<SEC-DOCUMENT>0000928816-23-000324.txt : 20230301
<SEC-HEADER>0000928816-23-000324.hdr.sgml : 20230301
<ACCEPTANCE-DATETIME>20230301155826
ACCESSION NUMBER:		0000928816-23-000324
CONFORMED SUBMISSION TYPE:	8-K/A
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:		20230301
DATE AS OF CHANGE:		20230301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		23693275

	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/A
<SEQUENCE>1
<FILENAME>a_mmit8ka.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME 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="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/A</FONT></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; font-weight: bold"><FONT STYLE="font-size: 12pt">(Amendment No. 1)</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 Managed Municipal Income 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">811-05740<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">04-6608976<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>PMM</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; text-align: center; margin: 0"><B>EXPLANATORY NOTE</B></P>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">On February 28, 2023, Putnam Managed Municipal Income Trust (the &ldquo;Fund&rdquo;)
filed a Current Report on Form 8-K (the &ldquo;Original 8-K&rdquo;) to disclose, among other things, changes approved by the Board of Trustees of the
Fund that were incorporated into the amended and restated bylaws of the Fund. This Amendment No. 1 to the Original 8-K is being filed solely to include
a hyperlink for Exhibit 5.03 to the Original 8-K. No other changes are being made to the Original 8-K.</P>


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

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    <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"><A HREF="b_exbylaws.htm">5.03</A></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"><A HREF="b_exbylaws.htm">Amended and Restated Bylaws of Putnam Managed Municipal Income Trust dated February 23, 2023 </A></TD></TR>
  </TABLE>

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

<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>

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    <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 Managed Municipal Income 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;March 1, 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-99.2 BYLAWS
<SEQUENCE>2
<FILENAME>b_exbylaws.htm
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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 MANAGED MUNICIPAL INCOME 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 meeting, is filed with</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">* 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 June 24, 2016.</P>

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


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<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>

<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>


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<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>

<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>


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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>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>

<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>


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<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>

<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>


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<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>

