<SEC-DOCUMENT>0001752724-21-022269.txt : 20210212
<SEC-HEADER>0001752724-21-022269.hdr.sgml : 20210212
<ACCEPTANCE-DATETIME>20210212152143
ACCESSION NUMBER:		0001752724-21-022269
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201130
FILED AS OF DATE:		20210212
DATE AS OF CHANGE:		20210212
EFFECTIVENESS DATE:		20210212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stone Harbor Emerging Markets Income Fund
		CENTRAL INDEX KEY:			0001501103
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22473
		FILM NUMBER:		21626438

	BUSINESS ADDRESS:	
		STREET 1:		C/O STONE HARBOR INVESTMENT PARTNERS LP
		STREET 2:		31 WEST 52ND STREET, 16TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-548-1200

	MAIL ADDRESS:	
		STREET 1:		C/O STONE HARBOR INVESTMENT PARTNERS LP
		STREET 2:		31 WEST 52ND STREET, 16TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Stone Harbor Emerging Markets Fixed Income Fund
		DATE OF NAME CHANGE:	20100910
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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          <officeAddress1>1290 Broadway, Suite 1100</officeAddress1>
          <officeCity>Denver</officeCity>
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        <relyOnRuleTypes>
          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
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            <principalName>GOLDMAN SACHS &amp; CO</principalName>
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            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-UT" principalCountry="US"/>
            <principalTotalPurchaseSale>27539277</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MORGAN STANLEY &amp; CO. LLC</principalName>
            <principalFileNo>008-68191</principalFileNo>
            <principalCrdNo>000149777</principalCrdNo>
            <principalLei>IGJSJL3JD5P30I6NJZ34</principalLei>
            <principalStateCountry principalState="US-MD" principalCountry="US"/>
            <principalTotalPurchaseSale>36811915</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITIGROUP GLOBAL MARKETS, INC</principalName>
            <principalFileNo>008-08177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>49784222</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>AMHERST PIERPONT</principalName>
            <principalFileNo>8-68282</principalFileNo>
            <principalCrdNo>000150696</principalCrdNo>
            <principalLei>549300LGG2RLWD21SU97</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>4802098</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STANFORD GROUP COMPANY</principalName>
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            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>18382917</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>LIQUIDITY FINANCE LP</principalName>
            <principalFileNo>8-69266</principalFileNo>
            <principalCrdNo>000167568</principalCrdNo>
            <principalLei>5493007L2R5XDCCM5Y74</principalLei>
            <principalStateCountry principalState="US-CT" principalCountry="US"/>
            <principalTotalPurchaseSale>7478506</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>STATE STREET GLOBAL MARKETS, LLC</principalName>
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            <principalStateCountry principalState="US-MA" principalCountry="US"/>
            <principalTotalPurchaseSale>5561781</principalTotalPurchaseSale>
          </principalTransaction>
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        <principalAggregatePurchase>396206731</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>117400270</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Common Stock</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="EDF"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>1.37</managementFee>
      <netOperatingExpenses>2.56</netOperatingExpenses>
      <netAssetValuePerShare>7.04</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isMaterialAmendments>true</isMaterialAmendments>
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    <signature registrantSignedName="Stone Harbor Emerging Markets Income Fund" signedDate="2021-02-12" signature="Erich Rettinger" title="Assistant Treasurer"/>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>fp0061821_g1aiii.htm
<DESCRIPTION>INTERNAL CONTROL REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Shareholders and Board of Trustees of
Stone Harbor Emerging Markets Income Fund:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In planning and performing our audits of the
financial statements of Stone Harbor Emerging Markets Income Fund (the &quot;Fund&rdquo;), as of and for the year ended November
30, 2020, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered
the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing
our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements
of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The management of the Fund is responsible for
establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control
over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance
with authorizations of management and directors/trustees of the fund; and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of a fund's assets that could have a material effect on the
financial statements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree
of compliance with the policies or procedures may deteriorate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A deficiency in internal control over financial
reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of the fund's annual or interim financial statements will not be prevented or detected on a timely basis.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our consideration of the Fund's internal control
over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies
in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies
in the Fund's internal control over financial reporting and its operation, including controls for safeguarding securities, that
we consider to be a material weakness, as defined above, as of November 30, 2020.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This report is intended solely for the information
and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">January 27, 2021</P>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>fp0061821_g1bi.htm
<DESCRIPTION>MATERIAL AMENDMENTS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STONE HARBOR EMERGING MARKETS INCOME FUND</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Dated as of January 27, 2021)</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 1</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Agreement and Declaration of Trust and Principal
Office</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1.1 <U>Principal Office of the Trust</U>. Unless
otherwise determined by the trustees, a principal office of the Trust shall be located in New York, New York. The Trust may have
other principal offices within or outside of The Commonwealth of Massachusetts as the Trustees may determine or as they may authorize.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1.2 <U>Agreement and Declaration of Trust</U>.
