 2008.</P>


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Amendment to Amended and Restated Bylaws</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, ARTICLE 14, Section 14.1 and ARTICLE 12, Section 12.1, Part I,
paragraph 6(c) of the Amended and Restated Bylaws (the &#8220;Bylaws&#8221;) of Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;)
permit the Board of Trustees of the Trust (the &#8220;Trustees&#8221;) to amend or repeal, in whole or in part, the Bylaws provided that
such amendment or repeal does not materially and adversely affect any preference, right or power of the Preferred Shares or any holder
therof;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, the Trustees desire to amend the Bylaws to add two new sections
to ARTICLE 11 that enumerate the Chairman&#8217;s power to determine the order of business at shareholder meetings, to prescribe rules
and take actions as are appropriate for the proper conduct of such meetings, and to adjourn shareholder meetings;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, the Trustees desire to amend the Bylaws to amend and restate in
their entirety Subsections 6(a) and 6(b) of ARTICLE 12, Section 12.1, PART I, concerning the right to nominate preferred share trustees.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, the Trustees have determined that such amendment does not materially
and adversely affect any preference, right or power of the Preferred Shares or any holder therof;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">NOW, THEREFORE, the Bylaws are hereby amended as follows:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
shall be added as ARTICLE 11, Section 11.4:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conduct of Meetings</U>.
The person serving as chairman of a meeting of shareholders in accordance with Article 3, Section 3.5 of these By-laws shall determine
the order of business of the meeting and may prescribe such rules, regulations and procedures and take such actions as, in the discretion
of such chairman, are appropriate for the proper conduct of the meeting. For any matter to be properly before any meeting of shareholders,
the matter must be a proper matter for shareholder action under the Declaration of Trust, these By-laws and applicable law and must be
specifically identified in the notice of meeting or otherwise brought before the meeting in accordance with these By-laws or by or at
the direction of the chairman of the meeting, in the chairman&#8217;s sole direction.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
shall be added as ARTICLE 11, Section 11.5:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjournment</U>. Any meeting
of shareholders may, by action of the chairman of the meeting, be adjourned without further notice with respect to one or more matters
to be considered at such meeting to a designated time and place, whether or not a quorum is present with respect to such matter; upon
motion of the chairman of the meeting, the question of adjournment may be submitted to a vote of the shareholders, and in that case, any
adjournment with respect to one or more matters must be approved by the vote of holders of a majority of the shares present and entitled
to vote with respect to the matter or matters adjourned, and without</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">further notice to the extent permitted by Article V, Section 2 of the Declaration
of Trust. Unless a proxy is otherwise limited in this regard, any Shares present and entitled to vote at a meeting that are represented
by broker non-votes, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-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>ARTICLE 12, Section 12.1, PART I, Subsections 6(a) and 6(b) are deleted in their entirety and replaced with the following:</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General</U>.
Except as otherwise provided in the Declaration of Trust or By-laws, each Holder of shares of RP and each record holder of Common Shares
shall be entitled to one vote for each share held on each matter submitted to a vote of shareholders of the Trust, and the holders of
outstanding Preferred Shares, including each series of RP, and of Common Shares shall vote together as a single class; provided that,
at any meeting of the shareholders of the Trust held for the election of Trustees, the holders of Preferred Shares, including each series
of RP, present in person or represented by proxy at said meeting, shall be entitled, as a class, to the exclusion of the holders of all
other securities and classes of capital shares of the Trust, to nominate and elect two Trustees of the Trust, each Preferred Share, including
each share of each series of RP, entitling the holder thereof to one vote. Subject to paragraph 6(b) of this Part I of Section 12.1, the
holders of outstanding Common Shares and Preferred Shares, including each series of RP, voting as a single class, shall elect the balance
of the Trustees.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
to Elect Majority of Trustees</U>. During any period in which any one or more of the conditions described below shall exist (such period
being referred to herein as a &quot;Voting Period&quot;), the number of Trustees shall be automatically increased by the smallest number
that, when added to the two Trustees elected exclusively by the holders of Preferred Shares (including each series of RP), would constitute
a majority of the Trustees as so increased by such smallest number; and the holders of Preferred Shares (including each series of RP)
shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the holders of all other securities and classes
of capital shares of the Trust), to nominate and elect such smallest number of additional Trustees, together with the two Trustees that
such holders are in any event entitled to elect. A Voting Period shall commence:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</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 any series of RP equal to at least two full years' dividends shall be due and
unpaid and sufficient cash or securities shall not have been deposited with the Paying Agent for the payment of such accumulated dividends;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>if at any time holders of any Preferred Shares other than the RP are entitled to elect a majority of the Trustees of the Trust.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Upon the termination of a Voting Period, the voting rights described
in this paragraph 6(b) shall cease, subject always, however, to the revesting of such voting rights in the Holders upon the further occurrence
of any of the events described in this paragraph 6(b). A Voting Period shall terminate when all dividends in arrears shall have been paid
or otherwise provided for.</P>