<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;</P>


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


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

<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; text-indent: 0.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 36.5pt 6pt 76.55pt; text-indent: -40.55pt"><FONT STYLE="letter-spacing: -0.6pt">12.1
<U>Statement Creating Three Series of Remarketed </U></FONT><U>Preferred Shares</U>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 12.95pt">PART I. DESIGNATION <FONT STYLE="letter-spacing: -0.55pt">SERIES
A: A series of 550 shares of preferred shares, </FONT><FONT STYLE="letter-spacing: -0.5pt">without par value, liquidation preference $100,000
per share plus accumulated but unpaid dividends, if any thereon </FONT><FONT STYLE="letter-spacing: -0.55pt">(whether or not earned or
declared) plus the premium, if any, </FONT><FONT STYLE="letter-spacing: -0.5pt">resulting from the designation of a Premium Call Period,
is hereby designated &quot;Remarketed Preferred Shares, Series A.&quot; Each share of Remarketed Preferred Shares, Series A shall be </FONT><FONT STYLE="letter-spacing: -0.55pt">issued
on a date to be determined by the Board of Trustees of </FONT><FONT STYLE="letter-spacing: -0.5pt">the Trust or a duly authorized committee
thereof; have an Initial Dividend Rate for its Initial Dividend Period equal </FONT><FONT STYLE="letter-spacing: -0.55pt">to 6.35% per
annum; have an Initial Dividend Payment Date (as </FONT><FONT STYLE="letter-spacing: -0.5pt">herein defined) to be determined by the Board
of Trustees of </FONT><FONT STYLE="letter-spacing: -0.55pt">the Trust or a duly authorized committee thereof; be redeemed (unless such
share shall have been otherwise redeemed </FONT><FONT STYLE="letter-spacing: -0.5pt">pursuant to paragraph 4 of Part I of this Section
12.1 or exchanged prior thereto for a share of Remarketed Preferred </FONT><FONT STYLE="letter-spacing: -0.6pt">Stock, Series I, pursuant
to paragraph 12 of Part I of this </FONT><FONT STYLE="letter-spacing: -0.5pt">Section 12.1 by the Trust on a date to be determined by
the </FONT><FONT STYLE="letter-spacing: -0.55pt">Board of Trustees of the Trust or a duly authorized committee </FONT><FONT STYLE="letter-spacing: -0.5pt">thereof)</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt">at a redemption price of $100,000 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 <FONT STYLE="letter-spacing: -0.55pt">Call Period; and have such other preferences, limitations and </FONT><FONT STYLE="letter-spacing: -0.5pt">relative
voting rights, in addition to those required by applicable law or set forth in the Trust's Declaration of </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust
applicable to preferred shares of the Trust, as are set </FONT><FONT STYLE="letter-spacing: -0.5pt">forth in Part I and Part II of this
Section 12.1. The Remarketed Preferred Shares, Series A shall constitute a separate series of preferred shares of the Trust, and each
share of Remarketed Preferred Shares, Series A shall be </FONT><FONT STYLE="letter-spacing: -0.55pt">identical except as provided in paragraph
4 of this Part I of </FONT>this Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">SERIES
B: A series of 550 shares of preferred shares, </FONT><FONT STYLE="letter-spacing: -0.5pt">without par value, liquidation preference $100,000
per share plus accumulated but unpaid dividends, if any thereon </FONT><FONT STYLE="letter-spacing: -0.6pt">(whether or not earned or
declared) plus the premium, if any, </FONT><FONT STYLE="letter-spacing: -0.5pt">resulting from the designation of a Premium Call Period,
is </FONT><FONT STYLE="letter-spacing: -0.55pt">hereby designated &quot;Remarketed Preferred Shares, Series B.&quot; </FONT><FONT STYLE="letter-spacing: -0.5pt">Each
share of Remarketed Preferred Shares, Series B shall be </FONT><FONT STYLE="letter-spacing: -0.6pt">issued on a date to be determined
by the Board of Trustees of</FONT> <FONT STYLE="letter-spacing: -0.5pt">the Trust or a duly authorized committee thereof; have an Initial
Dividend Rate for its Initial Dividend Period equal </FONT><FONT STYLE="letter-spacing: -0.55pt">to 6.40% per annum; have an Initial Dividend
Payment Date (as </FONT><FONT STYLE="letter-spacing: -0.5pt">herein defined) to be determined by the Board of Trustees of the Trust or
a duly authorized committee thereof; be redeemed (unless such share shall have been otherwise redeemed pursuant to paragraph 4 of Part
I of this Section 12.1 or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 12 of Part
I of this Section 12.1 by the Trust on a date to be determined by the </FONT><FONT STYLE="letter-spacing: -0.7pt">Board of Trustees of
the Trust or a duly authorized committee </FONT><FONT STYLE="letter-spacing: -0.5pt">thereof) at a redemption price of $100,000 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. The Remarketed Preferred Shares, Series B shall constitute a separate series of
preferred shares of the Trust, and each share of Remarketed Preferred Shares, Series B shall be identical except as provided in paragraph
4 of this Part I of </FONT>this Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.55pt">SERIES
C: A series of 650 shares of preferred shares, </FONT><FONT STYLE="letter-spacing: -0.5pt">without par value, liquidation preference $100,000
per share plus accumulated but unpaid dividends, if any thereon </FONT><FONT STYLE="letter-spacing: -0.55pt">(whether or not earned or
declared) plus the premium, if any, </FONT><FONT STYLE="letter-spacing: -0.5pt">resulting from the designation of a Premium Call Period,
is hereby designated &quot;Remarketed Preferred Shares, Series C.&quot; Each share of Remarketed Preferred Shares, Series C shall be </FONT><FONT STYLE="letter-spacing: -0.55pt">issued
on a date to be determined by the Board of Trustees of </FONT><FONT STYLE="letter-spacing: -0.5pt">the Trust or a duly authorized committee
thereof; have an Initial Dividend Rate for its Initial Dividend Period equal </FONT><FONT STYLE="letter-spacing: -0.55pt">to 6.30% per
annum; have an Initial Dividend Payment Date (as </FONT><FONT STYLE="letter-spacing: -0.5pt">herein defined) to be determined by the Board
of Trustees of </FONT><FONT STYLE="letter-spacing: -0.55pt">the Trust or a duly authorized committee thereof; be redeemed (unless such
share shall have been otherwise redeemed </FONT><FONT STYLE="letter-spacing: -0.5pt">pursuant to paragraph 4 of Part I of this Section
12.1 or exchanged prior thereto for a share of Remarketed Preferred Stock, Series I, pursuant to paragraph 12 of Part I of this Section
12.1 by the Trust on a date to be determined by the </FONT><FONT STYLE="letter-spacing: -0.55pt">Board of Trustees of the Trust or a duly
authorized committee </FONT><FONT STYLE="letter-spacing: -0.5pt">thereof) at a redemption price of $100,000 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Call Period; and have such other preferences, limitations and </FONT><FONT STYLE="letter-spacing: -0.5pt">relative
voting rights, in addition to those required by</FONT> <FONT STYLE="letter-spacing: -0.45pt">applicable law or set forth in the Trust's
Declaration of </FONT><FONT STYLE="letter-spacing: -0.5pt">Trust applicable to preferred shares of the Trust, as are set forth in Part
I and Part II of this Section 12.1. The </FONT><FONT STYLE="letter-spacing: -0.45pt">Remarketed Preferred Shares, Series C shall constitute
a </FONT><FONT STYLE="letter-spacing: -0.5pt">separate series of preferred shares of</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">the Trust, and each share of Remarketed Preferred Shares, Series C
shall be <FONT STYLE="letter-spacing: -0.55pt">identical except as provided in paragraph 4 of this Part I of </FONT>this Section 12.1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.5pt">1.
<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 </FONT>in the singular or plural:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.4pt">&quot;'M'
Composite Commercial Paper Rate,&quot; on any date, </FONT><FONT STYLE="letter-spacing: -0.45pt">means (i) the Interest Equivalent of
the rate on commercial paper placed for the number of days specified in the </FONT><FONT STYLE="letter-spacing: -0.5pt">succeeding sentence
on behalf of issuers whose corporate </FONT><FONT STYLE="letter-spacing: -0.45pt">bonds are rated &quot;AA&quot; by S&amp;P and &quot;Aa&quot;
by Moody's, or the </FONT><FONT STYLE="letter-spacing: -0.55pt">equivalent of such rating by such rating agency or by another </FONT><FONT STYLE="letter-spacing: -0.45pt">nationally
recognized statistical rating organization, as </FONT><FONT STYLE="letter-spacing: -0.5pt">such rate is made available by the Federal
Reserve Bank of </FONT><FONT STYLE="letter-spacing: -0.45pt">New York on a discount basis or otherwise for the Business </FONT><FONT STYLE="letter-spacing: -0.5pt">Day
immediately preceding such date, or (ii) if the Federal </FONT><FONT STYLE="letter-spacing: -0.55pt">Reserve Bank of New York does not
make available such a rate, </FONT><FONT STYLE="letter-spacing: -0.45pt">then the arithmetic average of the Interest Equivalent of such
rates on commercial paper placed on behalf of such</FONT> <FONT STYLE="letter-spacing: -0.5pt">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
</FONT><FONT STYLE="letter-spacing: -0.55pt">such date. In respect of any Dividend Period of 7 or 28 days </FONT><FONT STYLE="letter-spacing: -0.5pt">(determined
without regard to any adjustment in the remarketing schedule in respect of non-Business Days, as provided herein), the &quot;AA&quot;
Composite Commercial Paper Rate shall be the Interest Equivalent of the 60-day rate. If any Commercial Paper Dealer does not quote a rate
required to determine the &quot;AA&quot; Composite Commercial Paper Rate, the &quot;AA&quot; Composite Commercial Paper Rate shall be
determined on the basis of the quotation or quotations furnished by the remaining Commercial Paper Dealer or Dealers or, if none of the
Commercial Paper Dealers quotes such a rate, by any </FONT><FONT STYLE="letter-spacing: -0.55pt">Substitute Commercial Paper Dealer or
Dealers selected by the Trust to provide such rate or rates not being supplied by any </FONT>Commercial Paper Dealer.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Accountant's
Confirmation&quot; has the meaning set forth in </FONT>paragraph 8(f) of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Agent
Member&quot; means a designated member of the Securities Depository that will maintain records for a Beneficial Owner of one or more shares
of RP that has </FONT><FONT STYLE="letter-spacing: -0.55pt">identified such Agent Member in its Master Purchaser's Letter </FONT><FONT STYLE="letter-spacing: -0.5pt">and
that will be authorized and instructed to disclose</FONT> <FONT STYLE="letter-spacing: -0.55pt">information to any Remarketing Agent and/or
the Paying Agent </FONT>with respect to such Beneficial Owner.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Applicable
Dividend Rate&quot; means, with respect to the Initial Dividend Period the rate of dividend per annum </FONT><FONT STYLE="letter-spacing: -0.55pt">established
by the Board of Trustees and, for each subsequent </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">dividend
per annum that the Remarketing Agent advises results </FONT><FONT STYLE="letter-spacing: -0.5pt">on the Dividend Reset 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">during a Non-Payment Period, will be equal
to the Non-Payment </FONT>Period Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 21.1pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Applicable
Percentage&quot; has the meaning set forth under </FONT>&quot;Maximum Dividend Rate&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Authorized
Newspaper&quot; means a newspaper of general </FONT><FONT STYLE="letter-spacing: -0.55pt">circulation in the English language generally
published on </FONT>Business Days in The City of New York.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Beneficial
Owner&quot; means a person that has signed a Master Purchaser's Letter and 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">registered
in the name of the Securities Depository on the share transfer books of the Trust, the person in whose name </FONT>such share is so registered.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Board
of Trustees&quot; means the Board of Trustees of the </FONT>Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.5pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Business
Day&quot; means a day on which the New York Stock </FONT><FONT STYLE="letter-spacing: -0.55pt">Exchange, Inc. is open for trading, and
which is not a day on </FONT><FONT STYLE="letter-spacing: -0.5pt">which banks in The City of New York are authorized or </FONT>obligated
by law to close.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;By-laws&quot;
means these Amended and Restated By-laws of </FONT>the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 1.9pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Code&quot;
means the Internal Revenue Code of 1986, as </FONT>amended from time to time.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Commercial
Paper Dealers&quot; means Merrill Lynch, Pierce, </FONT><FONT STYLE="letter-spacing: -0.5pt">Fenner &amp; Smith Incorporated and such
other commercial paper </FONT><FONT STYLE="letter-spacing: -0.55pt">dealer or dealers as the Trust may from time to time appoint, </FONT><FONT STYLE="letter-spacing: -0.5pt">or,
in lieu of any thereof, their respective affiliates or </FONT>successors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 2.65pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Common
Shares&quot; means the common shares, without par </FONT>value, of the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Date
of Original Issue&quot; means, with respect to any </FONT><FONT STYLE="letter-spacing: -0.55pt">share of RP, the date on which the Trust
originally issues </FONT>such share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.05in; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Declaration
of Trust&quot; means the Amended and Restated Agreement and Declaration of Trust dated February 3, 1989 of</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 0"><FONT STYLE="letter-spacing: -0.6pt">the Trust on file with
the Secretary of State of The </FONT>Commonwealth of Massachusetts.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.95pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Deposit
Securities&quot; means cash and Municipal Securities </FONT>rated at least A-1+ or SP-1+ by S&amp;P.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.95pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">&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 quotient of the Market Value thereof divided by the applicable
Moody's Discount Factor; provided that the Discounted Value of such </FONT><FONT STYLE="letter-spacing: -0.55pt">Eligible Asset shall
never be greater than the face value of </FONT>such Eligible Asset.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Dividend
Coverage Amount,&quot; as of any Valuation Date, </FONT><FONT STYLE="letter-spacing: -0.5pt">means, with respect to each share of RP,
(i) the aggregate amount of dividends that will accumulate on such share of RP to (but not including) the Business Day following the first
Dividend Reset Date for such share that follows such Valuation Date; less (ii) the combined value of Deposit </FONT><FONT STYLE="letter-spacing: -0.55pt">Securities
irrevocably deposited for the payment of dividends </FONT>on such share of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Dividend
Coverage Assets,&quot; as of any Valuation Date, </FONT><FONT STYLE="letter-spacing: -0.5pt">means, with respect to each share of RP,
Deposit Securities with maturity or tender payment dates not later than the day </FONT><FONT STYLE="letter-spacing: -0.55pt">preceding
the Business Day following the first Dividend Reset </FONT><FONT STYLE="letter-spacing: -0.5pt">Date for such share that follows such
Valuation Date and</FONT> <FONT STYLE="letter-spacing: -0.55pt">having a value not less than the Dividend Coverage Amount </FONT>with
respect to such share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.95pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Dividend
Payment Date&quot; means, (i) with respect to any </FONT><FONT STYLE="letter-spacing: -0.6pt">Special Dividend Period of more than 91
but fewer than 365 </FONT><FONT STYLE="letter-spacing: -0.55pt">days, the 92nd day thereof, the 183rd day thereof, if any, the 274th day
thereof, if any, and the day after the last day </FONT><FONT STYLE="letter-spacing: -0.5pt">thereof; (ii) with respect to any Special
Dividend period of </FONT><FONT STYLE="letter-spacing: -0.6pt">365 or more days, the third Wednesday of each January, April, </FONT><FONT STYLE="letter-spacing: -0.5pt">July
and October therein and the day after the last day </FONT><FONT STYLE="letter-spacing: -0.6pt">thereof; and (iii) with respect to any
other Dividend Period, </FONT><FONT STYLE="letter-spacing: -0.5pt">the day after the last</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.95pt">day thereof; provided that, if any such date shall not
be a Business Day, the Dividend Payment <FONT STYLE="letter-spacing: -0.55pt">Date shall be the Business Day next succeeding such day.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Dividend
Period&quot; means with respect to any share of RP, </FONT><FONT STYLE="letter-spacing: -0.5pt">the Initial Dividend Period for such share
and thereafter a </FONT><FONT STYLE="letter-spacing: -0.55pt">period which shall commence on each (but not the final) Dividend Payment
Date for such share (which, except during a </FONT><FONT STYLE="letter-spacing: -0.5pt">Non-Payment Period, shall be a Settlement Date
for such share). 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 </FONT><FONT STYLE="letter-spacing: -0.6pt">Remarketed Preferred Stock, Series C); 28
consecutive days </FONT><FONT STYLE="letter-spacing: -0.55pt">(in the case of Remarketed Preferred Stock, Series A and B); </FONT><FONT STYLE="letter-spacing: -0.5pt">or
in the case of a Special Dividend Period, the number of consecutive days as shall be specified by the Board of Trustees in accordance
with the provisions set forth in paragraph 3(j) of this Part I at the time the Board of </FONT><FONT STYLE="letter-spacing: -0.55pt">Trustees
designates a Special Dividend Period. </FONT><FONT STYLE="letter-spacing: -0.5pt">Notwithstanding the foregoing, any adjustment of the
</FONT><FONT STYLE="letter-spacing: -0.55pt">remarketing schedule by the Remarketing Agents which includes </FONT><FONT STYLE="letter-spacing: -0.5pt">an
adjustment of a Settlement Date shall lengthen or shorten </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Periods by causing them
always to end on and include the day before the Settlement Date as so adjusted.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.5pt">&quot;Dividend
Reset Date&quot; means any date on which the </FONT><FONT STYLE="letter-spacing: -0.55pt">Remarketing Agents (i) determine the Applicable
Dividend Rate for the ensuing Dividend Period, (ii) notify Holders, </FONT><FONT STYLE="letter-spacing: -0.5pt">purchasers and tendering
Holders of shares of RP by telephone, telex or otherwise of the results of the </FONT><FONT STYLE="letter-spacing: -0.55pt">Remarketing
and (iii) announce such Applicable Dividend Rate. </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.5pt">&quot;Eligible
Asset&quot; means S&amp;P Eligible Asset and/or Moody's </FONT>Eligible Asset.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Exchange
Date&quot; has the meaning set forth in paragraph </FONT>12 of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Exchange
Event&quot; has the meaning set forth in paragraph </FONT>12 of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 3.35pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Gross-up
Dividend&quot; has the meaning set forth in </FONT>paragraph 3(k) of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Holder&quot;
means, with respect to any share of RP, the </FONT><FONT STYLE="letter-spacing: -0.55pt">person whose name appears on the share transfer
books of the Trust as the registered holder of such share.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Independent
Accountant&quot; means a nationally recognized </FONT><FONT STYLE="letter-spacing: -0.55pt">accountant, or firm of accountants, that is,
with respect to </FONT><FONT STYLE="letter-spacing: -0.5pt">the Trust, an independent public accountant or firm of independent public
accountants under the Securities Act of </FONT>1933, as amended.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Initial
Dividend Payment Date&quot; means with respect to </FONT><FONT STYLE="letter-spacing: -0.55pt">any share of RP, the Initial Dividend Payment
Date specified </FONT><FONT STYLE="letter-spacing: -0.45pt">with respect thereto by the Board of Trustees or a duly </FONT>authorized
committee thereof.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Initial
Dividend Period&quot; means, with respect to any </FONT><FONT STYLE="letter-spacing: -0.55pt">share of RP, the period commencing on and
including the Date </FONT><FONT STYLE="letter-spacing: -0.5pt">of Original Issue of such share and ending on the day prior </FONT>to the
Initial Dividend Payment Date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 14.15pt 6pt 2.4pt; text-align: justify; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Interest
Equivalent&quot; means a yield on a 360-day basis of a discount basis security which is equal to the yield on </FONT>an equivalent interest-bearing
security.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.5pt">&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 </FONT><FONT STYLE="letter-spacing: -0.55pt">securities
at the mean between the quoted bid and asked price </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">pricing
service using methods which include consideration of:</FONT> <FONT STYLE="letter-spacing: -0.5pt">yields or prices of municipal bonds
of comparable</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt">quality, type of issue, coupon, maturity and rating; indications
as to <FONT STYLE="letter-spacing: -0.45pt">value from dealers; and general market conditions. The pricing service may employ electronic
data processing </FONT><FONT STYLE="letter-spacing: -0.5pt">techniques and/or a matrix system to determine valuations.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Master
Purchaser's Letter&quot; means a letter substantially </FONT><FONT STYLE="letter-spacing: -0.5pt">in the form of Exhibit A to this Section
12.1 of ARTICLE 12, </FONT><FONT STYLE="letter-spacing: -0.45pt">or such other form as may be acceptable to the Remarketing </FONT><FONT STYLE="letter-spacing: -0.5pt">Agents,
which is required to be executed by each purchaser of </FONT>shares of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 2.9pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Maximum
Dividend Rate&quot; for any Dividend Period of 7 or 28 days at any Dividend Reset Date shall apply to a dividend, </FONT><FONT STYLE="letter-spacing: -0.5pt">and
be the Applicable Percentage of the applicable &quot;AA&quot; </FONT><FONT STYLE="letter-spacing: -0.45pt">Composite Commercial Paper
Rate. The Applicable Percentage </FONT><FONT STYLE="letter-spacing: -0.55pt">on each Dividend Reset Date shall vary with the lower of
the credit rating or ratings assigned on such date to the shares of RP by Moody's and S&amp;P (or if Moody's or S&amp;P or both shall
</FONT><FONT STYLE="letter-spacing: -0.45pt">not make such rating available, the equivalent of either or both of such ratings by a Substitute
Rating Agency or two </FONT><FONT STYLE="letter-spacing: -0.5pt">Substitute Rating Agencies or, in the event that only one such rating
shall be available, such rating) as follows:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 21.1pt 6pt 304.3pt"></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: 14%">&nbsp;</TD>
  <TD STYLE="width: 9%">&nbsp;</TD>
  <TD STYLE="width: 12%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 14%; vertical-align: bottom">Applicable Percentage <FONT STYLE="letter-spacing: -0.1pt">of
&quot;AA&quot; </FONT>Composite</TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Credit Ratings</TD>
  <TD>&nbsp;</TD>
  <TD>Commercial</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="letter-spacing: -0.8pt">Moody' s</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">S &amp; P</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">Paper Rate</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&quot;aa3&quot;
or higher</TD>
  <TD>&nbsp;</TD>
  <TD>AA- or higher</TD>
  <TD>&nbsp;</TD>
  <TD>110%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&quot;a3&quot; to &quot;al&quot;</TD>
  <TD>&nbsp;</TD>
  <TD>A-
to A+</TD>
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="letter-spacing: -1.65pt">12 5%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT>&quot;baa3&quot;
to &quot;baal&quot;&#9;</FONT></TD>
  <TD>&nbsp;</TD>
  <TD>BBB-
to BBB+</TD>
  <TD>&nbsp;</TD>
  <TD>150%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="letter-spacing: -0.05pt">below
&quot;baa3&quot;</FONT></TD>
  <TD>&nbsp;</TD>
  <TD>Below BBB-&#9;</TD>
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="letter-spacing: -0.4pt">200%</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 33.85pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 33.85pt">The Maximum Dividend Rate for any Special Dividend
Period will be a fixed or variable rate determined from time to time by formula or other means as designated by the Board of Trustees
in respect of such Dividend Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 33.85pt">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 &quot;AA&quot; Composite Commercial Paper Rate as part of their calculation of any Maximum Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 34.1pt">&quot;Minimum Liquidity Level&quot; has
the meaning set forth in paragraph 9 of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.05pt; text-indent: 33.85pt">&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 6pt 4.55pt; text-indent: 34.55pt">&quot;Moody's Discount Factor&quot; means,
for purposes of determining the Discounted Value of any Moody's Eligible Asset, the percentage determined by reference to the rating on
such asset and the shortest Moody's Collateral Period set forth opposite such rating that is the same length as or is longer than the
Moody's Exposure Period, in</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.55pt">accordance with the table set forth below:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.55pt">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Rating Category</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 52%"><U>Moody's Collateral Period</U></TD>
    <TD STYLE="width: 8%"><U></U></TD>
  <TD STYLE="width: 8%"><U>Aaa*</U></TD>
  <TD STYLE="width: 8%"><U>Aa*</U></TD>
  <TD STYLE="width: 8%"><U>A*</U></TD>
  <TD STYLE="width: 8%"><U>Baa*&#9;</U></TD>
  <TD STYLE="width: 8%"><U>Other**</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>7<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>weeks or less</TD>
    <TD>&nbsp;</TD>
  <TD>151%</TD>
  <TD>159%</TD>
  <TD>168%</TD>
  <TD>202%</TD>
  <TD>229%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>8<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>weeks or less but greater than seven weeks</TD>
    <TD>&nbsp;</TD>
  <TD>154</TD>
  <TD>164</TD>
  <TD>173</TD>
  <TD>205</TD>
  <TD>235</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>9<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>weeks or less but greater than eight weeks</TD>
    <TD>&nbsp;</TD>
  <TD>158</TD>
  <TD>169</TD>
  <TD>179</TD>
  <TD>209</TD>
  <TD>242</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT>10</FONT>&#9;weeks or
less but greater than nine weeks</TD>
    <TD>&nbsp;</TD>
  <TD>161</TD>
  <TD>175</TD>
  <TD><FONT STYLE="letter-spacing: -0.05pt">186</FONT></TD>
  <TD>213</TD>
  <TD>250</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 31.2pt 0 6pt 0.1in">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's rating.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt">**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal Securities
not rated by Moody's but rated BBB by S&amp;P.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">Notwithstanding the foregoing, <FONT STYLE="letter-spacing: 1.6pt">(i)</FONT>
the Moody's Discount Factor <B>for </B>short-term Municipal Securities will be 115%, so long as such Municipal Securities are rated at
least MIG-1, VMIG-1 or P-1 by Moody's and mature or have a demand feature at par exercisable in 30 days or less and (ii) no Moody's Discount
Factor will be applied to cash.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 33.6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 33.6pt">&quot;Moody's Eligible Asset&quot; means cash
or a Municipal Security 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 Municipal Security, such Municipal Security 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 Securities of at least $10,000,000. Municipal Securities issued by any one issuer and rated BBB by S&amp;P may comprise no more
than 4% of total Moody's Eligible Assets; such BBB rated Municipal Securities, if any, together with any Municipal Securities issued by
the same issuer and rated Baa by Moody's, may comprise no more than 6% of total Moody's Eligible Assets; such BBB and Baa rated Municipal
Securities, if any, together with any Municipal Securities issued by the same issuer and rated A by Moody's, may comprise no more than
10% of total Moody's Eligible Assets; and such BBB, Baa and A rated Municipal Securities, if any, together with any Municipal Securities
issued by the same issuer and rated Aa by Moody's, may comprise no more than 20% of total Moody's Eligible Assets. Municipal Securities
issued by issuers located within a single state or territory and rated BBB by S&amp;P may comprise no more than 12% of total Moody's Eligible
Assets; such BBB rated Municipal Securities, if any, together with any Municipal Securities issued by issuers located within the same
state or territory and rated Baa by Moody's, may comprise no more than 20% of total Moody's Eligible Assets; such BBB and Baa rated Municipal
Securities, if any, together with any Municipal Securities issued by issuers located within the same state or territory and rated A by
Moody's, may comprise no more than 40% of total Moody's Eligible Assets; and such BBB, Baa and A rated Municipal securities, if any, together
with any Municipal Securities issued by issuers located within the same state or territory and rated Aa by Moody's, may comprise no more
than 60% of total Moody's Eligible Assets. Municipal Securities that are used by the Trust as collateral</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">pursuant to a repurchase agreement that obligates the Trust to repurchase
such Municipal Securities <FONT STYLE="letter-spacing: -0.5pt">will only constitute Moody's Eligible Assets if the long-term debt of the
other party to the repurchase agreement is </FONT><FONT STYLE="letter-spacing: -0.55pt">rated at least Aa by Moody's and such agreement
has a term of </FONT><FONT STYLE="letter-spacing: -0.65pt">30 days or less; such Municipal Securities shall be valued at </FONT><FONT STYLE="letter-spacing: -0.55pt">the
Discounted Value of such Municipal Securities. Municipal </FONT><FONT STYLE="letter-spacing: -0.5pt">Securities acquired as collateral
by the Trust pursuant to a repurchase agreement that obligates the other party thereto to repurchase such Municipal Securities will only
constitute a Moody's Eligible Asset if the long-term debt of such other party is rated at least Aa by Moody's and such agreement has </FONT><FONT STYLE="letter-spacing: -0.65pt">a
term of 30 days or less; such Municipal Securities shall be </FONT><FONT STYLE="letter-spacing: -0.5pt">valued at the amount of cash paid
by the Trust pursuant to </FONT>such repurchase agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 5.05pt; text-indent: 32.9pt"><FONT STYLE="font-size: 12pt; letter-spacing: -0.5pt">Notwithstanding
the foregoing, an asset will not be considered a Moody's Eligible Asset if (i) it has been </FONT><FONT STYLE="font-size: 12pt; letter-spacing: -0.6pt">irrevocably
deposited by the Trust for the payment, in full</FONT> <FONT STYLE="font-size: 12pt; letter-spacing: -0.5pt">or in part, of any of (i)(A)
through (i)(F) as set forth in the definition of &quot;RP Basic Maintenance Amount&quot; in this </FONT><FONT STYLE="font-size: 12pt; letter-spacing: -0.55pt">Section
12.1, or (ii) it is subject to any material lien, </FONT><FONT STYLE="font-size: 12pt; letter-spacing: -0.5pt">mortgage, pledge, security
interest or security agreement of any kind (collectively, &quot;Liens&quot;), <U>except for</U> (a) Liens the validity of which is being
contested in good faith by appropriate proceedings, (b) Liens for taxes that are not then due and payable or that can be paid thereafter
without </FONT><FONT STYLE="font-size: 12pt; letter-spacing: -0.55pt">penalty, (c) Liens to secure payment for services rendered or cash
advanced to the Trust by The Putnam Management Company, Inc., Putnam Investor Services, Inc., the Paying Agent or any </FONT><FONT STYLE="font-size: 12pt; letter-spacing: -0.5pt">Remarketing
Agent and (d) any Lien by virtue of a repurchase </FONT><FONT STYLE="font-size: 12pt">agreement.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 1.7pt 6pt 2.4pt; text-align: justify; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Moody's
Exposure Period&quot; means the period commencing on a given Valuation Date and ending 63 days thereafter.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Municipal
Securities&quot; means municipal securities as described in the Trust's Registration Statement on Form N-2 </FONT><FONT STYLE="letter-spacing: -0.6pt">(File
Nos. 33-26396 and 811-5740) on file with the Securities </FONT><FONT STYLE="letter-spacing: -0.5pt">and Exchange Commission, as such Registration
Statement may </FONT>be amended from time to time.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.8pt">&quot;1940
Act&quot; means the Investment Company Act of 1940, as </FONT>amended from time to time.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-align: justify; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.55pt">&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) as of the last Business Day of each month, means the last Business Day of the following </FONT>month.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 6pt 0.25pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;1940
Act RP Asset Coverage&quot; means asset coverage, as defined in section 18(h) of the 1940 Act, of at least 200% </FONT><FONT STYLE="letter-spacing: -0.45pt">with
respect to all outstanding senior securities of the </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust which are shares, including all
outstanding shares of RP and Other RP (or such other asset coverage as may in the future be specified in or under the 1940 Act as the
minimum </FONT><FONT STYLE="letter-spacing: -0.5pt">asset coverage for senior securities which are shares of a closed-end investment company
as a condition of paying </FONT>dividends on its common stock).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 3.35pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Non-Call
Period&quot; has the meaning described under </FONT>&quot;Specific Redemption Provisions&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Non-Payment
Period&quot; 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Payment Date for shares of RP, for payment on or (to </FONT><FONT STYLE="letter-spacing: -0.5pt">the
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 </FONT><FONT STYLE="letter-spacing: -0.55pt">dividend
on such shares payable on such Dividend Payment Date </FONT><FONT STYLE="letter-spacing: -0.5pt">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</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt">Payment Date for any shares <FONT STYLE="letter-spacing: -0.55pt">of
RP the full amount of any dividend on such shares (whether </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">of RP called for redemption, the redemption price of $100,000 </FONT><FONT STYLE="letter-spacing: -0.5pt">per
share plus the full amount of any dividends thereon </FONT><FONT STYLE="letter-spacing: -0.55pt">(whether or not earned or declared) accumulated
but unpaid to </FONT><FONT STYLE="letter-spacing: -0.5pt">such redemption date, plus the premium, if any, resulting from the designation
of a Premium Call Period 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">seven days thereof unless the Trust
shall have given at least </FONT><FONT STYLE="letter-spacing: -0.5pt">three days' written notice to the Paying Agent, the Remarketing
Agents and the Securities Depository and </FONT><FONT STYLE="letter-spacing: -0.55pt">thereafter shall not end unless the Trust shall
have given at </FONT><FONT STYLE="letter-spacing: -0.5pt">least fourteen days' written notice to the Paying Agent, the Remarketing Agents,
the Securities Depository and all Beneficial Owners. 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</FONT>
<FONT STYLE="letter-spacing: -0.55pt">Business Days after such Dividend Payment Date to the Holders </FONT><FONT STYLE="letter-spacing: -0.5pt">who
held such shares as of 12:00 noon, New York City time, on </FONT><FONT STYLE="letter-spacing: -0.45pt">the Business Day preceding such
Dividend Payment Date) or </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption price with respect to such shares not paid to such </FONT><FONT STYLE="letter-spacing: -0.45pt">Holders
when due may (if such non-payment is not solely due </FONT><FONT STYLE="letter-spacing: -0.5pt">to the willful failure of the Trust) be
paid pro rata to such </FONT><FONT STYLE="letter-spacing: -0.45pt">Holders in the same form of funds by 12:00 noon, New York </FONT><FONT STYLE="letter-spacing: -0.55pt">City
time, on any of the first three Business Days after such </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Payment Date or due date,
as the case may be, </FONT><FONT STYLE="letter-spacing: -0.45pt">provided that, such amount is accompanied by a late charge </FONT><FONT STYLE="letter-spacing: -0.5pt">calculated
for such period of non-payment as the Non-Payment Period Rate applied to the amount of such non-payment based on the actual number of
days comprising such period divided </FONT>by 365.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Non-Payment
Period Rate&quot; means initially, 200% of the applicable &quot;AA&quot; Composite Commercial Paper Rate, provided that the Board of Trustees
shall have the authority to </FONT><FONT STYLE="letter-spacing: -0.55pt">adjust, modify, alter or change from time to time the initial
</FONT><FONT STYLE="letter-spacing: -0.5pt">Non-Payment Period Rate if the Board of Trustees determines </FONT><FONT STYLE="letter-spacing: -0.55pt">and
the Rating Agencies advise the Trust in writing that such </FONT><FONT STYLE="letter-spacing: -0.5pt">adjustment, modification, alteration
or change will not adversely affect their then-current ratings on the RP.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 4.3pt; text-indent: 35.05pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Notice
of Redemption&quot; means any notice with respect to </FONT><FONT STYLE="letter-spacing: -0.5pt">the redemption of shares of RP pursuant
to paragraph 4 of </FONT>this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Other
RP&quot; means the remarketed preferred shares of the </FONT><FONT STYLE="letter-spacing: -0.5pt">Trust, other than the RP, and includes
the Serial RP.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Paying
Agent&quot; means Bankers Trust Company, or any successor company or entity, which has entered into a Paying </FONT><FONT STYLE="letter-spacing: -0.45pt">Agent
Agreement with the Trust to act for the Trust, among </FONT><FONT STYLE="letter-spacing: -0.5pt">other things, as the transfer agent,
registrar, dividend and </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption price disbursing agent, settlement agent and agent for
certain notifications in connection with the shares of RP </FONT>in accordance with such agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 2.15pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Paying
Agent Agreement&quot; means an agreement to be </FONT><FONT STYLE="letter-spacing: -0.5pt">entered into between the Trust and the Paying
Agent.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 2.4pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Preferred
Shares&quot; means the preferred shares of the </FONT>Trust, and includes RP and Other RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 3.85pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Premium
Call Period&quot; has the meaning specified in </FONT>&quot;Specific Redemption Provisions,&quot; below.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt; text-indent: 23.05pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Pricing
Service&quot; means Mellon Investdata Corp., or any </FONT><FONT STYLE="letter-spacing: -0.5pt">successor company or entity, or as designated
from time to </FONT><FONT STYLE="letter-spacing: -0.45pt">time by the Board of Trustees. Notwithstanding the </FONT><FONT STYLE="letter-spacing: -0.5pt">foregoing,
the Board of 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">impair the ratings then assigned by Moody's and S&amp;P to shares
</FONT>of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Quarterly
Valuation Date&quot; means the last Business Day </FONT><FONT STYLE="letter-spacing: -0.5pt">of each fiscal quarter of the Trust in each
fiscal year of </FONT>the Trust, commencing October 31, 1989.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.25pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Remarketing&quot;
means each periodic operation of the </FONT><FONT STYLE="letter-spacing: -0.55pt">process for remarketing shares of RP as described in
Part II </FONT>hereof.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 1.2pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Remarketing
Agents&quot; means Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Prudential-Bache Securities Inc. and </FONT><FONT STYLE="letter-spacing: -0.5pt">any
additional or successor companies or entities which have entered into an agreement with the Trust to follow the remarketing procedures
for the purpose of determining the </FONT>Applicable Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 35.05pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;RP&quot;
means, as the case may be, Remarketed Preferred </FONT><FONT STYLE="letter-spacing: -0.55pt">Shares, Series A; Remarketed Preferred Shares,
Series B; or </FONT>Remarketed Preferred Shares, Series C.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;RP
Basic Maintenance Amount,&quot; as of any Valuation Date, means the dollar amount equal to the sum of (i) (A) the </FONT><FONT STYLE="letter-spacing: -0.45pt">product
of the number of shares of RP and Other RP </FONT><FONT STYLE="letter-spacing: -0.5pt">outstanding on such date multiplied by $100,000;
(B) the aggregate amount of dividends that will have accumulated (whether or not earned or declared) for each share of RP and Other RP
outstanding in each case to (but not including) the next Dividend Payment Date that follows such Valuation Date; </FONT><FONT STYLE="letter-spacing: -0.55pt">(C)
the aggregate amount of dividends that would accumulate at the then current Maximum Dividend Rate on any shares of RP and Other RP outstanding
from the Business Days following such respective Dividend Reset Dates through the 63rd day </FONT><FONT STYLE="letter-spacing: -0.5pt">after
such Valuation Date, multiplied by the larger of </FONT><FONT STYLE="letter-spacing: -0.55pt">factors (currently 246%) determined from
time to time by </FONT><FONT STYLE="letter-spacing: -0.5pt">Moody's and S&amp;P and designed to take into account potential increases
in dividend rates over such period (except that if such Valuation Date occurs during a Non-Payment Period, the 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 premium, if any, resulting </FONT><FONT STYLE="letter-spacing: -0.55pt">from the designation
of a Premium Call Period and (F) any </FONT><FONT STYLE="letter-spacing: -0.5pt">current liabilities as of such Valuation Date to the
extent </FONT><FONT STYLE="letter-spacing: -0.55pt">not reflected in any of (i)(A) through (i)(E) (including, </FONT><FONT STYLE="letter-spacing: -0.5pt">without
limitation, any current liabilities relating to </FONT><FONT STYLE="letter-spacing: -0.55pt">futures and options and any Gross-up Dividends
which are </FONT><FONT STYLE="letter-spacing: -0.5pt">payable pursuant to paragraph 3(k) of this Part I with </FONT><FONT STYLE="letter-spacing: -0.6pt">respect
to the RP and any analogous provision with respect to </FONT><FONT STYLE="letter-spacing: -0.5pt">Other RP, and payables for Municipal
Securities purchased as </FONT><FONT STYLE="letter-spacing: -0.55pt">of such Valuation Date) less (ii) the sum of (A) receivables for
Municipal Securities sold as of such Valuation Date, </FONT><FONT STYLE="letter-spacing: -0.5pt">provided that, for purposes of calculating
RP Basic Maintenance Amount in order to determine whether the Trust has Moody's Eligible Assets with a Discounted Value that equals the
Moody's Basic Maintenance Amount, the party from</FONT> <FONT STYLE="letter-spacing: -0.55pt">which such receivable is due shall have
long-term debt rated </FONT><FONT STYLE="letter-spacing: -0.65pt">at least A2 by Moody's and such receivable is due in 30 days </FONT><FONT STYLE="letter-spacing: -0.5pt">or
less and (B) the value of any of the Trust's assets </FONT><FONT STYLE="letter-spacing: -0.55pt">irrevocably deposited by the Trust for
the payment of any of </FONT>(i)(A) through (i)(F).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;RP
Basic Maintenance Cure Date,&quot; with respect to the failure by the Trust to satisfy the RP Basic Maintenance </FONT><FONT STYLE="letter-spacing: -0.55pt">Amount
(as required by paragraph 8(a) of this Part I) as of a </FONT><FONT STYLE="letter-spacing: -0.5pt">given Valuation Date, means the ninth
Business Day following </FONT>such Valuation Date.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;RP
Basic Maintenance Report&quot; means a report signed by </FONT><FONT STYLE="letter-spacing: -0.55pt">the President, Treasurer or any Senior
Vice President or Vice </FONT><FONT STYLE="letter-spacing: -0.5pt">President of the Trust which sets forth, as of the related </FONT><FONT STYLE="letter-spacing: -0.55pt">Valuation
Date, the assets of the Trust, the Market Value and the Discounted Value thereof (seriatim and in aggregate), and </FONT>the RP Basic
Maintenance Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 3.35pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;S&amp;P&quot;
means Standard &amp; Poor's Corporation or its </FONT>successors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.05in; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;S&amp;P
Discount Factor&quot; means, for purposes of determining </FONT><FONT STYLE="letter-spacing: -0.5pt">the Discounted Value of any S&amp;P
Eligible Asset, the percentage determined by reference to the rating on such asset and the shortest S&amp;P Collateral 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 </FONT>set
forth below:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 232.3pt; text-indent: 19.7pt"><FONT STYLE="letter-spacing: -1.15pt"><U></U></FONT></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="border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-left: 14.15pt; layout-grid-mode: line; vertical-align: bottom"><U>Rating Category</U></TD>
    <TD STYLE="padding-left: 8.65pt; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 14.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 19.45pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; border: 1pt white solid; padding-bottom: 6pt; padding-left: 1.2pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -1.1pt"><U>S&amp;P <FONT STYLE="border: white 1pt solid">Collateral</FONT></U></FONT><U> <FONT STYLE="letter-spacing: -1.1pt">Period</FONT></U></TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 1.2pt; layout-grid-mode: line; vertical-align: middle">AAA*</TD>
    <TD STYLE="text-align: center; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 14.15pt; layout-grid-mode: line; vertical-align: middle">AA*</TD>
    <TD STYLE="text-align: center; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 19.45pt; layout-grid-mode: line; vertical-align: middle">A*</TD>
    <TD STYLE="text-align: center; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 8.65pt; layout-grid-mode: line; vertical-align: middle"><FONT STYLE="letter-spacing: -1.2pt">BBB*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.15pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.95pt">40 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.15pt; layout-grid-mode: line; vertical-align: middle">190%</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">195%</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">210%</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.1pt; layout-grid-mode: line; vertical-align: middle">250%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.95pt">22 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line; vertical-align: middle">170</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">175</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">190</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.35pt; layout-grid-mode: line; vertical-align: middle">230</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.95pt">10 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line; vertical-align: middle">155</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">160</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">175</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">215</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.65pt">7 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line; vertical-align: middle">150</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">155</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">170</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">210</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.85pt">3 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line; vertical-align: middle">130</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 10.1pt; layout-grid-mode: line; vertical-align: middle">135</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 10.1pt; layout-grid-mode: line; vertical-align: middle">150</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">190</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-bottom: 6pt; padding-left: 2pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.85pt">* S&amp;P rating.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 10.1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 10.1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">Notwithstanding the foregoing, (i) the S&amp;P
Discount Factor for short-term Municipal Securities will be 115%, so long as such Municipal Securities 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 Securities are not rated by S&amp;P but
are rated VMIG-1, P-l or MIG-1 by Moody's; provided, however, that if such Municipal Securities are backed by any letter of credit, liquidity
facility or guarantee from a bank or other financial institution, such bank or institution must have a short-term rating of at least A-1+
from S&amp;P; and further provided that such short-term Municipal Securities rated by Moody's but not rated by S&amp;P may comprise no
more than 50% of short-term Municipal Securities that qualify as S&amp;P Eligible Assets and (ii) no S&amp;P Discount Factor will be applied
to cash.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.5pt">&quot;S&amp;P
Eligible Asset&quot; means cash or a Municipal Security </FONT><FONT STYLE="letter-spacing: -0.55pt">that (i) is interest bearing and
pays interest at least semi</FONT><FONT STYLE="letter-spacing: -0.5pt">annually; (ii) is payable with respect to principal and interest
in United States Dollars; (iii) is publicly rated BBB or higher by S&amp;P or, 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 Securities will be included in S&amp;P Eligible Assets only to the
extent the Market Value of such Municipal Securities does not exceed 50% of the aggregate </FONT><FONT STYLE="letter-spacing: -0.55pt">Market
Value of the S&amp;P Eligible Assets; and further provided </FONT><FONT STYLE="letter-spacing: -0.5pt">that, for purposes of determining
the S&amp;P Discount Factor </FONT><FONT STYLE="letter-spacing: -0.55pt">applicable to any such Moody's-rated Municipal Security, such
Municipal Security will be deemed to have an S&amp;P rating which is one full rating category lower than its Moody's rating); </FONT><FONT STYLE="letter-spacing: -0.5pt">(iv)
is not subject to a covered call or covered put option written by the Trust; (v) is not part of a private placement of Municipal Securities;
and (vi) is part of an issue of Municipal Securities with an original issue size of at least</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">$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 <FONT STYLE="letter-spacing: -0.55pt">securities
outstanding. Notwithstanding the foregoing: (a) Municipal Securities of any one issuer or </FONT><FONT STYLE="letter-spacing: -0.5pt">guarantor
(excluding bond insurers) will be considered S&amp;P Eligible Assets only to the extent the Market Value</FONT> of such Municipal Securities
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 Securities exceeds 5% of the aggregate Market Value of the S&amp;P
Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Municipal Securities guaranteed or insured by any one bond insurer will be considered S&amp;P Eligible Assets only to the
extent the Market Value of such Municipal Securities does not exceed 25% of the aggregate Market Value of the S&amp;P Eligible Assets;
and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Municipal Securities 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 Securities does not exceed 20% of the aggregate Market Value of the S&amp;P Eligible Assets.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in">&quot;S&amp;P Exposure Period&quot; means the
maximum period of time following a Valuation Date that the Trust has under this Section 12.1 to cure any failure to maintain, as of such
Valuation Date, the Discounted Value for its portfolio at least equal to the RP Basic Maintenance Amount (as described in paragraph 8(a)
of this Part I) which period of time is currently nine Business Days.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 34.8pt">&quot;Securities Depository&quot; means
The Depository Trust Company or any successor company or other entity selected by <FONT STYLE="letter-spacing: -0.55pt">the Trust as securities
depository of the shares of RP that </FONT><FONT STYLE="letter-spacing: -0.5pt">agrees to follow the procedures required to be followed
by </FONT><FONT STYLE="letter-spacing: -0.55pt">such securities depository in connection with the shares of </FONT>RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 1.45pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Serial
RP&quot; means the Remarketed Preferred Shares, Series I, of the Trust established pursuant to a statement </FONT><FONT STYLE="letter-spacing: -0.5pt">establishing
and fixing the rights of such series as set </FONT>forth in Section 12.2 of these By-laws.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 36.5pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Service&quot; means
the Internal Revenue Service.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Settlement
Date&quot; means the first Business Day after a </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Reset Date applicable to a share
of RP.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 2.9pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;7-day
Dividend Period&quot; means a Dividend Period </FONT>containing seven days.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Special
Dividend Period&quot; means a Dividend Period established by the Board of Trustees pursuant to paragraph </FONT>3(j) of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Specific
Redemption Provisions&quot; means, with respect to </FONT><FONT STYLE="letter-spacing: -0.55pt">a Special Dividend Period of 365 or more
days, either, or any combination of, (i) a period (a &quot;Non-Call Period&quot;) determined </FONT><FONT STYLE="letter-spacing: -0.5pt">by
the Board of Trustees, after consultation with the </FONT><FONT STYLE="letter-spacing: -0.45pt">Remarketing Agents, during which the shares
of RP subject to </FONT><FONT STYLE="letter-spacing: -0.5pt">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 Board of
Trustees, after consultation with</FONT> <FONT STYLE="letter-spacing: -0.55pt">the Remarketing Agents, during each year of which the shares
of RP subject to such Dividend Period shall be redeemable at </FONT><FONT STYLE="letter-spacing: -0.5pt">the Trust's option at a price
per share equal to $100,000 plus accumulated but unpaid dividends plus a premium expressed as a percentage of $100,000, as determined
by the Board of Trustees after consultation with the</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in">Remarketing Agents.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 21.1pt 6pt 1.7pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Substitute
Commercial Paper Dealers&quot; means such </FONT><FONT STYLE="letter-spacing: -0.55pt">Substitute Commercial Paper Dealer or Dealers as
the Trust may from time to time appoint or, in lieu of any thereof, </FONT>their respective affiliates or successors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Substitute
Rating Agency&quot; and &quot;Substitute Rating Agencies&quot; mean a nationally recognized statistical rating </FONT><FONT STYLE="letter-spacing: -0.55pt">organization
or two nationally recognized statistical rating organizations, respectively, selected by the Trust to act as </FONT><FONT STYLE="letter-spacing: -0.65pt">the&quot;
substitute rating agency or substitute rating agencies, </FONT><FONT STYLE="letter-spacing: -0.5pt">as the case may be, to determine the
credit ratings of the </FONT>shares of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Tender
and Dividend Reset&quot; means the process pursuant </FONT><FONT STYLE="letter-spacing: -0.5pt">to which shares of RP may be tendered
in a Remarketing or </FONT><FONT STYLE="letter-spacing: -0.55pt">held and become subject to the new Applicable Dividend Rate determined
by the Remarketing Agents in such Remarketing.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.75pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Tender
Date&quot; means any date on which (i) each holder of </FONT><FONT STYLE="letter-spacing: -0.5pt">shares of RP must provide to the Remarketing
Agents</FONT> <FONT STYLE="letter-spacing: -0.55pt">irrevocable telephonic notice of intent to tender shares in a Remarketing and (ii)
such Remarketing formally commences.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Trust&quot;
means Putnam Managed Municipal Income Trust, a </FONT>Massachusetts business trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 0.95pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;28-day
Dividend Period&quot; means a Dividend Period </FONT>containing twenty-eight days.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 0.95pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Valuation
Date&quot; means, for purposes of determining </FONT><FONT STYLE="letter-spacing: -0.55pt">whether the Trust is maintaining the RP Basic
Maintenance Amount and the Minimum Liquidity Level, each Business Day.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Voting
Period&quot; has the meaning set forth in paragraph </FONT>6(b) of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.3pt 6pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">2.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.6pt"><U>Fractional Shares</U>. No fractional shares of RP </FONT>shall be issued.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">3.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.55pt"><U>Dividends</U>. (a) The Holders as of 12:00 noon, </FONT><FONT STYLE="letter-spacing: -0.5pt">New
York City time, on the applicable Dividend Payment Date, </FONT><FONT STYLE="letter-spacing: -0.55pt">shall be entitled to receive, when,
as and if declared by the </FONT><FONT STYLE="letter-spacing: -0.5pt">Board of Trustees, out of funds legally available therefor, cumulative
dividends, at the Applicable Dividend Rate. Dividends on the shares of RP so declared and payable shall be paid (i) in preference to and
in priority over any </FONT><FONT STYLE="letter-spacing: -0.55pt">dividends declared and payable on the Common Shares, and (ii) </FONT><FONT STYLE="letter-spacing: -0.5pt">to
the extent permitted under the Code and to the extent available and in preference to and priority over any dividends declared and payable
on the Common Shares, out of tax-exempt income earned on the Trust's investments, subject</FONT> to the application of the alternative
minimum tax provisions of the Code. Dividends on shares of RP will be designated as exempt-interest dividends up to the amount of net
tax-exempt income of the Trust for purposes of Section 852 of the Code.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.75pt">(b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.05pt">Dividends on each share of RP shall accumulate from </FONT>its Date of Original Issue
and will be payable, when, as and if declared by the Board of Trustees, on each Dividend Payment Date applicable to such share of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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). Dividends on any share 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, to the Holder of such share as of a date not exceeding five
Business Days preceding the date of payment thereof as may be fixed by the Board of Trustees. Any</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">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 6pt 3.85pt; text-indent: 36.25pt"><FONT STYLE="letter-spacing: -1.75pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, except as set forth in paragraph 3(k) of this Part I. Except as provided in
paragraph 3(h) of this Part I, 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: 0.25pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.75pt">(e)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 rate per annum that results from implementation of the remarketing procedures described in Part II
hereof.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.65pt">(f)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The amount of declared dividends for each share of RP payable on each Dividend Payment Date 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 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 last day of such Dividend Period, and the denominator
of which shall be 365, and then multiplying the percentage so obtained by $100,000.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.3pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -1.75pt">(g)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
later than by 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 <FONT STYLE="letter-spacing: -0.55pt">dividend declared and payable on such Dividend Payment Date </FONT>on
any share of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(h)
The Applicable Dividend Rate for each Dividend </FONT><FONT STYLE="letter-spacing: -0.5pt">Period commencing during a Non-Payment Period
shall be equal to the Non-Payment Period Rate; any share of RP for which a </FONT><FONT STYLE="letter-spacing: -0.55pt">Special Dividend
Period would otherwise have commenced on the </FONT><FONT STYLE="letter-spacing: -0.5pt">first day of a Non-Payment Period shall have
a 28-day </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Period (in the case of Series A and B shares of RP) or a 7-day Dividend
Period (in the case of Series C shares of </FONT><FONT STYLE="letter-spacing: -0.45pt">RP); and each Dividend Period for shares of RP
commencing </FONT><FONT STYLE="letter-spacing: -0.5pt">after the first day of, and during, a Non-Payment Period shall be a 28-day Dividend
Period (in the case of Series A and B shares of RP) or a 7-day Dividend Period (in the case </FONT><FONT STYLE="letter-spacing: -0.55pt">of
Series C shares of RP). Any amount of any dividend due on </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.45pt">to the Holders of such
shares of RP as of 12:00 noon, New </FONT><FONT STYLE="letter-spacing: -0.5pt">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 such Holders when due but paid to such </FONT><FONT STYLE="letter-spacing: -0.45pt">Holders
in the same form of funds by 12:00 noon, New York </FONT><FONT STYLE="letter-spacing: -0.55pt">City time, on any of the first three Business
Days after such </FONT><FONT STYLE="letter-spacing: -0.5pt">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. For the purposes of the foregoing
and paragraphs </FONT><FONT STYLE="letter-spacing: -0.6pt">3(g) and -4(g) of this Part I, payment to a person in same-</FONT><FONT STYLE="letter-spacing: -0.55pt">day
funds on any Business Day at any time shall be considered </FONT><FONT STYLE="letter-spacing: -0.5pt">equivalent to payment to such person
in New York Clearing House (next-day) funds at</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5pt">the same time on the preceding <FONT STYLE="letter-spacing: -0.55pt">Business
Day, and any payment made after 12:00 noon, New York </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT>Business Day.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 2.4pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.6pt">(i)
Except during a Non-Payment Period, by 1:00 p.m. on </FONT><FONT STYLE="letter-spacing: -0.5pt">the Tender Date in the Remarketing at
the end of the Initial </FONT><FONT STYLE="letter-spacing: -0.6pt">Dividend Period applicable to a share of RP, and by 1:00 p.m. </FONT><FONT STYLE="letter-spacing: -0.5pt">on
the Tender Date in the Remarketing at the end of each subsequent Dividend Period applicable to a share of RP, the </FONT><FONT STYLE="letter-spacing: -0.55pt">Beneficial
Owner of such share of RP may elect to tender such </FONT><FONT STYLE="letter-spacing: -0.5pt">share or hold such share for the next Dividend
Period. If the Beneficial Owner of such share of RP elects to hold such share, such Beneficial Owner shall hold such share of RP for a
28-day Dividend Period (in the case of Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of RP)
or a Special Dividend Period if the succeeding Dividend Period with respect to such share has </FONT><FONT STYLE="letter-spacing: -0.45pt">been
designated by the Board of Trustees as a Special Dividend Period provided that, if (i) there are no Remarketing Agents, (ii) the Remarketing
Agents are not required to conduct a Remarketing or (iii) the Remarketing Agents are unable to remarket in the Remarketing on the </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend
Reset Date following such Tender Date all shares of </FONT><FONT STYLE="letter-spacing: -0.45pt">RP tendered (or deemed tendered) to them
at a price of </FONT><FONT STYLE="letter-spacing: -0.5pt">$100,000 per share, then the next Dividend Period for all shares of RP shall
be a 28-day Dividend Period (in the case of Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of
RP) and the Applicable </FONT><FONT STYLE="letter-spacing: -0.45pt">Dividend Rate therefor shall be the applicable Maximum </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend
Rate. If the Beneficial Owner of such share of RP fails to elect to tender or hold such share by 1:00 p.m. on such Tender Date, such Beneficial
Owner shall continue to </FONT><FONT STYLE="letter-spacing: -0.55pt">hold such share at the Applicable Dividend Rate determined in </FONT><FONT STYLE="letter-spacing: -0.5pt">such
Remarketing for a Dividend Period of the same type as the current Dividend Period for such share; provided that, (i) if there are no Remarketing
Agents, the Remarketing </FONT><FONT STYLE="letter-spacing: -0.45pt">Agents are not required to conduct a Remarketing or the </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing
Agents are unable to remarket in the Remarketing on the Dividend Reset Date following such Tender Date all shares of RP tendered (or deemed
tendered) to them at a price of $100,000 per share, then the next Dividend Period for all shares of RP shall be a 28-day Dividend Period
(in the case of Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of RP) and the Applicable Dividend
Rate therefor shall be the Maximum Applicable Rate for a 28-day Dividend Period or a 7-day Dividend Period, as </FONT><FONT STYLE="letter-spacing: -0.55pt">the
case may be and (ii) if such current Dividend Period is a Special Dividend Period or the succeeding Dividend Period has </FONT><FONT STYLE="letter-spacing: -0.45pt">been
designated by the Board of Trustees as a Special </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Period, then such Beneficial Owner
is deemed to have </FONT><FONT STYLE="letter-spacing: -0.5pt">elected to tender the shares. If the Remarketing Agents are </FONT><FONT STYLE="letter-spacing: -0.45pt">unable
to remarket in such Remarketing all shares of RP </FONT><FONT STYLE="letter-spacing: -0.5pt">subject to such Remarketing and tendered
(or deemed tendered) to them at a price of $100,000 per share, the Beneficial </FONT><FONT STYLE="letter-spacing: -0.45pt">Owners thereof
shall hold such share at the applicable </FONT><FONT STYLE="letter-spacing: -0.5pt">Maximum Dividend Rate for 28-day Dividend Period (in
the case of 7 Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of RP). If a share of RP is tendered
(or deemed tendered) and purchased in a Remarketing, </FONT><FONT STYLE="letter-spacing: -0.45pt">the next Dividend Period for such share
shall be a 28-day </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Period (in the case of Series A and B shares of RP) </FONT><FONT STYLE="letter-spacing: -0.55pt">or
a 7-day Dividend Period (in the case of Series c shares of </FONT><FONT STYLE="letter-spacing: -0.5pt">RP) or a Special Dividend Period
with respect to such share, as the case may be, at the Applicable Dividend Rate therefor, </FONT><FONT STYLE="letter-spacing: -0.55pt">except
that, if the Remarketing Agents are unable to remarket in such Remarketing all shares of RP tendered (or deemed </FONT><FONT STYLE="letter-spacing: -0.5pt">tendered)
to them at a price of $100,000 per share, no </FONT><FONT STYLE="letter-spacing: -0.55pt">purchaser in such Remarketing shall be permitted
to acquire </FONT><FONT STYLE="letter-spacing: -0.6pt">shares having a Special Dividend Period and the next Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Period
for such share shall be a 28-day Dividend Period (in </FONT><FONT STYLE="letter-spacing: -0.5pt">the case of Series A and B shares of
RP) or a 7-day Dividend Period (in the case of Series C shares of RP) and the Applicable Dividend Rate therefor shall be the applicable
</FONT>Maximum Dividend Rate.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.55pt">(j)
The Board of Trustees may at any time designate a subsequent Dividend Period as a Special Dividend Period with such number of days as
the Board of Trustees shall specify; </FONT><FONT STYLE="letter-spacing: -0.5pt">provided that (i) such number of days to be specified
as a Special Dividend Period shall be a multiple of 28 (in the </FONT><FONT STYLE="letter-spacing: -0.55pt">case of Series A and B shares
of RP) or a multiple of 7 (in the case of Series C shares of RP) and the number of days so specified must be such that the starting date
and the ending </FONT><FONT STYLE="letter-spacing: -0.6pt">date for a Special Dividend Period or any subsequent Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Periods
for a Series shall not be the same as the starting </FONT><FONT STYLE="letter-spacing: -0.5pt">date and the ending date for any other
Dividend Periods for any other Series; (ii) written notice of any such designation, of the Maximum Dividend Rate, and Specified Redemption
Provisions, if any, in respect thereof and of the </FONT><FONT STYLE="letter-spacing: -0.6pt">consequences of failure to tender or to
elect to hold shares, </FONT><FONT STYLE="letter-spacing: -0.5pt">must be given at least seven days prior to such Tender Date to the Remarketing
Agents, the Paying Agent, the Securities Depository and the Beneficial Owners of shares of RP which are to be subject to such Special
Dividend Period; (iii) no Special Dividend Period may commence for any share of RP </FONT><FONT STYLE="letter-spacing: -0.55pt">during
a Non-Payment Period or if the Trust fails to maintain </FONT><FONT STYLE="letter-spacing: -0.5pt">either the RP Basic Maintenance Amount
or the 1940 Act RP Asset Coverage and such failure is not cured; (iv) if such </FONT><FONT STYLE="letter-spacing: -0.65pt">Special Dividend
Period contains 365 or more days, the shares </FONT><FONT STYLE="letter-spacing: -0.5pt">of RP subject to such Special Dividend Period
shall have an aggregate liquidation preference (exclusive of accumulated but unpaid dividends and premium, if any) of at least $30,000,000
or such greater or lesser amount as may be specified by the Board of Trustees; (v) in respect of any Special Dividend Period, the Board
of Trustees shall also determine a Maximum Dividend Rate after consultation with Remarketing Agents, which rate, as determined from time
to </FONT><FONT STYLE="letter-spacing: -0.55pt">time by formula or other means, may be fixed or variable; and </FONT><FONT STYLE="letter-spacing: -0.7pt">(vi)
in respect of any Special Dividend Period of 365 or more </FONT><FONT STYLE="letter-spacing: -0.5pt">days, the Board of Trustees, after
consultation with the Remarketing Agents, may establish Specific Redemption </FONT>Provisions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 4.55pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.55pt">On
or before 5:00 p.m., New York City time, on the third </FONT><FONT STYLE="letter-spacing: -0.5pt">Business Day prior to the designation
of a Special Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Period, the Trust shall complete and deliver to S&amp;P, on a pro forma
basis, an RP Basic Maintenance Report for such proposed</FONT> <FONT STYLE="letter-spacing: -0.5pt">Special Dividend Period, taking into
account the proposed number of days to be specified as a Special Dividend Period </FONT><FONT STYLE="letter-spacing: -0.55pt">and the
proposed Maximum Dividend Rate to be determined with </FONT>respect to such Special Dividend Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -0.5pt">The
existence or rescission of any Special Dividend Period shall not affect any current Dividend Period or </FONT><FONT STYLE="letter-spacing: -0.55pt">prevent
the Board of Trustees from establishing other Special </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Periods of similar duration
or in any way restrict the Maximum Dividend Rate or Specific Redemption Provisions which may be designated in connection with any other
Special </FONT>Dividend Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">If
the Remarketing Agents are unable to remarket sufficient shares of RP at the commencement of a Special Dividend Period to satisfy the
requirement described in clause (iv) of the preceding paragraph, then the Dividend Period in respect of any share of RP which otherwise
would have been subject to such Special Dividend Period shall be a 28-day Dividend Period (in the case of Series A and B shares of RP)
or a 7-day Dividend Period (in the case of Series C </FONT><FONT STYLE="letter-spacing: -0.55pt">shares of RP) and an Applicable Dividend
Rate shall be set by </FONT><FONT STYLE="letter-spacing: -0.5pt">the Remarketing Agents in accordance with the remarketing </FONT>procedures.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 4.55pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.65pt">(k)
If all or any part of the dividends on the shares </FONT><FONT STYLE="letter-spacing: -0.5pt">of RP determined by implementation of the
remarketing </FONT><FONT STYLE="letter-spacing: -0.55pt">procedures described in Part II hereof is not designated by the Trust in good
faith as an exempt-interest dividend within </FONT><FONT STYLE="letter-spacing: -0.5pt">the meaning of Section 852(b)(5) of the Code solely
because the Trust allocates capital gains or ordinary income to the </FONT><FONT STYLE="letter-spacing: -0.55pt">shares of RP, (such portion
of the dividends on the shares of </FONT><FONT STYLE="letter-spacing: -0.5pt">RP (other than any Gross-up Dividends) that is not so designated
is</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 4.55pt">referred to herein as a &quot;Nonqualifying <FONT STYLE="letter-spacing: -0.55pt">Distribution&quot;),
the Trust will, not later than 270 days after the end of the Trust's fiscal year for which such designation </FONT><FONT STYLE="letter-spacing: -0.5pt">is
made, provide notice thereof to the Paying Agent. The Paying Agent will mail a copy of such notice to each Qualified Investor (as defined
below) at the address specified in such Qualified Investor's Master Purchaser's Letter as promptly as practicable after its receipt of
such </FONT><FONT STYLE="letter-spacing: -0.6pt">notice from the Trust. The Trust will, within 30 days after </FONT><FONT STYLE="letter-spacing: -0.5pt">such
notice is given to the Paying Agent, pay to the Paying </FONT><FONT STYLE="letter-spacing: -0.65pt">Agent (who will then distribute to
the Qualified Investors) , </FONT><FONT STYLE="letter-spacing: -0.5pt">out of funds legally available therefor, an amount equal to the
aggregate Gross-up Dividends (as defined below) with respect to all Nonqualifying Distributions made to Qualified Investors during the
fiscal year in question. A &quot;Qualified Investor&quot; is a Beneficial Owner during such fiscal year of a share or shares of RP to
whom Nonqualifying Distributions </FONT>were made during such fiscal year.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 4.55pt; text-indent: 32.15pt"><FONT STYLE="letter-spacing: -0.45pt">A
&quot;Gross-up Dividend&quot; means payment to a Qualified </FONT><FONT STYLE="letter-spacing: -0.55pt">Investor of an amount which, when
taken together with the</FONT> <FONT STYLE="letter-spacing: -0.5pt">aggregate Nonqualifying Distributions paid to such Qualified </FONT><FONT STYLE="letter-spacing: -0.55pt">Investor
during the fiscal year in question, would cause such </FONT><FONT STYLE="letter-spacing: -0.5pt">Qualified Investor's net yield in dollars
for such fiscal year (after Federal income tax consequences) from the </FONT><FONT STYLE="letter-spacing: -0.55pt">aggregate of both the
Nonqualifying Distributions (determined </FONT><FONT STYLE="letter-spacing: -0.5pt">without regard to the Gross-Up Dividend) and the Gross-up
Dividend to be equal to the net yield in dollars for such fiscal year (after Federal income tax consequences) which would have been received
by such Qualified Investor if the amount of the aggregate Nonqualifying Distributions had been so designated. Such Gross-up Dividend shall
be calculated </FONT><FONT STYLE="letter-spacing: -0.55pt">(i) without consideration being given to the time value of money; (ii) assuming
that no Qualified Investor is subject to </FONT><FONT STYLE="letter-spacing: -0.5pt">the alternative minimum tax with respect to dividends
received from the Trust; and (iii) assuming that each Nonqualifying Distribution and Gross-Up Dividend (to the </FONT><FONT STYLE="letter-spacing: -0.55pt">extent
that such Gross-up Dividend is not exempt from Federal </FONT><FONT STYLE="letter-spacing: -0.5pt">income tax) would be taxable in the
hands of each Qualified </FONT><FONT STYLE="letter-spacing: -0.55pt">Investor at the maximum marginal corporate Federal income tax rate
in effect during the fiscal year in question.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.55pt; text-indent: 0.45in"><FONT STYLE="letter-spacing: -0.5pt">All
such designations made by the Trust in good faith following the end of each fiscal year of the Trust and all other determinations made
by the Trust in good faith with </FONT><FONT STYLE="letter-spacing: -0.55pt">respect to dividends on the shares of RP shall be binding
and </FONT><FONT STYLE="letter-spacing: -0.5pt">conclusive for all purposes of determining the amount of Gross-up Dividends required to
be made under this paragraph 3(k). Notwithstanding anything to the contrary contained herein, no Gross-up Dividends shall be required
to be made under this paragraph 3(k) if dividends on the shares of RP are not excludable from the gross income of a Qualified Investor
for any reason other than as specifically provided </FONT><FONT STYLE="letter-spacing: -0.55pt">above or if for any reason the Trust is
subsequently required </FONT>to revise any such designations.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 23.05pt 6pt 1.9pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.6pt">4.
<U>Redemption</U>. Shares of RP shall be redeemable by </FONT>the Trust as provided below:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(a)
To the extent permitted under the 1940 Act and </FONT><FONT STYLE="letter-spacing: -0.5pt">Massachusetts law, upon giving a Notice of
Redemption, the Trust at its option may redeem shares 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 a redemption price </FONT><FONT STYLE="letter-spacing: -0.6pt">equal
to $100,000 per share plus an amount equal to dividends </FONT><FONT STYLE="letter-spacing: -0.5pt">thereon (whether or not earned or
declared) accumulated but unpaid to the date fixed for redemption plus the premium, if </FONT><FONT STYLE="letter-spacing: -0.55pt">any,
resulting from the designation of a Premium Call Period; </FONT><FONT STYLE="letter-spacing: -0.5pt">provided that, no share of RP shall
be subject to redemption pursuant to this paragraph 4(a) on any Dividend Payment Date during a Non-Call Period to which it is subject.
The Trust may not give a Notice of Redemption relating to an optional </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption as described
in paragraph 4(a) unless, at the time</FONT> <FONT STYLE="letter-spacing: -0.5pt">of giving such Notice of Redemption, the Trust has available</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.55pt">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 Beneficial Owners by reason of the redemption of their shares of RP on such redemption date.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
The Trust shall redeem, out of funds legally </FONT><FONT STYLE="letter-spacing: -0.5pt">available therefor, at a redemption price of
$100,000 per share plus accumulated but unpaid dividends (whether or not earned or declared) to the date fixed by the Board of Trustees
for redemption plus the premium, if any, resulting </FONT><FONT STYLE="letter-spacing: -0.55pt">from the designation of a Premium Call
Period, certain of the </FONT><FONT STYLE="letter-spacing: -0.5pt">shares of RP to the extent permitted under the 1940 Act and Massachusetts
law, if the Trust fails to maintain the RP </FONT><FONT STYLE="letter-spacing: -0.6pt">Basic Maintenance Amount or the 1940 Act RP Asset
Coverage and such failure is not cured on or before the RP Basic </FONT><FONT STYLE="letter-spacing: -0.5pt">Maintenance Cure Date or
the 1940 Act Cure Date (herein </FONT><FONT STYLE="letter-spacing: -0.55pt">referred to respectively as the &quot;Cure Date&quot;), as
the case may be. The number of shares of RP to be redeemed shall be equal </FONT><FONT STYLE="letter-spacing: -0.5pt">to the lesser of
(i) the minimum number of shares 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 </FONT><FONT STYLE="letter-spacing: -0.6pt">Maintenance Amount or the 1940 Act Asset Coverage, as the</FONT> <FONT STYLE="letter-spacing: -0.55pt">case
may be, on such Cure Date (provided that, if there is no </FONT><FONT STYLE="letter-spacing: -0.5pt">such minimum number of shares of
RP and other Preferred Shares the redemption of which would have such result, all </FONT><FONT STYLE="letter-spacing: -0.55pt">shares
of RP then outstanding shall be redeemed), and (ii) </FONT><FONT STYLE="letter-spacing: -0.5pt">the maximum number of shares of RP, together
with all other </FONT><FONT STYLE="letter-spacing: -0.55pt">Preferred Shares subject to redemption or retirement that can </FONT><FONT STYLE="letter-spacing: -0.5pt">be
redeemed out of funds expected to be legally available </FONT><FONT STYLE="letter-spacing: -0.55pt">therefor. In determining the number
of shares of RP required </FONT><FONT STYLE="letter-spacing: -0.5pt">to be redeemed in accordance with the foregoing, the Trust shall
allocate the number required to be redeemed to satisfy </FONT><FONT STYLE="letter-spacing: -0.6pt">the RP Basic Maintenance Amount or
the 1940 Act RP Asset </FONT><FONT STYLE="letter-spacing: -0.55pt">Coverage, as the case may be, pro rata among shares of RP, </FONT><FONT STYLE="letter-spacing: -0.5pt">Other
RP and other Preferred Shares subject to redemption </FONT><FONT STYLE="letter-spacing: -0.6pt">provisions similar to those contained
in this paragraph 4(b), </FONT><FONT STYLE="letter-spacing: -0.5pt">except as set forth in Section 12.2 of these By-laws. The Trust shall
effect such redemption not later than 45 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 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 45 days after such Cure Date, the Trust shall redeem those shares of
RP and other Preferred Shares which it was unable to redeem on the earliest practicable date on which it is </FONT>able to effect such
redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">Any
share of RP shall be subject to mandatory redemption </FONT><FONT STYLE="letter-spacing: -0.5pt">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 RP are not available to satisfy the number of shares required to be redeemed. In such event, </FONT><FONT STYLE="letter-spacing: -0.55pt">such
shares subject to a Non-Call Period will be selected for </FONT><FONT STYLE="letter-spacing: -0.5pt">redemption in an ascending order
of outstanding Non-Call Period (with shares with the lowest number of days remaining in the period to be called first) and by lot in the
event of </FONT>equal outstanding Non-Call Periods.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.5pt">(c)
Subject to paragraph 4(d) of this Part I, if fewer </FONT><FONT STYLE="letter-spacing: -0.45pt">than all the outstanding shares of RP
are to be redeemed </FONT><FONT STYLE="letter-spacing: -0.5pt">pursuant to this paragraph 4, the number of shares of RP so </FONT><FONT STYLE="letter-spacing: -0.55pt">to
be redeemed shall be a whole number of shares and shall be determined by the Board of Trustees, and the Trust shall give </FONT><FONT STYLE="letter-spacing: -0.5pt">a
Notice of Redemption as provided in paragraph 4(e) of this </FONT><FONT STYLE="letter-spacing: -0.55pt">Section 12.1, provided that no
share of RP will be subject to </FONT><FONT STYLE="letter-spacing: -0.5pt">optional redemption on any Dividend Payment Date during a </FONT><FONT STYLE="letter-spacing: -0.45pt">Non-Call
Period to which it is subject and shares of RP </FONT><FONT STYLE="letter-spacing: -0.5pt">subject to a Non-Call Period will be subject
to mandatory </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption only on the basis described under Paragraph 4(b) </FONT><FONT STYLE="letter-spacing: -0.5pt">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</FONT> such notice, shall</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.55pt">determine
by lot the number of shares 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 receipt
of such notice, shall in turn determine by lot the number of shares of RP to be redeemed from the accounts of the Beneficial Owners of
the shares 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.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(d)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Notwithstanding paragraph 4(c) of this Part I, if any certificates representing shares of RP are held by Holders other than
the Securities Depository or its nominee, then the shares of RP to be redeemed shall be selected by the Trust by lot.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(e)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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. <FONT STYLE="letter-spacing: -0.55pt">New York City time (and later confirmed in writing) on (i) </FONT><FONT STYLE="letter-spacing: -0.5pt">the
Settlement Date in the case of a partial redemption of the shares of RP, (ii) the Tender Date in the case of a redemption in whole of
the shares of RP or (iii) during a </FONT><FONT STYLE="letter-spacing: -0.55pt">Non-Payment Period, the later of the Dividend Payment
Date or </FONT><FONT STYLE="letter-spacing: -0.5pt">the seventh day 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust
to the Paying Agent, the Securities Depository (and any </FONT><FONT STYLE="letter-spacing: -0.5pt">Holder) and the Remarketing Agents,
by telephone, not later than 1:00 p.m., New York City time (and later confirmed in writing) on the third Business Day preceding the redemption
date established by the Board of Trustees and specified in such notice. In the case of a partial redemption of the shares of RP, the Paying
Agent shall use its reasonable </FONT><FONT STYLE="letter-spacing: -0.55pt">efforts to provide telephonic notice to each Beneficial Owner
</FONT><FONT STYLE="letter-spacing: -0.5pt">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 paragraph 4(c) of this Part I (or, if certificates
are held </FONT><FONT STYLE="letter-spacing: -0.45pt">by persons other than the Securities Depository, not later </FONT><FONT STYLE="letter-spacing: -0.5pt">than
the close of business on the Business Day immediately </FONT><FONT STYLE="letter-spacing: -0.55pt">following the day on which the Paying
Agent receives a Notice </FONT><FONT STYLE="letter-spacing: -0.5pt">of Redemption from the Trust). Such telephonic notice shall be confirmed
in writing to the Remarketing Agents, the</FONT> <FONT STYLE="letter-spacing: -0.45pt">Securities Depository and to each Beneficial Owner
of shares of RP called for redemption not later than the close of </FONT><FONT STYLE="letter-spacing: -0.7pt">business on the Business
Day immediately following the day on </FONT><FONT STYLE="letter-spacing: -0.5pt">which the Paying Agent determines the shares to be redeemed.
In the case of a redemption in whole of the shares of RP, the </FONT><FONT STYLE="letter-spacing: -0.45pt">Paying Agent shall use its
reasonable efforts to provide telephonic notice to each Beneficial Owner of shares of RP </FONT><FONT STYLE="letter-spacing: -0.5pt">called
for redemption not later than the close of business on </FONT><FONT STYLE="letter-spacing: -0.45pt">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 </FONT><FONT STYLE="letter-spacing: -0.5pt">each
Beneficial Owner of shares of RP called for redemption, </FONT><FONT STYLE="letter-spacing: -0.45pt">the Remarketing Agents and the Securities
Depository not </FONT><FONT STYLE="letter-spacing: -0.5pt">later than the close of business on the second Business Day </FONT><FONT STYLE="letter-spacing: -0.55pt">following
the day on which the Paying Agent receives a Notice </FONT>of Redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.5pt">(f)
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 </FONT><FONT STYLE="letter-spacing: -0.45pt">cease
to accumulate as of such redemption date; and (v) the </FONT><FONT STYLE="letter-spacing: -0.5pt">provision of the Declaration of Trust
or the By-laws pursuant to which such shares are being</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.55pt">redeemed.
In addition, notice </FONT><FONT STYLE="letter-spacing: -0.45pt">of redemption given to a Beneficial Owner shall state the CUSIP number,
if any, of the shares of RP to be redeemed and</FONT> <FONT STYLE="letter-spacing: -0.6pt">the manner in which the Beneficial Owners of
such shares may-</FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">efforts to cause
the publication of a redemption notice in an </FONT><FONT STYLE="letter-spacing: -0.5pt">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. Shares of RP the Beneficial Owners of which shall have been given Notice of Redemption shall not be
subject to transfer outside of a </FONT><FONT STYLE="letter-spacing: -0.55pt">Remarketing.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.6pt">(g)
On any redemption date, the Trust shall deposit, </FONT><FONT STYLE="letter-spacing: -0.5pt">irrevocably in trust, in same-day funds,
with the Paying Agent, by 12:00 noon, New York City time, $100,000 for each share of RP called for redemption plus an amount equal to
dividends thereon accumulated but unpaid to such redemption </FONT><FONT STYLE="letter-spacing: -0.55pt">date (whether or not earned or
declared) plus the premium, if </FONT><FONT STYLE="letter-spacing: -0.6pt">any, resulting from the designation of a Premium Call Period.
</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.55pt">(h)
In connection with any redemption, upon the giving </FONT><FONT STYLE="letter-spacing: -0.5pt">of a Notice of Redemption and the deposit
of the funds necessary for such redemption with the Paying Agent in accordance with this paragraph 4, all rights of the Holders and Beneficial
Owners of shares of RP so called for </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption shall cease and terminate, except the right
of the </FONT><FONT STYLE="letter-spacing: -0.5pt">Holders and Beneficial Owners thereof to receive the redemption price thereof, inclusive
of an amount equal to </FONT><FONT STYLE="letter-spacing: -0.55pt">dividends (whether or not earned or declared) accumulated but unpaid
to the redemption date plus the premium, if any, </FONT><FONT STYLE="letter-spacing: -0.5pt">resulting from the designation of a Premium
Call Period, but without any interest or other additional amount (except as provided in paragraphs 3(h) and 3(k) of this Part I), and
such shares shall no longer be deemed outstanding for any purpose. The Trust shall be entitled to receive from the </FONT><FONT STYLE="letter-spacing: -0.55pt">Paying
Agent, promptly after the date fixed for redemption, </FONT><FONT STYLE="letter-spacing: -0.5pt">any cash deposited with the Paying Agent
as aforesaid in excess of the sum of (i) the aggregate redemption price of </FONT><FONT STYLE="letter-spacing: -0.55pt">the shares of
RP called for redemption on such date and (ii) </FONT><FONT STYLE="letter-spacing: -0.65pt">all other amounts to which Holders and Beneficial
Owners of </FONT><FONT STYLE="letter-spacing: -0.5pt">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 the funds so deposited. 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 and Beneficial Owners of shares of RP so called for redemption shall look only to the Trust
for payment of the redemption</FONT> <FONT STYLE="letter-spacing: -0.55pt">price and all other amounts to which they may be entitled.
</FONT><FONT STYLE="letter-spacing: -0.5pt">If any such unclaimed funds are repaid to the Trust, the </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust
shall invest such unclaimed funds in Deposit Securities with a maturity of no more than one business day.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.55pt">(i)
To the extent that any redemption for which Notice </FONT><FONT STYLE="letter-spacing: -0.5pt">of Redemption has been given is not made
by reason of the absence of legally available funds therefor, such redemption </FONT><FONT STYLE="letter-spacing: -0.55pt">shall be made
as soon as practicable to the extent such funds </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">have
failed, for any reason whatsoever, to deposit funds with </FONT><FONT STYLE="letter-spacing: -0.65pt">the Paying Agent pursuant to paragraph
4 (g) of this Part I </FONT><FONT STYLE="letter-spacing: -0.5pt">with respect to any shares for which such Notice of </FONT><FONT STYLE="letter-spacing: -0.55pt">Redemption
has been given. Notwithstanding the fact that the </FONT><FONT STYLE="letter-spacing: -0.5pt">Trust may not have redeemed shares of RP
for which a Notice of Redemption has been given, dividends may be declared and </FONT><FONT STYLE="letter-spacing: -0.55pt">paid on shares
of RP and shall include those shares of RP for </FONT>which a Notice of Redemption has been given.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.55pt">(j)
Notwithstanding any of the foregoing provisions of </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">such
modification does not adversely affect any Holder or any </FONT><FONT STYLE="letter-spacing: -0.5pt">Beneficial Owner of shares of RP
or materially alter the obligations of the Paying Agent; and further provided that, </FONT><FONT STYLE="letter-spacing: -0.45pt">the Trust
receives written confirmation from S&amp;P that any </FONT><FONT STYLE="letter-spacing: -0.55pt">such modification would not impair the
ratings then assigned </FONT>by S&amp;P to shares of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 22.1pt 6pt 0.7pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.5pt">(k)
In effecting any redemption pursuant to this paragraph 4, the Trust shall use all reasonable efforts to </FONT><FONT STYLE="letter-spacing: -0.45pt">satisfy
all applicable procedural conditions precedent to </FONT><FONT STYLE="letter-spacing: -0.6pt">effecting such redemption under the 1940
Act and </FONT>Massachusetts law.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.5pt">(l)
Notwithstanding the foregoing, (i) no share of RP </FONT><FONT STYLE="letter-spacing: -0.45pt">may be redeemed pursuant to paragraph 4(a)
of this Part I </FONT><FONT STYLE="letter-spacing: -0.5pt">unless the full amount of accumulated but unpaid dividends to </FONT><FONT STYLE="letter-spacing: -0.45pt">the
date fixed for redemption for each such share of RP </FONT><FONT STYLE="letter-spacing: -0.5pt">called for redemption shall have been
declared, and (ii) no share of RP may be redeemed unless all outstanding shares of </FONT><FONT STYLE="letter-spacing: -0.45pt">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 </FONT><FONT STYLE="letter-spacing: -0.5pt">equivalent terms by the Trust for all outstanding shares of </FONT><FONT STYLE="letter-spacing: -0.45pt">RP,
unless, in each such instance, dividends on all </FONT><FONT STYLE="letter-spacing: -0.5pt">outstanding shares of RP through the end of
their most recently ended Dividend Period (or, if such transaction is on a Dividend Payment Date, through the Dividend Period ending on
the day prior to such Dividend Payment Date) shall have</FONT> <FONT STYLE="letter-spacing: -0.55pt">been paid or declared and sufficient
funds for the payment </FONT>thereof deposited with the Paying Agent.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.55pt">(m)
Except as set forth in this paragraph 4 with respect to redemptions and subject to paragraph 4(l) hereof, </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">redeemed, purchased or otherwise acquired by the Trust or
any affiliate thereof may be resold. In lieu of redeeming shares </FONT><FONT STYLE="letter-spacing: -0.5pt">called for redemption, the
Trust shall have the right to arrange for other purchasers to purchase from Beneficial Owners 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) hereof, by their paying to such Beneficial Owners
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 </FONT><FONT STYLE="letter-spacing: -0.55pt">shall
notify each purchaser that such shares have been called </FONT>for redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.3pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.55pt">5.
<U>Liquidation</U>. (a) Upon a liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary</FONT> <FONT STYLE="letter-spacing: -0.5pt">or
involuntary, the Holders shall be entitled, whether from capital or surplus, before any assets of the Trust shall be </FONT><FONT STYLE="letter-spacing: -0.55pt">distributed
among or paid over to holders of Common Shares or </FONT><FONT STYLE="letter-spacing: -0.5pt">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 $100,000 per share of RP, plus an amount equal to
all accumulated but unpaid dividends thereon (whether or not earned or declared) plus the premium, if any, resulting from </FONT><FONT STYLE="letter-spacing: -0.55pt">the
designation of a Premium Call Period to but excluding the date of final distribution in same-day funds. After any such </FONT><FONT STYLE="letter-spacing: -0.5pt">payment,
the Holders and Beneficial Owners shall not be entitled to any further participation in any distribution of </FONT>assets of the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.5pt">(b)
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 and the holders of any Preferred Shares ranking as to liquidation, dissolution or winding up on a parity with
the RP</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.55pt">(including
the Other RP), then such assets shall be distributed among the Holders and such parity holders ratably </FONT><FONT STYLE="letter-spacing: -0.5pt">in
accordance with the respective amounts which would be payable on such shares of RP and any other such Preferred Shares if all amounts
thereof were paid in full.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.55pt; text-indent: 42.25pt"><FONT STYLE="letter-spacing: -0.65pt">(c)
Neither the consolidation nor the merger of the </FONT><FONT STYLE="letter-spacing: -0.5pt">Trust with or into any corporation or corporations
nor a reorganization of the Trust alone nor the sale, lease or transfer by the Trust of all or substantially all of its </FONT><FONT STYLE="letter-spacing: -0.55pt">assets
shall be deemed to be a dissolution or liquidation of </FONT>the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 6pt 0.7pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.4pt">6.
<U>Voting Rights</U>. (a) <U>General</U>. Except as otherwise </FONT><FONT STYLE="letter-spacing: -0.5pt">provided in the Declaration
of Trust or By-laws, each Holder </FONT><FONT STYLE="letter-spacing: -0.55pt">of shares of RP and each record holder of Common Shares
shall </FONT><FONT STYLE="letter-spacing: -0.5pt">be entitled to one vote for each share held on each matter submitted to a vote of shareholders
of the Trust, and the </FONT><FONT STYLE="letter-spacing: -0.55pt">holders of outstanding Preferred Shares, including RP, and of Common
Shares shall vote together as a single class; provided </FONT><FONT STYLE="letter-spacing: -0.5pt">that, at any meeting of the shareholders
of the Trust held for the election of trustees, the holders of Preferred Shares, including RP, represented in person or by proxy at </FONT><FONT STYLE="letter-spacing: -0.55pt">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 </FONT><FONT STYLE="letter-spacing: -0.5pt">Preferred Share, including RP, entitling the holder
thereof to one vote. Subject to paragraph 6(b) hereof, the holders of outstanding Common Shares and Preferred Shares, including RP, voting
as a single class, shall elect the balance of the </FONT>trustees.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.05pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.6pt">(b)
<U>Right to Elect Majority of Board of Trustees</U>. </FONT><FONT STYLE="letter-spacing: -0.55pt">During any period in which any one or
more of the conditions </FONT><FONT STYLE="letter-spacing: -0.5pt">described below shall exist (such period being referred to herein as
a &quot;Voting Period&quot;), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest
number that, when added to the two trustees elected exclusively by the holders of Preferred Shares, would constitute a majority of the
Board of Trustees as so increased by such smallest number; and the holders of Preferred Shares shall be entitled, voting as a class on
a one-vote-per-share basis (to the exclusion of the holders of all other securities and classes of capital shares of the </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust),
to elect such smallest number of additional trustees, </FONT><FONT STYLE="letter-spacing: -0.5pt">together with the two trustees that
such holders are in any event entitled to elect. A Voting Period shall commence: </FONT><FONT STYLE="letter-spacing: -0.55pt">(i) if at
the close of business on any Dividend </FONT><FONT STYLE="letter-spacing: -0.5pt">Payment Date 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 RP equal
to at least two full years' dividends shall be due and unpaid and sufficient cash or specified securities shall not have been deposited
with the Paying Agent for the payment of such </FONT>accumulated dividends; or <FONT STYLE="letter-spacing: -0.65pt">(ii) if at any time
holders of any other Preferred </FONT><FONT STYLE="letter-spacing: -0.5pt">Shares are entitled to elect a majority of the trustees </FONT><FONT STYLE="letter-spacing: -0.55pt">of
the Trust. Upon the termination of a Voting Period, the voting rights described in this paragraph 6(b) shall</FONT> <FONT STYLE="letter-spacing: -0.5pt">cease,
subject always, however, to the revesting of such voting rights in the Holders upon the further occurrence </FONT><FONT STYLE="letter-spacing: -0.55pt">of
any of the events described in this paragraph 6(b). </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.05pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(c)
<U>Other Actions</U>. So long as any shares of RP are </FONT><FONT STYLE="letter-spacing: -0.5pt">outstanding, the Trust shall not, without
the affirmative vote or consent of the Holders of at least a majority of the </FONT><FONT STYLE="letter-spacing: -0.55pt">shares of RP
outstanding at the time, in person or by proxy, </FONT><FONT STYLE="letter-spacing: -0.5pt">either in writing or at a meeting (voting
separately as one class): (a) 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 RP with respect to payment of dividends or the distribution of </FONT><FONT STYLE="letter-spacing: -0.55pt">assets
on liquidation (other than the Serial RP and the Other </FONT><FONT STYLE="letter-spacing: -0.5pt">RP issued on the Date of Original Issue),
or increase or decrease the authorized amount of RP; (b) amend, alter or </FONT><FONT STYLE="letter-spacing: -0.55pt">repeal the provisions
of the Declaration of Trust and the Bylaws, including this Section 12.1, whether by merger, </FONT><FONT STYLE="letter-spacing: -0.5pt">consolidation
or otherwise, so as to affect materially and </FONT><FONT STYLE="letter-spacing: -0.55pt">adversely any preference, right or power of
such shares of RP </FONT><FONT STYLE="letter-spacing: -0.5pt">or the Holders thereof; or (c) take any other action</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.55pt">which
pursuant to Section 18(a)(2)(D) of the 1940 Act requires approval by the Holders of a majority of the shares of RP outstanding at the
time; provided that, the issuance of not more than the 4,000 Preferred Shares presently authorized by this Section 12.1 and the creation
and issuance of the Serial</FONT> <FONT STYLE="letter-spacing: -0.5pt">RP, and 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">the time thereof, cause the Trust not to satisfy
the 1940 Act RP Asset Coverage or the RP Basic Maintenance Amount. To the extent permitted under the 1940 Act, the Trust shall not take
</FONT><FONT STYLE="letter-spacing: -0.5pt">any action (including but not limited to those set forth above in clauses (a) and (b) of
this paragraph 6(c)) which may adversely affect the rights of a Holder of shares of a series of RP differently than a Holder of shares
of another series of RP without the affirmative vote or consent of the Holders of at least a majority of the shares of RP of such potentially
affected series outstanding at the time, in </FONT><FONT STYLE="letter-spacing: -0.55pt">person or by proxy, either in writing or at
a meeting (voting </FONT><FONT STYLE="letter-spacing: -0.5pt">separately as a class). To the extent that such an action </FONT><FONT STYLE="letter-spacing: -0.55pt">may
affect the rights of Holders of shares of series of RP in a substantially similar manner, the Holders of shares of such series shall
vote together as one class. Notwithstanding the </FONT><FONT STYLE="letter-spacing: -0.5pt">foregoing, so long as any shares of RP are
outstanding, the </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust shall not take any action described in Sections 4, 5 or </FONT><FONT STYLE="letter-spacing: -0.65pt">6
of Article IX of the Declaration of Trust or amend the </FONT><FONT STYLE="letter-spacing: -0.5pt">provisions of Section 1 of Article
IV, Sections 4, 5 or 6 of Article IX or the first sentence of Section 9 of Article IX of the Declaration of Trust, without the affirmative
vote or</FONT> <FONT STYLE="letter-spacing: -0.55pt">consent of the Holders of at least two-thirds (or a majority </FONT><FONT STYLE="letter-spacing: -0.5pt">if
permitted by Sections 4, 5 or 6 of Article IX of the Declaration of Trust) of the shares of RP and of two-thirds </FONT><FONT STYLE="letter-spacing: -0.55pt">(or
a majority if permitted by Sections 4, 5 or 6 of Article IX of the Declaration of Trust) of the Common Shares </FONT><FONT STYLE="letter-spacing: -0.5pt">outstanding
at the time, in person or by proxy, either in </FONT><FONT STYLE="letter-spacing: -0.6pt">writing or at a meeting (each voting separately
as a class).</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.5pt">The
foregoing voting provisions shall not apply with respect to shares of RP if, at or prior to the time when a </FONT><FONT STYLE="letter-spacing: -0.55pt">vote
is required, such shares of RP shall have been (i) </FONT><FONT STYLE="letter-spacing: -0.5pt">redeemed or (ii) called for redemption
and sufficient funds </FONT><FONT STYLE="letter-spacing: -0.6pt">shall have been deposited in trust to effect such redemption.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">The
Board of Trustees may without the vote or consent of </FONT><FONT STYLE="letter-spacing: -0.5pt">the Holders of RP from time to time amend,
alter or repeal any or all of the definitions of the terms listed below, and </FONT><FONT STYLE="letter-spacing: -0.6pt">any such amendment,
alteration or repeal will not be deemed </FONT><FONT STYLE="letter-spacing: -0.5pt">to affect the preferences, rights or powers of shares
of RP or the Holders thereof, provided the Board of Trustees receives written confirmation from Moody's and S&amp;P that any such amendment,
alteration or repeal would not impair the </FONT><FONT STYLE="letter-spacing: -0.55pt">ratings then assigned by Moody's and S&amp;P to
shares of RP:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">&nbsp;</FONT></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%"><FONT>Deposit Securities</FONT></TD>
  <TD STYLE="width: 50%">1940
Act RP Asset Coverage</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="letter-spacing: -0.6pt">Discounted Value</FONT></TD>
  <TD>Quarterly Valuation
Date</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Dividend Coverage Amount
</TD>
  <TD>RP Basic Maintenance Amount</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Dividend Coverage Assets</TD>
  <TD>RP
Basic Maintenance Cure Date</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Market Value</TD>
  <TD>RP
Basic Maintenance Report</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT>Minimum Liquidity Level</FONT></TD>
  <TD>S&amp;P
Discount Factor</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT>Moody's Discount Factor</FONT>&#9;</TD>
  <TD>S&amp;P Eligible Asset</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT>Moody's Eligible Asset</FONT></TD>
  <TD><FONT STYLE="letter-spacing: -0.45pt">S&amp;P
Exposure Period</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Moody's Exposure Period</TD>
  <TD>Valuation
Date</TD></TR>
</TABLE>