These Second Amended and Restated Bylaws (the &ldquo;Bylaws&rdquo;) shall be subject to the Agreement and Declaration of Trust,
as amended or restated from time to time (the &ldquo;Declaration of Trust&rdquo;), of Stone Harbor Emerging Markets Income Fund,
the Massachusetts business trust established by the Declaration of Trust (the &ldquo;Trust&rdquo;). Capitalized terms used in these
Bylaws and not otherwise defined herein shall have the meanings given to such terms in the Declaration of Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 2</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2.1 <U>Regular Meetings</U>. 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. A regular
meeting of the Trustees may be held without call or notice immediately after and at the same place as an annual meeting of the
Shareholders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2.2 <U>Special Meetings</U>. 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 Chairman of the
Trustees (if any), the President or the Treasurer or by two or more Trustees, sufficient notice thereof being given to each Trustee
by the Secretary or an Assistant Secretary or by the officer or the Trustees calling the meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2.3 <U>Notice</U>. It shall be sufficient notice
to a Trustee of a special meeting to send notice (a) by mail at least seven days before the meeting; (b) by courier at least forty-eight
hours before the meeting; (c) by e-mail, telegram, telex or telecopy or other electronic facsimile transmission method at least
twenty-four hours before the meeting, addressed to the Trustee at his or her usual or last known business or residence address
or (d) to give notice to him or her in person or by telephone at least twenty-four hours before the meeting. Notice of a 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 prior thereto or at its commencement the
lack of notice to him or her. Neither notice of a meeting nor a waiver of a notice need specify the purposes of the meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2.4 <U>Quorum</U>. At any meeting of the Trustees
a majority of the Trustees then in office shall constitute a quorum. Any meeting may be adjourned from time to time by a majority
of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further
notice.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 3</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.1 <U>Enumeration; Qualification</U>. The officers
of the Trust shall be a President, a Treasurer, a Secretary, a Chief Compliance Officer and such other officers, 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. Any 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.2 <U>Election</U>. The President, the Treasurer
and the Secretary shall be elected annually by the Trustees. Other officers, if any, may be elected or appointed by the Trustees
at the same meeting at which the President, Treasurer and Secretary are elected, or at any other time. If required by the Investment
Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Chief Compliance Officer shall be elected or appointed by a majority
of the Trustees, as well as a majority of the Trustees who are not interested persons of the Trust (&ldquo;Independent Trustees&rdquo;),
and otherwise in accordance with Rule 38a-1 (or any successor rule) under the 1940 Act, as such rule may be amended from time to
time (&ldquo;Rule 38a-1&rdquo;). Vacancies in any office may be filled at any time.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.3 <U>Tenure</U>. The Chairman of the Trustees,
if one is elected, the President, the Treasurer, the Secretary and the Chief Compliance Officer shall hold office until their respective
successors are chosen and qualified, or in each case until he or she sooner dies, resigns, is removed with or without cause or
becomes disqualified, provided that, if required by the 1940 Act, any removal of the Chief Compliance Officer shall be in accordance
with Rule 38a-1. Each other officer shall hold office and each agent of the Trust shall retain authority at the pleasure of the
Trustees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.4 <U>Powers</U>. Subject to the other provisions
of these Bylaws, each officer shall have, in addition to the duties and powers herein and in the Declaration of Trust set forth,
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: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.5 <U>Chairman of the Trustees</U>. There shall
be an office of the Chairman of the Trustees, which shall serve on behalf of the Trustees. The office of the Chairman shall not
be an officer position of the Trust, but an officer of the Trust who is also a Trustee may serve as Chairman of the Trustees. The
office of the Chairman of the Trustees may be held by more than one person. Any Chairman of the Trustees shall be elected by a
majority of the Trustees, as well as a majority of the Independent Trustees if required by the 1940 Act. If required by the 1940
Act, any Chairman of the Trustees shall be an Independent Trustee and may, but need not, be a Shareholder. The powers and the duties
of the Chairman of the Trustees shall include any and all such powers and duties relating to the operations of the Trustees as,
from time to time, may be conferred upon or assigned to such office by the Trustees or as may be required by law, provided that
the Chairman of the Trustees shall have no individual authority to act for the Trust as an officer of the Trust. In carrying out
the responsibilities and duties of the office, the Chairman of the Trustees may seek assistance and input from other Trustees or
Committees of the Trustees, officers of the Trust and the Trust&rsquo;s investment adviser(s) and other service providers, as deemed
necessary or appropriate. The Trustees, including a majority of the Independent Trustees if required by the 1940 Act, may appoint
one or more persons to perform the duties of the Chairman of the Trustees, in the event of his absence at any meeting or in the
event of his disability.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.6 <U>President; Vice President</U>. The President