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">This Amendment is effective as of November 11, 2011.</P>

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

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Amendment to Amended and Restated Bylaws</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, ARTICLE 14, Section 14.1 and ARTICLE 12, Section 12.1, Part I,
paragraph 6(c) of the Amended and Restated Bylaws (the &#8220;Bylaws&#8221;) of Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;),
as last amended by an Amendment effective as of February 22, 2008, permit the Board of Trustees of the Trust (the &#8220;Trustees&#8221;)
to amend or repeal, in whole or in part, the Bylaws provided that such amendment or repeal does not materially and adversely affect any
preference, right or power of the Preferred Shares or any holder thereof;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, the Trustees desire to amend the Bylaws to amend and restate the
definition of &#8220;Taxable Equivalent of the Short-Term Municipal Bond Rate&#8221; contained in Subsection 1 of ARTICLE 12, Section
12.1, PART I.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, the Trustees desire to amend the Bylaws to remove the definitional
reference to &#8220;Kenny Index&#8221; contained in Subsection 1 of ARTICLE 12, Section 12.1, PART I and add a definitional reference
to &#8220;SIFMA Index&#8221; in that same Subsection.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, the Trustees have determined that such amendments do not materially
and adversely affect any preference, right or power of the Preferred Shares or any holder thereof;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">NOW, THEREFORE, the Bylaws are hereby amended as follows:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
shall replace the definition of &#8220;Taxable Equivalent of the Short-Term Municipal Bond Rate&#8221; in Subsection 1 as referenced above:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&quot;Taxable Equivalent of the Short-Term Municipal Bond Rate&quot; on
any date means 90% of the quotient of (A) the per annum rate expressed on an Interest Equivalent basis equal to the Securities Industry
Financial Markets Association (&#8220;SIFMA&#8221;) Municipal Swap Index or any comparable index based upon yield evaluations at par of
bonds the interest on which is excludable for regular Federal income tax purposes under the Code of &quot;high grade&quot; component issuers
selected by Municipal Market Data/Thomson Reuters (or any successor thereto from time to time selected by the Trust in its discretion),
which component issuers shall include, without limitation, issuers of general obligation bonds but shall exclude any bonds the interest
on which constitutes an item of tax preference under Section 57(a)(5) of the Code, or successor provisions, for purposes of the &quot;alternative
minimum tax,&quot; (as defined in the Code) (the &quot;SIFMA Index&quot;), made available for the Business Day immediately preceding such
date but in any event not later than 8:30 A.M., New York City time, on such date by Municipal Market Data/Thomson Reuters (or any such
successor), divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal); provided, however, that if the SIFMA Index is not
made so available by 8:30 A.M., New York City time, on such date by Municipal Market Data/Thomson Reuters (or any such successor), the
Taxable Equivalent of the Short-Term Municipal Bond Rate shall mean the quotient of (A) the per annum rate expressed on an Interest Equivalent
basis equal to the most</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">recent SIFMA Index so made available, divided by (B) 1.00 minus the Marginal
Tax Rate (expressed as a decimal). No successor to the SIFMA Index shall be chosen without first obtaining written confirmation from Moody's
and S&amp;P that the choice of such successor would not impair the rating then assigned to any series of RP by Moody's or S&amp;P.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
definitional reference to &#8220;Kenny Index&#8221; in Subsection 1 is deleted in its entirety:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&#8220;Kenny Index&#8221; has the meaning set forth
under &#8220;Taxable Equivalent of the Short-Term Municipal Bond Rate.&#8221;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following definitional reference to &#8220;SIFMA Index&#8221; shall be added to Subsection 1 and will appear after the definition of &#8220;Short
Term Dividend Period&#8221;:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0in">&#9;&#8220;SIFMA Index&#8221; has the meaning set
forth under &#8220;Taxable Equivalent of the Short-Term Municipal Bond Rate.&#8221;&#9;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">This Amendment is effective as of January 1, 2013.</P>