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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.65pt">1940
Act Cure Date</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 22.55pt 0 6pt 2.15pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.55pt">(d)
<U>Voting Procedures</U>. (i) As soon as practicable after </FONT><FONT STYLE="letter-spacing: -0.5pt">the accrual of any right of the
holders of shares of </FONT><FONT STYLE="letter-spacing: -0.55pt">Preferred Shares to elect additional trustees as described in paragraph
6(b) above, the Trust shall notify the Paying Agent </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">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 </FONT><FONT STYLE="letter-spacing: -0.6pt">for determining the holders entitled to notice of and to vote </FONT><FONT STYLE="letter-spacing: -0.55pt">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 </FONT><FONT STYLE="letter-spacing: -0.5pt">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 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.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 0.5in">(ii) For purposes of determining any rights
of the Holders to vote on any matter whether such right is created by this Section 12.2, by the other provisions of the Declaration of
Trust and the By-laws, by statute or otherwise, no Holder shall be entitled to vote and no share 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 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. 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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.55pt">(iii)
The terms of office of all persons who are </FONT><FONT STYLE="letter-spacing: -0.5pt">trustees of the Trust at the time of a special
meeting of Holders and holders of other Preferred Shares to elect </FONT><FONT STYLE="letter-spacing: -0.55pt">trustees shall continue,
notwithstanding the election at such </FONT><FONT STYLE="letter-spacing: -0.5pt">meeting by the Holders and such other holders of the
number of trustees that they are entitled to elect, and the persons so elected by the Holders and such other holders, together with the
two incumbent trustees elected by the Holders and such other holders of Preferred Shares and the remaining incumbent trustees elected
by the holders of the Common Shares and Preferred Shares, shall constitute the duly </FONT>elected trustees of the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 2.65pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(iv)
Simultaneously with the expiration of a Voting </FONT><FONT STYLE="letter-spacing: -0.5pt">Period, the terms of office of the additional
trustees elected by the Holders and holders of other Preferred Shares pursuant to paragraph 6(b) above shall terminate, the </FONT><FONT STYLE="letter-spacing: -0.55pt">remaining
trustees shall constitute the trustees of the Trust </FONT><FONT STYLE="letter-spacing: -0.5pt">and the voting rights of the Holders and
such other holders </FONT><FONT STYLE="letter-spacing: -0.55pt">to elect additional trustees pursuant to paragraph 6(b) above </FONT><FONT STYLE="letter-spacing: -0.5pt">shall
cease, subject to the provisions of the last sentence </FONT>of paragraph 6(b)(ii).</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.55pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.55pt">(e)
<U>Exclusive Remedy</U>. Unless otherwise required by </FONT><FONT STYLE="letter-spacing: -0.65pt">law, the Holders of shares of RP shall
not have any relative </FONT><FONT STYLE="letter-spacing: -0.5pt">rights or preferences or other special rights other than those specifically
set forth herein. The Holders of shares</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="letter-spacing: -0.55pt">of RP shall have no preemptive
rights or rights to cumulative </FONT><FONT STYLE="letter-spacing: -0.5pt">voting. In the event that the Trust fails to pay any dividends
on the shares of RP, the exclusive remedy of the Holders shall be the right to vote for trustees pursuant to the provisions of this paragraph
6. In no event shall the </FONT><FONT STYLE="letter-spacing: -0.55pt">Holders of shares of RP have any right to sue for, or bring a </FONT><FONT STYLE="letter-spacing: -0.5pt">proceeding
with respect to, such dividends or redemptions or </FONT>damages for the failure to receive the same.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 1.7pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(f)
<U>Notification to S&amp;P</U>. In the event a vote of </FONT><FONT STYLE="letter-spacing: -0.5pt">Holders 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">is to be taken, notify S&amp;P that such vote is to be taken and </FONT><FONT STYLE="letter-spacing: -0.5pt">the
nature of the action with respect to which such vote is </FONT>to be taken.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.25pt">7.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.55pt"><U>1940 Act RP Asset Coverage</U>. The Trust shall maintain, as of the last Business
Day of each month in which </FONT><FONT STYLE="letter-spacing: -0.65pt">any share of RP is outstanding, the 1940 Act RP Asset </FONT>Coverage.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">8.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.65pt"><U>RP Basic Maintenance Amount</U>. (a) The Trust shall </FONT><FONT STYLE="letter-spacing: -0.5pt">maintain,
on each Valuation Date, and shall verify to its </FONT><FONT STYLE="letter-spacing: -0.55pt">satisfaction that it is maintaining on such
Valuation Date,</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 4.8pt"><FONT STYLE="letter-spacing: -0.6pt">(i) S&amp;P Eligible
Assets having an aggregate Discounted Value </FONT><FONT STYLE="letter-spacing: -0.55pt">equal to or greater than the RP Basic Maintenance
Amount and</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 6.95pt"><FONT STYLE="letter-spacing: -0.55pt">(ii) Moody's Eligible
Assets having an aggregate Discounted </FONT>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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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) the fifteenth day of each month (or, if such day is not a Business Day, the next succeeding Business Day) and (ii) the last Business
Day of each month, in each case on 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 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>On or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust fails to
satisfy the 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 6pt 4.3pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -1.7pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or before 5:00 p.m., New York City time, on the<BR>
third Business Day after a Valuation Date on which the Trust<BR>
cures any failure to satisfy the RP Basic Maintenance Amount,<BR>
the Trust shall complete and deliver to the Remarketing<BR>
Agents, the Paying Agent, Moody's and S&amp;P an RP Basic<BR>
Maintenance Report as of the date of such cure.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.3pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.55pt">(e)
An RP Basic Maintenance Report or an Accountant's </FONT><FONT STYLE="letter-spacing: -0.5pt">Confirmation will be deemed to have been
delivered to the Remarketing Agents, the Paying Agent, Moody's and S&amp;P if the </FONT><FONT STYLE="letter-spacing: -0.55pt">Remarketing
Agents, the Paying Agent, Moody's and S&amp;P receive </FONT><FONT STYLE="letter-spacing: -0.5pt">a copy or telecopy, telex or other electronic
transcription thereof and on the same day the Trust mails to the </FONT><FONT STYLE="letter-spacing: -0.45pt">Remarketing Agents, the
Paying Agent, Moody's and S&amp;P for </FONT><FONT STYLE="letter-spacing: -0.5pt">delivery on the next Business Day the full RP</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.3pt">Basic Maintenance Report. A failure by the Trust to deliver
an RP <FONT STYLE="letter-spacing: -0.55pt">Basic Maintenance Report under subparagraph (b), (c) or (d) </FONT><FONT STYLE="letter-spacing: -0.5pt">of
this paragraph 8 shall be deemed to be delivery of an RP </FONT><FONT STYLE="letter-spacing: -0.55pt">Basic Maintenance Report indicating
that the Discounted Value </FONT><FONT STYLE="letter-spacing: -0.5pt">for all assets of the Trust is less than the RP Basic Maintenance
Amount, as of the relevant Valuation Date.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(f)
Within ten Business Days after the date of delivery </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Remarketing Agents, the Paying
Agent, S&amp;P and Moody's (i) the </FONT><FONT STYLE="letter-spacing: -0.5pt">mathematical accuracy of the calculations reflected in
such </FONT><FONT STYLE="letter-spacing: -0.55pt">Report (and in any other RP Basic Maintenance Report, </FONT><FONT STYLE="letter-spacing: -0.5pt">randomly
selected by the Independent Accountant, that was delivered by the Trust during the quarter ending on such Quarterly Valuation Date); (ii)
that, in such Report (and in such randomly selected Report), (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), S&amp;P Eligible </FONT><FONT STYLE="letter-spacing: -0.55pt">Assets
of an aggregate Discounted Value at least equal to the RP Basic Maintenance Amount and Moody's Eligible Assets of an </FONT><FONT STYLE="letter-spacing: -0.5pt">aggregate
Discounted Value at least equal to the RP Basic Maintenance Amount, (b) the aggregate amount of Deposit Securities equals the Dividend
Coverage Amount, and (c) the Market Value of portfolio securities as determined by the Pricing Service equals the mean between the quoted
bid and asked price or the yield equivalent (when quotations are </FONT><FONT STYLE="letter-spacing: -0.55pt">readily available); and
(iii) the accuracy of the description </FONT><FONT STYLE="letter-spacing: -0.5pt">of Eligible Assets as stated in the RP Basic Maintenance
Report (such confirmation is herein called the &quot;Accountant's </FONT>Confirmation&quot;).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.6pt">(g)
Within ten Business Days after the date of delivery </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">the Trust failed to satisfy the RP Basic Maintenance Amount, </FONT><FONT STYLE="letter-spacing: -0.5pt">the
Independent Accountant will provide to the Remarketing Agents, the Paying Agent, S&amp;P and Moody's an Accountant's </FONT><FONT STYLE="letter-spacing: -0.55pt">Confirmation
as to such RP Basic Maintenance Report.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.6pt">(h) Within
ten Business Days after the date of delivery </FONT><FONT STYLE="letter-spacing: -0.5pt">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 Remarketing Agents,
the Paying Agent, S&amp;P and Moody's an Accountant's Confirmation as to such RP Basic Maintenance </FONT>Report.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.6pt">(i)
If any Accountant's Confirmation delivered pursuant </FONT><FONT STYLE="letter-spacing: -0.5pt">to subparagraph (f), (g) or (h) of this
paragraph 8 shows </FONT><FONT STYLE="letter-spacing: -0.55pt">that an error was made in the RP Basic Maintenance Report for </FONT><FONT STYLE="letter-spacing: -0.5pt">a
particular Valuation Date for which such Accountant's Confirmation was required to be delivered, or shows that a </FONT><FONT STYLE="letter-spacing: -0.55pt">lower
aggregate Discounted Value for the aggregate of all S&amp;P </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">accordingly
amend and deliver the RP Basic Maintenance Report </FONT><FONT STYLE="letter-spacing: -0.5pt">to the Remarketing Agents, the Paying Agent,
S&amp;P and Moody's promptly following receipt by the Trust of such Accountant's </FONT>Confirmation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.55pt">(j) On
or before 5:00 p.m., New York City time, on the </FONT><FONT STYLE="letter-spacing: -0.5pt">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</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="letter-spacing: -0.55pt">Business Days of such Date of
Original Issue, the Independent </FONT><FONT STYLE="letter-spacing: -0.5pt">Accountant will provide to Moody's and S&amp;P an Accountant's
</FONT><FONT STYLE="letter-spacing: -0.55pt">Confirmation as to such RP Basic Maintenance Report.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.35pt">9.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.5pt"><U>Minimum Liquidity Level</U>. The Trust shall be required to have, as of each Valuation
Date, Dividend Coverage Assets with respect to each share of RP having a </FONT><FONT STYLE="letter-spacing: -0.55pt">Discounted Value
not less than the Dividend Coverage Amount </FONT>with respect to such share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.6pt">10.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.6pt"><U>Restrictions on Certain Distributions</U>. For so long </FONT><FONT STYLE="letter-spacing: -0.5pt">as
any share of RP is outstanding, (A) the Trust shall not declare, pay or set apart for payment any dividend or other distribution (other
than a dividend or distribution paid in </FONT><FONT STYLE="letter-spacing: -0.55pt">shares of, or options, warrants or rights to subscribe
for or </FONT><FONT STYLE="letter-spacing: -0.5pt">purchase, Common Shares or other shares, if any, ranking junior to or on a parity with
the shares of RP as to dividends and upon liquidation) in respect of the Common </FONT><FONT STYLE="letter-spacing: -0.55pt">Shares, RP
or any other shares of the Trust ranking junior to </FONT><FONT STYLE="letter-spacing: -0.5pt">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 (except by conversion into or </FONT><FONT STYLE="letter-spacing: -0.55pt">exchange for shares of the Trust
ranking junior to the shares </FONT><FONT STYLE="letter-spacing: -0.5pt">of RP as to dividends and upon liquidation), unless (i) full
</FONT><FONT STYLE="letter-spacing: -0.45pt">cumulative dividends on shares of RP and Other RP through </FONT><FONT STYLE="letter-spacing: -0.55pt">their
most recently ended respective Dividend Periods (or, if </FONT><FONT STYLE="letter-spacing: -0.5pt">such transaction is on a Dividend
Payment Date, through the Dividend Period ending on the day prior to such Dividend Payment Date) shall have been paid or shall have been
declared and sufficient funds for the payment thereof deposited with the Paying Agent and (ii) the Trust has redeemed the full number
of shares of RP and Other RP required to be redeemed by any provision for mandatory redemption pertaining thereto, and (B) the Trust will
not declare, pay or set apart for payment any dividend or other </FONT><FONT STYLE="letter-spacing: -0.45pt">distribution (other than
a dividend or distribution paid in </FONT><FONT STYLE="letter-spacing: -0.55pt">shares of, or options, warrants or rights to subscribe
for or </FONT><FONT STYLE="letter-spacing: -0.5pt">purchase, Common Shares or other shares, if any, ranking </FONT><FONT STYLE="letter-spacing: -0.55pt">junior
to shares of RP as to dividends and upon liquidation) </FONT><FONT STYLE="letter-spacing: -0.5pt">in respect of Common Shares or any other
shares of the Trust ranking junior to or on a parity with 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 (except by conversion into or exchange
for shares of the Trust ranking junior to shares of RP as to dividends and upon liquidation),</FONT> <FONT STYLE="letter-spacing: -0.55pt">unless
immediately after such transaction the Discounted Value of the Trust's portfolio would at least equal the RP </FONT>Basic Maintenance
Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.8pt">11.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.5pt"><U>Notice</U>. All notices or communications, unless </FONT><FONT STYLE="letter-spacing: -0.6pt">otherwise
specified in these By-laws, shall be sufficiently </FONT><FONT STYLE="letter-spacing: -0.5pt">given if in writing and delivered in person
or mailed by </FONT><FONT STYLE="letter-spacing: -0.55pt">first-class mail, postage prepaid. Notice shall be deemed given on the earlier
of the date received or the date seven </FONT>days after which such notice is mailed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">12.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.6pt"><U>Exchange Provisions</U>. (a) Upon the authorization of </FONT><FONT STYLE="letter-spacing: -0.5pt">the
Board of Trustees based on (i) the receipt by the Trust of a ruling from the Service to the effect that the payment </FONT><FONT STYLE="letter-spacing: -0.55pt">of
dividends on the shares of Serial RP would not jeopardize </FONT><FONT STYLE="letter-spacing: -0.5pt">the Trust's status as a regulated
investment company or</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt"><FONT STYLE="letter-spacing: -0.55pt">(ii) an opinion of legal
counsel in form and substance </FONT><FONT STYLE="letter-spacing: -0.5pt">satisfactory to the Board of Trustees to the effect that the
payment of dividends on the shares of Serial RP would not jeopardize the Trust's status as a regulated investment </FONT><FONT STYLE="letter-spacing: -0.55pt">company
and the affirmative vote or consent of the Holders of </FONT><FONT STYLE="letter-spacing: -0.5pt">at least a majority of the shares of
each series of RP outstanding at the time, in person or by proxy, either in writing or at a meeting (each such series voting separately
as a class) (in either case, an &quot;Exchange Event&quot;), then, on the first Dividend Payment Date for the RP which is at least 45
days after the occurrence of an Exchange Event and as of </FONT> <FONT STYLE="letter-spacing: -0.55pt">which the conditions described
below have been satisfied (the </FONT><FONT STYLE="letter-spacing: -0.5pt">&quot;Exchange Date&quot;), the RP will be exchanged on a share-for-share
basis for Serial RP. Shares of RP will not be exchanged for shares of Serial RP unless each of Moody's and</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt">S&amp;P shall have provided on the Exchange Date a rating on
the Serial RP equivalent to the then-current rating provided <FONT STYLE="letter-spacing: -0.55pt">by such rating agency on the RP; provided
that, if Moody's or </FONT><FONT STYLE="letter-spacing: -0.5pt">S&amp;P shall not make such rating available, such exchange will take
place if (i) a Substitute Rating Agency or Agencies shall have provided a rating equivalent to such then-current </FONT><FONT STYLE="letter-spacing: -0.55pt">rating
or ratings on the Exchange Date and (ii) all shares of </FONT><FONT STYLE="letter-spacing: -0.5pt">RP subject to such exchange that were
tendered (or deemed tendered) on the Tender Date preceding such Exchange Date shall have been remarketed by the Remarketing Agents on
the </FONT><FONT STYLE="letter-spacing: -0.6pt">related Dividend Reset Date at a price of $100,000 per share. </FONT><FONT STYLE="letter-spacing: -0.55pt">Holders
of outstanding shares of RP will receive one share of </FONT><FONT STYLE="letter-spacing: -0.5pt">Serial RP for each share of RP held
and exchanged by them on </FONT>the Exchange Date therefor.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.3pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.6pt">(b)
The Trust will cause the publication of an exchange </FONT><FONT STYLE="letter-spacing: -0.55pt">notice in an Authorized Newspaper, and
cause the Paying Agent </FONT><FONT STYLE="letter-spacing: -0.5pt">to mail an exchange notice to each Holder of RP, not less </FONT><FONT STYLE="letter-spacing: -0.6pt">than
10 nor more than 3 0 days prior to the Exchange Date </FONT><FONT STYLE="letter-spacing: -0.55pt">therefor. Such notice will state: (i)
the Exchange Date, (ii) that on such Exchange Date all shares of RP will be </FONT><FONT STYLE="letter-spacing: -0.5pt">exchanged automatically,
and without any action or choice on the part of the Holders thereof, on a share-for-share basis for shares of Serial RP, (iii) that the
Initial Dividend Period for the Serial RP issuable in exchange for the shares of RP will be a 28-day Dividend Period commencing on such
</FONT><FONT STYLE="letter-spacing: -0.55pt">Exchange Date, (iv) that dividends on shares of RP will cease </FONT><FONT STYLE="letter-spacing: -0.5pt">to
accumulate on such Exchange Date and (v) whether the </FONT><FONT STYLE="letter-spacing: -0.55pt">Serial RP will be rated by Moody's and
S&amp;P or by a Substitute </FONT>Rating Agency or Substitute Rating Agencies.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.55pt">(c)
On the Exchange Date, shares of RP will cease to accumulate dividends, will no longer be deemed outstanding, the rights of the Holders
of such shares (except the right to receive shares of Serial RP, accumulated but unpaid dividends </FONT><FONT STYLE="letter-spacing: -0.5pt">on
their shares of RP to but excluding the Exchange Date and </FONT><FONT STYLE="letter-spacing: -0.55pt">any payments required by paragraphs
3(h) and 3(k) of Part I) will cease, and the person or persons entitled to receive the </FONT><FONT STYLE="letter-spacing: -0.5pt">Serial
RP upon the exchange will be treated for all purposes </FONT>as the holder or holders of such Serial RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 4.1pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.6pt">13.
<U>Certain Other Restrictions</U>. For so long as any </FONT>shares of RP are outstanding,</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.6pt">(a)
the Trust will not, unless it has received written </FONT><FONT STYLE="letter-spacing: -0.55pt">confirmation from Moody's and S&amp;P
that any such action would </FONT><FONT STYLE="letter-spacing: -0.5pt">not impair the ratings then assigned by Moody's and S&amp;P to
shares of RP engage in any one or more of the following </FONT>transactions:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 31.2pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">(i)
borrow money if the RP Basic Maintenance Amount </FONT>would not be satisfied after giving effect to such borrowing; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 15.85pt 6pt 32.15pt; text-align: justify; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.05pt">(ii)
borrow, in the aggregate, money in excess of </FONT>the lesser of $10,000,000 or the product of the number of shares of RP and Other RP
outstanding multiplied by $10,000 or 10% of the total assets of the Trust; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 32.9pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">(iii)
borrow any money except for the purpose of </FONT>clearing portfolio transactions; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 69.1pt">(iv) lend portfolio securities;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Trust shall not buy or sell futures contracts or write put or call options except in accordance with the guidelines
established and revised, from time to time, by each of Moody's and S&amp;P; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.65pt">(c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>For purposes of Moody's and S&amp;P rating of the shares of RP, the Trust shall give to Moody's and S&amp;P prompt written
notice of: (i) any material change to the Declaration of Trust or Article XII of the By-laws; (ii) any failure to declare or pay any</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">dividend on the shares of RP; (iii) any mandatory or optional redemption
of the shares of RP (iv) any assumption of control of the Board of Trustees by the Holders of shares of RP pursuant to Section 6(b); (v)
in the event the Trust shall not be a party to a pricing services agreement and dealer quotes on assets are not available; (vi) in the
event that the Applicable Dividend <FONT STYLE="letter-spacing: -0.55pt">Rate equals or exceeds 95% of &quot;AA&quot; Composite Commercial
Paper </FONT><FONT STYLE="letter-spacing: -0.5pt">Rate; (vii) a change in dividend period; (viii) any person owning more than 5% of Trust's
Common Shares; (ix) a change in Internal Revenue Service rules on Gross-up Dividends relating to the operation of the Trust; and (x) a
change in </FONT>pricing service.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 135.1pt 6pt 130.8pt; text-align: center">PART II. <FONT STYLE="letter-spacing: -0.65pt">REMARKETING
PROCEDURES</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.35pt">1.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.5pt"><U>Remarketing Schedule</U>. Each Remarketing shall take </FONT><FONT STYLE="letter-spacing: -0.6pt">place
over a three-day period consisting of the Tender Date, </FONT><FONT STYLE="letter-spacing: -0.55pt">the Dividend Reset Date and the Settlement
Date. Such dates or the method of establishing such dates shall be determined </FONT>by the Board of Trustees from time to time.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">2.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.5pt"><U>Procedure for Tendering</U>. (a) Each share of RP is subject to Tender and Dividend
Reset at the end of each Dividend Period and may be tendered in the Remarketing which commences on the Tender Date immediately prior to
the end of the current Dividend Period. By 12:00 noon, New York City </FONT><FONT STYLE="letter-spacing: -0.55pt">time, on each such Tender
Date, the Remarketing Agents shall, after canvassing the market and considering prevailing market </FONT><FONT STYLE="letter-spacing: -0.5pt">conditions
at the time for shares of RP and similar </FONT><FONT STYLE="letter-spacing: -0.55pt">securities, provide Beneficial Owners non-binding
indications </FONT><FONT STYLE="letter-spacing: -0.5pt">of the Applicable Dividend Rate for the next succeeding </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend
Period or, if applicable, a Special Dividend Period; </FONT><FONT STYLE="letter-spacing: -0.5pt">provided that, if the Board of Trustees
has designated the next Dividend Period 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend
Rate for such Dividend Period may be greater than or </FONT><FONT STYLE="letter-spacing: -0.5pt">less than the rate per annum indicated
in such non-binding indications (but not greater than the applicable Maximum Dividend Rate). By 1:00 p.m., New York City time, on such
Tender Date, each Beneficial Owner of shares of RP must </FONT><FONT STYLE="letter-spacing: -0.55pt">notify a Remarketing Agent of its
desire, on a share-by-share </FONT><FONT STYLE="letter-spacing: -0.45pt">basis, either to tender such share of RP at a price of </FONT><FONT STYLE="letter-spacing: -0.5pt">$100,000
per share or to continue to hold such share for the </FONT><FONT STYLE="letter-spacing: -0.45pt">next Dividend Period or, if applicable,
to accept a </FONT><FONT STYLE="letter-spacing: -0.5pt">designated Special Dividend Period. Any notice given to a Remarketing Agent to
tender or hold shares for a particular </FONT><FONT STYLE="letter-spacing: -0.45pt">Dividend Period shall be irrevocable and shall not
be </FONT><FONT STYLE="letter-spacing: -0.5pt">conditioned upon the level at which the Applicable Dividend Rate is established. Any such
notice may not be waived by the Remarketing Agents, except that prior to 4:00 p.m., New </FONT><FONT STYLE="letter-spacing: -0.55pt">York
City time, on a Dividend Reset Date, a Remarketing Agent </FONT><FONT STYLE="letter-spacing: -0.45pt">may, in its sole discretion, (i)
at the request of a </FONT><FONT STYLE="letter-spacing: -0.55pt">Beneficial Owner that has tendered one or more shares to such </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing
Agent, waive such Beneficial Owner's tender, and thereby enable such Beneficial Owner to continue to hold the </FONT><FONT STYLE="letter-spacing: -0.45pt">share
or shares for the next Dividend Period or, if </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">elected to hold one or more of its shares of RP, waive such Beneficial Owner's
election with respect thereto.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
The right of each Beneficial Owner to tender shares </FONT><FONT STYLE="letter-spacing: -0.5pt">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
</FONT><FONT STYLE="letter-spacing: -0.55pt">have not been called for redemption and (iii) the Remarketing </FONT><FONT STYLE="letter-spacing: -0.5pt">Agents
are able to find a purchaser or purchasers for </FONT><FONT STYLE="letter-spacing: -0.45pt">tendered shares of RP at an Applicable Dividend
Rate for the </FONT><FONT STYLE="letter-spacing: -0.5pt">next applicable Dividend Period that is not in excess of the </FONT><FONT STYLE="letter-spacing: -0.55pt">Maximum
Dividend Rate for such Dividend Period.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.55pt">3.
<U>Determination of Applicable Dividend Rates</U>. (a) </FONT><FONT STYLE="letter-spacing: -0.5pt">Between 1:00 p.m., New York City time,
on each Tender Date </FONT><FONT STYLE="letter-spacing: -0.65pt">and 4:00 p.m., New York City time, on the succeeding Dividend </FONT><FONT STYLE="letter-spacing: -0.5pt">Reset
Date, the Remarketing Agents shall determine the Applicable Dividend Rate to the</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt">nearest one-thousandth <FONT STYLE="letter-spacing: -0.55pt">(0.001)
of one percent per annum for the next Dividend </FONT><FONT STYLE="letter-spacing: -0.5pt">Period, 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 </FONT><FONT STYLE="letter-spacing: -0.45pt">their sole judgment, to be the lowest rate
that will enable them to remarket on behalf of the Beneficial Owners thereof</FONT> <FONT STYLE="letter-spacing: -0.55pt">all shares of
RP subject to Tender and Dividend Reset in such </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing and tendered to them on such Tender
Date at a </FONT>price of $100,000 per share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.95pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
If no Applicable Dividend Rate shall have been established on a Dividend Reset Date in a Remarketing for the next Dividend Period, or
Special Dividend Period, if any, for </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Agreement
or the Remarketing Agents are unable to remarket on </FONT><FONT STYLE="letter-spacing: -0.5pt">the Dividend Reset Date all shares of
RP tendered (or deemed </FONT><FONT STYLE="letter-spacing: -0.55pt">tendered) to them at a price of $100,000 per share), then the </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">prevailing yields on fixed and variable rate taxable and tax-</FONT><FONT STYLE="letter-spacing: -0.5pt">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 Dividend Reset Date, assuming in
each case a </FONT><FONT STYLE="letter-spacing: -0.55pt">comparable dividend period, issuer and security. If there is no Remarketing because
there are no Remarketing Agents or the </FONT><FONT STYLE="letter-spacing: -0.5pt">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 Dividend Reset Date all </FONT><FONT STYLE="letter-spacing: -0.55pt">shares
of RP tendered (or deemed tendered) to them at a price </FONT><FONT STYLE="letter-spacing: -0.5pt">of $100,000 per share, then, except
during a Non-Payment Period, the Applicable Dividend Rate for the subsequent Dividend Period and for each subsequent Dividend Period for
which no Remarketing takes place because of the foregoing shall be the applicable Maximum Dividend Rate for a 28-day </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend
Period (in the case of Series A and B shares of RP) </FONT><FONT STYLE="letter-spacing: -0.5pt">or for a 7-day Dividend Period (in the
case of Series C shares of RP) and the next succeeding Dividend Period shall be a 28-day Dividend Period (in the case of Series A and
B shares of RP) and a 7-day Dividend Period (in the case of </FONT>Series C shares of RP) .</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 36.5pt"><FONT STYLE="letter-spacing: -0.55pt">(c)
In determining such Applicable Dividend Rate, the </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing Agents shall, after taking into
account market </FONT><FONT STYLE="letter-spacing: -0.55pt">conditions as reflected in the prevailing yields on fixed and </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Beneficial
Owners and potential purchasers of shares of RP, </FONT><FONT STYLE="letter-spacing: -0.65pt">(i) consider the number of shares of RP
tendered and the </FONT><FONT STYLE="letter-spacing: -0.5pt">number of shares of RP potential purchasers are willing to purchase and (ii)
contact by telephone or otherwise current and potential Beneficial Owners of shares of RP subject to</FONT> 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 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(d)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Applicable Dividend Rate 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>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 10.1pt 6pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(e)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> Except during a Non-Payment Period, the Applicable Dividend Rate for any Dividend Period shall not be more than the applicable
Maximum Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 32.65pt">4. <U>Allocation of Shares; Failure to
Remarket at $100.000 Per Share</U>. (a) If the Remarketing Agents are unable to remarket by 4:00 p.m., New York City time, on a Dividend
Reset Date all shares of RP tendered to them in the related Remarketing at a price of $100,000 per share, (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, which shall be a 28-day Dividend Period (in the
case of Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of <FONT STYLE="letter-spacing: -0.45pt">RP),
shall be the Maximum Dividend Rate for such 28-day </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Period or 7-day Dividend Period,
as the case may be.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.5pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.6pt">(b)
If the allocation procedures described above would </FONT><FONT STYLE="letter-spacing: -0.5pt">result in the sale of a fraction of a share
of RP, the </FONT><FONT STYLE="letter-spacing: -0.55pt">Remarketing Agents shall, in their sole discretion, round up </FONT><FONT STYLE="letter-spacing: -0.5pt">or
down the number of shares of RP sold by each Beneficial Owner on the applicable Dividend Reset 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 Dividend Reset
Date.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">5.
<U>Notification of Results; Settlement</U>. (a) By telephone at approximately 4:30 p.m., New York City time, on </FONT><FONT STYLE="letter-spacing: -0.55pt">each
Dividend Reset Date, the Remarketing Agents shall advise </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">purchase and (ii) to give instructions to its Agent Member to </FONT><FONT STYLE="letter-spacing: -0.5pt">deliver
such shares against payment therefor or to pay the </FONT><FONT STYLE="letter-spacing: -0.45pt">purchase price against delivery as appropriate.
The </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing Agents will also advise each Beneficial Owner or </FONT><FONT STYLE="letter-spacing: -0.55pt">Purchaser
that is to continue to hold, or to purchase, shares </FONT><FONT STYLE="letter-spacing: -0.45pt">with a Dividend Period beginning on the
Business Day </FONT><FONT STYLE="letter-spacing: -0.55pt">following such Dividend Reset Date of the Applicable Dividend </FONT>Rate for
such shares.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(b) In
accordance with the Securities Depository's </FONT><FONT STYLE="letter-spacing: -0.5pt">normal procedures, on the Settlement Date, the
transactions described above with respect to each share of RP shall be </FONT><FONT STYLE="letter-spacing: -0.55pt">executed through the
Securities Depository, if the Securities Depository or its nominee holds or is to hold the certificate </FONT><FONT STYLE="letter-spacing: -0.5pt">relating
to the shares to be purchased, and the accounts of </FONT><FONT STYLE="letter-spacing: -0.45pt">the respective Agent Members of the Securities
Depository </FONT><FONT STYLE="letter-spacing: -0.5pt">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 shares of RP shall make payment to the Paying
Agent in same-day funds against delivery to other purchasers or their nominees of one or more certificates representing shares of RP,
or, if the Securities Depository or its nominee holds or is to hold the certificate relating to the shares to be purchased, through their
Agent Members in same-day funds to the Securities Depository against delivery by book entry of shares of RP through their Agent Members.
The Securities Depository shall make payment in accordance with its normal </FONT>procedures.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 36.5pt"><FONT STYLE="letter-spacing: -0.55pt">(c)
If any Beneficial Owner selling shares of RP in a Remarketing fails to deliver such shares, the Agent Member of </FONT><FONT STYLE="letter-spacing: -0.5pt">such
selling Beneficial Owner and of any other person that </FONT><FONT STYLE="letter-spacing: -0.45pt">was to have purchased shares of RP
in such Remarketing may </FONT><FONT STYLE="letter-spacing: -0.5pt">deliver to any such other person a number of whole shares of RP that
is less than the number of shares that otherwise was </FONT><FONT STYLE="letter-spacing: -0.55pt">to be purchased by such person. In such
event, the number of </FONT><FONT STYLE="letter-spacing: -0.5pt">shares of RP to be so delivered shall be determined by such </FONT><FONT STYLE="letter-spacing: -0.55pt">Agent
Member. Delivery of such lesser number of shares of RP </FONT>shall constitute good delivery.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.2pt">(d)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.45pt">The Remarketing Agents, the Paying Agent and the </FONT><FONT STYLE="letter-spacing: -0.55pt">Securities
Depository each will use its reasonable commercial </FONT><FONT STYLE="letter-spacing: -0.45pt">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 </FONT><FONT STYLE="letter-spacing: -0.5pt">other
event connected with a Remarketing, the Remarketing </FONT><FONT STYLE="letter-spacing: -0.45pt">Agents, the Paying Agent and the Securities
Depository each will use its reasonable commercial efforts to accommodate </FONT><FONT STYLE="letter-spacing: -0.5pt">such delivery in
furtherance of the Remarketing.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">(e)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.6pt">Notwithstanding any of the foregoing provisions of </FONT><FONT STYLE="letter-spacing: -0.5pt">this
paragraph 5, the Remarketing Agents may, in their sole </FONT><FONT STYLE="letter-spacing: -0.55pt">discretion, modify the settlement
procedures set forth above </FONT><FONT STYLE="letter-spacing: -0.45pt">with respect to any Remarketing, provided any such </FONT><FONT STYLE="letter-spacing: -0.55pt">modification
does not adversely affect the Beneficial Owners </FONT>or the Holders of RP or the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">6.
<U>Purchase of Shares of RP by Remarketing Agents</U>. The Remarketing Agents may purchase for their own accounts shares </FONT><FONT STYLE="letter-spacing: -0.45pt">of
RP in a Remarketing, provided that they purchase all </FONT><FONT STYLE="letter-spacing: -0.5pt">tendered (or deemed tendered) shares
of RP not sold in such </FONT><FONT STYLE="letter-spacing: -0.45pt">Remarketing to other purchasers and that the Applicable</FONT> <FONT STYLE="letter-spacing: -0.55pt">Dividend
Rate established with respect to such shares in such </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing is not higher than the Applicable
Dividend Rate that would have been established if the Remarketing Agents had not purchased such shares. Except as provided in the previous
sentence, 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 own any shares of RP subject to a Remarketing immediately prior to such Remarketing and if all other shares
subject to such Remarketing and rendered for sale by other Beneficial </FONT><FONT STYLE="letter-spacing: -0.55pt">Owners of shares of
RP have been sold in such Remarketing, </FONT><FONT STYLE="letter-spacing: -0.5pt">then the Remarketing Agents may sell such number of
their </FONT><FONT STYLE="letter-spacing: -0.55pt">shares in such Remarketing as there are outstanding orders to </FONT><FONT STYLE="letter-spacing: -0.5pt">purchase
that have not been filled by shares tendered for sale by other Beneficial Owners. 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
</FONT>shares of RP in a Remarketing.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">7.
<U>Applicable Dividend Rate During a Non-Payment Period</U>. So long as a Non-Payment Period shall continue, paragraphs 1, 2, 3, 4, 5
and 6 of this Part II shall not be </FONT><FONT STYLE="letter-spacing: -0.5pt">applicable to any of the Shares of RP and the shares of
RP </FONT><FONT STYLE="letter-spacing: -0.55pt">shall not be subject to Tender and Dividend Reset.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.45pt">8. <U>Transfers</U>.
As a condition precedent to purchasing </FONT><FONT STYLE="letter-spacing: -0.5pt">shares of RP in any offering, in any Remarketing or
outside </FONT><FONT STYLE="letter-spacing: -0.45pt">any Remarketing, each purchaser of shares of RP shall be </FONT><FONT STYLE="letter-spacing: -0.5pt">required
to sign and deliver a Master Purchaser's Letter. </FONT><FONT STYLE="letter-spacing: -0.45pt">The sufficiency of any Master Purchaser's
Letter is to be determined by the Remarketing Agents in their sole discretion. In a Master Purchaser's Letter, such purchaser </FONT><FONT STYLE="letter-spacing: -0.5pt">shall
agree, among other things, (i) unless the Trust has </FONT><FONT STYLE="letter-spacing: -0.45pt">elected during a Non-Payment Period,
to waive this requirement, to have its ownership of such shares of RP </FONT><FONT STYLE="letter-spacing: -0.5pt">maintained in book entry
form by the Securities Depository, for the account of a designated Agent Member which, in turn, </FONT><FONT STYLE="letter-spacing: -0.45pt">shall
maintain records of such purchaser's</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">beneficial ownership, (ii) to be conclusively bound by the remarketing
procedures, including the Remarketing Agents' determination of the Applicable Dividend Rate, (iii) that its notice to tender shares of
RP in a Remarketing shall constitute an irrevocable offer, except as set forth in such Master Purchaser's Letter, to sell the shares specified
in such <FONT STYLE="letter-spacing: -0.5pt">notice and authorization to the Remarketing Agents to sell, </FONT><FONT STYLE="letter-spacing: -0.45pt">transfer
or otherwise dispose of such shares as set forth </FONT><FONT STYLE="letter-spacing: -0.55pt">herein and (iv) unless the Trust shall have
elected, during a </FONT><FONT STYLE="letter-spacing: -0.5pt">Non-Payment Period, to waive this requirement, to sell, </FONT><FONT STYLE="letter-spacing: -0.45pt">transfer
or otherwise dispose of any share of RP held by it only pursuant to orders placed in a Remarketing or to a</FONT> <FONT STYLE="letter-spacing: -0.5pt">person
that has signed and delivered a Master Purchaser's </FONT><FONT STYLE="letter-spacing: -0.55pt">Letter as providing herein, and, in the
case of any transfer </FONT><FONT STYLE="letter-spacing: -0.6pt">other than pursuant to a Remarketing, to ensure that an Agent </FONT><FONT STYLE="letter-spacing: -0.5pt">Member
advises a Remarketing Agent of such transfer. The Agent Member shall be authorized and instructed to disclose to any Remarketing Agent
and/or the Paying Agent such </FONT><FONT STYLE="letter-spacing: -0.55pt">information with respect to such purchaser's beneficial ownership
as a Remarketing Agent or the Paying Agent shall </FONT>request.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -2.25pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.5pt"><U>Miscellaneous</U>.
To the extent permitted by applicable law, the Board of Trustees of the Trust may interpret or adjust the provisions hereof to resolve
any </FONT><FONT STYLE="letter-spacing: -0.6pt">inconsistency or ambiguity, or to remedy any formal defect.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -1.85pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.65pt"><U>Securities
Depository; Shares Certificates</U>. (a) If there is a Securities Depository, one certificate for all of </FONT><FONT STYLE="letter-spacing: -0.5pt">the
shares of a 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">shall bear a legend to the effect that such certificate is </FONT><FONT STYLE="letter-spacing: -0.5pt">issued
subject to the provisions contained in this Section </FONT><FONT STYLE="letter-spacing: -0.55pt">12.1 and each Master Purchaser's Letter.
Unless the Trust </FONT><FONT STYLE="letter-spacing: -0.5pt">shall have elected, during a Non-Payment Period, to waive this requirement,
the Trust will also issue stop-transfer </FONT><FONT STYLE="letter-spacing: -0.55pt">instructions to the Paying Agent for the shares of
RP. </FONT><FONT STYLE="letter-spacing: -0.5pt">Except as provided in paragraph (b) below, the Securities Depository or its nominee will
be the Holder, and no </FONT><FONT STYLE="letter-spacing: -0.55pt">Beneficial Owner shall receive certificates representing its </FONT>ownership
interest in such shares.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
If the Applicable Dividend Rate applicable to all shares of RP shall be the Non-Payment Period Rate or there is </FONT><FONT STYLE="letter-spacing: -0.5pt">no
Securities Depository, the Trust may at its option issue one or more new certificates with respect to such shares </FONT><FONT STYLE="letter-spacing: -0.55pt">(without
the legend referred to in paragraph 10(a) of this </FONT><FONT STYLE="letter-spacing: -0.5pt">Part II) 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 with respect
</FONT>to such shares.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0.05in 6pt 0; text-align: right"><FONT STYLE="letter-spacing: -0.75pt">Exhibit
A</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 8.65pt; margin-bottom: 6pt; text-align: center"><FONT STYLE="letter-spacing: -0.45pt">MASTER
PURCHASER'S LETTER</FONT></P>