shall be the chief executive officer of the Trust. Any Vice President shall have such duties and powers as may be designated from
time to time by the Trustees or the President.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.7 <U>Treasurer; Assistant Treasurer</U>. The
Treasurer shall be the chief 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, sub-adviser 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 President. Any Assistant
Treasurer shall have such duties and powers as may be designated from time to time by the Trustees or the President.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.8 <U>Secretary; Assistant Secretary</U>. The
Secretary 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 Secretary from any meeting of the Shareholders
or Trustees, an Assistant Secretary, or if there be none or if he or she is absent, a temporary secretary chosen at such meeting
shall record the proceedings thereof in the aforesaid books. Any Assistant Secretary shall have such duties and powers as may be
designated from time to time by the Trustees or the President.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3.9 <U>Chief Compliance Officer</U>. The Chief
Compliance Officer shall perform the duties and have the responsibilities of the chief compliance officer of the Trust, including
if required by the 1940 Act any such duties and responsibilities imposed by Rule 38a-1, and shall have such other duties and powers
as may be designated from time to time by the Trustees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0">3.10 <U>Resignations</U>. Any officer may resign
at any time by written instrument signed by him or her and delivered to the Chairman of the Trustees, if any, the President or
the Secretary, or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective
at some other time. Except to the extent expressly provided in a written agreement with the Trust, no 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 4</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">4.1 <U>Quorum; Voting</U>. Except as provided
below or as otherwise specifically provided in the Committee&rsquo;s Charter or in the resolutions 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, and any action of such a Committee may be taken at a meeting by a vote of a majority
of the members present (a quorum being present) or evidenced by one or more writings signed by such a majority. Members of a Committee
may participate in a meeting of such Committee 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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to a Valuation Committee of the
Trustees, if any, one or more of the Committee members shall constitute a quorum for the transaction of business.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Except as specifically provided in the Committee&rsquo;s
Charter or in the resolutions constituting a Committee of the Trustees and providing for the conduct of its meetings, Article 2,
Section 2.3 of these Bylaws relating to special meetings shall govern the notice requirements for Committee meetings, except that
it shall be sufficient notice to any Valuation Committee of the Trustees to send notice by e-mail, telegram, telex or telecopy
or other electronic means (including by telephone voice-message) at least fifteen minutes before the meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 5</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">5.1 <U>General</U>. 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 6</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">6.1 <U>General</U>. Except as from time to time
otherwise determined 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 the subsequent fiscal years shall end on such date in subsequent years.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 7</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">7.1 <U>General</U>. The seal of the Trust shall,
subject to alteration by the Trustees, consist of a flat-faced die with the word &ldquo;Massachusetts&rdquo; together with the
name of the Trust and the year of its organization cut or engraved thereon; provided, however, that unless otherwise required by
the Trustees, the seal shall not be necessary to be placed on, and its absence shall not impair the validity of, any document,
instrument or other paper executed and delivered by or on behalf of the Trust.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 8</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">8.1 <U>General</U>. Except as the Trustees may
generally or in particular cases authorize the execution thereof in some other manner, all deeds, leases, transfers, contracts,
bonds, notes, checks, drafts and other obligations made, accepted or endorsed by the Trust shall be executed by the President,
any Vice President, the Treasurer or by whomever else shall be designated for that purpose by vote of the Trustees, and need not
bear the seal of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 9</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">9.1 <U>Share Certificates</U>. Each Shareholder
shall be entitled to a certificate stating the number of Shares (as defined in the Declaration of Trust) owned by him or her, in
such form as shall be prescribed from time to time by the Trustees. Such certificates shall be signed by the President or any Vice
President and by the Treasurer or any Assistant Treasurer. Such signatures may be by facsimile if the certificate is signed by
a transfer agent, or by a registrar, other than a Trustee, officer or employee of the Trust. In case any officer who has signed
or whose facsimile signature has been placed on such certificate shall cease to be such officer before such certificate is issued,
it may be issued by the Trust with the same effect as if he or she were such officer at the time of its issuance.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">9.2 <U>Loss of Certificates</U>. In case of
the alleged loss or destruction or the mutilation of a share certificate, a duplicate certificate may be issued in place thereof,
upon such terms as the Trustees shall prescribe.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">9.3 <U>Issuance of New Certificates to Pledgee</U>.