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

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

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Amendment to Amended and Restated Bylaws</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, ARTICLE 14, Section 14.1 and ARTICLE 12, Section 12.1, Part I,
paragraph 6(c) of the Amended and Restated Bylaws (the &#8220;Bylaws&#8221;) of Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;),
as last amended by an Amendment effective as of January 1, 2013, permit the Board of Trustees of the Trust (the &#8220;Trustees&#8221;)
to amend or repeal, in whole or in part, the Bylaws provided that such amendment or repeal does not materially and adversely affect any
preference, right or power of the Preferred Shares or any holder thereof;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, the Trustees desire to amend the Bylaws to amend and restate the
definition of &#8220;S&amp;P Eligible Asset&#8221; contained in ARTICLE 12, Section 12.1, PART I, paragraph 1.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">WHEREAS, the Trustees have determined that such amendment does not materially
and adversely affect any preference, right or power of the Preferred Shares or any holder thereof;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">NOW, THEREFORE, the Bylaws are hereby amended as follows:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definition
of &#8220;S&amp;P Eligible Asset&#8221; in ARTICLE 12, Section 12.1, PART I, paragraph 1 of the Bylaws is hereby deleted and replaced
in its entirety with the following:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&quot;S&amp;P Eligible Asset&quot; shall mean either:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the
average S&amp;P Discount Factor of the Fund&#8217;s S&amp;P Eligible Assets (as set forth in (ii) below) is less than 200%, all assets
of the Fund shall be considered S&amp;P Eligible Assets; or</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the
average S&amp;P Discount Factor of the Fund&#8217;s S&amp;P Eligible Assets (as set forth in this section) is 200% or greater, S&amp;P
Eligible Assets means: (1) cash (excluding any cash irrevocably deposited by the Fund for the payment of any liabilities within the meaning
of RP Basic Maintenance Amount), (2) Receivables for Municipal Bonds Sold, (3) S&amp;P Hedging Transactions; (4) Municipal Zero Coupon
Bonds rated at least BBB by S&amp;P, (5) swaps, including total return swaps, interest rate swaps, currency swaps and credit default swaps,
and (6) Municipal Bonds (including Inverse Floater as defined below) owned by the Fund that (A)&nbsp;is interest bearing and pays interest
at least semi-annually; (B)&nbsp;is payable with respect to principal and interest in U.S. Dollars; (C)&nbsp;is not subject to a covered
call or put option written by the Fund; (D)&nbsp;except for Inverse Floaters, is not part of a private placement of Municipal Bonds; and
(E)&nbsp;except for Inverse Floaters, is part of an issue of Municipal Bonds with an original issue size of at least $10 million. Any
Municipal Bonds that is a part of an original issue size of less than $10 million must carry a rating of at least &#8220;AA&#8221; by
S&amp;P or &#8220;AAA&#8221; by another nationally recognized statistical rating organization. Notwithstanding the foregoing limitations</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(1)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Municipal Bonds (excluding Escrowed Bonds (as defined below) and High Yield Securities) of any one issuer or guarantor (excluding
bond insurers) shall be considered S&amp;P Eligible Assets only to the extent the Market Value of such Municipal Bonds (including short-term
Municipal Bonds) does not exceed 10% of the aggregate Market Value of S&amp;P Eligible Assets, provided that 2% is added to the applicable
S&amp;P Discount Factor for every 1% by which the Market Value of such Municipal Bonds exceeds 5% of the aggregate Market Value of S&amp;P
Eligible Assets or for any percentage over 5% add 10 percentage points to the S&amp;P Discount Factor. High Yield Securities of any one
issuer shall be considered S&amp;P Eligible Assets only to the extent the Market Value of such Municipal Bonds does not exceed 5% of the
aggregate Market Value of S&amp;P Eligible Assets. Non-rated securities of any issuer shall be considered S&amp;P Eligible Assets to the
extent the Market Value of such Municipal Bonds does not exceed 5% of the aggregate Market Value of S&amp;P Eligible Assets. No more than
10% of the aggregate Market Value of the portfolio may consist of non-rated securities;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(2)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Municipal Bonds not rated by S&amp;P shall be considered S&amp;P Eligible Assets only to the extent the Market Value of such Municipal
Bonds does not exceed 50% of the aggregate Market Value of S&amp;P Eligible Assets; provided, however, that High Yield Securities shall
be considered S&amp;P Eligible Assets only to the extent the Market Value of such Municipal Bonds does not exceed 20% of the aggregate
Market Value of S&amp;P Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(3)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Municipal Bonds issued by issuers in any one state or territory will be considered S&amp;P Eligible Assets only to the extent that
the Market Value of such Municipal Bonds does not exceed 25% of the aggregate Market Value of S&amp;P Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(4)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Municipal Bonds (excluding Escrowed Bonds) of any one state or territory shall be considered S&amp;P Eligible Assets only to the
extent the Market Value of such Municipal Bonds does not exceed 25% of the aggregate Market Value of S&amp;P Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(5)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For Municipal Zero Coupon Bonds, the S&amp;P overcollateralization levels based on the desired transaction rating shall be as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">Exposure Period</TD>
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">AAA</TD>
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">AA</TD>
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">A</TD>
    <TD STYLE="width: 20%; text-align: left; text-indent: 0in">BBB</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">20</TD>
    <TD STYLE="text-align: left; text-indent: 0in">3.584</TD>
    <TD STYLE="text-align: left; text-indent: 0in">3.153</TD>
    <TD STYLE="text-align: left; text-indent: 0in">2.723</TD>
    <TD STYLE="text-align: left; text-indent: 0in">2.292</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(6)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to total return swaps, only the cumulative unsettled profit and loss from a total return swap transaction will be
calculated when determining the RP Basic Maintenance Amount. For purposes of calculating the RP Basic Maintenance Amount, any outstanding
gain from a total return swap transaction or interest rate swap transaction on a Valuation Date will be included as a S&amp;P Eligible