<P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 10.55pt; margin-bottom: 6pt"><FONT STYLE="letter-spacing: -0.5pt">Relating
to Securities Involving Rate </FONT><FONT STYLE="letter-spacing: -0.6pt">Settings Through Auctions or Remarketings</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 23.05pt 268.8pt 6pt 0">THE COMPANY <FONT STYLE="letter-spacing: -0.6pt">A <BR>
REMARKETING
AGENT </FONT><FONT STYLE="letter-spacing: -0.55pt"><BR>
THE TRUST COMPANY </FONT><FONT STYLE="letter-spacing: -0.5pt">A <BR>
BROKER-DEALER </FONT><FONT STYLE="letter-spacing: -0.45pt">AN
<BR>
AGENT MEMBER </FONT>OTHER <BR>
PERSONS</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 8.9pt 0 6pt 1.2pt"><FONT STYLE="letter-spacing: -0.75pt">Dear Sirs:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0.15in; margin-bottom: 6pt; font: 12pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.55pt">1.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.5pt">This letter is designed to apply
to auctions for publicly or privately offered debt or equity securities </FONT><FONT STYLE="letter-spacing: -0.55pt">(&quot;Securities&quot;)
of any issuer (&quot;Company&quot;) which are described </FONT><FONT STYLE="letter-spacing: -0.5pt">in any final prospectus or other
offering materials relating </FONT><FONT STYLE="letter-spacing: -0.55pt">to such Securities as the same may be amended or supplemented
(collectively, with respect to the particular Securities </FONT><FONT STYLE="letter-spacing: -0.6pt">concerned, the &quot;Prospectus&quot;)
and which involve periodic rate, </FONT><FONT STYLE="letter-spacing: -0.5pt">settings through auctions (&quot;Auctions&quot;) or remarketing
procedures (&quot;Remarketings&quot;). This letter shall be for the benefit of any Company and of any trust company, auction </FONT><FONT STYLE="letter-spacing: -0.55pt">agent,
paying agent (collectively, &quot;trust company&quot;), </FONT><FONT STYLE="letter-spacing: -0.5pt">remarketing agent, broker-dealer,
agent member, securities </FONT><FONT STYLE="letter-spacing: -0.55pt">depository or other interested persons in connection with any </FONT><FONT STYLE="letter-spacing: -0.5pt">Securities
and related Auctions or Remarketings (it being understood that such persons may be required to execute specified agreements and nothing
herein shall alter such </FONT><FONT STYLE="letter-spacing: -0.55pt">requirements). The terminology used herein is intended to be </FONT><FONT STYLE="letter-spacing: -0.5pt">general
in its application and not to exclude any Securities </FONT><FONT STYLE="letter-spacing: -0.55pt">in respect of which (in the Prospectus
or otherwise) </FONT>alternative terminology is used.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0.15in; margin-bottom: 6pt; font: 12pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">2.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.55pt">We may from time to time offer to purchase, purchase, offer to sell and/or sell Securities of any
Company </FONT><FONT STYLE="letter-spacing: -0.5pt">as described in the Prospectus relating thereto. We agree </FONT><FONT STYLE="letter-spacing: -0.55pt">that
this letter shall apply to all such purchases, sales and </FONT><FONT STYLE="letter-spacing: -0.65pt">offers and to Securities owned
by us. We understand that the </FONT><FONT STYLE="letter-spacing: -0.5pt">dividend/interest rate on Securities may be based from time
to time on the results of Auctions or Remarketings as set </FONT>forth in the Prospectus.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0.15in; margin-bottom: 6pt; font: 12pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.4pt">3.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.6pt">We agree that any bid or sell order placed by us in </FONT><FONT STYLE="letter-spacing: -0.5pt">an
Auction or a Remarketing shall constitute an irrevocable </FONT><FONT STYLE="letter-spacing: -0.55pt">offer (except as otherwise described
in the Prospectus) by us</FONT> <FONT STYLE="letter-spacing: -0.5pt">to purchase or sell the Securities subject to such bid or sell order,
or such lesser amount of Securities as we shall be required to sell or purchase as a result of such Auction or Remarketing, at the applicable
price, all as set forth in the Prospectus, and that if we fail to place a bid or sell order with respect to Securities owned by us with
a broker-</FONT><FONT STYLE="letter-spacing: -0.55pt">dealer on any Auction or Remarketing date, or a broker-dealer </FONT><FONT STYLE="letter-spacing: -0.5pt">to
which we communicate a bid or sell order fails to submit such bid or sell order to the trust company or remarketing agent concerned,
we shall be deemed to have placed a hold order with respect to such Securities as described in the</FONT></TD></TR>
</TABLE>



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  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="letter-spacing: -0.55pt"></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.55pt">Prospectus, except as may otherwise be
  described therein. We </FONT><FONT STYLE="letter-spacing: -0.5pt">authorize any broker-dealer that submits a bid or sell order as
  our agent in Auctions or Remarketing to execute contracts </FONT><FONT STYLE="letter-spacing: -0.6pt">for the sale of Securities
  covered by such bid or sell order. </FONT><FONT STYLE="letter-spacing: -0.5pt">We recognize that the payment by such broker-dealer
  for Securities purchased on our behalf shall not relieve us of any liability to such broker-dealer for payment for such </FONT>Securities.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.25pt">4.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.7pt">We understand that -in a Remarketing the dividend or </FONT><FONT STYLE="letter-spacing: -0.5pt">interest
rate or rates on the Securities and the allocation of Securities tendered for sale between dividend or interest periods of different
lengths will be based from time to time on the determinations of one or more remarketing agents, and </FONT><FONT STYLE="letter-spacing: -0.55pt">we
agree to be conclusively bound by such determinations. We </FONT><FONT STYLE="letter-spacing: -0.5pt">further agree to the payment of
different dividend or interest rates to different holders of Securities depending on the length of the dividend or interest period elected
by such holders. We agree that any notice given by us to a remarketing agent (or to a broker-dealer for transmission to a remarketing
agent) of our desire to tender Securities in a Remarketing shall constitute an irrevocable (except to the limited extent set forth in
the Prospectus) offer by us to sell the Securities specified in such notice, or such lesser number of Securities as we shall be required
to sell as a result of such Remarketing, in accordance with the terms set forth in the Prospectus, and we authorize the remarketing agent
to sell, transfer or otherwise dispose of such </FONT>Securities as set forth in the Prospectus.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">5.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.5pt">We agree that, during the applicable period as described in the Prospectus, dispositions of Securities
can </FONT><FONT STYLE="letter-spacing: -0.55pt">be made only in the denominations set forth in the Prospectus </FONT><FONT STYLE="letter-spacing: -0.5pt">and
we will sell, transfer or otherwise dispose of any Securities held by us from time to time only pursuant to a bid or sell order placed
in an Auction, in a Remarketing, to or through a broker-dealer or, when permitted in the Prospectus, to a person that has signed and
delivered to the applicable trust company or a remarketing agent a letter</FONT> <FONT STYLE="letter-spacing: -0.55pt">substantially in
the form of this letter (or other applicable </FONT><FONT STYLE="letter-spacing: -0.5pt">purchaser's letter), provided that in the case
of all transfers other than pursuant to Auctions or Remarketings we or our broker-dealer or our agent member shall advise such trust
company or a remarketing agent of such transfer. We understand that a restrictive legend will be placed on certificates representing
the Securities, and stop-transfer instructions will be issued to the transfer agent and/or </FONT><FONT STYLE="letter-spacing: -0.55pt">registrar,
all as set forth in the Prospectus.</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0.15in; margin-bottom: 6pt; font: 12pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.25pt">6.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.5pt">We agree that, during the applicable period as </FONT><FONT STYLE="letter-spacing: -0.55pt">described
in the Prospectus, ownership of Securities shall be </FONT><FONT STYLE="letter-spacing: -0.5pt">represented by one or more global certificates
registered in the name of the applicable securities depository or its nominee, that we will not be entitled to receive any certificate
representing the Securities and that our ownership of any Securities will be maintained in book entry form by the securities depository
for the account of our agent member, which in turn will maintain records of our </FONT><FONT STYLE="letter-spacing: -0.45pt">beneficial
ownership. We authorize and instruct our agent member to disclose to the applicable trust company or </FONT><FONT STYLE="letter-spacing: -0.5pt">remarketing
agent such information concerning our beneficial ownership of Securities as such trust company or remarketing </FONT>agent shall request.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0.15in; margin-bottom: 6pt; font: 12pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">7.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.45pt">We acknowledge that partial deliveries of </FONT><FONT STYLE="letter-spacing: -0.55pt">Securities
purchased in Auctions or Remarketings may be made </FONT><FONT STYLE="letter-spacing: -0.5pt">to us and such deliveries shall constitute
good delivery as </FONT>set forth in the Prospectus.</TD></TR>
</TABLE>



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<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0.15in; margin-bottom: 6pt; font: 12pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">8.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.6pt">This letter is not a commitment by us to purchase </FONT>any Securities.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.3pt">9.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.5pt">This letter supersedes any prior-dated version of </FONT><FONT STYLE="letter-spacing: -0.55pt">this
master purchaser's letter, and supplements any prior- or </FONT><FONT STYLE="letter-spacing: -0.45pt">post-dated purchaser's letter specific
to particular Securities, and this letter may only be revoked by signed </FONT><FONT STYLE="letter-spacing: -0.5pt">writing delivered
to the original recipients thereof.</FONT></TD></TR>
</TABLE>