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 pledgor shall be stated thereon, who alone shall be liable as a Shareholder and entitled
to vote thereon.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">9.4 <U>Discontinuance of Issuance of Certificates</U>.
Notwithstanding anything to the contrary in this Article 9, the Trustees may at any time discontinue the issuance of share certificates
and may, by written notice to each Shareholder, 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: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ARTICLE 10</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shareholders&rsquo; Voting Powers and Meetings</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">10.1 <U>Voting Powers</U>. The Shareholders
shall have power to vote only (i) for the election or removal of Trustees as provided in Article IV, Sections 1 and 3 of the Declaration
of Trust, (ii) with respect to any Manager or sub-adviser as provided in Article IV, Section 8 of the Declaration of Trust to the
extent required by the 1940 Act, (iii) with respect to certain transactions and other matters to the extent and as provided in
Article V, Sections 2 and 3 of the Declaration of Trust, (iv) with respect to any termination of this Trust to the extent and as
provided in Article IX, Section 4 of the Declaration of Trust (for the avoidance of any doubt, Shareholders shall have no separate
right to vote with respect to the termination of the Trust or a series or class of Shares if the Trustees (including the Continuing
Trustees) exercise their right to terminate the Trust or such series or class pursuant to clauses (ii) or (y) of Article IX, Section
4 of the Declaration of Trust), (v) with respect to any amendment of the Declaration of Trust to the extent and as provided in
Article IX, Section 7 of the Declaration of Trust, (vi) to the same extent as the stockholders of a Massachusetts business corporation
as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class
action on behalf of the Trust or the Shareholders, and (vii) with respect to such additional matters relating to the Trust as may
be required by law, the Declaration of Trust, these Bylaws, any registration of the Trust with the Securities and Exchange Commission
(or any successor agency) or any state, any agreement of the Trust with any national securities exchange or as the Trustees may
consider necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote
and each fractional Share shall be entitled to a proportionate fractional vote, except as otherwise provided in the Declaration
of Trust, these Bylaws, or required by applicable law. Except as otherwise provided in the Declaration of Trust or in respect of
the terms of a class of preferred shares of beneficial interest of the Trust as reflected in these Bylaws or required by applicable
law, all Shares of the Trust then entitled to vote shall be voted in the aggregate as a single class without regard to classes
or series of Shares. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy.