Asset subject to the S&amp;P Discount Factor on the counterparty to such swap transaction,</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">and any outstanding liability from a swap
transaction on a Valuation Date will be subtracted from S&amp;P Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(7)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For swaps (other than total return swaps and interest rate swaps), the Market Value of the position (positive or negative) will
be included as a S&amp;P Eligible Asset. The aggregate notional value of all swaps will not exceed the Liquidation Preference of the Outstanding
RP. In addition, the Trust will only enter into swap transactions where the counterparty has at least a&nbsp;S&amp;P rating of A-, Fitch
rating of A- or Moody&#8217;s long-term rating of A3 at the time the time a swap is executed; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 1in">(8)<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to credit default swaps, each underlying security subject to such swap sold by the Trust will be subject to the applicable
S&amp;P Discount Factor. If the Trust purchases a credit default swap and holds the underlying security, the Market Value of the credit
default swap and the underlying security will be included as a S&amp;P Eligible Asset subject to the S&amp;P Discount Factor assessed
based on the counterparty risk and the duration of the swap agreement. In addition, the Trust will not include a credit default swap as
a S&amp;P Eligible Asset purchased by the Trust unless the Trust holds the underlying security or, if the Trust purchases a credit default
swap for a basket of securities, unless the Trust holds all the securities in the basket.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in">&#8220;Inverse Floater&#8221;
shall mean trust certificates or other instruments evidencing interests in one or more Municipal Bonds that qualify as S&amp;P Eligible
Assets (such Inverse Floaters will also be considered Municipal Bonds and are S&amp;P Eligible Assets), the interest rates on which are
adjusted at short-term intervals on a basis that is inverse to the simultaneous readjustment of the interest rates on corresponding floating
rate trust certificates or other instruments issued by the same issuer, provided that the ratio of the aggregate dollar amount of floating
rate instruments to inverse floating rate instruments issued by the same issuer does not exceed two to one at their time of original issuance
and at the time of purchase has a duration that is less than thirteen years.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#8220;Escrowed Bonds&#8221; shall mean Municipal Bonds that (i)&nbsp;have
been determined to be legally defeased in accordance with S&amp;P&#8217;s legal defeasance criteria, (ii)&nbsp;have been determined to
be economically defeased in accordance with S&amp;P&#8217;s economic defeasance criteria and assigned a rating of AAA by S&amp;P, (iii)&nbsp;are
not rated by S&amp;P but have been determined to be legally defeased by S&amp;P or (iv)&nbsp;have been determined to be economically defeased
by S&amp;P and assigned a rating no lower than the rating that is S&amp;P equivalent of S&amp;P&#8217;s AAA rating. In the event that
a defeased obligation which is an S&amp;P Eligible Asset does not meet the criteria of an Escrowed Bond, such Municipal Bond will be deemed
to remain in the Issue Type Category into which it fell prior to such defeasance.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, all aforementioned definitions
and limitations are further subject to the requirements and limitations as set forth in &#8220;Methodology And Assumptions For Market
Value Securities&#8221; published by Standard &amp; Poor&#8217;s Ratings Services on September 17, 2013.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">This Amendment is effective as of March 21, 2014.</P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Amendment to Amended and Restated Bylaws</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, Article 14, Section 14.1 of the Amended
and Restated Bylaws (the &#8220;Bylaws&#8221;) of Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;) permits the Trustees
to amend or to repeal the Bylaws except as otherwise expressly stated in the Bylaws.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, Article 12, Section 12.1, Part I, paragraph
6(c) provides that so long as any shares of RP are outstanding, the Trust will not, without the affirmative vote or consent of the Holders
of at least a majority of the shares of RP outstanding at the time, amend, alter or repeal provisions of the Bylaws so as to affect materially
and adversely any preference, right or power of shares of RP or the Holders thereof; notwithstanding the foregoing, however, the Trustees
may, without the vote or consent of the Holders of any series of RP, amend, alter or repeal certain terms, including the term &#8220;Accountant&#8217;s
Confirmation,&#8221; provided the Trustees receive written confirmation from Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;)
and Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8221;) that the amendment, alteration or repeal will not impair the ratings then assigned
to any series of RP by the rating agency providing the confirmation (terms used without definition in this amendment have the respective
meanings ascribed to them in the Bylaws);</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, the Trustees desire to amend certain
provisions of Article 12, Section 12.1 of the Bylaws relating to (1) the delivery of the RP Basic Maintenance Report to the Remarketing
Agents and the Paying Agent and (2) the delivery of the Accountant&#8217;s Confirmation;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, Moody&#8217;s and S&amp;P have confirmed
in writing to the Trustees that this amendment would not impair their ratings assigned to any series of RP; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, the Trustees have determined that this
amendment would not affect materially and adversely any preference, right or power of shares of RP or the Holders thereof;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">NOW, THEREFORE, the Bylaws are amended as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, paragraph 1 is amended by deleting the term &#8220;Accountant&#8217;s Confirmation&#8221; and its definition.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of Article 12, Section 12.1, Part I, paragraph 6(c) and paragraph 8(e) is amended by deleting references to the &#8220;Accountant&#8217;s
Confirmation.&#8221;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of Article 12, Section 12.1, Part I, paragraph 8(b), (c), (d) and (e) is amended by deleting references to the &#8220;Remarketing Agents&#8221;
and the &#8220;Paying Agent.&#8221;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
text of each of Article 12, Section 12.1, Part I, paragraph 8(f), (g), (h) and (i) of the Bylaws is deleted and, in each case, the word
&#8220;Reserved&#8221; is substituted in its place.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
second sentence of Article 12, Section 12.1, Part I, paragraph 8(j) of the Bylaws is deleted.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">This Amendment is effective as of June 24, 2016.</P>