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

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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.6pt">10.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.5pt">The descriptions of Auction or Remarketing </FONT><FONT STYLE="letter-spacing: -0.45pt">procedures
set forth in each applicable Prospectus are </FONT><FONT STYLE="letter-spacing: -0.5pt">incorporated by reference herein and in the case
of any </FONT><FONT STYLE="letter-spacing: -0.55pt">conflict between this letter, any purchaser's letter specific </FONT><FONT STYLE="letter-spacing: -0.5pt">to
particular Securities and any such description, such </FONT>description shall control.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.6pt">11.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.6pt">Any xerographic or other copy of this letter shall </FONT><FONT STYLE="letter-spacing: -0.5pt">be
deemed of equal effect as a signed original.</FONT></TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="letter-spacing: -0.6pt">12.</FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.6pt">Our agent member of The Depository Trust Company </FONT>currently is.</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.8pt">13.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.5pt">Our personnel authorized to place orders with </FONT><FONT STYLE="letter-spacing: -0.55pt">broker-dealers
for the purpose set forth in the Prospectus in </FONT>Auctions or Remarketings currently is/are<FONT STYLE="letter-spacing: -0.6pt">,
telephone number ( ) .</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0.15in; margin-bottom: 6pt; font: 12pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 5%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.85pt">14.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>
  <TD STYLE="padding-left: 10pt; text-indent: -0.01pt; width: 95%"><FONT STYLE="letter-spacing: -0.45pt">Our taxpayer identification number is __________________________________.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.15in 0 6pt 0.7pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.55pt">15.
In the case of each offer to purchase, purchase, </FONT><FONT STYLE="letter-spacing: -0.5pt">offer to sell or sale by us of Securities
not registered </FONT><FONT STYLE="letter-spacing: -0.55pt">under the Securities Act of 1933, as amended (the &quot;Act&quot;), we </FONT>represent
and agree as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 11.3pt 0 6pt 34.55pt; text-indent: 32.9pt"><FONT STYLE="letter-spacing: -1.8pt">A.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.45pt">We
understand and expressly acknowledge that </FONT><FONT STYLE="letter-spacing: -0.6pt">the Securities have not been and will not be registered
under the Act and, accordingly, that the Securities may </FONT><FONT STYLE="letter-spacing: -0.5pt">not be reoffered, resold or otherwise
pledged, hypothecated or transferred unless an applicable </FONT><FONT STYLE="letter-spacing: -0.55pt">exemption from the registration
requirements of the Act </FONT>is available.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 11.3pt 0 6pt 34.55pt; text-indent: 32.9pt"><FONT STYLE="letter-spacing: -2.05pt">B.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.45pt">We
hereby confirm that any purchase of </FONT><FONT STYLE="letter-spacing: -0.5pt">Securities made by us will be for our own account, or
for the account of one or more parties for which we are acting as trustee or agent with complete investment discretion and with authority
to bind such parties, and not with view to any public resale or distribution thereof. We and each other party for which we are </FONT><FONT STYLE="letter-spacing: -0.55pt">acting
which will acquire Securities will be &quot;accredited </FONT><FONT STYLE="letter-spacing: -0.5pt">investors&quot; within the meaning
of Regulation D under the </FONT><FONT STYLE="letter-spacing: -0.55pt">Act with respect to the Securities to be purchased by us </FONT><FONT STYLE="letter-spacing: -0.5pt">or
such party, as the case may be, will have previously invested in similar types of instruments and will be </FONT><FONT STYLE="letter-spacing: -0.55pt">able
and prepared to bear the economic risk of investing </FONT>in and holding such Securities.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 11.3pt 0 6pt 34.55pt; text-indent: 32.9pt"><FONT STYLE="letter-spacing: -2.15pt">C.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.45pt">We
acknowledge that prior to purchasing any </FONT><FONT STYLE="letter-spacing: -0.5pt">Securities we shall have received a Prospectus (or
private placement memorandum) with respect thereto and acknowledge that we will have had access to such financial and other information,
and</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 11.3pt 0 6pt 34.55pt">have been afforded <FONT STYLE="letter-spacing: -0.55pt">the
opportunity to ask such questions or representatives </FONT><FONT STYLE="letter-spacing: -0.5pt">of the Company and receive answers thereto,
as we deem necessary in connection with our decision to purchase </FONT>Securities.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 11.3pt 22.1pt 6pt 37.45pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -2.15pt">D.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.5pt">We
recognize that the Company and broker-</FONT><FONT STYLE="letter-spacing: -0.6pt">dealers will rely upon the truth and accuracy of the</FONT>
<FONT STYLE="letter-spacing: -0.5pt">foregoing investment representations and agreements and </FONT><FONT STYLE="letter-spacing: -0.55pt">we
agree that each of our purchases of Securities now or </FONT><FONT STYLE="letter-spacing: -0.5pt">in the future shall be deemed to constitute
our concurrence in all of the foregoing which shall be binding on us and each party for which we are acting as </FONT>set forth in Subparagraph
B above.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 9.35pt 0 6pt 0.5pt"><FONT STYLE="letter-spacing: -0.7pt">Dated</FONT>_______________________&#9;
_____________________________________&#9;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 238.1pt"><FONT STYLE="letter-spacing: -0.8pt">(Name of Purchaser)</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="letter-spacing: -0.5pt">Mailing Address of Purchaser</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -1.35pt">By:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 202.55pt"><FONT STYLE="letter-spacing: -0.7pt">Printed Name:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 6.7pt 0 6pt 202.55pt"><FONT STYLE="letter-spacing: -1pt">Title:</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 66.25pt 6pt 47.75pt; text-indent: -47.5pt"><FONT STYLE="letter-spacing: -0.6pt">12.2.
<U>Statement Creating One Series of Remarketed </U></FONT><U>Preferred Shares</U>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt; text-indent: 13.2pt">PART I. DESIGNATION <FONT STYLE="letter-spacing: -0.5pt">This
series of 1,750 shares of preferred shares, without </FONT><FONT STYLE="letter-spacing: -0.45pt">par value, liquidation preference $100,000
per share plus </FONT><FONT STYLE="letter-spacing: -0.5pt">accumulated but unpaid dividends, if any thereon (whether or not earned or
declared) plus the premium, if any, resulting from the designation of a Premium Call Period, is hereby designated &quot;Remarketed Preferred
Shares, Series I&quot; and is </FONT><FONT STYLE="letter-spacing: -0.45pt">referred to below as &quot;RP&quot;.* Each share of RP shall
be issued </FONT><FONT STYLE="letter-spacing: -0.5pt">on a date to be determined by the Board of Trustees of the </FONT><FONT STYLE="letter-spacing: -0.75pt">Trust
or a duly authorized committee thereof; have an Initial </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Payment Date (as herein
defined) to be determined by </FONT><FONT STYLE="letter-spacing: -0.45pt">the Board of Trustees of the Trust or a duly authorized </FONT><FONT STYLE="letter-spacing: -0.55pt">committee
thereof; and have such other redemption provisions, </FONT><FONT STYLE="letter-spacing: -0.45pt">preferences, limitation and relative
voting rights, in </FONT><FONT STYLE="letter-spacing: -0.5pt">addition to those required by applicable law or set forth in the Declaration
of Trust and these By-laws applicable to </FONT><FONT STYLE="letter-spacing: -0.55pt">preferred shares of the Trust, as are set forth
in Part I and </FONT><FONT STYLE="letter-spacing: -0.5pt">Part II of this Section 12.2. Except as to Date of Original </FONT><FONT STYLE="letter-spacing: -0.55pt">Issue
(as defined herein), dividend rates, dividend periods, </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Payment Dates (as defined
herein) and redemption dates, if any, each share of RP shall be identical to every</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 16.55pt 0 6pt 56.65pt"><FONT STYLE="letter-spacing: -0.55pt">Registered trademark
of Merrill Lynch &amp; Co. Inc. other share of RP. The other terms of the shares of RP are </FONT>as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.5pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">1.
<U>Definitions</U>. Unless the context or use indicates </FONT><FONT STYLE="letter-spacing: -0.6pt">another or different meaning or intent,
in this Section 12.2, </FONT><FONT STYLE="letter-spacing: -0.55pt">the following terms have the following meanings, whether used </FONT>in
the singular or plural:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;'AA'
Composite Commercial Paper Rate,&quot; on any date, </FONT><FONT STYLE="letter-spacing: -0.5pt">means (i) the Interest Equivalent of the
rate on commercial paper placed for the number of days specified in the succeeding sentence on behalf of issuers whose corporate bonds
are rated &quot;AA&quot; by S&amp;P and &quot;Aa&quot; by Moody's, or the </FONT><FONT STYLE="letter-spacing: -0.55pt">equivalent of such
rating by such rating agency or by another </FONT><FONT STYLE="letter-spacing: -0.5pt">nationally recognized statistical rating organization,
as such rate is made available by the Federal Reserve Bank of New York on a discount basis or otherwise for the Business </FONT><FONT STYLE="letter-spacing: -0.6pt">Day
immediately preceding such date, or (ii) if the Federal Reserve Bank of New York does not make available such a rate, </FONT><FONT STYLE="letter-spacing: -0.5pt">then
the arithmetic average of the Interest Equivalent of such rates 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. In respect of any Dividend Period (or other period) of 7 or 28 days (determined without regard to any adjustment
in the remarketing schedule in respect of non-</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="letter-spacing: -0.5pt">Business Days, as provided herein),
the &quot;AA&quot; Composite </FONT><FONT STYLE="letter-spacing: -0.55pt">Commercial Paper Rate shall be the Interest Equivalent of the
60-day rate. If any Commercial Paper Dealer does not quote a </FONT><FONT STYLE="letter-spacing: -0.5pt">rate required to determine the
&quot;AA&quot; Composite Commercial </FONT><FONT STYLE="letter-spacing: -0.55pt">Paper Rate, the &quot;AA&quot; Composite Commercial Paper
Rate shall be </FONT><FONT STYLE="letter-spacing: -0.5pt">determined on the basis of the quotation or quotations </FONT><FONT STYLE="letter-spacing: -0.55pt">furnished
by the remaining Commercial Paper Dealer or Dealers </FONT><FONT STYLE="letter-spacing: -0.5pt">or, if none of the Commercial Paper Dealers
quotes such a rate, by any Substitute Commercial Paper Dealer or Dealers </FONT><FONT STYLE="letter-spacing: -0.55pt">selected by the
Trust to provide such rate or rates not being </FONT>supplied by any Commercial Paper Dealer.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Accountant's
Confirmation&quot; has the meaning set forth in </FONT>paragraph 8(f) of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 34.3pt">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Agent
Member&quot; means a designated member of the Securities Depository that will maintain records for a Beneficial Owner of one or more shares
of RP that has </FONT><FONT STYLE="letter-spacing: -0.55pt">identified such Agent Member in its Master Purchaser's Letter </FONT><FONT STYLE="letter-spacing: -0.5pt">and
that will be authorized and instructed to disclose information to any Remarketing Agent and/or the Paying Agent </FONT>with respect to
such Beneficial Owner.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.55pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Applicable
Dividend Rate&quot; means, with respect to the Initial Dividend Period, the rate of dividend per annum </FONT><FONT STYLE="letter-spacing: -0.55pt">established
by the Board of Trustees and, for each subsequent </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Period for each share of RP, 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">lower
of the rate of dividend per annum that the Remarketing </FONT><FONT STYLE="letter-spacing: -0.5pt">Agent advises results on the Dividend
Reset Date preceding </FONT><FONT STYLE="letter-spacing: -0.55pt">the first day of such Dividend Period from implementation of </FONT><FONT STYLE="letter-spacing: -0.5pt">the
remarketing procedures set forth in Part II hereof and the Maximum Dividend Rate or (ii) for each Dividend Period </FONT><FONT STYLE="letter-spacing: -0.55pt">commencing
during a Non-Payment Period, will be equal to the </FONT>Non-Payment Period Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Applicable
Percentage&quot; has the meaning set forth under </FONT>&quot;Maximum Dividend Rate&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 35.05pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Authorized
Newspaper&quot; means a newspaper of general circulation in the English language generally published on </FONT>Business Days in The City
of New York.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Beneficial
Owner&quot; means a person that has signed a Master Purchaser's Letter and 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
</FONT><FONT STYLE="letter-spacing: -0.55pt">share transfer books of the Trust, the person in whose name </FONT>such share is so registered.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt; text-indent: 35.05pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Board
of Trustees&quot; means the Board of Trustees of the </FONT>Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 35.05pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Business
Day&quot; means a day on which the New York Stock </FONT><FONT STYLE="letter-spacing: -0.55pt">Exchange, Inc. is open for trading, and
which is not a day on which banks in The City of New York are authorized or </FONT>obligated by law to close.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 23.05pt 6pt 0.5pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;By-laws&quot;
means these Amended and Restated By-laws of </FONT>the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 23.05pt 6pt 1.45pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Code&quot;
means the Internal Revenue Code of 1986, as </FONT>amended from time to time.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Commercial
Paper Dealers&quot; means Merrill Lynch, Pierce, </FONT><FONT STYLE="letter-spacing: -0.45pt">Fenner &amp; Smith Incorporated and such
other commercial paper </FONT><FONT STYLE="letter-spacing: -0.55pt">dealer or dealers as the Trust may from time to time appoint, </FONT><FONT STYLE="letter-spacing: -0.45pt">or,
in lieu of any thereof, their respective affiliates or </FONT>successors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 27.6pt 6pt 1.9pt; text-align: justify; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Common
Shares&quot; means the common shares, without par </FONT>value, of the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Date
of Original Issue&quot; means, with respect to any </FONT><FONT STYLE="letter-spacing: -0.55pt">share of RP, the date on which the Trust
originally issues </FONT>such share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Declaration
of Trust&quot; means the Amended and Restated Agreement and Declaration of Trust dated February 3, 1989 of </FONT><FONT STYLE="letter-spacing: -0.45pt">the
Trust on file with the Secretary of State of The </FONT>Commonwealth of Massachusetts.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 4.3pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Deposit
Securities&quot; means cash and Municipal Securities </FONT>rated at least A-1+ or SP-1+ by S&amp;P.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 6pt 4.3pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Discounted
Value&quot; means (i) with respect to an S&amp;P </FONT><FONT STYLE="letter-spacing: -0.45pt">Eligible Asset, the quotient</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 12pt 6pt 4.3pt">of the Market Value thereof <FONT STYLE="letter-spacing: -0.5pt">divided
by the applicable S&amp;P Discount Factor and (ii) with</FONT> <FONT STYLE="letter-spacing: -0.55pt">183rd day thereof, if any, the 274th
day thereof, if any, and </FONT><FONT STYLE="letter-spacing: -0.5pt">the day after the last day thereof; (ii) with respect to any </FONT><FONT STYLE="letter-spacing: -0.6pt">Optional
Dividend Period of 3 65 or more days or Special Dividend Period of 3 65 or more days, the third Wednesday of </FONT><FONT STYLE="letter-spacing: -0.5pt">each
January, April, July and October therein and the day after the last day thereof; and (iii) with respect to any other Dividend Period,
the day after the last day thereof; provided that, if any such date shall not be a Business Day, the Dividend Payment Date shall be the
Business Day next </FONT>succeeding such day.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Dividend
Period&quot; means, with respect to any share of </FONT><FONT STYLE="letter-spacing: -0.55pt">RP, the Initial Dividend Period for such
share and thereafter a period which shall commence on each (but not the final) </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Payment
Date for such share (which, except during a Non-Payment Period, shall be a Settlement Date for such share). Each such subsequent Dividend
Period for such share will be comprised, beginning with and including the day upon which it commences, 7 consecutive days in the case
of a 7-</FONT><FONT STYLE="letter-spacing: -0.55pt">day Dividend Period; 28 consecutive days in the case of a 28-</FONT><FONT STYLE="letter-spacing: -0.5pt">day
Dividend Period; or in the case of any Optional Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Period or Special Dividend Period,
such number of consecutive </FONT><FONT STYLE="letter-spacing: -0.5pt">days as shall be designated by the Board of Trustees in </FONT><FONT STYLE="letter-spacing: -0.55pt">accordance
with the provisions set forth in paragraphs 3(j) </FONT><FONT STYLE="letter-spacing: -0.5pt">and (k) of this Part I of this Section 12.2
at the time such Optional Dividend Period is made available or the Board of Trustees designates a Special Dividend Period, as the case
</FONT><FONT STYLE="letter-spacing: -0.55pt">may be. Notwithstanding the foregoing, any adjustment of the remarketing schedule by the
Remarketing Agents which includes </FONT><FONT STYLE="letter-spacing: -0.5pt">an adjustment of a Settlement Date shall lengthen or shorten
</FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Periods by causing them always to end on and include </FONT><FONT STYLE="letter-spacing: -0.5pt">the
day before the Settlement Date as so adjusted.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Dividend
Reset Date&quot; means any date on which the Remarketing Agents (i) determine the Applicable Dividend </FONT><FONT STYLE="letter-spacing: -0.6pt">Rates
for the ensuing Dividend Periods, (ii) notify Holders, </FONT><FONT STYLE="letter-spacing: -0.5pt">Purchasers, and tendering Holders of
shares of RP by telephone, telex or otherwise of the results of the Remarketing and (iii) announce such Applicable Dividend </FONT>Rates.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Eligible
Asset&quot; means S&amp;P Eligible Asset and/or Moody's </FONT>Eligible Asset.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 42.25pt 6pt 3.35pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Gross-up
Dividend&quot; has the meaning set forth in </FONT>paragraph 3(1) of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Holder&quot;
means, with respect to any share of RP, the </FONT><FONT STYLE="letter-spacing: -0.55pt">person whose name appears on the share transfer
books of the </FONT><FONT STYLE="letter-spacing: -0.5pt">Trust as the registered holder of such share.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.8pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Independent
Accountant&quot; means a nationally recognized </FONT><FONT STYLE="letter-spacing: -0.55pt">accountant, or firm of accountants, that is
with respect to </FONT><FONT STYLE="letter-spacing: -0.5pt">the Trust, an independent public accountant or firm of independent public
accountants under the Securities Act of </FONT>1933, as amended.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Initial
Dividend Period&quot; means, with respect to any </FONT><FONT STYLE="letter-spacing: -0.55pt">share of RP, a 28-day period commencing
on and including the </FONT><FONT STYLE="letter-spacing: -0.5pt">Date of Original Issue of such share and ending on the day </FONT>prior
to the Initial Dividend Payment Date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.5pt 16.1pt 6pt 0.7pt; text-align: justify; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.75pt">&quot;Interest
Equivalent&quot; means a yield on a 3 60-day basis </FONT><FONT STYLE="letter-spacing: -0.55pt">of a discount basis security which is
equal to the yield on </FONT>an equivalent interest-bearing security.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.7pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Market
Value&quot; of any asset of the Trust means the market value thereof determined by the Pricing Service designated from time to time by
the Board of Trustees. The </FONT><FONT STYLE="letter-spacing: -0.45pt">Market Value of any asset shall include any interest accrued </FONT><FONT STYLE="letter-spacing: -0.5pt">thereon.
The Pricing Service shall value portfolio </FONT><FONT STYLE="letter-spacing: -0.55pt">securities at the mean between the quoted bid and
asked price </FONT><FONT STYLE="letter-spacing: -0.5pt">or the yield equivalent</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 0.7pt">when quotations are readily available. Securities for which
quotations are not readily available shall be valued at fair value as determined by the <FONT STYLE="letter-spacing: -0.55pt">pricing
service using methods which include consideration of: </FONT><FONT STYLE="letter-spacing: -0.5pt">yields or prices of municipal bonds
of comparable quality, </FONT><FONT STYLE="letter-spacing: -0.55pt">type of issue, coupon, maturity and rating; indications as to </FONT><FONT STYLE="letter-spacing: -0.5pt">value
from dealers; and general market conditions. The pricing service may employ electronic data processing techniques and/or a matrix system
to determine valuations.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0.25pt 0 6pt 3.85pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Master
Purchaser's Letter&quot; means a letter substantially in the form of Exhibit A to Section 12.1 of this ARTICLE 12, </FONT><FONT STYLE="letter-spacing: -0.5pt">or
such other form as may be acceptable to the Remarketing</FONT> <FONT STYLE="letter-spacing: -0.55pt">Agents, which is required to be executed
by each purchaser of </FONT><FONT STYLE="letter-spacing: -0.75pt">shares of RP.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.05pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Maximum Dividend
Rate&quot; for any 7-day Dividend Period or </FONT><FONT STYLE="letter-spacing: -0.5pt">28-day Dividend Period at any Dividend Reset Date
shall be the Applicable Percentage of the applicable &quot;AA&quot; Composite Commercial Paper Rate. The Applicable Percentage on each
Dividend Reset Date shall vary with the lower of the credit rating or ratings assigned on such date to the shares of 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 </FONT><FONT STYLE="letter-spacing: -0.45pt">of
such ratings by a Substitute Rating Agency or two </FONT><FONT STYLE="letter-spacing: -0.5pt">Substitute Rating Agencies or, in the event
that only one such rating shall be available, such rating) as follows:</FONT></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: 14%">&nbsp;</TD>
  <TD STYLE="width: 9%">&nbsp;</TD>
  <TD STYLE="width: 12%">&nbsp;</TD>
  <TD STYLE="width: 10%">&nbsp;</TD>
  <TD STYLE="text-align: left; width: 14%; vertical-align: bottom">Applicable Percentage <FONT STYLE="letter-spacing: -0.1pt">of
&quot;AA&quot; </FONT>Composite</TD>
    <TD STYLE="width: 41%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Credit Ratings</TD>
  <TD>&nbsp;</TD>
  <TD>Commercial</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="letter-spacing: -0.8pt">Moody' s</FONT></TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">S &amp; P</TD>
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">Paper Rate</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&quot;aa3&quot;
or higher</TD>
  <TD>&nbsp;</TD>
  <TD>AA- or higher</TD>
  <TD>&nbsp;</TD>
  <TD>110%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&quot;a3&quot; to &quot;al&quot;</TD>
  <TD>&nbsp;</TD>
  <TD>A-
to A+</TD>
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="letter-spacing: -1.65pt">12 5%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT>&quot;baa3&quot;
to &quot;baal&quot;</FONT>&#9;</TD>
  <TD>&nbsp;</TD>
  <TD>BBB-
to BBB+</TD>
  <TD>&nbsp;</TD>
  <TD>150%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="letter-spacing: -0.05pt">below
&quot;baa3&quot;</FONT></TD>
  <TD>&nbsp;</TD>
  <TD>Below BBB-&#9;</TD>
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="letter-spacing: -0.4pt">200%</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.05pt"><FONT STYLE="letter-spacing: -0.55pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 7.7pt; text-indent: 34.1pt"><FONT>The Maximum
Dividend Rate for any Special Dividend </FONT><FONT STYLE="letter-spacing: -0.6pt">Period or any Optional Dividend Period will be a fixed
or </FONT><FONT STYLE="letter-spacing: -0.45pt">variable rate determined from time to time by formula or </FONT><FONT STYLE="letter-spacing: -0.55pt">other
means as designated by the Board of Trustees in respect </FONT><FONT STYLE="letter-spacing: -0.75pt">of such Period.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 7.7pt; text-indent: 34.1pt">The Remarketing Agents shall round each
applicable Maximum Dividend Rate to the nearest one-thousandth <FONT STYLE="letter-spacing: 0.95pt">(0.001) </FONT>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
<FONT STYLE="letter-spacing: 0.85pt">(0.001)</FONT> of one percent. The Remarketing Agents shall not round the &quot;AA&quot; Composite
Commercial Paper Rate as part of their calculation of any Maximum Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 9.6pt; text-indent: 35.05pt">&quot;Minimum Liquidity Level&quot; has
the meaning set forth in paragraph 9 of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 10.55pt; text-indent: 34.8pt">&quot;Moody's&quot; means Moody's Investors
Service, Inc. or its successors.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 10.55pt; text-indent: 35.3pt">&quot;Moody's Discount Factor&quot; means,
for purposes of determining the Discounted Value of any Moody's Eligible Asset, the percentage determined by reference to the rating on
such asset and the shortest Moody's Collateral Period set forth opposite such rating that is the same length as or is longer than the
Moody's Exposure Period, in accordance with the table set forth below:</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Rating Category</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 52%"><U>Moody's Collateral Period</U></TD>
    <TD STYLE="width: 8%"><U></U></TD>
  <TD STYLE="width: 8%"><U>Aaa*</U></TD>
  <TD STYLE="width: 8%"><U>Aa*</U></TD>
  <TD STYLE="width: 8%"><U>A*</U></TD>
  <TD STYLE="width: 8%"><U>Baa*&#9;</U></TD>
  <TD STYLE="width: 8%"><U>Other**</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>7<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>weeks or less</TD>
    <TD>&nbsp;</TD>
  <TD>151%</TD>
  <TD>159%</TD>
  <TD>168%</TD>
  <TD>202%</TD>
  <TD>229%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>8<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>weeks or less but greater than seven weeks</TD>
    <TD>&nbsp;</TD>
  <TD>154</TD>
  <TD>164</TD>
  <TD>173</TD>
  <TD>205</TD>
  <TD>235</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>9<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>weeks or less but greater than eight weeks</TD>
    <TD>&nbsp;</TD>
  <TD>158</TD>
  <TD>169</TD>
  <TD>179</TD>
  <TD>209</TD>
  <TD>242</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT>10&#9;weeks or
less but greater than nine weeks</FONT></TD>
    <TD>&nbsp;</TD>
  <TD>161</TD>
  <TD>175</TD>
  <TD><FONT STYLE="letter-spacing: -0.05pt">186</FONT></TD>
  <TD>213</TD>
  <TD>250</TD></TR>
</TABLE>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18.25pt 6pt 0; text-indent: 5.3pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18.25pt 6pt 0; text-indent: 5.3pt">* Moody's rating.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 18.25pt 6pt 0; text-indent: 5.3pt"><FONT STYLE="letter-spacing: -0.4pt">**
Municipal Securities not rated by Moody's but rated BBB by S&amp;P.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 11.5pt; text-indent: 32.9pt"><FONT STYLE="letter-spacing: -0.6pt">Notwithstanding
the foregoing, (i) the Moody's Discount </FONT><FONT STYLE="letter-spacing: -0.5pt">Factor for short-term Municipal Securities will be
115%, so </FONT><FONT STYLE="letter-spacing: -0.55pt">long as such Municipal Securities are rated at least M1G-1, VMIG-1 or P-1 by Moody's
and mature or have a demand feature </FONT><FONT STYLE="letter-spacing: -0.65pt">at par exercisable in 30 days or less and (ii) no Moody's
</FONT>Discount Factor will be applied to cash.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 12.7pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Moody's
Eligible Asset&quot; means cash or a Municipal </FONT><FONT STYLE="letter-spacing: -0.5pt">Security 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
</FONT><FONT STYLE="letter-spacing: -0.55pt">that, for purposes of determining the Moody's Discount Factor </FONT><FONT STYLE="letter-spacing: -0.5pt">applicable
to any such S&amp;P-rated Municipal Security, such Municipal Security will be deemed to have a Moody's rating </FONT><FONT STYLE="letter-spacing: -0.55pt">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; </FONT><FONT STYLE="letter-spacing: -0.5pt">and
(iv) is part of an issue of Municipal Securities of at least $10,000,000. Municipal Securities issued by any one issuer and rated BBB
by S&amp;P may comprise no more than 4% of total Moody's Eligible Assets; such BBB rated Municipal Securities, if any, together with any
Municipal Securities issued by the same issuer and rated Baa by Moody's, may </FONT><FONT STYLE="letter-spacing: -0.55pt">comprise no
more than 6% of total Moody's Eligible Assets; such BBB and Baa rated Municipal Securities, if any, together</FONT> <FONT STYLE="letter-spacing: -0.5pt">with
any Municipal Securities issued by the same issuer and rated A by Moody's, may comprise no more than 10% of total Moody's Eligible Assets;
and such BBB, Baa and A rated Municipal Securities, if any, together with any Municipal </FONT><FONT STYLE="letter-spacing: -0.55pt">Securities
issued by the same issuer and rated Aa by Moody's, </FONT><FONT STYLE="letter-spacing: -0.5pt">may comprise no more than 20% of total
Moody's Eligible Assets. Municipal Securities issued by issuers located within a single state or territory and rated BBB by S&amp;P may
</FONT><FONT STYLE="letter-spacing: -0.55pt">comprise no more than 12% of total Moody's Eligible Assets; </FONT><FONT STYLE="letter-spacing: -0.5pt">such
BBB rated Municipal Securities, if any, together with </FONT><FONT STYLE="letter-spacing: -0.55pt">any Municipal Securities</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 12.7pt">issued by issuers located within the <FONT STYLE="letter-spacing: -0.5pt">same
state or territory and rated Baa by Moody's, may </FONT><FONT STYLE="letter-spacing: -0.65pt">comprise no more than 20% of total Moody's
Eligible Assets; </FONT><FONT STYLE="letter-spacing: -0.55pt">such BBB and Baa rated Municipal Securities, if any, together </FONT><FONT STYLE="letter-spacing: -0.5pt">with
any Municipal Securities issued by issuers located </FONT><FONT STYLE="letter-spacing: -0.55pt">within the same state or territory and
rated A by Moody's, </FONT><FONT STYLE="letter-spacing: -0.5pt">may comprise no more than 40% of total Moody's Eligible Assets; and such
BBB, Baa and A rated Municipal Securities, </FONT><FONT STYLE="letter-spacing: -0.65pt">if any, together with any Municipal Securities
issued by </FONT><FONT STYLE="letter-spacing: -0.5pt">issuers located within the same state or territory and rated </FONT><FONT STYLE="letter-spacing: -0.55pt">Aa
by Moody's, may comprise no more than 60% of total Moody's </FONT><FONT STYLE="letter-spacing: -0.5pt">Eligible Assets. Municipal Securities
that are used by the Trust as collateral pursuant to a repurchase agreement that obligates the Trust to repurchase such Municipal Securities
will only constitute Moody's Eligible Assets if the long-term debt of the other party to the repurchase agreement is </FONT><FONT STYLE="letter-spacing: -0.55pt">rated
at least Aa by Moody's and such agreement has a term of </FONT><FONT STYLE="letter-spacing: -0.65pt">30 days or less; such Municipal Securities
shall be valued at </FONT><FONT STYLE="letter-spacing: -0.55pt">the Discounted Value of such Municipal Securities. Municipal </FONT><FONT STYLE="letter-spacing: -0.5pt">Securities
acquired as collateral by the Trust pursuant to a repurchase agreement that obligates the other party thereto to repurchase such Municipal
Securities will only constitute a Moody's Eligible Asset if the long-term debt of such other party is rated at least Aa by Moody's and
such agreement has </FONT><FONT STYLE="letter-spacing: -0.55pt">a term of 30 days or less; such Municipal Securities shall be </FONT><FONT STYLE="letter-spacing: -0.5pt">valued
at the amount of cash paid by the Trust pursuant to </FONT>such repurchase agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">Notwithstanding
the foregoing, an asset will not be considered a Moody's Eligible Asset if (i) it has been irrevocably deposited by the Trust for the
payment, in full or in part, of any of (i)(A) through (i)(F) as set forth in the definition of &quot;RP Basic Maintenance Amount&quot;
in this Section 12.2, or (ii) it is subject to any material lien, mortgage, pledge, security interest or security agreement of any kind
(collectively, &quot;Liens&quot;), except for (a) Liens the </FONT><FONT STYLE="letter-spacing: -0.45pt">validity of which is being contested
in good faith by </FONT><FONT STYLE="letter-spacing: -0.5pt">appropriate proceedings, (b) Liens for taxes that are not then due and payable
or that can be paid thereafter without </FONT><FONT STYLE="letter-spacing: -0.55pt">penalty, (c) Liens to secure payment for services
rendered or </FONT><FONT STYLE="letter-spacing: -0.5pt">cash advanced to the Trust by The Putnam Management Company,</FONT> <FONT STYLE="letter-spacing: -0.55pt">Inc.,
Putnam Investor Services, Inc., the Paying Agent or any </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing Agent and (d) any Lien
by virtue of a repurchase </FONT>agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Moody's
Exposure Period&quot; means the period commencing on a given Valuation Date and ending 63 days thereafter.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Municipal
Securities&quot; means municipal securities as described in the Trust's Registration Statement on Form N-2 </FONT><FONT STYLE="letter-spacing: -0.6pt">(File
Nos. 33-26396 and 811-5740) on file with the Securities </FONT><FONT STYLE="letter-spacing: -0.5pt">and Exchange Commission, as such Registration
Statement may </FONT>be amended from time to time.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.7pt">&quot;1940
Act&quot; means the Investment Company Act of 1940, as </FONT>amended from time to time.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">&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) as of the last Business Day of </FONT><FONT STYLE="letter-spacing: -0.5pt">each month, means the last Business Day of the
following </FONT>month.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.5pt">&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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust which are shares, including all outstanding shares of RP and
Other RP (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum </FONT><FONT STYLE="letter-spacing: -0.5pt">asset
coverage for senior securities which are shares of a</FONT> <FONT STYLE="letter-spacing: -0.7pt">closed-end investment company as a condition
of paying </FONT>dividends on its common stock).</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 1.2pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Non-Call
Period&quot; has the meaning described under </FONT>&quot;Specific Redemption Provisions&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt; text-indent: 32.9pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Non-Payment
Period&quot; means any period commencing on and </FONT><FONT STYLE="letter-spacing: -0.55pt">including the day on which the Trust shall
fail to (i) </FONT><FONT STYLE="letter-spacing: -0.5pt">declare, prior to 12:00 noon, New York City time, on any </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend
Payment Date for shares of RP, for payment on or (to </FONT><FONT STYLE="letter-spacing: -0.5pt">the 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">dividend on such shares payable
on such Dividend Payment Date or (ii) deposit, irrevocably in trust, in same-day funds, </FONT><FONT STYLE="letter-spacing: -0.5pt">with
the Paying Agent by 12:00 noon, New York City time, </FONT><FONT STYLE="letter-spacing: -0.55pt">(A) on or (to the extent permitted below)
within three </FONT><FONT STYLE="letter-spacing: -0.5pt">Business Days after any Dividend Payment Date for any shares </FONT><FONT STYLE="letter-spacing: -0.55pt">of
RP the full amount of any dividend on such shares (whether </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">of RP called for redemption, the redemption price of $100,000 </FONT><FONT STYLE="letter-spacing: -0.5pt">per
share plus the full amount of any dividends thereon </FONT><FONT STYLE="letter-spacing: -0.55pt">(whether or not earned or declared) accumulated
but unpaid to such redemption date plus the premium, if any, resulting from</FONT> <FONT STYLE="letter-spacing: -0.5pt">the designation
of a Premium Call Period, 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">made
available to Holders in same-day funds; provided that, a </FONT><FONT STYLE="letter-spacing: -0.5pt">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
</FONT><FONT STYLE="letter-spacing: -0.55pt">Agents and the Securities Depository and thereafter shall not </FONT><FONT STYLE="letter-spacing: -0.6pt">end
unless the Trust shall have given at least fourteen days' </FONT><FONT STYLE="letter-spacing: -0.55pt">written notice to the Payment Agent,
the Remarketing Agents, </FONT><FONT STYLE="letter-spacing: -0.5pt">the Securities Depository and all Beneficial Owners. Any </FONT><FONT STYLE="letter-spacing: -0.55pt">dividend
on shares of RP due on any Dividend Payment Date for </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">with respect to such shares not paid to such Holders
when due </FONT><FONT STYLE="letter-spacing: -0.5pt">may (if such non-payment is not solely due to the willful </FONT><FONT STYLE="letter-spacing: -0.6pt">failure
of the Trust) be paid pro rata to such Holders in the </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">period of non-payment as
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.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Non-Payment
Period Rate&quot; means, initially, 200% of the applicable &quot;AA&quot; Composite Commercial Paper Rate, provided that the Board of
Trustees shall have the authority to </FONT><FONT STYLE="letter-spacing: -0.55pt">adjust, modify, alter or change from time to time the
initial </FONT><FONT STYLE="letter-spacing: -0.5pt">Non-Payment Period Rate if the Board of Trustees determines </FONT><FONT STYLE="letter-spacing: -0.55pt">and
the Rating Agencies advise the Trust in writing that such </FONT><FONT STYLE="letter-spacing: -0.5pt">adjustment, modification, alteration
or change will not </FONT><FONT STYLE="letter-spacing: -0.55pt">adversely affect their then-current ratings on the RP.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Notice
of Redemption&quot; means any notice with respect to </FONT><FONT STYLE="letter-spacing: -0.5pt">the redemption of shares of RP pursuant
to paragraph 4 of </FONT>this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Optional
Dividend Period&quot; means a Dividend Period established by the Board of Trustees pursuant to paragraph </FONT>3(j) of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 23.05pt 6pt 4.1pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.65pt">&quot;Original
RP&quot; means the Remarketed Preferred Shares, </FONT>Series A-C of the Trust.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Other
RP&quot; means the remarketed preferred shares of the </FONT><FONT STYLE="letter-spacing: -0.5pt">Trust, other than the RP, and includes
the Original RP.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.8pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Paying
Agent&quot; means Bankers Trust Company, or any </FONT><FONT STYLE="letter-spacing: -0.55pt">successor company or entity, which has entered
into a Paying </FONT><FONT STYLE="letter-spacing: -0.5pt">Agent Agreement with the Trust to act for the Trust, among other things, as
the transfer agent, registrar, dividend and </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption price disbursing agent, settlement
agent and agent for certain notifications in connection with the shares of RP </FONT>in accordance with such agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 0.95pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Paying
Agent Agreement&quot; means an agreement to be </FONT><FONT STYLE="letter-spacing: -0.5pt">entered into between the Trust and the Paying
Agent.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 0.95pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Preferred
Shares&quot; means the preferred shares of the </FONT>Trust, and includes RP and Other RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 2.4pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Premium
Call Period&quot; has the meaning specified in </FONT>&quot;Specific Redemption Provision,&quot; below.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Pricing
Service&quot; means Mellon Investdata Corp., or any successor company or entity, or as designated from time to time by the Board of Trustees.
Notwithstanding the foregoing, the Board of 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">impair the ratings then
assigned by Moody's and S&amp;P to shares </FONT>of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Quarterly
Valuation Date&quot; means the last Business Day </FONT><FONT STYLE="letter-spacing: -0.5pt">of each fiscal quarter of the Trust in each
fiscal year of </FONT>the Trust, commencing October 31, 1989.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Remarketing&quot;
means each periodic operation of the </FONT><FONT STYLE="letter-spacing: -0.55pt">process for remarketing shares of RP as described in
Part II </FONT>hereof.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Remarketing
Agents&quot; means Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Prudential-Bache Securities Inc. and </FONT><FONT STYLE="letter-spacing: -0.5pt">any
additional or successor companies or entities which have entered into an agreement with the Trust to follow the remarketing procedures
for the purpose of determining the </FONT>Applicable Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;RP&quot;
means Remarketed Preferred Shares, Series I, </FONT><FONT STYLE="letter-spacing: -0.6pt">without par value, liquidation preference $100,000
per share, </FONT>of the Trust to be issued pursuant hereto.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;RP
Basic Maintenance Amount,&quot; as of any Valuation Date, </FONT><FONT STYLE="letter-spacing: -0.5pt">means the dollar amount equal to
the sum of (i)(A) the product of the number of shares of RP and Other RP outstanding on such date multiplied by $100,000; (B) the aggregate
amount of dividends that will have accumulated </FONT><FONT STYLE="letter-spacing: -0.55pt">(whether or not earned or declared) for each
share of RP and </FONT><FONT STYLE="letter-spacing: -0.5pt">Other RP outstanding in each case to (but not including) the </FONT><FONT STYLE="letter-spacing: -0.55pt">next
Dividend Payment Date that follows such Valuation Date; </FONT><FONT STYLE="letter-spacing: -0.65pt">(C) the aggregate amount of dividends
that would accumulate </FONT><FONT STYLE="letter-spacing: -0.55pt">at the then current Maximum Dividend Rate on any shares of RP </FONT><FONT STYLE="letter-spacing: -0.5pt">and
Other RP outstanding from the Business Days following such respective Dividend Reset Dates through the 63rd day after such Valuation Date,
multiplied by the larger of </FONT><FONT STYLE="letter-spacing: -0.55pt">factors (currently 246%) determined from time to time by </FONT><FONT STYLE="letter-spacing: -0.5pt">Moody's
and S&amp;P and designed to take into account potential </FONT><FONT STYLE="letter-spacing: -0.55pt">increases in dividend rates over
such period (except that if</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="letter-spacing: -0.55pt">such Valuation Date occurs during
a Non-Payment Period, the </FONT><FONT STYLE="letter-spacing: -0.5pt">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 premium, if any, resulting </FONT><FONT STYLE="letter-spacing: -0.55pt">from the designation of a Premium Call Period; and (F)
any </FONT><FONT STYLE="letter-spacing: -0.5pt">current</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">liabilities as of such Valuation Date to the extent <FONT STYLE="letter-spacing: -0.55pt">not
reflected in any of (i)(A) through (i)(E) (including, </FONT><FONT STYLE="letter-spacing: -0.5pt">without limitation, any current liabilities
relating to </FONT><FONT STYLE="letter-spacing: -0.55pt">futures and options and any Gross-up Dividends which are </FONT><FONT STYLE="letter-spacing: -0.5pt">payable
pursuant to paragraph 3(k) of this Part I with </FONT><FONT STYLE="letter-spacing: -0.55pt">respect to the RP and any analogous provision
with respect to </FONT><FONT STYLE="letter-spacing: -0.5pt">Other RP, and payables for Municipal Securities purchased as </FONT><FONT STYLE="letter-spacing: -0.55pt">of
such Valuation Date) less (ii) the sum of (A) receivables for Municipal Securities sold as of such Valuation Date, </FONT><FONT STYLE="letter-spacing: -0.5pt">provided
that, for purposes of calculating RP Basic Maintenance Amount in order to determine whether the Trust has Moody's Eligible Assets with
a Discounted Value that equals the Moody's Basic Maintenance Amount, the party from which such receivable is due shall have long-term
debt securities rated at least A2 by Moody's and such receivable </FONT><FONT STYLE="letter-spacing: -0.65pt">is due in 30 days or less,
and (B) the value of any of the </FONT><FONT STYLE="letter-spacing: -0.5pt">Trust's assets irrevocably deposited by the Trust for the
</FONT>payment of any of (i)(A) through (i)(F).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;RP
Basic Maintenance Cure Date,&quot; with respect to the failure by the Trust to satisfy the RP Basic Maintenance </FONT><FONT STYLE="letter-spacing: -0.55pt">Amount
(as required by paragraph 8(a) of this Part I) as of a </FONT><FONT STYLE="letter-spacing: -0.5pt">given Valuation Date, means the ninth
Business Day following </FONT>such Valuation Date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;RP
Basic Maintenance Report&quot; means a report signed by </FONT><FONT STYLE="letter-spacing: -0.55pt">the President, Treasurer or any Senior
Vice President or Vice </FONT><FONT STYLE="letter-spacing: -0.5pt">President of the Trust which sets forth, as of the related </FONT><FONT STYLE="letter-spacing: -0.55pt">Valuation
Date, the assets of the Trust, the Market Value and the Discounted Value thereof (seriatim and in aggregate), and </FONT>the RP Basic
Maintenance Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 44.15pt 6pt 2.65pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;S&amp;P&quot;
means Standard &amp; Poor's Corporation or its </FONT>successors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;S&amp;P
Discount Factor&quot; means, for purposes of determining </FONT><FONT STYLE="letter-spacing: -0.45pt">the Discounted Value of any S&amp;P
Eligible Asset, the </FONT><FONT STYLE="letter-spacing: -0.5pt">percentage determined by reference to the rating on such asset and the
shortest S&amp;P Collateral 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 </FONT>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 STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-left: 14.15pt; layout-grid-mode: line; vertical-align: bottom"><U>Rating Category</U></TD>
    <TD STYLE="padding-left: 8.65pt; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 14.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 19.45pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-left: 8.65pt; layout-grid-mode: line">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; border: 1pt white solid; padding-bottom: 6pt; padding-left: 1.2pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -1.1pt"><U>S&amp;P <FONT STYLE="border: white 1pt solid">Collateral</FONT></U></FONT><U> <FONT STYLE="letter-spacing: -1.1pt">Period</FONT></U></TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 1.2pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 1.2pt; layout-grid-mode: line; vertical-align: middle">AAA*</TD>
    <TD STYLE="text-align: center; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 14.15pt; layout-grid-mode: line; vertical-align: middle">AA*</TD>
    <TD STYLE="text-align: center; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 19.45pt; layout-grid-mode: line; vertical-align: middle">A*</TD>
    <TD STYLE="text-align: center; width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; padding-left: 8.65pt; layout-grid-mode: line; vertical-align: middle"><FONT STYLE="letter-spacing: -1.2pt">BBB*</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.15pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.95pt">40 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.15pt; layout-grid-mode: line; vertical-align: middle">190%</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">195%</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">210%</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.1pt; layout-grid-mode: line; vertical-align: middle">250%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.95pt">22 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line; vertical-align: middle">170</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">175</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">190</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.35pt; layout-grid-mode: line; vertical-align: middle">230</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.95pt">10 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.65pt; layout-grid-mode: line; vertical-align: middle">155</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">160</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">175</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">215</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.65pt">7 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line; vertical-align: middle">150</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">155</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">170</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.6pt; layout-grid-mode: line; vertical-align: middle">210</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.85pt">3 Business Days</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line; vertical-align: middle">130</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 10.1pt; layout-grid-mode: line; vertical-align: middle">135</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 10.1pt; layout-grid-mode: line; vertical-align: middle">150</TD>
    <TD STYLE="text-align: center; padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line; vertical-align: middle">190</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-bottom: 6pt; padding-left: 2pt; layout-grid-mode: line"><FONT STYLE="letter-spacing: -0.85pt">* S&amp;P rating.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 2.9pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 10.1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 10.1pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 9.85pt; layout-grid-mode: line">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 34.6pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 34.6pt">Notwithstanding the foregoing, (i) the S&amp;P
Discount Factor for short-term Municipal Securities will be 115%, so long as such Municipal Securities 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 Securities are not rated by S&amp;P but
are rated VMIG-1, P-l or MIG-1 by Moody's; provided, however, that if such short-term Municipal Securities are backed by any letter of
credit, liquidity facility or guarantee from a bank or other financial institution, such bank or institution must have a short-term rating
of at least A-1+ from S&amp;P; and further provided that such short-term Municipal Securities rated by Moody's but not rated by S&amp;P