A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at
or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. The placing
of a Shareholder&rsquo;s name on a proxy pursuant to telephonic or electronically transmitted instructions 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. A proxy purporting to be executed by or on behalf of a Shareholder shall be
deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. Until
Shares of a particular class or series are issued, the Trustees may exercise all rights of Shareholders and may take any action
required by law, the Declaration of Trust or these Bylaws to be taken by Shareholders as to such class or series.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">10.2 <U>Voting Power and Meetings</U>. Except
as provided in the third sentence of this Section 10.2, regular meetings of the Shareholders for the election of Trustees and the
transaction of such other business as may properly come before the meeting shall be held, so long as Shares are listed for trading
on the New York Stock Exchange, on at least an annual basis, on such day and at such place as shall be designated by the Trustees;
provided that the Trustees may, subject to any restrictions imposed by applicable law, and with the approval of a majority of the
Trustees, hold Shareholder meetings solely by means of remote communications, or may hold &ldquo;hybrid&rdquo; meetings where some
participants attend in person and others attend by means of remote communications. For the avoidance of doubt, for these purposes,
&ldquo;on at least an annual basis&rdquo; is intended to permit the Trustees to set the Trust&rsquo;s annual meetings for any date
within the timeframes permitted by any national securities exchange on which the Trust&rsquo;s shares principally trade. In the
event that such a meeting is not held in any annual period if so required, whether the omission be by oversight or otherwise, a
subsequent special meeting may be called by the Trustees and held in lieu of such meeting with the same effect as if held within
such annual period. Special meetings of the Shareholders or any or all classes or series of Shares may also be called by the Trustees
from time to time for such other purposes as may be prescribed by law, by the Declaration of Trust or by these Bylaws, or for the
purpose of taking action upon any other matter deemed by a majority of the Trustees and a majority of the Continuing Trustees to
be necessary or desirable. A special meeting of Shareholders may be held at any such time, day and place as is designated by the
Trustees. Written notice of any meeting of Shareholders, stating the date, time, place and purpose of the meeting, shall be given
or caused to be given by a majority of the Trustees and a majority of the Continuing Trustees at least seven days before such meeting
to each Shareholder entitled to vote thereat by leaving such notice with the Shareholder at his or her residence or usual place
of business or by mailing such notice, postage prepaid, to the Shareholder&rsquo;s address as it appears on the records of the
Trust. Such notice may be given by the Secretary or an Assistant Secretary or by any other officer or agent designated for such
purpose by the Trustees. Whenever notice of a meeting is required to be given to a Shareholder under the Declaration of Trust or
these Bylaws, a written waiver thereof, executed before or after the meeting by such Shareholder or his or her attorney thereunto
authorized and filed with the records of the meeting, shall be deemed equivalent to such notice. Notice of a meeting need not be
given to any Shareholder who attends the meeting without protesting prior thereto or at its commencement the lack of notice to
such Shareholder. No ballot shall be required for any election unless required by a Shareholder present or represented at the meeting
and entitled to vote in such election. Notwithstanding anything to the contrary in this Section 10.2, no matter shall be properly
before any annual or special meeting of Shareholders and no business shall be transacted thereat unless in accordance with Section
10.6 of these Bylaws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">10.3 <U>Quorum and Required Vote</U>. Except
when a larger quorum is required by any provision of law or the Declaration of Trust or these Bylaws, thirty percent (30%) of the
Shares entitled to vote on a particular matter shall constitute a quorum for the transaction of business at a Shareholders&rsquo;
meeting, except that where any provision of law or the Declaration of Trust or these Bylaws permits or requires that holders of
any class or series of Shares shall vote as an individual class or series, then thirty percent (30%) (unless a larger quorum is
required as specified above) of Shares of that class or series entitled to vote shall be necessary to constitute a quorum for the
transaction of business by that class or series. Any lesser number shall be sufficient for adjournments. Any adjourned session
or sessions may be held, within a reasonable time after the date set for the original meeting, without the necessity of further
notice. Except when a different vote is required by any provision of law or the Declaration of Trust or these Bylaws, a plurality
of the quorum of Shares necessary for the transaction of business at a Shareholders&rsquo; meeting shall decide any questions and
a plurality of Shares voted shall elect a Trustee, provided that where any provision of law or of the Declaration of Trust or these
Bylaws permits or requires that the holders of any class or series of Shares shall vote as an individual class or series, then
a plurality of the quorum of Shares of that class or series necessary for the transaction of business by that class or series at
a Shareholders&rsquo; meeting shall decide that matter insofar as that class or series is concerned.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">10.4 <U>Action by Written Consent</U>. Any action
taken by Shareholders may be taken without a meeting if a majority of Shareholders entitled to vote on the matter (or such larger
proportion thereof as shall be required by any express provision of law or the Declaration of Trust or these Bylaws) consent to