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

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


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">Amendment to Amended and Restated Bylaws</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, Article 14, Section 14.1 of the Amended
and Restated Bylaws (the &#8220;Bylaws&#8221;) of Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;) permits the Trustees
to amend or to repeal the Bylaws except as otherwise expressly stated in the Bylaws.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, Article 12, Section 12.1, Part I, paragraph
6(c) provides that so long as any shares of RP are outstanding, the Trust will not, without the affirmative vote or consent of the Holders
of at least a majority of the shares of RP outstanding at the time, amend, alter or repeal provisions of the Bylaws so as to affect materially
and adversely any preference, right or power of shares of RP or the Holders thereof (terms used without definition in this amendment have
the respective meanings ascribed to them in the Bylaws);</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, the Trustees desire to amend Article
12, Section 12.1 of the Bylaws by eliminating a provision requiring delivery of the RP Basic Maintenance Report to Moody&#8217;s Investors
Service, Inc. (&#8220;Moody&#8217;s&#8221;) and Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8221;) following repurchases of any outstanding
Common Shares by the Trust;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">WHEREAS, the Trustees have determined that this
amendment would not affect materially and adversely any preference, right or power of shares of RP or the Holders thereof;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">NOW, THEREFORE, the Bylaws are amended as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, paragraph 8(k) of the Bylaws is deleted.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">This Amendment is effective as of September 16, 2016.</P>

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




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