<SEC-DOCUMENT>0000928816-23-000262.txt : 20230228
<SEC-HEADER>0000928816-23-000262.hdr.sgml : 20230228
<ACCEPTANCE-DATETIME>20230228130830
ACCESSION NUMBER:		0000928816-23-000262
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230223
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230228
DATE AS OF CHANGE:		20230228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		IRS NUMBER:				046584465
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05498
		FILM NUMBER:		23682631

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

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a_miit8k.htm
<DESCRIPTION>PUTNAM MASTER INTERMEDIATE 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="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 3pt; text-align: center; layout-grid-mode: char; font-size: 10pt; text-transform: uppercase; font-weight: bold"><FONT STYLE="font-size: 18pt">FORM 8&#45;K</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: center">CURRENT REPORT<BR>
    Pursuant to Section 13 OR 15(d)<BR>
    of The Securities Exchange Act of 1934</P>
    <P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt; text-align: center">Date of Report (Date of Earliest Event Reported):
    February 23, 2023</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: center">Putnam Master Intermediate 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">811-05498<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">04-6584465<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>PIM</B></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center; layout-grid-mode: char; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center; layout-grid-mode: char; font-size: 10pt"><B>New York Stock Exchange</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (CFR 230.405 of this chapter) or Rule 12b&#45;2 of the Securities Exchange
Act of 1934 (CFR 240.12b&#45;2 of this chapter).</P>

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

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

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


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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">On February 23, 2023, the Board of Trustees (the &ldquo;Trustees&rdquo;)
of Putnam Managed Municipal Income Trust (the &ldquo;Fund&rdquo;) amended and restated the Bylaws of the Fund (the &ldquo;Amended and
Restated Bylaws&rdquo;). The Amended and Restated Bylaws include the following changes:</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">On February 23, 2023, the Trustees voted to exempt,
including on a going forward basis, all prior and, until further notice, new purchases of shares of the Fund that might otherwise be deemed
&ldquo;Control Share Acquisitions&rdquo; under Article 15 of the Fund&rsquo;s Amended and Restated Bylaws from the provisions of Article
15 of the Fund&rsquo;s Amended and Restated Bylaws.</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"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

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

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

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

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


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></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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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; layout-grid-mode: char">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 3pt; layout-grid-mode: char; font-weight: bold">Putnam Master Intermediate 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;February 28, 2023</TD>
    <TD STYLE="padding-bottom: 3pt; layout-grid-mode: char">&nbsp;</TD>
    <TD STYLE="layout-grid-mode: char">Executive Vice President, Principal Executive Officer and Compliance Liaison</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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

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

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

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">waiver of notice may be provided and delivered to the Trust by mail, courier,
e-mail, facsimile or other electronic means. Neither notice of a meeting nor a waiver of a notice need specify the purposes of the meeting.
All notices shall be deemed to be given when sent.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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


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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>10.4 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">&nbsp;</P>

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

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

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

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


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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>11.1 Inspection of Books. </B>The Trustees shall
from time to time determine whether and to what extent, at what times and places and under what conditions and regulations any of the
accounts and books of the Trust shall be open to the inspection of the Shareholders, and no Shareholder shall have any right to inspect
any account or book or document of the Trust except as conferred by law or otherwise by the Trustees or by these Bylaws.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</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">&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>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>12.1 Advance Notice of Shareholder Nominations
of Trustees and Other Shareholder Proposals</B>. Except as otherwise provided in Article 15 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 12.1. 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.</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 12.1 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 12, and who complies with the notice
procedures set forth in subparagraph (2) of this paragraph (a) of this Section 12.1 and the other requirements of this Article 12. 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 12, 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 12.1, the Shareholder
must have given timely notice thereof in writing to the Clerk of the Trust in accordance with paragraph (b) of this Section 12.1. The
Shareholder&#8217;s notice shall contain, at a minimum, the required information set forth in paragraph (c) of this Section 12.1.</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 12.1 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 12.1 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 12.1.</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 12.1, a matter shall be deemed to have been &#8220;publicly announced or disclosed&#8221; if such matter
is disclosed in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service, in a document
publicly filed by the Trust with the Securities Exchange Commission, or on a website accessible to the public maintained by the Trust
or its investment adviser or an affiliate of such investment adviser with respect to the Trust.</P>