the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall
be treated for all purposes as a vote taken at a meeting of Shareholders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">10.5 <U>Record Dates</U>. For the purpose of
determining the Shareholders who are entitled to vote or act at any meeting or any adjournment thereof, or who are entitled to
receive payment of any dividend or of any other distribution, the Trustees 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 the date for the payment of any dividend or of any other distribution,
as the record date for determining the Shareholders having the right to notice of and to vote at such meeting and any adjournment
thereof or the right to receive such dividend or distribution, and in such case only Shareholders of record on such record date
shall have the 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 of such purposes close the register or transfer books for all or any part of such period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">10.6 <U>Advance Notice of Shareholder Nominees
for Trustees and Other Shareholder Proposals</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a) As used in this Section 10.6, the term &ldquo;annual
meeting&rdquo; refers to any annual meeting of Shareholders as well as any special meeting held in lieu of an annual meeting as
described in the first three sentences of Section 10.2 of these Bylaws, and the term &ldquo;special meeting&rdquo; refers to all
meetings of Shareholders other than an annual meeting or a special meeting in lieu of an annual meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) Unless otherwise required by applicable
law, the matters to be considered and brought before any annual or special 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 10.6. Only persons who are nominated in accordance with the procedures set forth in this
Section 10.6 shall be eligible for election as Trustees, and no proposal to fix the number of Trustees shall be brought before
an annual or special meeting of Shareholders or otherwise transacted unless in accordance with the procedures set forth in this
Section 10.6, except as may be otherwise provided in these Bylaws with respect to the right of holders of preferred shares of beneficial
interest, if any, of the Trust to nominate and elect a specified number of Trustees in certain circumstances or to the extent otherwise
applicable by law.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) Unless otherwise required by applicable
law, for any matter to be properly before any annual meeting, the matter must be (i) specified in the notice of meeting given by
or at the direction of a majority of the Trustees and a majority of the Continuing Trustees pursuant to Section 10.2 of these Bylaws,
(ii) otherwise brought before the meeting by or at the direction of a majority of the Continuing Trustees (or any duly authorized
committee thereof), or (iii) brought before the meeting in the manner specified in this Section 10.6(c) by a Shareholder of record
entitled to vote at the meeting or by a Shareholder (a &ldquo;Beneficial Owner&rdquo;) that holds Shares entitled to vote at the
meeting through a nominee or &ldquo;street name&rdquo; holder of record and that can demonstrate to the Trust such indirect ownership
and such Beneficial Owner&rsquo;s entitlement to vote such Shares, provided that the Shareholder was the Shareholder of record
or the Beneficial Owner held such Shares at the time the notice provided for in this Section 10.6(c) is delivered to the Secretary.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition to any other requirements under
applicable law and the Declaration of Trust and these Bylaws, persons nominated by Shareholders for election as Trustees and any
other proposals by Shareholders may be properly brought before an annual meeting only pursuant to timely notice (the &ldquo;Shareholder
Notice&rdquo;) in writing to the Secretary. To be timely, the Shareholder Notice must be delivered to or mailed and received at
the principal executive offices of the Trust not less than forty-five (45) nor more than sixty (60) days prior to the first anniversary
date of the date on which the Trust first mailed its proxy materials for the prior year&rsquo;s annual meeting; provided, however,
with respect to the annual meeting to be held in the calendar year 2012, the Shareholder Notice must be so delivered or mailed
and so received on or before December 31, 2011; provided further, however, if and only if the annual meeting is not scheduled to
be held within a period that commences thirty (30) days before the first anniversary date of the annual meeting for the preceding
year and ends thirty (30) days after such anniversary date (an annual meeting date outside such period being referred to herein
as an &ldquo;Other Annual Meeting Date&rdquo;), such Shareholder Notice must be given in the manner provided herein by the later
of the close of business on (i) the date forty-five (45) days prior to such Other Annual Meeting Date or (ii) the tenth (10th)
business day following the date such Other Annual Meeting Date is first publicly announced or disclosed.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 deliver, as part of such Shareholder Notice:
(i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality
of the person or persons to be nominated; (B) the class or series, if applicable, and number of all Shares of the Trust owned of
record or beneficially by each such person or persons, as reported to such Shareholder by such nominee(s); (C) any other information
regarding each such person required by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item
22 of Schedule 14A under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), adopted by the Securities
and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange
Commission or any successor agency applicable to the Trust); (D) any other information regarding the person or persons to be nominated
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 or any other applicable law or regulation; and (E) whether such Shareholder believes any nominee is or will be an &ldquo;interested
person&rdquo; of the Trust (as defined in the 1940 Act) and, if not an &ldquo;interested person,&rdquo; information regarding each