may comprise no more</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">than 50% of short-term Municipal Securities that qualify as S&amp;P
Eligible Assets and (ii) no S&amp;P Discount Factor will be applied to cash.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 32.9pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;S&amp;P
Eligible Asset&quot; means cash or a Municipal Security </FONT><FONT STYLE="letter-spacing: -0.55pt">that (i) is interest bearing and
pays interest at least semi</FONT><FONT STYLE="letter-spacing: -0.5pt">annually; (ii) is payable with respect to principal and interest
in United States Dollars; (iii) is publicly rated BBB or higher by S&amp;P or, 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 Securities will be included in S&amp;P Eligible Assets only to the
extent the Market Value of such Municipal Securities does not exceed 50% of the aggregate </FONT><FONT STYLE="letter-spacing: -0.55pt">Market
Value of the S&amp;P Eligible Assets; and further provided </FONT><FONT STYLE="letter-spacing: -0.5pt">that, for purposes of determining
the S&amp;P Discount Factor </FONT><FONT STYLE="letter-spacing: -0.55pt">applicable to any such Moody's-rated Municipal Security, such
Municipal Security will be deemed to have an S&amp;P rating which is one full rating category lower than its Moody's rating); (iv) is
not subject to a covered call or covered put option </FONT><FONT STYLE="letter-spacing: -0.5pt">written by the Trust; (v) is not part
of a private placement of Municipal Securities; and (vi) is part of an issue of Municipal Securities 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">securities outstanding. Notwithstanding the
foregoing: </FONT><FONT STYLE="letter-spacing: -0.5pt">(i) Municipal Securities of any one issuer or guarantor (excluding bond insurers)
will be considered S&amp;P Eligible Assets only to the extent the Market Value of such Municipal Securities does not exceed 10% of the
aggregate Market Value of the S&amp;P Eligible Assets, </FONT><FONT STYLE="letter-spacing: -0.55pt">provided that 2% is added to the applicable
S&amp;P Discount </FONT><FONT STYLE="letter-spacing: -0.45pt">Factor for every 1% by which the Market Value of such Municipal Securities
exceeds 5% of the aggregate Market </FONT>Value of the S&amp;P Eligible Assets;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.6pt">(ii) Municipal
Securities guaranteed or insured by </FONT><FONT STYLE="letter-spacing: -0.45pt">any one bond insurer will be considered S&amp;P Eligible
Assets only to the extent the Market Value of such Municipal Securities does not exceed 25% of the aggregate Market Value of the S&amp;P
Eligible Assets; and</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.5pt">(iii) Municipal
Securities 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 Securities does not exceed 20% of the aggregate Market Value of the S&amp;P Eligible Assets. &quot;S&amp;P Exposure
Period&quot; means the maximum period of time following a Valuation Date that the Trust has under this </FONT><FONT STYLE="letter-spacing: -0.45pt">Section
12.2 to cure any failure to maintain, as of such Valuation Date, the Discounted Value for its portfolio at </FONT><FONT STYLE="letter-spacing: -0.5pt">least
equal to the RP Basic Maintenance Amount (as described in paragraph 8(a) of this Part I) which period of time is </FONT>currently nine
Business Days.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 35.05pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Securities
Depository&quot; means The Depository Trust Company or any successor company or other entity selected by</FONT> <FONT STYLE="letter-spacing: -0.55pt">the
Trust as securities depository of the shares of RP that </FONT><FONT STYLE="letter-spacing: -0.5pt">agrees to follow the procedures required
to be followed by </FONT><FONT STYLE="letter-spacing: -0.55pt">such securities depository in connection with the shares of </FONT>RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.3pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Service&quot; means
the Internal Revenue Service.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.65pt">&quot;Settlement
Date&quot; means the first Business Day after a </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Reset Date applicable to a share
of RP.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;7-day
Dividend Period&quot; means (i) a Dividend Period </FONT><FONT STYLE="letter-spacing: -0.55pt">designated as such by a Beneficial Owner
of a share of RP or </FONT><FONT STYLE="letter-spacing: -0.6pt">(ii) any Dividend Period commencing after the first day of, </FONT><FONT STYLE="letter-spacing: -0.55pt">and
during, a Non-Payment Period, and, in all such cases, </FONT>containing seven days.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Special
Dividend Period&quot; means a Dividend Period </FONT><FONT STYLE="letter-spacing: -0.55pt">established by the Board of Trustees pursuant
to paragraph </FONT>3(j) of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Specific
Redemption Provisions&quot; means, with respect to </FONT><FONT STYLE="letter-spacing: -0.65pt">any Optional Dividend Period of 365 or
more days or Special Dividend Period of 365 or more days, either, or any </FONT><FONT STYLE="letter-spacing: -0.55pt">combination of,
(i) a period (a &quot;Non-Call Period&quot;) determined </FONT><FONT STYLE="letter-spacing: -0.5pt">by the Board of 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 Board
of Trustees, after consultation with</FONT> <FONT STYLE="letter-spacing: -0.55pt">the Remarketing Agents, during each year of which the
shares of RP subject to such Dividend Period shall be redeemable at </FONT><FONT STYLE="letter-spacing: -0.5pt">the Trust's option at
a price per share equal to $100,000 plus accumulated but unpaid dividends plus a premium expressed as a percentage of $100,000, as determined
by the Board of Trustees after consultation with the Remarketing </FONT>Agents.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.55pt">&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, </FONT>their respective affiliates or successors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Substitute
Rating Agency&quot; and &quot;Substitute Rating Agencies&quot; mean a nationally recognized statistical rating </FONT><FONT STYLE="letter-spacing: -0.55pt">organization
or two nationally recognized statistical rating organizations, respectively, selected by the Trust to act as the substitute rating agency
or substitute rating agencies, </FONT><FONT STYLE="letter-spacing: -0.5pt">as the case may be, to determine the credit ratings of the
</FONT>shares of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Tender
and Dividend Reset&quot; means the process pursuant </FONT><FONT STYLE="letter-spacing: -0.5pt">to which shares of RP may be tendered
in a Remarketing or </FONT><FONT STYLE="letter-spacing: -0.55pt">held and become subject to the new Applicable Dividend Rate </FONT><FONT STYLE="letter-spacing: -0.5pt">or
Rates determined by the Remarketing Agents in such </FONT>Remarketing.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.5pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Tender
Date&quot; means any date on which (i) a holder of </FONT><FONT STYLE="letter-spacing: -0.5pt">shares of RP must provide to the Remarketing
Agents irrevocable telephonic notice of intent to tender shares of </FONT><FONT STYLE="letter-spacing: -0.55pt">RP in a Remarketing or
to change Dividend Periods for shares and (ii) such Remarketing formally commences.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.6pt">&quot;Trust&quot;
means Putnam Managed Municipal Income Trust, a </FONT>Massachusetts business trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 1.45pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;28-day
Dividend Period&quot; means a Dividend Period </FONT><FONT STYLE="letter-spacing: -0.6pt">designated as such by a Beneficial Owner of
a share of RP.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 1.45pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">&quot;Valuation
Date&quot; means, for purposes of determining </FONT><FONT STYLE="letter-spacing: -0.55pt">whether the Trust is maintaining the RP Basic
Maintenance Amount and the Minimum Liquidity Level, each Business Day.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.55pt">&quot;Voting
Period&quot; has the meaning set forth in paragraph </FONT>6(b) of this Part I.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 3.35pt; text-indent: 32.9pt"><FONT STYLE="letter-spacing: -2.25pt">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.55pt"><U>Fractional
Shares</U>. No fractional shares of RP<BR>
</FONT>shall be issued.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -2.15pt">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.45pt"><U>Dividends</U>.
(a) The Holders as of 12:00 noon, New </FONT><FONT STYLE="letter-spacing: -0.55pt">York City time, on the applicable Dividend Payment
Date, shall be entitled to receive, when, as and if declared by the Board of Trustees, out of funds legally available therefor, cumulative
dividends, at the Applicable Dividend Rate. </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividends on the shares of RP so declared and
payable shall be paid (i) in preference to and in priority over any </FONT><FONT STYLE="letter-spacing: -0.6pt">dividends declared and
payable on the</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in">Common Shares, and (ii) <FONT STYLE="letter-spacing: -0.5pt">to
the extent permitted under the Code and to the extent available and in preference to and priority over any dividends declared and payable
on the Common Shares, out of</FONT> tax-exempt income earned on the Trust's investments, subject to the application of the alternative
minimum tax provisions of the Code. Dividends on shares of RP will be designated as exempt-interest dividends up to the amount of net
tax-exempt income of the Trust for purposes of section 852 of the Code.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 Board of Trustees, on each Dividend Payment Date applicable to such share of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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). Dividends on any share 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, to the Holder of such share as of a date not exceeding five
Business Days preceding the date of payment thereof as may be fixed by the Board of 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 6pt 4.8pt; text-indent: 36.25pt"><FONT STYLE="letter-spacing: -1.7pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, except as set forth in paragraph 3(1) of this Part I. Except as provided in
paragraph 3(h) of this Part I, 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 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.75pt">(e)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 rate per annum that results from implementation of the remarketing procedures described in Part II
hereof.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.55pt">(f)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The amount of declared dividends for each share of RP payable on each Dividend Payment Date in respect of any 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 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 last day of such <FONT STYLE="letter-spacing: -0.05pt">Dividend
Period, and the denominator of which shall be 365, and then multiplying the percentage so obtained by $100,000. </FONT>In accordance with
the remarketing procedures described in Part II hereof, there may exist at any given time a number of Dividend Payment Dates for all outstanding
shares of RP and <FONT STYLE="letter-spacing: -0.6pt">dividends on any such share shall be payable only on a </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend
Payment Date applicable to such share.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.55pt">(g)
No later than by 12:00 noon, New York City time, on </FONT><FONT STYLE="letter-spacing: -0.5pt">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
</FONT>on any share of RP.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">(h)
The Applicable Dividend Rate for each Dividend Period commencing during a Non-Payment Period shall be equal to the Non-Payment Period
Rate; any share of RP for which an Optional Dividend Period or a Special Dividend Period would otherwise have commenced on the first day
of a Non-Payment </FONT><FONT STYLE="letter-spacing: -0.6pt">Period shall have, instead, a 7-day Dividend Period; and each </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend
Period commencing after the first day of, and during, a Non-Payment Period shall be a 7-day Dividend Period. Any amount of any dividend
due on any Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Payment Date for any shares of RP (if, prior to 12:00 noon, </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">of such shares of RP as of 12:00 noon, New York City
time, </FONT><FONT STYLE="letter-spacing: -0.6pt">on the Business Day preceding such Dividend Payment Date) or </FONT><FONT STYLE="letter-spacing: -0.5pt">redemption
price with respect to any shares of RP not paid to such 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 </FONT><FONT STYLE="letter-spacing: -0.6pt">for such period of non-payment
at the Non-Payment Period Rate </FONT><FONT STYLE="letter-spacing: -0.55pt">applied to the amount of such non-payment based on the actual
</FONT><FONT STYLE="letter-spacing: -0.5pt">number of days comprising such period divided by 365. For </FONT><FONT STYLE="letter-spacing: -0.55pt">the
purposes of the foregoing and paragraphs 3(g) and 4(g) of </FONT><FONT STYLE="letter-spacing: -0.5pt">this Part I, payment to a person
in same-day funds on any Business Day at any time shall be considered equivalent to </FONT><FONT STYLE="letter-spacing: -0.55pt">payment
to such person in New York Clearing House (next-day) funds at the same time on the preceding Business Day, and any </FONT><FONT STYLE="letter-spacing: -0.5pt">payment
made after 12:00 noon, New York City time, on any </FONT><FONT STYLE="letter-spacing: -0.55pt">Business Day shall be considered to have
been made instead in </FONT><FONT STYLE="letter-spacing: -0.5pt">the same form of funds and to the same person before 12:00 </FONT><FONT STYLE="letter-spacing: -0.55pt">noon,
New York City time, on the next Business Day.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt; text-indent: 36.25pt"><FONT STYLE="letter-spacing: -0.6pt">(i)
Except during a Non-Payment Period, by 1:00 p.m. on </FONT><FONT STYLE="letter-spacing: -0.5pt">the Tender Date in the Remarketing at
the end of the Initial </FONT><FONT STYLE="letter-spacing: -0.6pt">Dividend Period applicable to a share of RP, and by 1:00 p.m. </FONT><FONT STYLE="letter-spacing: -0.5pt">on
the Tender Date in the Remarketing at the end of each subsequent Dividend Period applicable to a share of RP, the </FONT><FONT STYLE="letter-spacing: -0.55pt">Beneficial
Owner of such share may elect to tender such share </FONT><FONT STYLE="letter-spacing: -0.5pt">or to hold such share for the next Dividend
Period. If the Beneficial Owner of such share of RP elects to hold such share, such Beneficial Owner shall elect to hold such share for
a 7-day Dividend Period or a 28-day Dividend Period or any available Optional Dividend Period or a Special Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Period
if the succeeding Dividend Period with respect to such </FONT><FONT STYLE="letter-spacing: -0.5pt">share has been designated by the Board
of Trustees as a Special Dividend Period; provided that, (i) if such Beneficial Owner shall elect to hold such share for a 7-day Dividend
Period or a 28-day Dividend Period, but (a) there are no Remarketing Agents or the Remarketing Agents are not required to conduct a Remarketing,
such Beneficial Owner shall hold such share for a 7-day Dividend Period, and the Applicable Dividend Rate shall be the Maximum Dividend
Rate for a 7-day Dividend Period or (b) the Remarketing Agents are </FONT><FONT STYLE="letter-spacing: -0.45pt">unable to remarket in
such Remarketing all shares of RP </FONT><FONT STYLE="letter-spacing: -0.5pt">subject to such Remarketing and tendered (or deemed tendered)
to them at a price of $100,000 per share, such Beneficial Owner shall hold such share for the Dividend Period it had chosen and the Applicable
Dividend Rate therefor shall be the applicable Maximum Dividend Rate, and (ii) if the Board of Trustees has designated the next succeeding
Dividend Period </FONT><FONT STYLE="letter-spacing: -0.45pt">with respect to such share as a Special Dividend Period or </FONT><FONT STYLE="letter-spacing: -0.5pt">such
Beneficial Owner elects an available Optional Dividend Period with respect to such shares and there are no Remarketing Agents, the Remarketing
Agents are not required </FONT><FONT STYLE="letter-spacing: -0.55pt">to conduct a Remarketing or the Remarketing Agents are unable </FONT><FONT STYLE="letter-spacing: -0.5pt">to
remarket in the Remarketing on the Dividend Reset Date following such Tender Date all shares of RP tendered (or deemed tendered) to them
at a price of $100,000 per share, then the next succeeding Dividend Period in respect of such share shall be a 7-day Dividend Period,
and the Applicable </FONT><FONT STYLE="letter-spacing: -0.45pt">Dividend Rate</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt">in respect of such share for such next <FONT STYLE="letter-spacing: -0.55pt">succeeding
Dividend Period shall be the Maximum Dividend Rate for a 7-day Dividend Period. If the Beneficial Owner of such </FONT><FONT STYLE="letter-spacing: -0.5pt">share
of RP fails to elect to tender or hold such share, or to elect a Dividend Period for such share, by 1:00 p.m. on such Tender Date, such
Beneficial Owner shall continue to </FONT><FONT STYLE="letter-spacing: -0.55pt">hold such share at the Applicable Dividend Rate determined
in </FONT><FONT STYLE="letter-spacing: -0.5pt">such Remarketing for a Dividend Period of the same type as the current Dividend Period
for such shares; provided that (i) if such current Dividend Period is a 7-day Dividend Period or a 28-day Dividend Period, but (a) there
are no </FONT><FONT STYLE="letter-spacing: -0.45pt">Remarketing Agents, or the Remarketing Agents are not </FONT><FONT STYLE="letter-spacing: -0.5pt">required
to conduct a Remarketing, such Beneficial Owner shall hold such share for a 7-day Dividend Period, and the Applicable Dividend Rate shall
be the Maximum Dividend Rate </FONT><FONT STYLE="letter-spacing: -0.55pt">for a 7-day Dividend Period or (b) the Remarketing Agents are
</FONT><FONT STYLE="letter-spacing: -0.45pt">unable to remarket in such Remarketing all shares of RP </FONT><FONT STYLE="letter-spacing: -0.55pt">subject
to such Remarketing and tendered (or deemed tendered) </FONT><FONT STYLE="letter-spacing: -0.5pt">to them at a price of $100,000 per share,
such Beneficial Owner shall hold such share for the same Dividend Period as its then current Dividend Period and the Applicable Dividend
Rate therefor shall be the applicable Maximum Dividend Rate,</FONT> <FONT STYLE="letter-spacing: -0.55pt">and (ii) if such current Dividend
Period is an Optional Dividend Period or a Special Dividend Period, or the succeeding Dividend Period has been designated by the Board
of Trustees as a Special Dividend Period and such share is </FONT><FONT STYLE="letter-spacing: -0.6pt">subject to such Special Dividend
Period, then such Beneficial </FONT><FONT STYLE="letter-spacing: -0.55pt">Owner shall be deemed to have elected to tender such share.
If the Remarketing Agents are unable to remarket in such Remarketing all shares of RP subject to such Remarketing and tendered (or deemed
tendered) to them at a price of $100,000 </FONT><FONT STYLE="letter-spacing: -0.6pt">per share, the Beneficial Owner thereof shall hold
such share </FONT><FONT STYLE="letter-spacing: -0.55pt">at the applicable Maximum Dividend Rate for a 7-day Dividend </FONT><FONT STYLE="letter-spacing: -0.6pt">Period.
If a share of RP is tendered (or deemed tendered) </FONT><FONT STYLE="letter-spacing: -0.55pt">and purchased in a Remarketing, the next
Dividend Period for such share shall be the Dividend Period elected by the purchaser of such share in such Remarketing or the Special
Dividend Period with respect to such share, as the case may </FONT><FONT STYLE="letter-spacing: -0.6pt">be, at the Applicable Dividend
Rate therefor, except that, if </FONT><FONT STYLE="letter-spacing: -0.55pt">the Remarketing Agents are unable to remarket in such </FONT><FONT STYLE="letter-spacing: -0.6pt">Remarketing
all shares of RP tendered (or deemed tendered) to </FONT><FONT STYLE="letter-spacing: -0.55pt">them at a price of $100,000 per share,
no purchaser in such Remarketing shall be permitted to acquire shares having an </FONT><FONT STYLE="letter-spacing: -0.6pt">Optional Dividend
Period or a Special Dividend Period and the </FONT><FONT STYLE="letter-spacing: -0.55pt">next Dividend Period for such a share shall be
a 7-day Dividend Period and the Applicable Dividend Rate therefore </FONT><FONT STYLE="letter-spacing: -0.6pt">shall be the applicable
Maximum Dividend Rate.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.55pt">(j) Except
during a Non-Payment Period, the Board of </FONT><FONT STYLE="letter-spacing: -0.5pt">Trustees may at any time and from time to time institute
one or more optional Dividend Periods with such number of days, </FONT><FONT STYLE="letter-spacing: -0.55pt">and which shall be available
for such period, as the Board of </FONT><FONT STYLE="letter-spacing: -0.45pt">Trustees shall specify; provided that (i) in respect of
any </FONT><FONT STYLE="letter-spacing: -0.5pt">Optional Dividend Period, the Board of Trustees shall also </FONT><FONT STYLE="letter-spacing: -0.45pt">determine
a Maximum Dividend Rate after consultation with </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing Agents, which rate, as determined
from time to time by formula or other means, may be fixed or variable and </FONT><FONT STYLE="letter-spacing: -0.6pt">(ii) in respect
of an Optional Dividend Period of 3 65 or more </FONT><FONT STYLE="letter-spacing: -0.45pt">days, the Board of Trustees, after consultation
with the Remarketing Agents, may establish Specific Redemption </FONT><FONT STYLE="letter-spacing: -0.5pt">Provisions. An Optional Dividend
Period shall be available after seven days' written notice thereof and, if applicable, </FONT><FONT STYLE="letter-spacing: -0.45pt">of
the Maximum Dividend Rate and Specific Redemption </FONT><FONT STYLE="letter-spacing: -0.5pt">Provisions, if any, in respect thereof shall
have been given </FONT><FONT STYLE="letter-spacing: -0.45pt">to the Remarketing Agents, the Paying Agent and the </FONT><FONT STYLE="letter-spacing: -0.55pt">Securities
Depository. The Trust also shall publish promptly notice of any designation of an Optional Dividend Period, and </FONT><FONT STYLE="letter-spacing: -0.45pt">related
Maximum Dividend Rate and Specific Redemption </FONT><FONT STYLE="letter-spacing: -0.5pt">Provisions, if any, at least once in an Authorized
Newspaper, </FONT><FONT STYLE="letter-spacing: -0.45pt">but the failure so to publish shall not affect the validity </FONT><FONT STYLE="letter-spacing: -0.5pt">or
effectiveness of any such designation or determination. </FONT><FONT STYLE="letter-spacing: -0.45pt">After an Optional Dividend Period
becomes available, such Optional Dividend Period shall be available in each</FONT> <FONT STYLE="letter-spacing: -0.55pt">Remarketing and,
if elected by any Beneficial Owner of shares of RP, shall</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">commence on each Settlement Date and continue <FONT STYLE="letter-spacing: -0.5pt">until
rescinded by the Board of Trustees, which rescission </FONT><FONT STYLE="letter-spacing: -0.55pt">shall be effective after seven days'
written notice thereof shall have been given to the Remarketing Agents, the Paying </FONT><FONT STYLE="letter-spacing: -0.5pt">Agent,
the Securities Depository and Beneficial Owners. The </FONT><FONT STYLE="letter-spacing: -0.6pt">existence or rescission of any Optional
Dividend Period shall </FONT><FONT STYLE="letter-spacing: -0.5pt">not affect any current Dividend Period or prevent the Board </FONT><FONT STYLE="letter-spacing: -0.6pt">of
Trustees from establishing other Optional Dividend Periods </FONT><FONT STYLE="letter-spacing: -0.5pt">of similar duration or in any way
restrict the Maximum </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Rate or Specific Redemption Provisions which may be </FONT><FONT STYLE="letter-spacing: -0.5pt">designated
in connection with any other Optional Dividend </FONT>Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.55pt">(k)
The Board of Trustees may at any time designate a subsequent Dividend Period with respect to all or any specified fewer number of shares
of RP eligible for Tender and Dividend Reset on the Tender Date next preceding the commencement of such Dividend Period as a Special Dividend
Period with such number of days as the Board of Trustees shall specify; provided that (i) written notice of any such designation, of the
Maximum Dividend Rate, and Specified </FONT><FONT STYLE="letter-spacing: -0.5pt">Redemption Provisions, if any, in respect thereof and
of the </FONT><FONT STYLE="letter-spacing: -0.6pt">consequences of failure to tender or to elect to hold shares, </FONT><FONT STYLE="letter-spacing: -0.55pt">must
be given at least seven days prior to such Tender Date to the Remarketing Agents, the Paying Agent, the Securities</FONT> <FONT STYLE="letter-spacing: -0.5pt">Depository
and the Beneficial Owners of shares of RP which are to be subject to such Special Dividend Period; (ii) no Special Dividend Period may
commence for any share of RP </FONT><FONT STYLE="letter-spacing: -0.55pt">during a Non-Payment Period or if the Trust fails to maintain
</FONT><FONT STYLE="letter-spacing: -0.6pt">either the RP Basic Maintenance Amount or the 1940 Act RP </FONT><FONT STYLE="letter-spacing: -0.5pt">Asset
Coverage and such failure is not cured; (iii) if such </FONT><FONT STYLE="letter-spacing: -0.6pt">Special Dividend Period contains 365
or more days, (x) the </FONT><FONT STYLE="letter-spacing: -0.5pt">shares of RP subject to such Special Dividend Period shall have an aggregate
liquidation preference (exclusive of accumulated but unpaid dividends and the premium, if any) of </FONT><FONT STYLE="letter-spacing: -0.6pt">at
least $3 0,000,000 or such greater or lesser amount as may </FONT><FONT STYLE="letter-spacing: -0.5pt">be specified by the Board of Trustees
and (y) the shares, if any, of RP not subject to such Special Dividend Period shall have an aggregate liquidation preference (exclusive
of accrued but unpaid dividends and the premium, if any) of at least $30,000,000 or such greater or lesser amount specified by the Board
of Trustees; (iv) in respect of any Special </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Period, the Board of Trustees shall
also determine a </FONT><FONT STYLE="letter-spacing: -0.5pt">Maximum Dividend Rate after consultation with Remarketing Agents, which rate,
as determined from time to time by formula or other means, may be fixed or variable; and (v) in </FONT><FONT STYLE="letter-spacing: -0.55pt">respect
of any Special Dividend Period of 365 or more days, </FONT><FONT STYLE="letter-spacing: -0.5pt">the Board of Trustees, after consultation
with the Remarketing Agents, may establish Specific Redemption </FONT>Provisions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 32.65pt"><FONT STYLE="letter-spacing: -0.6pt">On or before
5:00 p.m., New York City time, on the third </FONT><FONT STYLE="letter-spacing: -0.5pt">Business Day prior to the designation of a Special
Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Period, the Trust shall complete and deliver to S&amp;P, on a pro forma basis, an
RP Basic Maintenance Report for such proposed </FONT><FONT STYLE="letter-spacing: -0.5pt">Special Dividend period, taking into account
the proposed number of days to be specified as a Special Dividend Period and the proposed Maximum Dividend Rate to be determined with
</FONT>respect to such Special Dividend Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 39.85pt"><FONT STYLE="letter-spacing: -0.5pt">The
existence or rescission of any Special Dividend Period shall not affect any current Dividend Period or </FONT><FONT STYLE="letter-spacing: -0.55pt">prevent
the Board of Trustees from establishing other Special </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Periods of similar duration
or in any way restrict the Maximum Dividend Rate or Specific Redemption Provisions which may be designated in connection with any other
Special </FONT>Dividend Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -0.5pt">If
the Remarketing Agents are unable to remarket sufficient shares of RP at the commencement of a Special Dividend Period to satisfy the
requirement described in clause (iii) of the preceding paragraph, then the Dividend Period in respect of any share of RP which</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt">otherwise would <FONT STYLE="letter-spacing: -0.55pt">have
been subject to such Special Dividend Period shall be a </FONT><FONT STYLE="letter-spacing: -0.6pt">7_-day Dividend Period and an Applicable
Dividend Rate shall </FONT><FONT STYLE="letter-spacing: -0.5pt">be set by the Remarketing Agent in accordance with the </FONT>remarketing
procedures.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.55pt">(l) If all
or any part of the dividends on the shares </FONT><FONT STYLE="letter-spacing: -0.5pt">of RP determined by implementation of the remarketing
procedures described in Part II hereof is not designated by </FONT><FONT STYLE="letter-spacing: -0.55pt">the Trust in good faith as an
exempt-interest dividend within </FONT><FONT STYLE="letter-spacing: -0.6pt">the meaning of Section 852(b) (5) of the Code solely because
</FONT><FONT STYLE="letter-spacing: -0.5pt">the Trust allocates capital gains or ordinary income to the </FONT><FONT STYLE="letter-spacing: -0.55pt">shares
of RP, (such portion of the dividends on the shares of </FONT><FONT STYLE="letter-spacing: -0.45pt">RP (other than any Gross-up Dividends)
that is not so </FONT><FONT STYLE="letter-spacing: -0.5pt">designated is referred to herein as a &quot;Nonqualifying </FONT><FONT STYLE="letter-spacing: -0.55pt">Distribution&quot;),
the Trust will, not later than 270 days after the end of the Trust's fiscal year for which such designation </FONT><FONT STYLE="letter-spacing: -0.5pt">is
made, provide notice thereof to the Paying Agent. The Paying Agent will mail a copy of such notice to each Qualified Investor (as defined
below) at the address specified in such Qualified Investor's Master Purchaser's Letter as promptly as practicable after its receipt of
such </FONT><FONT STYLE="letter-spacing: -0.6pt">notice from the Trust. The Trust will, within 30 days after </FONT><FONT STYLE="letter-spacing: -0.5pt">such
notice is given to the Paying Agent, pay to the Paying </FONT><FONT STYLE="letter-spacing: -0.6pt">Agent (who will then distribute to
the Qualified Investors) , </FONT><FONT STYLE="letter-spacing: -0.5pt">out of funds legally available therefor, an amount equal to the
aggregate Gross-up Dividends (as defined below) with respect to all Nonqualifying Distributions made to Qualified Investors during the
fiscal year in question. A &quot;Qualified Investor&quot; is a Beneficial Owner during such fiscal year of a</FONT> <FONT STYLE="letter-spacing: -0.6pt">share
or shares of RP to whom Nonqualifying Distributions </FONT>were made during such fiscal year.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 32.15pt"><FONT STYLE="letter-spacing: -0.5pt">A
&quot;Gross-up Dividend&quot; means payment to a Qualified </FONT><FONT STYLE="letter-spacing: -0.55pt">Investor of an amount which, when
taken together with the </FONT><FONT STYLE="letter-spacing: -0.5pt">aggregate Nonqualifying Distributions paid to such Qualified </FONT><FONT STYLE="letter-spacing: -0.6pt">Investor
during the fiscal year in question, would cause such </FONT><FONT STYLE="letter-spacing: -0.55pt">Qualified Investor's net yield in dollars
for such fiscal </FONT><FONT STYLE="letter-spacing: -0.5pt">year (after Federal income tax consequences) from the </FONT><FONT STYLE="letter-spacing: -0.6pt">aggregate
of both the Nonqualifying Distributions (determined </FONT><FONT STYLE="letter-spacing: -0.5pt">without regard to the Gross-Up Dividend)
and the Gross-up </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend to be equal to the net yield in dollars for such fiscal year (after
Federal income tax consequences) which </FONT><FONT STYLE="letter-spacing: -0.5pt">would have been received by such Qualified Investor
if the </FONT><FONT STYLE="letter-spacing: -0.55pt">amount of the aggregate Nonqualifying Distributions had been so designated. Such Gross-up
Dividend shall be calculated </FONT><FONT STYLE="letter-spacing: -0.7pt">(i) without consideration being given to the time value of </FONT><FONT STYLE="letter-spacing: -0.55pt">money;
(ii) assuming that no Qualified Investor is subject to the alternative minimum tax with respect to dividends received from the Trust;
and (iii) assuming that each </FONT><FONT STYLE="letter-spacing: -0.5pt">Nonqualifying Distribution and Gross-Up Dividend (to the </FONT><FONT STYLE="letter-spacing: -0.6pt">extent
that such Gross-up Dividend is not exempt from Federal </FONT><FONT STYLE="letter-spacing: -0.55pt">income tax) would be taxable in the
hands of each Qualified </FONT><FONT STYLE="letter-spacing: -0.6pt">Investor at the maximum marginal corporate Federal income tax </FONT><FONT STYLE="letter-spacing: -0.55pt">rate
in effect during the fiscal year in question.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 32.15pt"><FONT STYLE="letter-spacing: -0.5pt">All
such designations made by the Trust in good faith </FONT><FONT STYLE="letter-spacing: -0.55pt">following the end of each fiscal year of
the Trust and all </FONT><FONT STYLE="letter-spacing: -0.5pt">other determinations made by the Trust in good faith with </FONT><FONT STYLE="letter-spacing: -0.55pt">respect
to dividends on the shares of RP shall be binding and </FONT><FONT STYLE="letter-spacing: -0.5pt">conclusive for all purposes of determining
the amount of Gross-up Dividends required to be made under this paragraph 3(1). Notwithstanding anything to the contrary contained herein,
no Gross-up Dividends shall be required to be made under this paragraph 3(1) if dividends on the shares of RP are not excludable from
the gross income of a Qualified Investor for any reason other than as specifically provided </FONT><FONT STYLE="letter-spacing: -0.55pt">above
or if for any reason the Trust is subsequently required </FONT>to revise any such designations.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.55pt">4.
<U>Redemption</U>. Shares of RP shall be redeemable by </FONT>the Trust as provided below:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.9pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(a)
To the extent permitted under the 1940 Act and </FONT><FONT STYLE="letter-spacing: -0.5pt">Massachusetts Law, upon giving a Notice of
Redemption, the Trust at its option may redeem shares 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 a redemption price </FONT><FONT STYLE="letter-spacing: -0.65pt">equal
to $100,000 per share plus an amount equal to dividends </FONT><FONT STYLE="letter-spacing: -0.5pt">thereon (whether or not earned or
declared) accumulated but unpaid to the date fixed for redemption plus the premium, if </FONT><FONT STYLE="letter-spacing: -0.6pt">any,
resulting from the designation of a Premium Call Period;</FONT> <FONT STYLE="letter-spacing: -0.5pt">provided that, no share of RP shall
be subject to redemption pursuant to this paragraph 4(a) on any Dividend Payment Date during a Non-Call Period to which it is subject.
The Trust may not give a Notice of Redemption relating to an optional </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption as described
in paragraph 4(a) unless, at the time </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Beneficial Owners by reason of the redemption of their
shares </FONT>of RP on such redemption date.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.5pt">(b)
The Trust shall redeem, out of funds legally available therefor, at a redemption price of $100,000 per share plus accumulated but unpaid
dividends (whether or not earned or declared) to the date fixed by the Board of Trustees for redemption plus the premium, if any, resulting
</FONT><FONT STYLE="letter-spacing: -0.55pt">from the designation of a Premium Call Period, certain of the </FONT><FONT STYLE="letter-spacing: -0.6pt">shares
of RP to the extent permitted under the 1940 Act and </FONT><FONT STYLE="letter-spacing: -0.45pt">Massachusetts law, if the Trust fails
to maintain the RP </FONT><FONT STYLE="letter-spacing: -0.5pt">Basic Maintenance Amount or the 1940 Act RP Asset Coverage and such failure
is not cured on or before the RP Basic </FONT><FONT STYLE="letter-spacing: -0.45pt">Maintenance Cure Date or the 1940 Act Cure Date (herein
</FONT><FONT STYLE="letter-spacing: -0.55pt">referred to respectively as the &quot;Cure Date&quot;), as the case may be. The number of
shares of RP to be redeemed shall be equal </FONT><FONT STYLE="letter-spacing: -0.5pt">to the lesser of (i) the minimum number of shares
of RP the</FONT> <FONT STYLE="letter-spacing: -0.55pt">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 </FONT><FONT STYLE="letter-spacing: -0.5pt">Maintenance Amount or the 1940 Act Asset Coverage, as the </FONT><FONT STYLE="letter-spacing: -0.6pt">case
may be, on such Cure Date (provided that, if there is no </FONT><FONT STYLE="letter-spacing: -0.55pt">such minimum number of shares of
RP and other Preferred Shares the redemption of which would have such result, all </FONT><FONT STYLE="letter-spacing: -0.6pt">shares of
RP then outstanding shall be redeemed), and (ii) </FONT><FONT STYLE="letter-spacing: -0.5pt">the maximum number of shares of RP, together
with all other </FONT><FONT STYLE="letter-spacing: -0.6pt">Preferred Shares subject to redemption or retirement that can </FONT><FONT STYLE="letter-spacing: -0.55pt">be
redeemed out of funds expected to be legally available </FONT><FONT STYLE="letter-spacing: -0.6pt">therefor. In determining the number
of shares of RP required </FONT><FONT STYLE="letter-spacing: -0.55pt">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 </FONT><FONT STYLE="letter-spacing: -0.6pt">Coverage,
as the case may be, pro rata among shares of RP and </FONT><FONT STYLE="letter-spacing: -0.5pt">other series of Preferred Shares subject
to redemption </FONT><FONT STYLE="letter-spacing: -0.65pt">provisions similar to those contained in this paragraph 4(b) , </FONT><FONT STYLE="letter-spacing: -0.55pt">except
as set forth herein. The Trust shall effect such redemption not later than 45 days after such Cure Date, </FONT><FONT STYLE="letter-spacing: -0.5pt">except
that if the Trust does not have funds legally </FONT><FONT STYLE="letter-spacing: -0.6pt">available for the redemption of all of the required
number of </FONT><FONT STYLE="letter-spacing: -0.55pt">shares of RP and other Preferred Shares which are subject to </FONT><FONT STYLE="letter-spacing: -0.5pt">mandatory
redemption or the Trust otherwise is unable to</FONT> <FONT STYLE="letter-spacing: -0.55pt">effect such redemption on or prior to 45 days
after such Cure </FONT><FONT STYLE="letter-spacing: -0.5pt">Date, the Trust shall redeem those shares 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 </FONT>redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -0.55pt">Any
share of RP shall be subject to mandatory redemption </FONT><FONT STYLE="letter-spacing: -0.5pt">regardless of whether such share is subject
to a Non-Call </FONT><FONT STYLE="letter-spacing: -0.55pt">Period provided that share of RP subject to a Non-Call Period </FONT><FONT STYLE="letter-spacing: -0.5pt">will
only be subject to redemption to the extent that the </FONT><FONT STYLE="letter-spacing: -0.55pt">other shares of RP are not available
to</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt">satisfy the number of <FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">shares with the lowest number of days remaining in the
period </FONT><FONT STYLE="letter-spacing: -0.5pt">to be called first) and by lot in the event of equal </FONT>outstanding Non-Call Periods.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(c)
Subject to paragraph 4(d) of this Part I, if fewer </FONT><FONT STYLE="letter-spacing: -0.5pt">than all the outstanding shares of RP are
to be redeemed pursuant to this paragraph 4, the number of shares of RP so </FONT><FONT STYLE="letter-spacing: -0.55pt">to be redeemed
shall be a whole number of shares and shall be determined by the Board of Trustees, and the Trust shall give </FONT><FONT STYLE="letter-spacing: -0.5pt">a
Notice of Redemption as provided in paragraph 4(e) of this Part I, provided that no 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption only on the basis described under paragraph 4(b) </FONT><FONT STYLE="letter-spacing: -0.5pt">of
this Part I. Unless certificates representing shares of RP are held by Holders other than the Securities Depository, </FONT><FONT STYLE="letter-spacing: -0.55pt">or
its nominee, the Paying Agent upon receipt of such notice, shall determine from among shares eligible for redemption the </FONT><FONT STYLE="letter-spacing: -0.5pt">number
of shares of RP to be redeemed pro rata from each Dividend Period which is then eligible for redemption, and shall give notice of such
determination to the Securities Depository; the Securities Depository thereupon shall determine by lot on a Dividend Period basis pursuant
to the allocation provided by the Paying Agent the number of shares of RP to be redeemed from the account of each Agent Member (which
may include an Agent Member, including a Remarketing </FONT><FONT STYLE="letter-spacing: -0.45pt">Agent, holding shares for its own account),
and shall give </FONT><FONT STYLE="letter-spacing: -0.55pt">notice of such determination to the Paying Agent. The Paying </FONT><FONT STYLE="letter-spacing: -0.5pt">Agent,
upon receipt of such notice, shall in turn determine </FONT><FONT STYLE="letter-spacing: -0.45pt">by lot the number of shares of RP from
each Dividend Period </FONT><FONT STYLE="letter-spacing: -0.5pt">to be redeemed from the accounts of the Beneficial Owners of the shares
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</FONT>
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 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.85pt">(d)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Notwithstanding paragraph 4(c) of this Part I, if any certificates representing shares of RP are held by Holders other than
the Securities Depository or its nominee, then the shares of RP to be redeemed shall be selected by the Trust pro rata from among Dividend
Periods and by lot from among shares within each Dividend Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(e)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Any Notice of Redemption with respect to shares of RP shall be given (A) in the case of optional 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) on (i) the Settlement Date in the case
of a partial redemption of the shares of RP, (ii) the Tender Date in the case of a redemption in whole of the shares of RP or (iii) during
a Non-Payment Period, the later of the Dividend Payment Date or the seventh day 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 Holder) and the Remarketing Agents, by telephone, not later than 1:00 p.m., New York City time (and later
confirmed in writing) on the third Business Day <FONT STYLE="letter-spacing: -0.5pt">preceding the redemption date established by the
Board of Trustees and specified in such notice. In the case of a partial redemption of the shares of RP, the Paying</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Agent <FONT STYLE="letter-spacing: -0.55pt">shall use its reasonable
efforts to provide telephonic notice </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">to
be redeemed, as described in paragraph 4(c) of this Part I (or, if certificates are held by persons other than the </FONT><FONT STYLE="letter-spacing: -0.5pt">Securities
Depository, 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust). Such telephonic notice shall be confirmed in writing
</FONT><FONT STYLE="letter-spacing: -0.5pt">to the Remarketing Agents, the Securities Depository and 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 the Paying
Agent determines the shares to be redeemed. In the case of a redemption in whole of the shares of RP, the Paying Agent </FONT><FONT STYLE="letter-spacing: -0.55pt">shall
use its reasonable efforts to provide telephonic notice </FONT><FONT STYLE="letter-spacing: -0.5pt">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 not later than the close of business
on the second Business Day </FONT><FONT STYLE="letter-spacing: -0.55pt">following the day on which the Paying Agent receives a Notice
</FONT><FONT STYLE="letter-spacing: -0.5pt">of Redemption from each Beneficial Owner of shares of RP called for redemption, the Remarketing
Agents and the </FONT>Securities Depository.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(f)
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 </FONT><FONT STYLE="letter-spacing: -0.5pt">cease
to accumulate as of such redemption date; and (v) the </FONT><FONT STYLE="letter-spacing: -0.55pt">provision of the Declaration of Trust
or the By-laws pursuant to which such shares are being redeemed. In addition, notice </FONT><FONT STYLE="letter-spacing: -0.5pt">of redemption
given to a Beneficial Owner shall state the CUSIP number, if any, of the shares of RP to be 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">efforts to cause the publication of a redemption
notice in an </FONT><FONT STYLE="letter-spacing: -0.5pt">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. Shares
of RP the</FONT> <FONT STYLE="letter-spacing: -0.55pt">Beneficial Owners of which shall have been given Notice of </FONT><FONT STYLE="letter-spacing: -0.5pt">Redemption
shall not be subject to transfer outside of a </FONT>Remarketing.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.55pt">(g)
On any redemption date, the Trust shall deposit, </FONT><FONT STYLE="letter-spacing: -0.5pt">irrevocably in trust, in same-day funds,
with the Paying Agent, by 12:00 noon, New York City time, $100,000 for each share of RP called for redemption plus an amount equal to
dividends thereon accumulated but unpaid to such redemption </FONT><FONT STYLE="letter-spacing: -0.55pt">date (whether or not earned or
declared) plus the premium, if any, resulting from the designation of a Premium Call Period. </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.55pt">(h)
In connection with any redemption, upon the giving </FONT><FONT STYLE="letter-spacing: -0.5pt">of a Notice of Redemption and the deposit
of the funds necessary for such redemption with the Paying Agent in accordance with this paragraph 4, all rights of the Holders and Beneficial
Owners of shares of RP so called for </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption shall cease and terminate, except the right
of the </FONT><FONT STYLE="letter-spacing: -0.5pt">Holders and Beneficial Owners thereof to receive the redemption price thereof, inclusive
of an amount equal to </FONT><FONT STYLE="letter-spacing: -0.55pt">dividends (whether or not earned or declared) accumulated but unpaid
to the redemption date plus the premium, if any, </FONT><FONT STYLE="letter-spacing: -0.5pt">resulting from the designation of a Premium
Call Period, but without any interest or other additional amount (except as provided in paragraphs 3(h) and 3(1) of this Part I), and
such shares shall no longer be deemed outstanding for any purpose. The Trust shall be</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt">entitled to receive from the <FONT STYLE="letter-spacing: -0.55pt">Paying
Agent, promptly after the date fixed for redemption, </FONT><FONT STYLE="letter-spacing: -0.5pt">any cash deposited with the Paying Agent
as aforesaid in excess of the sum of (i) the aggregate redemption price of </FONT><FONT STYLE="letter-spacing: -0.55pt">the shares of
RP called for redemption on such date and (ii) </FONT><FONT STYLE="letter-spacing: -0.5pt">all other amounts to which Holders and Beneficial
Owners 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 the funds so deposited. 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
and Beneficial Owners 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. If any such unclaimed funds are repaid to the Trust, the </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust
shall invest such unclaimed funds in Deposit Securities </FONT><FONT STYLE="letter-spacing: -0.5pt">with a maturity of no more than one
business day.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(i)
To the extent that any redemption for which Notice </FONT><FONT STYLE="letter-spacing: -0.5pt">of Redemption has been given is not made
by reason of the absence of legally available funds therefor, such redemption </FONT><FONT STYLE="letter-spacing: -0.55pt">shall be made
as soon as practicable to the extent such funds </FONT><FONT STYLE="letter-spacing: -0.5pt">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</FONT>
<FONT STYLE="letter-spacing: -0.6pt">have failed, for any reason whatsoever, to deposit funds with </FONT><FONT STYLE="letter-spacing: -0.55pt">the
Paying Agent pursuant to paragraph 4(g) of this Part I </FONT><FONT STYLE="letter-spacing: -0.5pt">with respect to any shares for which
such Notice of </FONT><FONT STYLE="letter-spacing: -0.6pt">Redemption has been given. Notwithstanding the fact that the </FONT><FONT STYLE="letter-spacing: -0.55pt">Trust
may not have redeemed shares of RP for which a Notice of Redemption has been given, dividends may be declared and paid on shares of RP
and shall include those shares of RP for </FONT>which a Notice of Redemption has been given.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.55pt">(j)
Notwithstanding any of the foregoing provisions of this paragraph 4, the Remarketing Agents may, in their sole </FONT><FONT STYLE="letter-spacing: -0.5pt">discretion,
modify the procedures set forth above with respect to notification of redemption, provided that, any </FONT><FONT STYLE="letter-spacing: -0.7pt">such
modification does not adversely affect any Holder or any ' </FONT><FONT STYLE="letter-spacing: -0.55pt">Beneficial Owner of shares of
RP or materially alter the obligations of the Paying Agent; and further provided that, </FONT><FONT STYLE="letter-spacing: -0.65pt">the'
Trust receives written confirmation from S&amp;P that any </FONT><FONT STYLE="letter-spacing: -0.55pt">such modification would not impair
the ratings then assigned </FONT>by S&amp;P to shares of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 3.35pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.55pt">(k)
In effecting any redemption pursuant to this paragraph 4, the Trust shall use all reasonable efforts to satisfy all applicable procedural
conditions precedent to </FONT><FONT STYLE="letter-spacing: -0.5pt">effecting such redemption under the 1940 Act and </FONT>Massachusetts
law.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.3pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.6pt">(l)
Notwithstanding the foregoing, (i) no share of RP </FONT><FONT STYLE="letter-spacing: -0.55pt">may be redeemed pursuant to paragraph 4(a)
of this Part I unless the full amount of accumulated but unpaid dividends to </FONT><FONT STYLE="letter-spacing: -0.5pt">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 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 on all outstanding shares of RP through the end of their most </FONT><FONT STYLE="letter-spacing: -0.55pt">recently
ended Dividend Period (or, if such transaction is on </FONT><FONT STYLE="letter-spacing: -0.5pt">a Dividend Payment Date, through the
Dividend Period ending on the day prior to such Dividend Payment Date) shall have been paid or declared and sufficient funds for the payment
</FONT>thereof deposited with the Paying Agent.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 35.5pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.85pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(m)
Except as set forth in this paragraph 4 with respect to redemptions and subject to paragraph 4(1) hereof, </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">redeemed, purchased or otherwise acquired by the Trust or
any affiliate thereof may be resold. In lieu of redeeming shares </FONT><FONT STYLE="letter-spacing: -0.5pt">called for redemption, the
Trust shall have the right to arrange for other purchasers to purchase from Beneficial Owners 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) hereof, by their paying to such Beneficial Owners
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 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">shall
notify each purchaser that such shares have been called </FONT>for redemption.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.5pt">5.
<U>Liquidation</U>. (a) Upon a liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary or involuntary, the
Holders shall be entitled, whether from capital or surplus, before any assets of the Trust shall be </FONT><FONT STYLE="letter-spacing: -0.55pt">distributed
among or paid over to holders of Common Shares or </FONT><FONT STYLE="letter-spacing: -0.5pt">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 $100,000 per share of RP, plus an amount equal to
all accumulated but unpaid dividends thereon (whether or not earned or declared) plus the premium, if any, resulting from </FONT><FONT STYLE="letter-spacing: -0.55pt">the
designation of a Premium Call Period to but excluding the date of final distribution in same-day funds. After any such</FONT> <FONT STYLE="letter-spacing: -0.5pt">payment,
the Holders and Beneficial Owners shall not be </FONT><FONT STYLE="letter-spacing: -0.55pt">entitled to any further participation in any
distribution of </FONT>assets of the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