<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>


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<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 12.1 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 12.1 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 12.1) shall set forth in the Shareholder&#8217;s notice required by this Section 12.1 (i) the exact text of the proposal
to be presented; (ii) a brief written statement of the reasons why such Shareholder favors the proposal; and (iii) a brief written statement
why the proposal is in the best interests of Shareholders.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-indent: 0.5in">(3) <U>General Requirements</U>. Without
limiting the foregoing, any Shareholder who gives a Shareholder&#8217;s notice of any matter proposed to be brought before a Shareholder
meeting (whether or not involving nominees for Trustees) as required by this Section 12.1 shall set forth in such Shareholder&#8217;s
notice, (i) the name and address of the Shareholder, as it appears on the Trust&#8217;s books; (ii) the class or series and number of
all Shares owned beneficially and of record by the Shareholder (or by each of the record owner and beneficial owner if not the same person,
identifying the name and address of each); (iii) any material interest of such Shareholder in the matter proposed (other than as a Shareholder);
(iv) if the proposal involves nominee(s) for Trustees, a description of all</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in">arrangements or understandings between the Shareholder and each
proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made by the Shareholder;
(v) a representation that the Shareholder intends to appear in person or by proxy at the meeting to act on the matter(s) proposed; (vi)
any other information relating to the Shareholder that would be required to be disclosed in a proxy statement or other filings required
to be made in connection with solicitation of proxies with respect to the matter(s) proposed pursuant to Section 14 of the Exchange Act
and the rules and regulations promulgated thereunder; (vii) to the extent known by the Shareholder giving notice, the name and address
of any other Shareholder supporting the proposed nominee or other proposal; and (viii) in the case of a beneficial owner, evidence establishing
such beneficial owner&#8217;s indirect ownership of, and entitlement to vote, Shares at the meeting of Shareholders. As used in this Section
12.1, 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 12.1 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 12, 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 12.1 does not appear at the meeting to present in person the nominations
or other proposals that were the subject of such notice, any such nomination or nominations shall not be acted on and any proposal or
proposals shall not be transacted.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in">(e) <I>Authority to Determine Compliance
with Procedures</I>. The person presiding at any meeting of Shareholders, in addition to making any other determinations that may be appropriate
to the conduct of the meeting, shall have the power and duty to (i) determine whether a nomination or proposal was made in compliance
with the procedures set forth in this Article 12 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 13</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>13.1 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>


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<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 14</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>14.1 Shareholder Claims.</B> As used herein, a &#8220;direct
Shareholder claim&quot; shall refer to (i) a claim based upon alleged violations of a Shareholder&#8217;s individual rights independent
of any harm to the Trust, including a Shareholder&#8217;s voting rights under Article 10, rights to receive a dividend payment as may
be declared from time to time, rights to inspect books and records, or other similar rights personal to the Shareholder and independent
of any harm to the Trust; and (ii) a claim for which a direct shareholder action is expressly provided under the U.S. federal securities
laws. Any claim asserted by a Shareholder that is not a direct Shareholder claim, including without limitation any claims purporting to
be brought on behalf of the Trust or involving any alleged harm to the Trust, shall be considered a &#8220;derivative claim&quot; as used
herein.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ARTICLE 15</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>15.1 Certain Definitions</B>. As used in this Article
15, the following terms have the meanings specified below:</P>

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

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

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

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


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">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 which, but for the provisions of this Article 15, would have voting
rights and which, when added to all other Shares Beneficially Owned by such Person (including Shares otherwise included in the categories
enumerated in Section 15.1(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 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 15.1(c)(2) below, with
respect to any Control Share Acquisition by a Person, the following Shares shall be deemed to have been acquired in the same Control Share
Acquisition for purposes of this Article 15: (a) all Shares the Beneficial Ownership of which is acquired by such Person within ninety
(90) days before the date on which such Person makes an acquisition of Beneficial Ownership of Shares that results in such Control Share
Acquisition and all Shares the Beneficial Ownership of which was acquired by such Person pursuant to a plan to make a Control Share Acquisition;
and (b) all Shares the Beneficial Ownership of which is acquired by such Person within the range of voting power (specified in this Section
15.1(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 15.4 of this Article 15.</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 15.1(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</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 1in">good faith and not for the purpose of circumventing the provisions
of this Article 15;</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 15 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 15, unless such acquisition, when added to
all other Shares Beneficially Owned by the Person making such acquisition would entitle such acquiring Person to vote or direct the voting
of Shares having voting power in the election of Trustees in excess of the range of voting power within which all Shares Beneficially
Owned by such Person whose voting rights were previously so authorized had voting power immediately following such authorization.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">(d) &#8220;Control Share Acquisition Statement&#8221;
means a statement satisfying the requirements of Section 15.2 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 15.3 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>15.2 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</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">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 15;</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 15.1(c)(1) above;</P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><B>15.3 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 12, Section 12.1 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</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">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 15.1(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 15.</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 15, 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>

<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 15.1(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 15.2 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 15.3(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>15.4 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 15.3(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,</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">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 15.</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>15.5 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 15.</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 15. Any interpretation of any term or provision contained in this Article
15 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: 0; text-indent: 0.5in">&nbsp;</P>

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