nominee that will be sufficient for the Trust to make such determination; and (ii) the written and signed consent of the person
or persons to be nominated to be named as nominees and to serve as Trustees if elected. In addition, the Trustees may require any
proposed nominee to furnish such other information as they may reasonably require or deem necessary to determine the eligibility
of such proposed nominee to serve as a Trustee. Any Shareholder Notice required by this Section 10.6(c) in respect of a proposal
to fix the number of Trustees shall also set forth a description of and the text of the proposal, which description and text shall
state a fixed number of Trustees that otherwise complies with applicable law, these Bylaws and the Declaration of Trust.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Without limiting the foregoing, any Shareholder
who gives a Shareholder Notice of any matter proposed to be brought before a Shareholder meeting (whether or not involving nominees
for Trustees) shall deliver, as part of such Shareholder Notice: (i) the description of and text of the proposal to be presented;
(ii) a brief written statement of the reasons why such Shareholder favors the proposal; (iii) such Shareholder&rsquo;s name and
address as they appear on the Trust&rsquo;s books; (iv) 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 the 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; (v)
the class or series, if applicable, and number of all Shares of the Trust owned beneficially and of record by such Shareholder;
(vi) any material interest of such Shareholder in the matter proposed (other than as a Shareholder); (vii) a representation that
the Shareholder intends to appear in person or by proxy at the Shareholder meeting to act on the matter(s) proposed; (viii) if
the proposal involves nominee(s) for Trustees, a description of all arrangements or understandings between the Shareholder and
each proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s) are to be made
by the Shareholder; and (ix) in the case of a Beneficial Owner, evidence establishing such Beneficial Owner&rsquo;s indirect ownership
of, and entitlement to vote, Shares at the meeting of Shareholders. As used in this Section 10.6, Shares &ldquo;beneficially owned&rdquo;
shall mean all Shares which such person is deemed to beneficially own pursuant to Rules 13d-3 and 13d-5 under the Exchange Act.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) Unless otherwise required by applicable
law, for any matter to be properly before any special meeting, the matter must be specified in the notice of meeting given by or
at the direction of a majority of the Trustees and a majority of the Continuing Trustees pursuant to Section 10.2 of these Bylaws.
In the event the Trust calls a special meeting for the purpose of electing one or more Trustees, any Shareholder may nominate a
person or persons (as the case may be) for election to such position(s) as specified in the Trust&rsquo;s notice of meeting if
and only if the Shareholder provides a notice containing the information required in the Shareholder Notice to the Secretary required
with respect to annual meetings by Section 10.6(c) hereof, and such notice is delivered to or mailed and received at the principal
executive office of the Trust not later than the close of business on the tenth (10th) day following the day on which the date
of the special meeting and of the nominees proposed by the Trustees to be elected at such meeting are publicly announced or disclosed.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(e) Unless otherwise required by applicable
law, for purposes of this Section 10.6, a matter shall be deemed to have been &ldquo;publicly announced or disclosed&rdquo; 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 and Exchange Commission, or in a Web site accessible to
the public maintained by the Trust or by its investment adviser or administrator or an affiliate of such investment adviser or
administrator with respect to the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(f) Unless otherwise required by applicable
law, in no event shall an adjournment or postponement (or a public announcement thereof) of a meeting of Shareholders commence
a new time period (or extend any time period) for the giving of notice as provided in this Section 10.6.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(g) Unless otherwise required by applicable
law, 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 of other matters
to be brought before a meeting and notice thereof have been duly made and given in the manner provided in this Section 10.6 and
elsewhere in these Bylaws and the Declaration of Trust and (ii) if not so made or given, to direct and declare at the meeting that
such nomination and/or such other matters shall be disregarded and shall not be considered. Any determination by the person presiding
shall be binding on all parties absent manifest error.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(h) Notwithstanding anything to the contrary
in this Section 10.6 or otherwise in these Bylaws, unless required by federal law, no matter shall be considered at or brought
before any annual or special meeting unless such matter has been approved for these purposes by a majority of the Continuing Trustees
and, in particular, no Beneficial Owner shall have any rights as a Shareholder except as may be required by federal law. Furthermore,
nothing in this Section 10.6 shall be construed as creating any implication or presumption as to the requirements of federal law.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">11.1 <U>General</U>. Except to the extent that
the Declaration of Trust or applicable law requires a vote or consent of Shareholders or a higher vote or consent by the Trustees
and/or the Continuing Trustees, these Bylaws may be amended, changed, altered or repealed, in whole or part, only by resolution
of a majority of the Trustees and a majority of the Continuing Trustees then in office at any meeting of the Trustees, or by one
or more writings signed by such Trustees and Continuing Trustees.</P>

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

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