If, upon any such liquidation, dissolution or </FONT><FONT STYLE="letter-spacing: -0.5pt">winding up of the Trust, the assets of the Trust
shall be insufficient to make such full payments to the Holders and the holders of any Preferred Shares ranking as to liquidation, dissolution
or winding up on a parity with the RP (including the Other RP), then such assets shall be </FONT><FONT STYLE="letter-spacing: -0.55pt">distributed
among the Holders and such parity holders ratably </FONT><FONT STYLE="letter-spacing: -0.5pt">in accordance with the respective amounts
which would be payable on such shares of RP and any other such Preferred </FONT><FONT STYLE="letter-spacing: -0.55pt">Shares if all amounts
thereof were paid in full.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt; text-indent: 42pt"><FONT STYLE="letter-spacing: -0.55pt">(c)
Neither the consolidation nor the merger of the </FONT><FONT STYLE="letter-spacing: -0.5pt">Trust with or into any corporation or corporations
nor a reorganization of the Trust alone nor the sale, lease or transfer by the Trust of all or substantially all of its </FONT><FONT STYLE="letter-spacing: -0.55pt">assets
shall be deemed to be a dissolution or liquidation of </FONT>the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.3pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.5pt">6.
<U>Voting Rights</U>. (a) <U>General</U>. Except as otherwise provided in the Declaration of Trust or By-laws, each Holder </FONT><FONT STYLE="letter-spacing: -0.55pt">of
shares of RP and each record holder of Common Shares shall </FONT><FONT STYLE="letter-spacing: -0.5pt">be entitled to one vote for each
share held on each matter submitted to a vote of shareholders of the Trust, and the </FONT><FONT STYLE="letter-spacing: -0.55pt">holders
of outstanding Preferred Shares, including RP, and of Common Shares shall vote together as a single class; provided </FONT><FONT STYLE="letter-spacing: -0.5pt">that,
at any meeting of the shareholders of the Trust held for the election of trustees, the holders of outstanding Preferred Shares, including
RP, represented in person or by proxy at said meeting, shall be entitled, as a class, to the </FONT><FONT STYLE="letter-spacing: -0.6pt">exclusion-
of the holders of all other securities and classes </FONT><FONT STYLE="letter-spacing: -0.5pt">of capital shares of the Trust, to elect
two trustees of the Trust, each Preferred Share, including RP, entitling the</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.3pt"><FONT STYLE="letter-spacing: -0.55pt">holder thereof to one
vote. Subject to paragraph 6(b) </FONT><FONT STYLE="letter-spacing: -0.5pt">hereof, the holders of outstanding Common Shares and Preferred
Shares, including RP, voting together as a single </FONT><FONT STYLE="letter-spacing: -0.55pt">class, shall elect the balance of the trustees.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
<U>Right to Elect Majority of Board of Trustees</U>. </FONT><FONT STYLE="letter-spacing: -0.5pt">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 constituting the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees
elected exclusively by the holders of Preferred Shares, would constitute a majority of the Board of Trustees as so increased by such smallest
number; and the holders of Preferred Shares shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the
holders of all other securities and classes of capital shares of the </FONT><FONT STYLE="letter-spacing: -0.55pt">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:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.7pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.6pt">(i)
if at the close of business on any Dividend Payment </FONT><FONT STYLE="letter-spacing: -0.5pt">Date accumulated dividends (whether or
not earned or </FONT><FONT STYLE="letter-spacing: -0.55pt">declared, and whether or not funds are then legally available </FONT><FONT STYLE="letter-spacing: -0.5pt">in
an amount sufficient therefor) on the outstanding shares of RP equal to at least two full years' dividends shall be due and unpaid and
sufficient cash or specified securities shall not have been deposited with the Paying Agent for the </FONT>payment of such accumulated
dividends; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(ii)
if at any time holders of any other Preferred </FONT><FONT STYLE="letter-spacing: -0.5pt">Shares are entitled to elect a majority of the
trustees of the Trust. Upon the termination of a Voting Period, the </FONT><FONT STYLE="letter-spacing: -0.55pt">voting rights described
in this paragraph 6(b) shall cease, </FONT><FONT STYLE="letter-spacing: -0.5pt">subject always, however, to the revesting of such voting
</FONT><FONT STYLE="letter-spacing: -0.55pt">rights in the Holders upon the further occurrence of any of </FONT><FONT STYLE="letter-spacing: -0.5pt">the
events described in this paragraph 6(b).</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(c)
<U>Other Actions</U>. So long as any shares of RP are </FONT><FONT STYLE="letter-spacing: -0.5pt">outstanding, the Trust shall not, without
the affirmative </FONT><FONT STYLE="letter-spacing: -0.55pt">vote or consent of the Holders of at least a majority of the </FONT><FONT STYLE="letter-spacing: -0.6pt">shares
of RP outstanding at the time, in person or by proxy, </FONT><FONT STYLE="letter-spacing: -0.5pt">either in writing or at a meeting (voting
separately as one class): (a) 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 RP with respect to payment of dividends or the distribution of </FONT><FONT STYLE="letter-spacing: -0.55pt">assets
on liquidation (other than the Original RP), or increase or decrease the authorized amount of RP; (b) amend, alter or repeal the provisions
of the Declaration of Trust and the By-laws, including this Section 12.2, whether by </FONT><FONT STYLE="letter-spacing: -0.5pt">merger,
consolidation or otherwise, so as to affect materially and adversely any preference, right or power of </FONT><FONT STYLE="letter-spacing: -0.55pt">such
shares of RP or the Holders thereof; or (c) take any other action which pursuant to Section 18(a)(2)(D) of the 1940 Act requires approval
by the Holders of a majority of </FONT><FONT STYLE="letter-spacing: -0.5pt">the shares of RP outstanding at the time; provided that, the
</FONT><FONT STYLE="letter-spacing: -0.55pt">issuance of not more than the 4,000 Preferred Shares authorized by this Section 12.2 and
the creation and issuance of the Original RP, and of series of Preferred Shares ranking junior to the RP with respect to payment of dividends
and the </FONT><FONT STYLE="letter-spacing: -0.5pt">distribution of assets on liquidation, will not be deemed to </FONT><FONT STYLE="letter-spacing: -0.55pt">affect
such preferences, rights or powers unless such issuance would, at the time thereof, cause the Trust not to </FONT><FONT STYLE="letter-spacing: -0.5pt">satisfy
the 1940 Act RP Asset Coverage or the RP Basic Maintenance Amount. Notwithstanding the foregoing, so long </FONT><FONT STYLE="letter-spacing: -0.55pt">as
any shares of RP are outstanding, the Trust shall not take </FONT><FONT STYLE="letter-spacing: -0.5pt">any action described in Sections
4, 5 or 6 of Article IX of </FONT><FONT STYLE="letter-spacing: -0.55pt">the Declaration of Trust or amend the provisions of Section 1
</FONT><FONT STYLE="letter-spacing: -0.5pt">of Article IV, Sections 4, 5 or 6 of Article IX or the first sentence of Section 9 of Article
IX of the Declaration of</FONT> <FONT STYLE="letter-spacing: -0.55pt">Trust, without the affirmative vote or consent of the Holders </FONT><FONT STYLE="letter-spacing: -0.5pt">of
at least two-thirds (or a majority if permitted by </FONT><FONT STYLE="letter-spacing: -0.6pt">Sections 4, 5 or 6 of Article IX of the
Declaration of Trust) </FONT><FONT STYLE="letter-spacing: -0.5pt">of the shares of RP and of two-thirds (or a majority if</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt"><FONT STYLE="letter-spacing: -0.6pt">permitted by Sections
4, 5 or 6. of Article IX of the </FONT><FONT STYLE="letter-spacing: -0.55pt">Declaration of Trust) of the Common Shares outstanding at
the </FONT><FONT STYLE="letter-spacing: -0.5pt">time, in person or by proxy, either in writing or at a </FONT>meeting (each voting separately
as a class).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt"><FONT STYLE="letter-spacing: -0.45pt">The foregoing voting provisions
shall not apply with </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">shall
have been deposited in trust to effect such redemption </FONT><FONT STYLE="letter-spacing: -0.5pt">The Board of Trustees may without the
vote or consent of the Holders of RP from time to time amend, alter or repeal any or all of the definitions of the terms listed below,
and any such amendment, alteration or repeal will not be deemed to affect the preferences, rights or powers of shares of RP or the Holders
thereof, provided the Board of Trustees receives written confirmation from Moody's and S&amp;P that any such amendment, alteration or
repeal would not impair the ratings then assigned by Moody's and S&amp;P to shares of RP:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.5pt"><FONT STYLE="letter-spacing: -0.7pt">&nbsp;</FONT></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%"><FONT>Deposit Securities</FONT></TD>
  <TD STYLE="width: 50%">1940
Act RP Asset Coverage</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Discounted Value</TD>
  <TD>Quarterly
Valuation Date</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Dividend Coverage Amount</TD>
  <TD>RP Basic Maintenance Amount</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Dividend Coverage Assets
</TD>
  <TD>RP Basic Maintenance Cure Date</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT>Market Value</FONT></TD>
  <TD>RP
Basic Maintenance Report</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="letter-spacing: -0.55pt">Minimum Liquidity
Level</FONT> </TD>
  <TD>S&amp;P Discount' Factor </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Moody's Discount
Factor</TD>
  <TD>S&amp;P Eligible Asset </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Moody's Eligible
Asset</TD>
  <TD>S&amp;P Exposure Period</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="letter-spacing: -0.3pt">Moody's Exposure
Period </FONT></TD>
  <TD>1940 Act Cure Date </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Valuation Date</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.5pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.15pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(d)
<U>Voting Procedures</U>. (i) As soon as practicable </FONT><FONT STYLE="letter-spacing: -0.5pt">after the accrual of any right of the
holders of Preferred Shares to elect additional trustees as described in </FONT><FONT STYLE="letter-spacing: -0.55pt">paragraph 6(b) above,
the Trust shall notify the Paying Agent </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">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
</FONT><FONT STYLE="letter-spacing: -0.5pt">fifth Business Day preceding the day on which such notice is </FONT><FONT STYLE="letter-spacing: -0.55pt">mailed.
At any such special meeting and at each meeting held </FONT><FONT STYLE="letter-spacing: -0.5pt">during a Voting Period, such holders,
voting together as a class (to the exclusion of the holders of all other</FONT> <FONT STYLE="letter-spacing: -0.55pt">securities and classes
of capital shares of the Trust), shall </FONT><FONT STYLE="letter-spacing: -0.5pt">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 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 </FONT>quorum is present.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(ii)
For purposes of determining any rights of the </FONT><FONT STYLE="letter-spacing: -0.5pt">Holders to vote on any matter whether such right
is created by this Section 12.2, by the other provisions of the </FONT><FONT STYLE="letter-spacing: -0.55pt">Declaration of Trust and
the By-laws, by statute or </FONT><FONT STYLE="letter-spacing: -0.5pt">otherwise, no Holder shall be entitled to vote and no share of
RP shall be deemed to be &quot;outstanding&quot; for the purpose of voting or determining the</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt">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 <FONT STYLE="letter-spacing: -0.55pt">deemed outstanding
for quorum purposes, as the case may be, </FONT><FONT STYLE="letter-spacing: -0.5pt">sufficient funds for the redemption of such shares
have been </FONT><FONT STYLE="letter-spacing: -0.55pt">deposited in trust with the Paying Agent for that purpose and </FONT><FONT STYLE="letter-spacing: -0.5pt">the
requisite Notice of Redemption with respect to such shares shall have been given as provided in paragraph 4 of this Part I. No share of
RP held by the Trust or any affiliate of the Trust shall have any voting rights or be </FONT><FONT STYLE="letter-spacing: -0.6pt">deemed
to be outstanding for voting purposes.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.5pt">(iii)
The terms of office of all persons who are trustees of the Trust at the time of a special meeting of </FONT><FONT STYLE="letter-spacing: -0.45pt">Holders
and holders of other Preferred Shares to elect </FONT><FONT STYLE="letter-spacing: -0.55pt">trustees shall continue, notwithstanding the
election at such </FONT><FONT STYLE="letter-spacing: -0.5pt">meeting by the Holders and such other holders of the number of trustees that
they are entitled to elect, and the persons so elected by the Holders and such other holders, together with the two incumbent trustees
elected by the Holders and such other holders of Preferred Shares and the remaining incumbent trustees elected by the holders of the Common
</FONT><FONT STYLE="letter-spacing: -0.45pt">Shares and Preferred Shares, shall constitute the duly </FONT>elected trustees of the Trust.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.1pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.5pt">(iv)
Simultaneously with the expiration of a Voting Period, the terms of office of the additional trustees elected by the Holders and holders
of other Preferred Shares </FONT><FONT STYLE="letter-spacing: -0.45pt">pursuant to paragraph 6(b) above shall terminate, the </FONT><FONT STYLE="letter-spacing: -0.55pt">remaining
trustees shall constitute the trustees of the Trust </FONT><FONT STYLE="letter-spacing: -0.5pt">and the voting rights of the Holders and
such other holders </FONT><FONT STYLE="letter-spacing: -0.55pt">to elect additional trustees pursuant to paragraph 6(b) above </FONT><FONT STYLE="letter-spacing: -0.5pt">shall
cease, subject to the provisions of the last sentence </FONT>of paragraph 6(b)(ii).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.5pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -0.65pt">(e)
<U>Exclusive Remedy</U>. Unless otherwise required by </FONT><FONT STYLE="letter-spacing: -0.55pt">law, the Holders of shares of RP shall
not have any relative </FONT><FONT STYLE="letter-spacing: -0.5pt">rights or preferences or other special rights other than those specifically
set forth herein. The Holders of shares</FONT> <FONT STYLE="letter-spacing: -0.55pt">of RP shall have no preemptive rights or rights to
cumulative </FONT><FONT STYLE="letter-spacing: -0.5pt">voting. In the event that the Trust fails to pay any dividends on the shares of
RP, the exclusive remedy of the Holders shall be the right to vote for trustees pursuant to the provisions of this paragraph 6. In no
event shall the </FONT><FONT STYLE="letter-spacing: -0.55pt">Holders of shares of RP have any right to sue for, or bring a </FONT><FONT STYLE="letter-spacing: -0.5pt">proceeding
with respect to, such dividends or redemptions or </FONT>damages for the failure to receive the same.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.7pt; text-indent: 36.5pt"><FONT STYLE="letter-spacing: -0.55pt">(f)
<U>Notification to S&amp;P</U>. In the event a vote of </FONT><FONT STYLE="letter-spacing: -0.5pt">Holders 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">is to be taken, notify S&amp;P that such vote is to be taken and </FONT><FONT STYLE="letter-spacing: -0.5pt">the
nature of the action with respect to which such vote is </FONT>to be taken.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.25pt">7.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.55pt"><U>1940 Act RP Asset Coverage</U>. The Trust shall maintain, as of the last Business
Day of each month in which </FONT><FONT STYLE="letter-spacing: -0.65pt">any share of RP is outstanding, the 194 0 Act RP Asset </FONT>Coverage.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">8.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.5pt"><U>RP Basic Maintenance Amount</U>. (a) The Trust shall maintain, on each Valuation
Date, and shall verify to its </FONT><FONT STYLE="letter-spacing: -0.55pt">satisfaction that it is maintaining on such Valuation Date,
</FONT><FONT STYLE="letter-spacing: -0.6pt">(i) S&amp;P Eligible Assets having an aggregate Discounted Value </FONT><FONT STYLE="letter-spacing: -0.55pt">equal
to or greater than the RP Basic Maintenance Amount and </FONT><FONT STYLE="letter-spacing: -0.5pt">(ii) Moody's Eligible Assets having
an aggregate Discounted</FONT> 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.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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) the fifteenth day of each month (or, if such day is not a Business Day, the next succeeding Business Day) and (ii) the last
Business Day of each month, in each case on 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 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.65pt">(c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.05pt">On or before 5:00 p.m., New York City time, on the </FONT>third Business Day after
a Valuation Date on which the Trust fails 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 6pt 4.3pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -1.65pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust 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>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.3pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(e)
An RP Basic Maintenance Report or Accountant's Confirmation will be deemed to have been delivered to the </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing
Agents, the Paying Agent, Moody's and S&amp;P if </FONT><FONT STYLE="letter-spacing: -0.55pt">Remarketing Agents, the Paying Agent, Moody's
and S&amp;P receive </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Basic Maintenance
Report under subparagraph (b), (c) or (d) </FONT><FONT STYLE="letter-spacing: -0.5pt">of this paragraph 8 shall be deemed to be delivery
of an RP </FONT><FONT STYLE="letter-spacing: -0.6pt">Basic Maintenance Report indicating that the Discounted Value </FONT><FONT STYLE="letter-spacing: -0.55pt">for
all assets of the Trust is less than the RP Basic Maintenance Amount, as of the relevant Valuation Date.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.9pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.6pt">(f)
Within ten Business Days after the date of delivery </FONT><FONT STYLE="letter-spacing: -0.55pt">to the Remarketing Agents, the Paying
Agent, S&amp;P and Moody's </FONT><FONT STYLE="letter-spacing: -0.5pt">of an RP Basic Maintenance Report in accordance with </FONT><FONT STYLE="letter-spacing: -0.55pt">paragraph
8(b) above relating to a Quarterly Valuation Date, </FONT><FONT STYLE="letter-spacing: -0.5pt">the Independent Accountant will confirm
in writing to the </FONT><FONT STYLE="letter-spacing: -0.6pt">Remarketing Agents, the Paying Agent, S&amp;P and Moody's (i) the </FONT><FONT STYLE="letter-spacing: -0.5pt">mathematical
accuracy of the calculations reflected in such </FONT><FONT STYLE="letter-spacing: -0.55pt">Report (and in any other RP Basic Maintenance
Report, randomly-selected by the Independent Accountant, that was </FONT><FONT STYLE="letter-spacing: -0.5pt">delivered by the Trust during
the quarter ending on such </FONT><FONT STYLE="letter-spacing: -0.55pt">Quarterly Valuation Date); (ii) that, in such Report (and in</FONT>
<FONT STYLE="letter-spacing: -0.5pt">such randomly selected Report), (a) the Trust determined in accordance with this Section 12.2 whether
the Trust had, at such Quarterly Valuation Date (and at the Valuation Date addressed in such randomly-selected Report), S&amp;P Eligible
</FONT><FONT STYLE="letter-spacing: -0.55pt">Assets of an aggregate Discounted Value at least equal to the RP Basic Maintenance Amount
and Moody's Eligible Assets of an </FONT><FONT STYLE="letter-spacing: -0.5pt">aggregate Discounted Value at least equal to the RP Basic
</FONT><FONT STYLE="letter-spacing: -0.45pt">Maintenance Amount, (b) the aggregate amount of Deposit </FONT><FONT STYLE="letter-spacing: -0.5pt">Securities
equals the Dividend Coverage Amount, and (c) the Market Value of Portfolio Securities as determined by the Pricing Service equals the
mean between the quoted bid and asked price or the yield equivalent (when quotations are </FONT><FONT STYLE="letter-spacing: -0.55pt">readily
available); and (iii) the accuracy of the description </FONT><FONT STYLE="letter-spacing: -0.5pt">of Eligible Assets as stated in the
RP Basic Maintenance Report (such confirmation is herein called the &quot;Accountant's </FONT>Confirmation&quot;).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.6pt">(g)
Within ten Business Days after the date of delivery </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.6pt">the Trust failed to maintain the</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 3.35pt">RP Basic Maintenance Amount, the Independent Accountant will
provide to the Remarketing <FONT STYLE="letter-spacing: -0.5pt">Agents, Paying Agent, S&amp;P and Moody's an Accountant's </FONT><FONT STYLE="letter-spacing: -0.55pt">Confirmation
as to such RP Basic Maintenance Report.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.6pt">(h) Within
ten Business Days after the date of delivery </FONT><FONT STYLE="letter-spacing: -0.5pt">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 Remarketing Agents,
the Paying Agent, S&amp;P and Moody's an Accountant's Confirmation as to such RP Basic Maintenance </FONT>Report.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.45pt; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.6pt">(i)
If any Accountant's Confirmation delivered pursuant </FONT><FONT STYLE="letter-spacing: -0.5pt">to subparagraph (f), (g) or (h) of this
paragraph 8 shows </FONT><FONT STYLE="letter-spacing: -0.55pt">that an error was made in the RP Basic Maintenance Report for </FONT><FONT STYLE="letter-spacing: -0.5pt">a
particular Valuation Date for which such Accountant's </FONT><FONT STYLE="letter-spacing: -0.6pt">Confirmation was required to be delivered,
or shows' that a </FONT><FONT STYLE="letter-spacing: -0.55pt">lower aggregate Discounted Value for the aggregate of all S&amp;P </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">accordingly
amend and deliver the RP Basic Maintenance Report </FONT><FONT STYLE="letter-spacing: -0.5pt">to the Remarketing Agents, the Paying Agent,
S&amp;P and Moody's promptly following receipt by the Trust of such Accountant's </FONT>Confirmation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -2.35pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.45pt"><U>Minimum
Liquidity Level</U>. The Trust shall be </FONT><FONT STYLE="letter-spacing: -0.5pt">required to have, as of each Valuation Date, Dividend
Coverage Assets with respect to shares of RP of each then outstanding Dividend Period having a Discounted Value not ,</FONT><FONT STYLE="letter-spacing: -0.6pt">less
than the Dividend Coverage Amount with respect to shares </FONT>of such Dividend Period.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 34.1pt"><FONT STYLE="letter-spacing: -1.85pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.6pt"><U>Restrictions
on Certain Distributions</U>. For so long </FONT><FONT STYLE="letter-spacing: -0.5pt">as any share of RP is outstanding, (A) the Trust
shall not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in </FONT><FONT STYLE="letter-spacing: -0.55pt">shares
of, or options, warrants or rights to subscribe for or </FONT><FONT STYLE="letter-spacing: -0.5pt">purchase, Common Shares or other shares,
if any, ranking junior to or on a parity with the shares of RP as to dividends and upon liquidation) in respect of the Common </FONT><FONT STYLE="letter-spacing: -0.6pt">Shares,
RP or any other shares of the Trust ranking junior to </FONT><FONT STYLE="letter-spacing: -0.5pt">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 (except by conversion into or </FONT><FONT STYLE="letter-spacing: -0.6pt">exchange for shares of the Trust
ranking junior to the shares </FONT><FONT STYLE="letter-spacing: -0.55pt">of RP as to dividends and upon liquidation), unless (i) full
</FONT><FONT STYLE="letter-spacing: -0.5pt">cumulative dividends on shares of RP and Other RP through </FONT><FONT STYLE="letter-spacing: -0.55pt">their
most recently ended respective Dividend Periods (or, if </FONT><FONT STYLE="letter-spacing: -0.5pt">such transaction is on a Dividend
Payment Date, through the Dividend Period ending on the day prior to such Dividend</FONT> <FONT STYLE="letter-spacing: -0.45pt">Payment
Date) shall have been paid or shall have been </FONT><FONT STYLE="letter-spacing: -0.5pt">declared and sufficient funds for the payment
thereof </FONT><FONT STYLE="letter-spacing: -0.45pt">deposited with the Paying Agent and (ii) the Trust has redeemed the full number of
shares of RP and Other RP required to be redeemed by any provision for mandatory </FONT><FONT STYLE="letter-spacing: -0.5pt">redemption
pertaining thereto, and (B) the Trust will not </FONT><FONT STYLE="letter-spacing: -0.45pt">declare, pay or set apart for payment any
dividend or other </FONT><FONT STYLE="letter-spacing: -0.5pt">distribution (other than a dividend or distribution paid in </FONT><FONT STYLE="letter-spacing: -0.55pt">shares
of, or options, warrants or rights to subscribe for or </FONT><FONT STYLE="letter-spacing: -0.45pt">purchase, Common Shares or other shares,
if any, ranking </FONT><FONT STYLE="letter-spacing: -0.5pt">junior to 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 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 (except
by conversion into or exchange for shares of the Trust ranking </FONT><FONT STYLE="letter-spacing: -0.55pt">junior to shares of RP as
to</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt">dividends and upon liquidation), <FONT STYLE="letter-spacing: -0.45pt">unless
immediately after such transaction the Discounted </FONT><FONT STYLE="letter-spacing: -0.5pt">Value of the Trust's portfolio would at
least equal the RP </FONT>Basic Maintenance Amount.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.1pt; text-indent: 33.35pt"><FONT STYLE="letter-spacing: -0.5pt">11.
<U>Notice</U>. All notices or communications, unless </FONT><FONT STYLE="letter-spacing: -0.55pt">otherwise specified in these By-laws,
shall be sufficiently </FONT><FONT STYLE="letter-spacing: -0.5pt">given if in writing and delivered in person or mailed by first-class
mail, postage prepaid. Notice shall be deemed</FONT> given on the earlier of the date received or the date seven days after which such
notice is mailed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 22.1pt 6pt 1.2pt; text-indent: 33.1pt">12. <U>Certain Other Restrictions</U>.
For so long as any shares of RP are outstanding,</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 35.05pt"><FONT STYLE="letter-spacing: -0.05pt">(a)
the Trust will not, unless it has received written </FONT>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 shares of RP, engage in any one or more of the following transactions:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 34.8pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.05pt">(i)
borrow money if the RP Basic Maintenance Amount </FONT>would not be satisfied after giving effect to such borrowing; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.75pt; text-indent: 35.3pt"><FONT STYLE="letter-spacing: -0.05pt">(ii)
borrow, in the aggregate, money in excess of </FONT>the lesser of $10,000,000 or the product of the number of shares of RP and Other RP
outstanding multiplied by $10,000 or 10% of the total assets of the Trust; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 36.7pt; text-indent: 35.05pt"><FONT STYLE="letter-spacing: -0.05pt">(iii)
borrow any money except for the purpose of </FONT>clearing portfolio transactions; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">(iv) lend portfolio securities;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.75pt">(b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Trust shall not buy or sell futures contracts or write put or call options except in accordance with the guidelines
established and revised, from time to time, by each of Moody's and S&amp;P; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.9pt">(c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>for purposes of S&amp;P and Moody's rating of the shares RP, the Trust shall give to each of S&amp;P and Moody's <FONT STYLE="letter-spacing: -0.5pt">prompt
written notice of: (i) any material change to the </FONT><FONT STYLE="letter-spacing: -0.55pt">Declaration of Trust or Article XII of
the By-laws; (ii) any </FONT><FONT STYLE="letter-spacing: -0.65pt">failure to declare or pay any dividend on the shares of RP; . </FONT><FONT STYLE="letter-spacing: -0.55pt">(iii)
any mandatory or optional redemption of the shares of </FONT><FONT STYLE="letter-spacing: -0.5pt">RP; (iv) any assumption of control of
the Board of Trustees by the Holders of shares of RP pursuant to Section 6(b) of </FONT><FONT STYLE="letter-spacing: -0.55pt">this Part
I; (v) in the event the Trust shall not be a party </FONT><FONT STYLE="letter-spacing: -0.5pt">to a pricing services agreement and dealer
quotes on assets are not available; (vi) in the event that the Applicable Dividend Rate equals or exceeds 95% of &quot;AA&quot; Composite
</FONT><FONT STYLE="letter-spacing: -0.55pt">Commercial Paper Rate; (vii) a change in dividend period; (viii) any person owning more than
5% of Trust's Common </FONT><FONT STYLE="letter-spacing: -0.5pt">Shares; (ix) a change in Internal Revenue Service rules on </FONT><FONT STYLE="letter-spacing: -0.55pt">Gross-up
Dividends relating to the operation of the Trust; </FONT>and (x) a change in pricing service.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 134.15pt 6pt 130.1pt; text-align: center">PART II. <FONT STYLE="letter-spacing: -0.6pt">REMARKETING
<BR>
PROCEDURES</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.15pt">1.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="letter-spacing: -0.6pt"><U>Remarketing Schedule</U>. Each Remarketing for shares </FONT><FONT STYLE="letter-spacing: -0.55pt">of
RP shall take place over a three-day period consisting of </FONT><FONT STYLE="letter-spacing: -0.5pt">the Tender Date, the Dividend Reset
Date and the Settlement Date. Such dates or the method of establishing such dates shall be determined by the Board of Trustees from time
to </FONT>time.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -2.05pt">2.<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT> <FONT STYLE="letter-spacing: -0.5pt"><U>Procedure for Tendering</U>. (a) Each share of RP is subject to Tender and Dividend
Reset only at the end of each Dividend Period applicable to such share and may be tendered in the Remarketing which commences on the Tender
Date immediately prior to the end of the current Dividend Period </FONT><FONT STYLE="letter-spacing: -0.6pt">with respect thereto. By
12:00 noon, New York City time,, on </FONT><FONT STYLE="letter-spacing: -0.5pt">each such Tender Date, the Remarketing Agents shall, after
canvassing the market and considering prevailing market conditions at the time for shares of RP and similar </FONT><FONT STYLE="letter-spacing: -0.55pt">securities,
provide Beneficial Owners non-binding indications </FONT><FONT STYLE="letter-spacing: -0.5pt">of the Applicable Dividend Rate for the
next succeeding 7-day Dividend Period, 28-day Dividend Period and any Optional </FONT><FONT STYLE="letter-spacing: -0.6pt">Dividend Period
or, if applicable, a Special Dividend Period; </FONT><FONT STYLE="letter-spacing: -0.5pt">provided that, if the Board of Trustees has
designated a Special Dividend Period with respect to all shares of RP subject to Tender and Dividend Reset, the Remarketing Agents will
provide to Beneficial Owners of shares of RP a non-binding indication only of the Applicable Dividend Rate for </FONT><FONT STYLE="letter-spacing: -0.55pt">such
Special Dividend Period. The actual Applicable Dividend </FONT><FONT STYLE="letter-spacing: -0.5pt">Rates for such Dividend Periods may
be greater than or less than the rate indicated in such non-binding indications (but not greater than the applicable Maximum Dividend
Rate). By 1:00 p.m., New York City time, on such Tender Date, each Beneficial Owner of shares of RP subject to the Tender and </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend
Reset must notify a Remarketing Agent of its desire, </FONT><FONT STYLE="letter-spacing: -0.5pt">on a share-by-share basis, either to
tender such share of RP at a price of $100,000 per share or to continue to hold such share of RP and elect either a 7-day Dividend Period,
a 28-</FONT><FONT STYLE="letter-spacing: -0.55pt">day Dividend Period or a specific available Optional Dividend </FONT><FONT STYLE="letter-spacing: -0.5pt">Period
or, if applicable, accept a designated Special Dividend Period at the new Applicable Dividend Rate for the </FONT><FONT STYLE="letter-spacing: -0.55pt">selected
or designated, as the case may be, Dividend Period. </FONT><FONT STYLE="letter-spacing: -0.5pt">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 or Rates is established. Any such notice may not be waived by the Remarketing Agents, except that prior to 4:00
p.m., New York City time, on a Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Reset Date, a Remarketing Agent may, in its sole
discretion, (i) at the request of a Beneficial Owner that has tendered </FONT><FONT STYLE="letter-spacing: -0.5pt">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 a 7-day </FONT><FONT STYLE="letter-spacing: -0.65pt">Dividend Period, 2 8-day Dividend Period or available Optional </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend
Period 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 </FONT>respect thereto.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.05in; text-indent: 34.8pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
The right of each Beneficial Owner to tender shares </FONT><FONT STYLE="letter-spacing: -0.5pt">of RP in a Remarketing shall be limited
to the extent that </FONT><FONT STYLE="letter-spacing: -0.65pt">(i)' the Remarketing Agents conduct a Remarketing pursuant to </FONT><FONT STYLE="letter-spacing: -0.5pt">the
terms of the Remarketing Agreement, (ii) shares tendered </FONT><FONT STYLE="letter-spacing: -0.55pt">have not been called for redemption
and (iii) the Remarketing </FONT><FONT STYLE="letter-spacing: -0.5pt">Agents are able to find a purchaser or purchasers for </FONT><FONT STYLE="letter-spacing: -0.55pt">tendered
shares of RP at an Applicable Dividend Rate or Rates for the next Dividend Period or Periods that is not in excess </FONT><FONT STYLE="letter-spacing: -0.5pt">of
the Maximum Dividend Rate or Rates for such Dividend </FONT>Period or Periods.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.75pt; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.55pt">3.
<U>Determination of Applicable Dividend Rates</U>. (a) Between 1:00 p.m., New York City time, on each Tender Date and 4:00 p.m., New York
City time, on the succeeding Dividend Reset Date, the Remarketing Agents shall determine (i) unless </FONT><FONT STYLE="letter-spacing: -0.5pt">the
Board of Trustees has designated such next Dividend Period as a Special Dividend Period with respect to all shares subject to Tender and
Dividend Reset, the allocation </FONT><FONT STYLE="letter-spacing: -0.55pt">of tendered shares of RP among a</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.75pt">7-day Dividend Period, a 28-<FONT STYLE="letter-spacing: -0.45pt">day
Dividend Period and each available Optional Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Period, if any, and, if applicable,
a Special Dividend Period </FONT><FONT STYLE="letter-spacing: -0.5pt">(provided that, if the Remarketing Agents are unable to </FONT><FONT STYLE="letter-spacing: -0.55pt">remarket
on such Dividend Reset Date all such tendered shares </FONT><FONT STYLE="letter-spacing: -0.5pt">in a Remarketing at a price of $100,000
per share, then the Remarketing Agents shall allocate no shares to any Optional </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend
Period and no shares will be assigned to any Special </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Period and such shares shall
be allocated to a 7-day Dividend Period) and (ii) the Applicable Dividend Rates to the nearest one-thousandth (0.001) of one percent per
annum for the next 7-day Dividend Period, the next 28-day Dividend Period and the next Optional Dividend Period or Periods or the next
designated Special Dividend Period, as the case may be. 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">determine,
in their sole judgment, to be the lowest rate, </FONT><FONT STYLE="letter-spacing: -0.5pt">giving effect to such allocation, that will
enable them to remarket on behalf of the Beneficial Owners thereof all</FONT> <FONT STYLE="letter-spacing: -0.55pt">shares of RP subject
to Tender and Dividend Reset in such Remarketing and tendered to them on such Tender Date at a </FONT>price of $100,000 per share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
If no Applicable Dividend Rate shall have been </FONT><FONT STYLE="letter-spacing: -0.5pt">established on a Dividend Reset Date in a Remarketing
for a 7-day Dividend Period, a 28-day Dividend Period or Optional Dividend Period or Periods or Special Dividend Period, if any, or for
any or all of the foregoing, for any reason </FONT><FONT STYLE="letter-spacing: -0.55pt">(other than because there are no Remarketing
Agents, the </FONT><FONT STYLE="letter-spacing: -0.5pt">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 Dividend Reset Date all shares of RP tendered (or
deemed tendered) to them at a price of $100,000 per share), then the Remarketing Agents, in their sole discretion, shall, if necessary
and </FONT><FONT STYLE="letter-spacing: -0.55pt">except during a Non-Payment Period, after taking into account </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend
Rate or Rates, as the case may be, that would be the </FONT><FONT STYLE="letter-spacing: -0.5pt">rate or rates per annum that would be
the initial dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">rate or rates in an offering on such Dividend Reset Date, </FONT><FONT STYLE="letter-spacing: -0.5pt">assuming
in each case a comparable dividend period or periods, issuer and security. If there is no Remarketing 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 Dividend Reset Date all shares of RP tendered (or deemed tendered) to them at a price of </FONT><FONT STYLE="letter-spacing: -0.6pt">$100,000
per share, then, except during a Non-Payment Period, </FONT><FONT STYLE="letter-spacing: -0.5pt">the Applicable Dividend Rate for the
subsequent Dividend Period and for each subsequent Dividend Period for which no </FONT><FONT STYLE="letter-spacing: -0.55pt">Remarketing
takes place because of the foregoing shall be the </FONT><FONT STYLE="letter-spacing: -0.5pt">applicable Maximum Dividend Rate for a 7-day
Dividend Period and the next succeeding Dividend Period shall be a 7-day Dividend Period. In a Remarketing, the Applicable Dividend </FONT><FONT STYLE="letter-spacing: -0.55pt">Rates
for different Dividend Periods need not be equal.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(c)
In determining such Applicable Dividend Rate or </FONT><FONT STYLE="letter-spacing: -0.5pt">Rates, and making such allocation, the Remarketing
Agents shall, after taking into account market conditions as </FONT><FONT STYLE="letter-spacing: -0.55pt">reflected in the prevailing
yields on fixed and variable rate </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Owners and potential purchasers of shares of RP, (i) consider
</FONT><FONT STYLE="letter-spacing: -0.5pt">the number of shares of RP tendered and the number of shares </FONT><FONT STYLE="letter-spacing: -0.55pt">of
RP potential purchasers are willing to purchase and (ii) </FONT><FONT STYLE="letter-spacing: -0.5pt">contact by telephone or otherwise
current and potential</FONT> Beneficial Owners of shares of RP subject to Tender and Dividend Reset to ascertain the dividend rates</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.4pt">at which they would be willing to hold shares of RP.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.7pt">(d)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Applicable Dividend Rate or Rates as well as the allocation of tendered shares of RP shall be determined as aforesaid
by the Remarketing Agents in their sole discretion (except as otherwise provided in this Section 12.2 with respect to Applicable Dividend
Rates that shall be the Non-Payment Period Rate or the Maximum Dividend Rates) and shall be conclusive and binding on Holders and Beneficial
Owners.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 7.9pt 6pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.8pt">(e)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except during a Non-Payment Period, the Applicable Dividend Rate for any Dividend Period shall not be more than the applicable
Maximum Dividend Rate.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt; text-indent: 32.65pt">4. <U>Allocation of Shares; Failure to
Remarket at $100,000 Per Share</U>. (a) If the Remarketing Agents are unable to remarket by 4:00 p.m., New York City time, on a Dividend
Reset Date all shares of RP tendered to them in the related Remarketing (which are subject to Tender or Dividend Reset in such Remarketing)
at a price of $100,000 per share, (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 <FONT STYLE="letter-spacing: -0.45pt">of RP in such Remarketing; (ii) the
next Dividend Period </FONT><FONT STYLE="letter-spacing: -0.5pt">shall be a 7-day Dividend Period for all tendered (or deemed tendered)
but unsold shares (which are subject to Tender and </FONT><FONT STYLE="letter-spacing: -0.45pt">Dividend Reset in such Remarketing) and
the Applicable Dividend Rates shall be the applicable Maximum Dividend </FONT>Rates.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1.2pt; text-indent: 35.75pt"><FONT STYLE="letter-spacing: -0.6pt">(b)
If the allocation procedures described above would </FONT><FONT STYLE="letter-spacing: -0.45pt">result in the sale of a fraction of a
share of RP, the </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing Agents shall, in their sole discretion, round up </FONT><FONT STYLE="letter-spacing: -0.45pt">or
down the number of shares of RP sold by each Beneficial Owner on the applicable Dividend Reset 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 </FONT><FONT STYLE="letter-spacing: -0.5pt">number
of shares purchased on such Dividend Reset Date.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.45pt">5.
<U>Notification of Results; Settlement</U>. (a) By telephone at approximately 4:30 p.m., New York City time, on each Dividend Reset Date
with respect to shares of RP, the Remarketing Agents shall advise each Beneficial Owner of tendered shares and each purchaser thereof
(or the Agent </FONT><FONT STYLE="letter-spacing: -0.5pt">Member thereof) (i) of the number of shares such Beneficial </FONT><FONT STYLE="letter-spacing: -0.45pt">Owner
or purchaser is to sell or purchase and (ii) to give instructions to its Agent Member to deliver such shares </FONT><FONT STYLE="letter-spacing: -0.55pt">against
payment therefor or to pay the purchase price against </FONT><FONT STYLE="letter-spacing: -0.45pt">delivery as appropriate. The Remarketing
Agents will also </FONT><FONT STYLE="letter-spacing: -0.55pt">advise each Beneficial Owner or purchaser that is to continue</FONT> <FONT STYLE="letter-spacing: -0.5pt">to
hold, or to purchase, shares with a Dividend Period </FONT><FONT STYLE="letter-spacing: -0.55pt">beginning on the Business Day following
such Dividend Reset </FONT><FONT STYLE="letter-spacing: -0.6pt">Date of the lengths of such Applicable Dividend Periods and </FONT>the
Dividend Rate for such shares.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt; text-indent: 35.05pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
In accordance with the Securities Depository's normal procedures, on the Settlement Date, the transactions </FONT><FONT STYLE="letter-spacing: -0.5pt">described
above with respect to each share of RP shall be </FONT><FONT STYLE="letter-spacing: -0.6pt">executed through the Securities Depository,
if the Securities Depository or its nominee holds or is to hold the certificate </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.6pt">shares
of RP and the changes in the types of Dividend Periods </FONT><FONT STYLE="letter-spacing: -0.5pt">as determined in the related Remarketing.
Purchasers of </FONT><FONT STYLE="letter-spacing: -0.55pt">shares of RP</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.95pt">shall make payment to the Paying Agent in same-<FONT STYLE="letter-spacing: -0.5pt">day
funds against delivery to other purchasers or their nominees of one or more certificates representing shares of RP, or, if the Securities
Depository or its nominee holds or is to hold the certificate relating to the shares to be purchased, through their Agent Members in same-day
funds to the Securities Depository against delivery by book entry of shares of RP through their Agent Members. The Securities </FONT><FONT STYLE="letter-spacing: -0.55pt">Depository
shall make payment in accordance with its normal </FONT>procedures.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.75pt">(c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0.5in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: -1.65pt">(d)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></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 connection with a Remarketing, the Remarketing Agent, 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 6pt 0.05in; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -1.85pt">(e)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 6pt 4.55pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -2.35pt">6.</FONT><FONT STYLE="font-size: 7pt"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.5pt"><U>Purchase
of Shares of RP by Remarketing Agents</U>. The Remarketing Agents may purchase for their own accounts shares </FONT><FONT STYLE="letter-spacing: -0.5pt">of
RP in a Remarketing, provided that they purchase all tendered (or deemed tendered) shares of RP not sold in such </FONT><FONT STYLE="letter-spacing: -0.45pt">Remarketing
to other purchasers and that the Applicable </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Rate established with respect to such
shares in such </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing is not higher than the Applicable Dividend Rate or Rates that would
have been established if the Remarketing Agents had not purchased such shares. Except as provided in the previous sentence, 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
own any shares of RP subject to a Remarketing immediately prior to such Remarketing and if all other shares subject to such Remarketing
and rendered for sale by other Beneficial </FONT><FONT STYLE="letter-spacing: -0.55pt">Owners of shares of RP have been sold in such Remarketing,
</FONT><FONT STYLE="letter-spacing: -0.5pt">then the Remarketing Agents may sell such number of their </FONT><FONT STYLE="letter-spacing: -0.55pt">shares
in such Remarketing as there are outstanding orders to </FONT><FONT STYLE="letter-spacing: -0.5pt">purchase that have not been filled
by shares tendered for sale by other Beneficial Owners. 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 </FONT>shares
of RP in a Remarketing.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.55pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -2.35pt">7.</FONT><FONT STYLE="font-size: 7pt"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.5pt"><U>Applicable Dividend Rate During a Non-Payment </U></FONT><U><FONT STYLE="letter-spacing: -0.55pt">Period</FONT></U><FONT STYLE="letter-spacing: -0.55pt">.
So long as a Non-Payment Period shall continue, paragraphs 1, 2, 3, 4, 5 and 6 of this Part II shall not be </FONT><FONT STYLE="letter-spacing: -0.5pt">applicable
to any of the Shares of RP and the shares of RP </FONT><FONT STYLE="letter-spacing: -0.55pt">shall not be subject to Tender and Dividend
Reset.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.55pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -2.35pt">8.</FONT><FONT STYLE="font-size: 7pt"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.5pt"><U>Transfers</U>. As a condition precedent to purchasing shares of RP in any offering,
in any Remarketing or outside any Remarketing, each purchaser of shares of RP shall be </FONT><FONT STYLE="letter-spacing: -0.55pt">required
to sign and deliver a Master Purchaser's Letter. </FONT><FONT STYLE="letter-spacing: -0.5pt">The sufficiency of any Master Purchaser's
Letter is to be determined by the Remarketing Agents in their sole discretion. In a Master Purchaser's Letter, such purchaser shall agree,
among other things, (i) unless the Trust has elected, during a Non-Payment Period, to waive this requirement, to have its ownership of
such shares of RP maintained in book entry form by the Securities Depository, </FONT><FONT STYLE="letter-spacing: -0.55pt">for the account
of a designated Agent Member which, in turn, </FONT><FONT STYLE="letter-spacing: -0.5pt">shall maintain records of such purchaser's beneficial
ownership, (ii) to be conclusively bound by the remarketing procedures, including the Remarketing Agents' determination of the Applicable
Dividend Rates and the applicable Dividend </FONT><FONT STYLE="letter-spacing: -0.65pt">Periods, (iii) to the payment of dividends at
different rates </FONT><FONT STYLE="letter-spacing: -0.55pt">to different Holders of shares of RP depending on the type of </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend
Period selected by such Holders, (iv) that its notice to tender shares of RP in a Remarketing shall constitute an irrevocable offer, except
as set forth in such Master Purchaser's Letter, to sell the shares specified in such notice and authorization to the Remarketing Agents
to sell, transfer or otherwise dispose of such shares as set </FONT><FONT STYLE="letter-spacing: -0.55pt">forth herein and (v) unless
the Trust shall have elected, </FONT><FONT STYLE="letter-spacing: -0.5pt">during a Non-Payment Period, to waive this requirement, to sell,
transfer or otherwise dispose of any share of RP held by it only pursuant to orders placed in a Remarketing therefor or to a person that
has signed and delivered a Master Purchaser's Letter as providing herein, and, in the </FONT><FONT STYLE="letter-spacing: -0.55pt">case
of any transfer other than pursuant to a Remarketing, to </FONT><FONT STYLE="letter-spacing: -0.5pt">ensure that an Agent Member advises
a Remarketing Agent of such transfer. The Agent Member shall be authorized and </FONT><FONT STYLE="letter-spacing: -0.55pt">instructed
to disclose to any Remarketing Agent and/or the Paying Agent such information with respect to such </FONT><FONT STYLE="letter-spacing: -0.5pt">purchaser's
beneficial ownership as a Remarketing Agent or </FONT>the Paying Agent shall request.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 4.55pt; text-indent: 33.1pt"><FONT STYLE="letter-spacing: -2.35pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.5pt"><U>Miscellaneous</U>.
To the extent permitted by </FONT><FONT STYLE="letter-spacing: -0.55pt">applicable law, the Board of Trustees of the Trust may interpret
or adjust the provisions hereof to resolve any </FONT><FONT STYLE="letter-spacing: -0.6pt">inconsistency or ambiguity, or to remedy any
formal defect.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 5.05pt; text-indent: 33.85pt"><FONT STYLE="letter-spacing: -1.95pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.6pt"><U>Securities
Depository; Shares Certificates</U>. (a) If </FONT><FONT STYLE="letter-spacing: -0.5pt">there is a Securities Depository, an appropriate
number of </FONT><FONT STYLE="letter-spacing: -0.55pt">certificates for all of the shares of RP shall be issued to </FONT><FONT STYLE="letter-spacing: -0.5pt">the
Securities Depository and registered in the name of the Securities Depository or its nominee. Additional certificates may be issued as
necessary to represent shares of RP having Optional Dividend Periods or Special Dividend Periods. All such certificates shall bear a legend
to the effect that such certificates are issued subject to the provisions contained in this Section 12.2 and each Master Purchaser's Letter.
Unless the Trust shall have elected, during a Non-Payment Period, to waive this requirement, the Trust will also issue stop-transfer instructions
to the Paying Agent for the shares of RP. Except as provided in </FONT><FONT STYLE="letter-spacing: -0.55pt">paragraph (b) below, the
Securities Depository or its nominee </FONT><FONT STYLE="letter-spacing: -0.5pt">will be the Holder, and no Beneficial Owner shall receive
certificates representing its ownership interest in such </FONT>shares.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt; text-indent: 35.5pt"><FONT STYLE="letter-spacing: -0.55pt">(b)
If the Applicable Dividend Rate applicable to all shares of RP shall be the Non-Payment Period Rate or there is </FONT><FONT STYLE="letter-spacing: -0.5pt">no
Securities Depository, the Trust may at its option issue one or more new certificates with respect to such shares </FONT><FONT STYLE="letter-spacing: -0.55pt">(without
the legend referred to in</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 2.65pt">paragraph 10(a) of this <FONT STYLE="letter-spacing: -0.5pt">Part
II) 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 with respect </FONT>to such shares.</P>

<P STYLE="font: 10pt/22.3pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 2.65pt; text-indent: 35.5pt">&nbsp;</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 remarketed 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 Article 13, the Shareholder&#8217;s proposal shall
automatically be withdrawn from consideration at the meeting.</P>


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<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</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in">adviser or an affiliate of such investment adviser with respect
to the Trust.</P>

<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>


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<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 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>


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<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>

<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"><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>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</P>


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


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

<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>


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<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>

<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 0 0.5in; text-indent: 0.5in">&nbsp;</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>


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<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 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; text-indent: 0.5in">&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; text-indent: 0.5in">&nbsp;</P>


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<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">&nbsp;</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, 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; 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>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">&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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 84.5pt 0 0 6.95pt; text-align: center">&nbsp;</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 Managed
Municipal Income Trust dated as of September 18, 2020.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.45pt"><FONT STYLE="letter-spacing: -0.35pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.45pt; text-align: center"><FONT STYLE="letter-spacing: -0.35pt">PUTNAM
MANAGED MUNICIPAL TRUST</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.7pt 0 0 1.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt">Amendment
No. 2 to Bylaws</FONT></P>

<P STYLE="font: 12pt/13.45pt Arial, Helvetica, Sans-Serif; margin: 13.45pt 0 0; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.15pt">WHEREAS,
Article 13, Section 13.1 and Article 12, Section 12.1, Part I, paragraph 6(c) of </FONT><FONT STYLE="letter-spacing: -0.2pt">the Bylaws
(the &quot;Bylaws&quot;) of Putnam Managed Municipal Trust (the &quot;Trust&quot;) permit the Trustees of </FONT><FONT STYLE="letter-spacing: -0.15pt">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; Poor's (&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 </FONT>Shares or any holder thereof;</P>

<P STYLE="font: 12pt/13.7pt Arial, Helvetica, Sans-Serif; margin: 12.7pt 0 0 0.5pt; text-indent: 34.3pt"><FONT STYLE="letter-spacing: -0.25pt">WHEREAS,
the Trustees desire to amend the Bylaws so as to eliminate the liquidity test </FONT><FONT STYLE="letter-spacing: -0.15pt">contained in
Article 12, Section 12.1, Part I, paragraph 9 of the Bylaws;</FONT></P>

<P STYLE="font: 12pt/13.2pt Arial, Helvetica, Sans-Serif; margin: 13.45pt 0 0 0.25pt; text-indent: 34.55pt"><FONT STYLE="letter-spacing: -0.2pt">WHEREAS,
Moody's and S&amp;P have confirmed to the Trust that the deletion of the </FONT><FONT STYLE="letter-spacing: -0.25pt">definitions of the
terms &quot;Dividend Coverage Amount,&quot; &quot;Dividend Coverage Assets&quot; and &quot;Minimum. </FONT><FONT STYLE="letter-spacing: -0.15pt">Liquidity
Level&quot; will not impair their ratings of outstanding Preferred Shares; and</FONT></P>

<P STYLE="font: 12pt/13.45pt Arial, Helvetica, Sans-Serif; margin: 13.45pt 0 0; text-indent: 33.6pt"><FONT STYLE="letter-spacing: -0.25pt">WHEREAS,
the Trustees have determined that, in the event that the definitions of the terms </FONT><FONT STYLE="letter-spacing: -0.2pt">&quot;Dividend
Coverage Amount,&quot; &quot;Dividend Coverage Assets&quot; and &quot;Minimum Liquidity Level&quot; are </FONT><FONT STYLE="letter-spacing: -0.15pt">deleted,
the deletion of Article 12, Section 12.1, Part I, paragraphs 8(f)(ii)(b) and 9 of the Bylaws </FONT><FONT STYLE="letter-spacing: -0.2pt">would
not materially and adversely affect any preference, right or power of the Preferred Shares or </FONT>any holder thereof;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 12.25pt 0 0 34.8pt"><FONT STYLE="letter-spacing: -0.25pt">NOW, THEREFORE, the
Bylaws are hereby amended as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13.45pt Arial, Helvetica, Sans-Serif; margin-top: 12.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="letter-spacing: -0.8pt">1.</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">Article 12, Section 12.1, Part I, paragraph 1 of the Bylaws is hereby amended by deleting </FONT><FONT STYLE="letter-spacing: -0.25pt">the
definitions of the terms &quot;Dividend Coverage Amount,&quot; &quot;Dividend Coverage Assets&quot; and </FONT>&quot;Minimum Liquidity
Level&quot; set forth therein;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13.45pt Arial, Helvetica, Sans-Serif; margin-top: 12.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="letter-spacing: -0.35pt">2.</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">Article 12, Section 12.1, Part I, paragraph 8(f)(ii)(b) is hereby deleted and Article 12, </FONT><FONT STYLE="letter-spacing: -0.2pt">Section
12.1, Part I, paragraph 8(f)(ii)(c) is hereby redesignated Article 12, Section 12.1, </FONT>Part I, paragraph 8(f)(ii)(b); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/13.45pt Arial, Helvetica, Sans-Serif; margin-top: 12.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5pt"></TD><TD STYLE="width: 34.3pt"><FONT STYLE="letter-spacing: -0.55pt">3.</FONT></TD><TD><FONT STYLE="letter-spacing: -0.2pt">The text of Article 12, Section 12.1, Part I, paragraph 9 of the Bylaws is hereby deleted and
</FONT>the word &quot;Reserved&quot; is hereby substituted in its place.</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 13.2pt 0 0 0.7pt"><FONT STYLE="letter-spacing: -0.2pt">This Amendment is effective
as of January 5, 1996.</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 13.2pt 0 0 0.7pt; text-align: center">PUTNAM MANAGED MUNICIPAL INCOME TRUST</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 13.2pt 0 0 0.7pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 24pt; text-transform: uppercase; text-align: center">Amendment to Amended
and Restated Bylaws</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, Article 14, Section 14.1, of the Amended
and Restated Bylaws as last amended by an Amendment effective as of March 9, 2001 (the &#8220;<U>Bylaws</U>&#8221;) of Putnam Managed
Municipal Income Trust (the &#8220;<U>Trust</U>&#8221;) permits the Trustees of the Trust (the &#8220;<U>Trustees</U>&#8221;) to amend
or repeal 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 Bylaws
to remove the requirement that each purchaser of preferred shares of the Trust sign and deliver a &#8220;Master Purchaser&#8217;s Letter&#8221;
(as currently defined in the Bylaws);</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">Article 12, Section 12.1, Part I, paragraph 1
and Article 12, Section 12.2, Part I, paragraph 1 are hereby amended by deleting the definition of &#8220;Master Purchaser&#8217;s Letter.&#8221;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Exhibit A to Section 12.1 of Article 12 is hereby
deleted.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-indent: 0.5in">Article 12, Section 12.1, Part II, paragraph
8 and Article 12, Section 12.2, Part II, paragraph 8 are hereby amended, with each such provision to read in its entirety as follows:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 1in 12pt; letter-spacing: -0.3pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&#8220;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&#8217;s
beneficial ownership.&#8221;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">This Amendment is effective as of February 10, 2006.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 13.2pt 0 0 0.7pt"></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PUTNAM MANAGED MUNICIPAL INCOME 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)
and Section 12.2, Part I, paragraph 6(c) of the Bylaws (the &quot;Bylaws) of Putnam Managed Municipal Income 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 and Section 12.2, 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 and Section 12.2, 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">* 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</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">sufficient comfort with the Adviser&#8217;s internal credit rating processes.</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 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 and Section 12.2, 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>


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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="text-align: left; white-space: nowrap; width: 18%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
    <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="text-align: left; 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; vertical-align: bottom">
    <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="text-align: left; 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; vertical-align: bottom"><FONT STYLE="font-size: 11pt"><B>Maximum Underlying Obligor (%) (1)</B></FONT></TD>
    <TD STYLE="text-align: left; 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; vertical-align: bottom">
    <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 and Section 12.2, 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: middle; padding-left: 0.4in; text-align: center; font-size: 9pt; text-indent: -0.4in">20*</TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 9pt">1.427</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 9pt">1.457</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 9pt">1.487</FONT></TD>
    <TD STYLE="layout-grid-mode: line"><FONT STYLE="font-size: 9pt">1.517</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: left; font-size: 9pt; text-indent: 0in">175%</TD>
    <TD STYLE="vertical-align: middle; text-align: left; font-size: 9pt; text-indent: 0in">195%</TD>
    <TD STYLE="vertical-align: middle; padding-left: 1.4pt; text-align: left; font-size: 9pt; text-indent: -1.4pt">215%</TD>
    <TD STYLE="vertical-align: middle; 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: 10pt 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 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: 10pt 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>


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<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 and Section 12.2, 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 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</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: left">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 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>


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<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: 0.5in">This amendment is effective as of November 2,
2007.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PUTNAM MANAGED MUNICIPAL INCOME 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 Managed Municipal Income 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 Putnam High Yield Municipal Trust 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 C;</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 C;</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 C 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;A series of 2,220 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) plus the premium, if any, resulting from the designation of a Premium Call Period, is hereby designated &quot;Remarketed
Preferred Shares, Series C.&quot; Each share of Remarketed Preferred Shares, Series C shall be issued on a date to be determined by the
Board of Trustees of the Trust or a duly authorized committee thereof; be redeemed (unless such share shall have been otherwise redeemed
pursuant to paragraph 4 of Part I of this Section 12.1 or exchanged prior thereto for Remarketed Preferred Stock, Series I pursuant to
paragraph 12 of Part I of this Section 12.1 by the Trust on a date to be determined by the Board of Trustees of the Trust or a duly authorized
committee thereof) 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</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">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. The Remarketed Preferred Shares, Series C shall constitute a separate series of
preferred shares of the Trust, and each share of Remarketed Preferred Shares, Series C 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">&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 definition
of &quot;Non-Payment Period&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"><FONT STYLE="letter-spacing: -0.5pt">&quot; &quot;Non-Payment
Period&quot; 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Payment Date for shares of RP, for payment on or (to </FONT><FONT STYLE="letter-spacing: -0.5pt">the
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 </FONT><FONT STYLE="letter-spacing: -0.55pt">dividend
on such shares payable on such Dividend Payment Date </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">of RP the full amount of any dividend
on such shares (whether </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">of
RP called for redemption, the redemption price of $100,000 </FONT><FONT STYLE="letter-spacing: -0.5pt">per share (in the case of Series
A and Series B shares of RP) or $50,000 per share (in the case of Series C shares of RP), plus in the case of each series of RP the full
amount of any dividends thereon </FONT><FONT STYLE="letter-spacing: -0.55pt">(whether or not earned or declared) accumulated but unpaid
to </FONT><FONT STYLE="letter-spacing: -0.5pt">such redemption date, plus the premium, if any, resulting from the designation of a Premium
Call Period 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">seven days thereof unless the Trust shall
have given at least </FONT><FONT STYLE="letter-spacing: -0.5pt">three days' written notice to the Paying Agent, the Remarketing Agents
and the Securities Depository and </FONT><FONT STYLE="letter-spacing: -0.55pt">thereafter shall not end unless the Trust shall have given
at </FONT><FONT STYLE="letter-spacing: -0.5pt">least fourteen days' written notice to the Paying Agent, the Remarketing Agents, the Securities
Depository and all Beneficial Owners. 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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Business
Days after such Dividend Payment Date to the Holders </FONT><FONT STYLE="letter-spacing: -0.5pt">who held such shares as of 12:00 noon,
New York City time, on </FONT><FONT STYLE="letter-spacing: -0.45pt">the Business Day preceding such Dividend Payment Date) or </FONT><FONT STYLE="letter-spacing: -0.55pt">redemption
price with respect to such shares not paid to such </FONT><FONT STYLE="letter-spacing: -0.45pt">Holders when due may (if such non-payment
is not solely due </FONT><FONT STYLE="letter-spacing: -0.5pt">to the willful failure of the Trust) be paid pro rata to such </FONT><FONT STYLE="letter-spacing: -0.45pt">Holders
in the same form of funds by 12:00 noon, New York </FONT><FONT STYLE="letter-spacing: -0.55pt">City time, on any of the first three Business
Days after such </FONT><FONT STYLE="letter-spacing: -0.5pt">Dividend Payment Date or due date, as the case may be, </FONT><FONT STYLE="letter-spacing: -0.45pt">provided
that, such amount is accompanied by a late charge </FONT><FONT STYLE="letter-spacing: -0.5pt">calculated for such period of non-payment
as the Non-Payment Period Rate applied to the amount of such non-payment based on the actual number of days comprising such period divided
</FONT>by 365.&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;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>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot; &quot;RP
Basic Maintenance Amount,&quot; as of any Valuation Date, means the dollar amount equal to the sum of (i) (A) the product of the number
of Series A and Series B shares of RP and shares of Other RP outstanding on such date multiplied by $100,000; (B) the product of the number
of Series C shares of RP outstanding on such date multiplied by $50,000; (C) the aggregate amount of dividends that will have accumulated
(whether or not earned or declared) for each share of RP and Other RP outstanding in each case to (but not including) the next Dividend
Payment Date that follows such Valuation Date; (D) the aggregate amount of dividends that would accumulate at the then current Maximum
Dividend Rate on any shares of RP and Other RP outstanding from the Business Days following such respective Dividend Reset Dates through
the 63rd day after such Valuation Date, multiplied by the larger of factors determined from time to time by Moody's and S&amp;P and designed
to take into account potential increases in dividend rates over such period (except that if such Valuation Date occurs during a Non-Payment
Period, the 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 premium, if any, resulting from the designation of a
Premium Call Period; 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 current liabilities relating to futures and options and any Gross-up Dividends which are payable pursuant
to paragraph 3(k) of this Part I with respect to the RP and any analogous provision with respect to Other RP, and payables for Municipal
Securities purchased as of such Valuation Date) less (ii) the sum of (A) receivables for Municipal Securities sold as of such Valuation
Date, provided that, for purposes of calculating RP Basic Maintenance Amount in order to determine whether the Trust has Moody's Eligible
Assets with a Discounted Value that equals the Moody's Basic Maintenance Amount, the party from which such receivable is due shall have
long-term debt rated at least A2 by Moody's and such receivable is due in 30 days or less and (B) the value of any of the Trust's assets
irrevocably deposited by the Trust for the payment of any of (i)(A) through (i)(G).&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;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">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; 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, (i) a period (a &quot;Non-Call Period&quot;)
determined by the Board of 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 Board of 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 $100,000
(in the case of Series A and B shares of RP) or $50,000 (in the case of Series C shares of RP), plus in the case of each series of RP
accumulated but unpaid dividends plus an applicable premium, as determined by the Board of Trustees after consultation with the Remarketing
Agents.&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">5.&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>


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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">&quot;The amount of declared dividends for each share
of RP payable on each Dividend Payment Date 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
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 last day of such Dividend Period, and the denominator of which shall be 365, and then multiplying the percentage so
obtained by $100,000 (in the case of Series A and B shares of RP) or $50,000 (in the case of Series C shares 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">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, paragraph 3(i) 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;Except during a Non-Payment Period, by 1:00 p.m.
on the Tender Date in the Remarketing at the end of the Initial Dividend Period applicable to a share of RP, and by 1:00 p.m. on the Tender
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. If the Beneficial Owner of such share of RP elects
to hold such share, such Beneficial Owner shall hold such share of RP for a 28-day Dividend Period (in the case of Series A and B shares
of RP) or a 7-day Dividend Period (in the case of Series C shares of RP) or a Special Dividend Period if the succeeding Dividend Period
with respect to such share has been designated by the Board of Trustees as a Special Dividend Period provided that, if (i) there are no
Remarketing Agents, (ii) the Remarketing Agents are not required to conduct a Remarketing or (iii) the Remarketing Agents are unable to
remarket in the Remarketing on the Dividend Reset Date following such Tender Date all shares of RP tendered (or deemed tendered) to them
at a price of $100,000 per share (in the case of Series A and B shares of RP) or $50,000 per share (in the case of Series C shares of
RP), then the next Dividend Period for all shares of RP shall be a 28-day Dividend Period (in the case of Series A and B shares RP) or
a 7-day Dividend Period (in the case of Series C shares of RP) and the Applicable Dividend Rate therefor shall be the applicable Maximum
Dividend Rate. If the Beneficial Owner of such share of RP fails to elect to tender or hold such share by 1:00 p.m. on such Tender Date,
such Beneficial Owner shall continue to hold such share at the Applicable Dividend Rate determined in such Remarketing for a Dividend
Period of the same type as the current Dividend Period for such share; provided that, (i) if there are no Remarketing Agents, the Remarketing
Agents are not required to conduct a Remarketing or the Remarketing Agents are unable to remarket in the Remarketing on the Dividend Reset
Date following such Tender Date all shares of RP tendered (or deemed tendered) to them at a price of $100,000 per share (in the case of
Series A and B shares of RP) or $50,000 (in the case of Series C shares of RP), then the next Dividend Period for all shares of RP shall
be a 28-day Dividend Period (in the case of Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of
RP) and the Applicable Dividend Rate therefor shall be the Maximum Applicable Rate for a 28-day Dividend Period or a 7-day Dividend Period,
as the case may be and (ii) if such current Dividend Period is a Special Dividend Period or the succeeding Dividend Period has been designated
by the Board of Trustees as a Special Dividend Period, then such Beneficial Owner is deemed to have elected to tender the shares. If the
Remarketing Agents are unable to remarket in such Remarketing all</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">shares of RP subject to such Remarketing and tendered (or deemed tendered)
to them at a price of $100,000 per share (in the case of Series A and B shares of RP) or $50,000 per share (in the case of Series C shares
of RP), the Beneficial Owners thereof shall hold such share at the applicable Maximum Dividend Rate for a 28-day Dividend Period (in the
case of Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of RP). If a share of RP is tendered (or
deemed tendered) and purchased in a Remarketing, the next Dividend Period for such share shall be a 28-day Dividend Period (in the case
of Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of RP) or a Special Dividend Period with respect
to such share, as the case may be, at the Applicable Dividend Rate therefor, except that, if the Remarketing Agents are unable to remarket
in such Remarketing all shares of RP tendered (or deemed tendered) to them at a price of $100,000 per share (in the case of Series A and
B shares of RP) or $50,000 per share (in the case of Series C shares of RP), no purchaser in such Remarketing shall be permitted to acquire
shares having a Special Dividend Period and the next Dividend Period for such share shall be a 28-day Dividend Period (in the case of
Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of RP) and the Applicable Dividend Rate therefor
shall be the applicable Maximum Dividend Rate.&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">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, 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;To the extent permitted under the 1940 Act and
Massachusetts law, upon giving a Notice of Redemption, the Trust at its option may redeem shares of 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 a redemption price equal to $100,000 per share (in the case of Series A and B shares of RP) or $50,000 per share (in the case of Series
C shares of RP), plus in the case of each series of RP an amount equal to dividends thereon (whether or not earned or declared) accumulated
but unpaid to the date fixed for redemption plus the premium, if any, resulting from the designation of a Premium Call Period; provided
that, no share of RP shall be subject to redemption pursuant to this paragraph 4(a) on any Dividend Payment Date during a Non-Call Period
to which it is subject. 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 Beneficial Owners
by reason of the redemption of their shares of RP on such redemption date. &quot;</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">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, paragraph 4(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;The Trust shall redeem, out of funds legally available
therefor, at a redemption price of $100,000 per share (in the case of Series A and B shares of RP) or $50,000 (in the case of Series C
shares of RP), plus in the case of each series of RP accumulated but unpaid dividends (whether or not earned or declared) to the date
fixed by the Board of Trustees for redemption plus the premium, if any, resulting from the designation of a Premium Call Period, certain
of the shares of RP to the extent permitted under the 1940 Act and Massachusetts law, if the Trust fails to</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">maintain the RP Basic Maintenance Amount or the 1940 Act Asset Coverage
and such failure is not cured on or before the RP Basic Maintenance Cure Date or the 1940 Act Cure Date (herein referred to respectively
as the &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 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 Asset Coverage, as the case may be, on such Cure Date (provided that, if there is no such minimum number of shares
of RP and other Preferred Shares the redemption of which would have such result, all shares 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 Asset Coverage, as the case may be, pro rata among shares of RP, Other RP and other Preferred Shares subject to redemption
provisions similar to those contained in this paragraph 4(b), except as set forth in Section 12.2 of these By-laws. The Trust shall effect
such redemption not later than 45 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 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 45 days after such Cure Date, the Trust shall redeem those shares 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. 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 RP 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 period to be called first) and by lot
in the event of equal outstanding Non-Call Periods.&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">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, paragraph 4(g) 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;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, $100,000 per share (in the case of
Series A and B shares of RP) or $50,000 per share (in the case of Series C shares of RP) for each share of RP called for redemption, plus
in the case of each series of RP an amount equal to dividends thereon accumulated but unpaid to such redemption date (whether or not earned
or declared) plus the premium, if any, resulting from the designation of a Premium Call Period.&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 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">&nbsp;</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 shall be entitled, whether from capital or surplus, before</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">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 $100,000 per share (in the case of Series A and B shares of RP) or $50,000 per share (in the case of Series C shares of RP),
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)
plus the premium, if any, resulting from the designation of a Premium Call Period to but excluding the date of final distribution in same-day
funds. After any such payment, the Holders and Beneficial Owners shall not be entitled to any further participation in any distribution
of assets of the Trust.&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 I, paragraph 12(a) is hereby deleted and replaced in its entirety with the following:</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">&quot;Upon the authorization of the Board of Trustees
based on (i) the receipt by the Trust of a ruling from the Service to the effect that the payment of dividends on the shares of Serial
RP would not jeopardize the Trust's status as a regulated investment company or (ii) an opinion of legal counsel in form and substance
satisfactory to the Board of Trustees to the effect that the payment of dividends on the shares of Serial RP would not jeopardize the
Trust's status as a regulated investment company and the affirmative vote or consent of the Holders of at least a majority of the shares
of each series of RP outstanding at the time, in person or by proxy, either in writing or at a meeting (each such series voting separately
as a class) (in either case, an &quot;Exchange Event&quot;), then, on the first Dividend Payment Date for the RP which is at least 45
days after the occurrence of an Exchange Event and as of which the conditions described below have been satisfied (the &quot;Exchange
Date&quot;), the RP will be exchanged for Serial RP. Shares of RP will not be exchanged for shares of Serial RP unless each of Moody's
and S&amp;P shall have provided on the Exchange Date a rating on the Serial RP equivalent to the then-current rating provided by such
rating agency on the RP; provided that, if Moody's or S&amp;P shall not make such rating available, such exchange will take place if (i)
a Substitute Rating Agency or Agencies shall have provided a rating equivalent to such then-current rating or ratings on the Exchange
Date and (ii) all shares of RP subject to such exchange that were tendered (or deemed tendered) on the Tender Date preceding such Exchange
Date shall have been remarketed by the Remarketing Agents on the related Dividend Reset Date at a price of $100,000 per share (in the
case of Series A and B shares of RP) or $50,000 per share (in the case of Series C shares of RP). Holders of outstanding shares of RP
will receive shares of Serial RP based on the aggregate liquidation preference of their existing shares of RP and such Serial RP as of
the Exchange Date.&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">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part I, paragraph 12(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;The Trust will cause the publication of an exchange
notice in an Authorized Newspaper, and cause the Paying Agent to mail an exchange notice to each Holder of RP, not less than 10 nor more
than 30 days prior to the Exchange Date therefor. Such notice will state: (i) the Exchange Date, (ii) that on such Exchange Date all shares
of RP will be exchanged automatically, and without any action or choice on the part of the Holders thereof based on the aggregate liquidation
preference of their existing shares of RP and the Serial RP as of the</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Exchange Date, (iii) that the Initial Dividend Period for the Serial RP
issuable in exchange for the shares of RP will be a 28-day Dividend Period commencing on such Exchange Date, (iv) that dividends on shares
of RP will cease to accumulate on such Exchange Date and (v) whether the Serial RP will be rated by Moody's and S&amp;P or by a Substitute
Rating Agency or Substitute Rating Agencies.&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">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article
12, Section 12.1, Part II, 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; text-indent: 0.5in">&quot;Each share of RP is subject to Tender and Dividend
Reset at the end of each Dividend Period and may be tendered in the Remarketing which commences on the Tender Date immediately prior to
the end of the current Dividend Period. By 12:00 noon, New York City <FONT STYLE="letter-spacing: -0.55pt">time, on each such Tender Date,
the Remarketing Agents shall, after canvassing the market and considering prevailing market </FONT>conditions at the time for shares of
RP and similar <FONT STYLE="letter-spacing: -0.55pt">securities, provide Beneficial Owners non-binding indications </FONT>of the Applicable
Dividend Rate for the next succeeding <FONT STYLE="letter-spacing: -0.55pt">Dividend Period or, if applicable, a Special Dividend Period;
</FONT>provided that, if the Board of Trustees has designated the next Dividend Period 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 <FONT STYLE="letter-spacing: -0.55pt">Dividend Rate for such Dividend Period may be greater than or </FONT>less than
the rate per annum indicated in such non-binding indications (but not greater than the applicable Maximum Dividend Rate). By 1:00 p.m.,
New York City time, on such Tender Date, each Beneficial Owner of shares of RP must <FONT STYLE="letter-spacing: -0.55pt">notify a Remarketing
Agent of its desire, on a share-by-share </FONT><FONT STYLE="letter-spacing: -0.45pt">basis, either to tender such share of RP at a price
of </FONT>$100,000 per share (in the case of Series A and B shares of RP) or $50,000 per share (in the case of Series C shares of RP)
or to continue to hold such share for the <FONT STYLE="letter-spacing: -0.45pt">next Dividend Period or, if applicable, to accept a </FONT>designated
Special Dividend Period. Any notice given to a Remarketing Agent to tender or hold shares for a particular <FONT STYLE="letter-spacing: -0.45pt">Dividend
Period shall be irrevocable and shall not be </FONT>conditioned upon the level at which the Applicable Dividend Rate is established. Any
such notice may not be waived by the Remarketing Agents, except that prior to 4:00 p.m., New <FONT STYLE="letter-spacing: -0.55pt">York
City time, on a Dividend Reset Date, a Remarketing Agent </FONT><FONT STYLE="letter-spacing: -0.45pt">may, in its sole discretion, (i)
at the request of a </FONT><FONT STYLE="letter-spacing: -0.55pt">Beneficial Owner that has tendered one or more shares to such </FONT>Remarketing
Agent, waive such Beneficial Owner's tender, and thereby enable such Beneficial Owner to continue to hold the <FONT STYLE="letter-spacing: -0.45pt">share
or shares for the next Dividend Period or, if </FONT>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</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.5pt">to remarket all shares of RP tendered
in such Remarketing, and (ii) at the request of a Beneficial Owner that has </FONT><FONT STYLE="letter-spacing: -0.55pt">elected to hold
one or more of its shares of RP, waive such Beneficial Owner's election with respect thereto.&quot;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: -0.55pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">14.&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"><FONT STYLE="letter-spacing: -0.55pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&quot;Between
1:00 p.m., New York City time, on each Tender Date </FONT><FONT STYLE="letter-spacing: -0.65pt">and- 4:00 p.m., New York City time, on
the succeeding Dividend </FONT><FONT STYLE="letter-spacing: -0.5pt">Reset Date, the Remarketing Agents shall determine the Applicable
Dividend Rate to the nearest one-thousandth </FONT><FONT STYLE="letter-spacing: -0.55pt">(0.001) of one percent per annum for the next
Dividend </FONT><FONT STYLE="letter-spacing: -0.5pt">Period, 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 </FONT><FONT STYLE="letter-spacing: -0.45pt">their sole judgment, to be the lowest rate that will enable them to remarket
on behalf of the Beneficial Owners thereof</FONT> <FONT STYLE="letter-spacing: -0.55pt">all shares of RP subject to Tender and Dividend
Reset in such </FONT><FONT STYLE="letter-spacing: -0.5pt">Remarketing and tendered to them on such Tender Date at a </FONT>price of $100,000
per share (in the case of Series A and B shares of RP) or $50,000 per share (in the case of Series C shares 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">15.&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;<FONT STYLE="letter-spacing: -0.55pt">If no Applicable
Dividend Rate shall have been established on a Dividend Reset Date in a Remarketing for the next Dividend Period, or Special Dividend
Period, if any, for </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">Agreement
or the Remarketing Agents are unable to remarket on </FONT><FONT STYLE="letter-spacing: -0.5pt">the Dividend Reset Date all shares of
RP tendered (or deemed </FONT><FONT STYLE="letter-spacing: -0.55pt">tendered) to them at a price of $100,000 per share (in the case of
Series A and B shares of RP) or $50,000 per share (in the case of Series C shares of RP)), then the </FONT><FONT STYLE="letter-spacing: -0.5pt">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 </FONT><FONT STYLE="letter-spacing: -0.55pt">prevailing yields on fixed and variable rate taxable and tax-</FONT><FONT STYLE="letter-spacing: -0.5pt">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 Dividend Reset Date, assuming in
each case a </FONT><FONT STYLE="letter-spacing: -0.55pt">comparable dividend period, issuer and security. If there is no Remarketing because
there are no Remarketing Agents or the </FONT><FONT STYLE="letter-spacing: -0.5pt">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 Dividend Reset Date all </FONT><FONT STYLE="letter-spacing: -0.55pt">shares
of RP tendered (or deemed tendered) to them at a price </FONT><FONT STYLE="letter-spacing: -0.5pt">of $100,000 per share (in the case
of Series A and B shares of RP) or $50,000 per share (in the case of Series C shares of RP), then, except during a Non-Payment Period,
the Applicable Dividend Rate for the subsequent Dividend Period and for each subsequent Dividend Period for which no Remarketing takes
place because of the foregoing shall be the applicable Maximum Dividend Rate for a 28-day </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend
Period (in the case of Series A and B shares of RP) </FONT><FONT STYLE="letter-spacing: -0.5pt">or for a 7-day Dividend Period (in the
case of Series C shares of RP) and the next succeeding Dividend Period shall be a 28-day Dividend Period (in the case of Series A and
B shares of RP) and a 7-day Dividend Period (in the case of </FONT>Series C shares 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">16.&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 4:00 p.m., New York City time, on a Dividend Reset Date all shares of RP tendered to them in the related Remarketing at a price of
$100,000 per share (in the case of Series A and B shares of RP) or $50,000 per share (in the case of Series C shares 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,</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">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, which shall be a 28-day Dividend Period (in the case of Series A and
B shares of RP) or a 7-day Dividend Period (in the case of Series C shares of <FONT STYLE="letter-spacing: -0.45pt">RP), shall be the
Maximum Dividend Rate for such 28-day </FONT><FONT STYLE="letter-spacing: -0.55pt">Dividend Period or 7-day Dividend Period, as the case
may be.&quot;</FONT></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">This Amendment is effective as of February 15, 2008.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PUTNAM MANAGED MUNICIPAL INCOME 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 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 Bylaws (the &#8220;Bylaws&#8221;) of Putnam Managed Municipal Income 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 12.2, 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">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">&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
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 further notice to the extent permitted by Article V, Section 2 of
the Declaration of Trust. Unless</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">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 12.2, 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 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 RP, represented in person
or 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 RP, entitling the holder thereof
to one vote. Subject to paragraph 6(b) hereof, the holders of outstanding Common Shares and Preferred Shares, including 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 Board 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 constituting the Board of Trustees shall be automatically
increased by the smallest number that, when added to the two trustees elected exclusively by the holders of Preferred Shares, would constitute
a majority of the Board of Trustees as so increased by such smallest number; and the holders of Preferred Shares shall be entitled, voting
as a class on a one-vote-per-share basis (to the exclusion of the holders of all other securities and classes of 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 the close of business on any Dividend Payment Date 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 RP equal to at least two full years'
dividends shall be due and unpaid and sufficient cash or specified 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 other Preferred Shares 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).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 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">This Amendment is effective as of November 11, 2011.</P>

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PUTNAM MANAGED MUNICIPAL INCOME 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 13, Section 13.1, ARTICLE 12, Section 12.1, Part I, paragraph
6(c) and ARTICLE 12, Section 12.2, Part I, paragraph 6(c) of the Amended and Restated Bylaws (the &#8220;Bylaws&#8221;) of Putnam Managed
Municipal Income Trust (the &#8220;Trust&#8221;), as last amended by an Amendment effective as of November 11, 2011, 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 and ARTICLE 12, Section
12.2, 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 &quot;S&amp;P Eligible Asset&quot; in ARTICLE 12, Section 12.1, PART I, paragraph 1 and ARTICLE 12, Section 12.2, 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>


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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 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; text-indent: 0.5in">&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">This Amendment is effective as of March 21, 2014.</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>PUTNAM MANAGED MUNICIPAL INCOME 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 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 Managed Municipal Income 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) and Article 12, Section 12.2, Part I, paragraph 6(c) provide 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 certain
provisions of Article 12, Section 12.1 and Article 12, Section 12.2 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, 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;Each
of Article 12, Section 12.1, Part I, paragraph 1 and Article 12, Section 12.2, 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 8(e) and Article 12, Section 12.1, Part I, 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) and Article 12, Section 12.2, Part I, paragraphs 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
text of each of Article 12, Section 12.2, 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">6.&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; text-indent: 0.5in">This Amendment is effective as of June 24, 2016.</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">&nbsp;</P>


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