<SEC-DOCUMENT>0000940394-20-001033.txt : 20200615
<SEC-HEADER>0000940394-20-001033.hdr.sgml : 20200615
<ACCEPTANCE-DATETIME>20200615154355
ACCESSION NUMBER:		0000940394-20-001033
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200615
DATE AS OF CHANGE:		20200615
EFFECTIVENESS DATE:		20200615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EATON VANCE SENIOR INCOME TRUST
		CENTRAL INDEX KEY:			0001070732
		IRS NUMBER:				043435040

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-227968
		FILM NUMBER:		20963197

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

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>evfposex.htm
<DESCRIPTION>EATON VANCE SENIOR INCOME TRUST POS EX DTD 6-15-2020
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on June 15, 2020</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1933 Act File No. 333-227968</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">1940 Act File No. 811-09013</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt NewsGoth Dm BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: Black 4.5pt double; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>WASHINGTON, D.C. 20549</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 14pt; text-align: center; line-height: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>FORM N-2</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="width: 70%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT of 1933</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PRE-EFFECTIVE AMENDMENT NO. </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>POST-EFFECTIVE AMENDMENT NO. 3</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>and/or</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE INVESTMENT COMPANY ACT OF 1940</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; line-height: 13pt">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>AMENDMENT NO. 22</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 14pt; text-align: center; line-height: 17pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EATON VANCE SENIOR INCOME TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Exact Name of Registrant as Specified in Charter)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Two International Place, Boston, Massachusetts 02110</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Address of Principal Executive Offices)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(617) 482-8260</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Registrant&#8217;s Telephone Number)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Maureen A. Gemma</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Two International Place, Boston, Massachusetts 02110</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 13pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Name and Address of Agent for Service)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Approximate Date of Proposed Public Offering: As soon as practicable
after the effective date of this Registration Statement.</P>

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

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

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 0 0 6pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">When
declared effective pursuant to Section 8(c)</FONT></P>

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">This Post-Effective Amendment No. 3 to the Registration Statement
on Form N-2 (File Nos. 333-227968 and 811-09013) of Eaton Vance Senior Income Trust (the &#8220;Registration Statement&#8221;)
is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), solely
for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 3 consists only
of a facing page, this explanatory note, Part C of the Registration Statement and Exhibit 2(b) pursuant to Item 25 of the Registration
Statement. This Post-Effective Amendment No. 3 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d)
under the Securities Act, this Post-Effective Amendment No. 3 shall become effective immediately upon filing with the Securities
and Exchange Commission. Parts A and B of the Registration Statement are hereby incorporated by reference.</P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0; text-align: center"><B>PART C</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 25.</B></TD><TD><B>FINANCIAL STATEMENTS AND EXHIBITS</B></TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.5in">&#9;Financial Highlights.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-indent: 0.5in">&#9;Registrant&#8217;s Certified Shareholder
Reports on Form N-CSR filed August 26, 2019 (Accession No. 0001193125-19-229384) and filed February 26, 2020 (Accession No. 0001193125-20-049784)
and incorporated herein by reference.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(a)</FONT></TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000089843298000638/0000898432-98-000638.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Agreement and Declaration of Trust dated September 23, 1998 filed as Exhibit (a) is incorporated herein by reference to the Registration Statement under the Securities Act of 1933 (1933 Act File No. 333-64151) and under the Investment Company Act of 1940 (1940 Act File No. 811-09013) filed with the Commission on September 24, 1998 (Accession No. 0000898432-98-000638) (&#8220;Registration Statement&#8221;).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000089843211000792/exh-a2.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated August 11, 2008 to Agreement and Declaration of Trust is incorporated herein by reference to the Registrant&#8217;s initial Registration Statement on Form N-2 (File Nos. 333-175096 and 811-09013) as to Registrant&#8217;s shelf offering filed with the Commission on June 23, 2011 (Accession No. 0000898432-11-000792) (&#8220;Initial Shelf Registration Statement&#8221;).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><A HREF="exhibitb_ex-99zb.htm">Amended and Restated By-Laws dated March 23, 2020 filed herewith.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(c)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(d)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000089843298000638/0000898432-98-000638.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Specimen Certificate representing the Registrant's Common Shares of Beneficial Interest filed as Exhibit (d) is incorporated herein by reference to the Registrant&#8217;s Registration Statement.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039401500292/exhd2.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Specimen Certificate representing the Registrant's Auction Preferred Shares of Beneficial Interest filed as Exhibit (d)(2) to Amendment No. 4 and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(e)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000089843298000638/0000898432-98-000638.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Dividend Reinvestment Plan filed as Exhibit (e) is incorporated herein by reference to the Registrant&#8217;s Registration Statement.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(f)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000089843298000638/0000898432-98-000638.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Investment Advisory Agreement dated October 19, 1998 filed as Exhibit (g) to Amendment No. 1 and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000089843211000792/exh-g2.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fee Reduction Agreement dated April 26, 2010 is incorporated herein by reference to the Initial Shelf Registration Statement.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(h)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000095013598005546/0000950135-98-005546.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Underwriting Agreement dated October 27, 1998 filed as Exhibit (h)(1) to Amendment No. 1 and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000095013598005546/0000950135-98-005546.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Master Agreement Among Underwriters filed as Exhibit (h)(2) to Amendment No. 1 and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000095013598005546/0000950135-98-005546.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Master Selected Dealer Agreement filed as Exhibit (h)(3) to Amendment No. 1 and incorporated herein by reference.</FONT></A></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039401500302/exh.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Underwriting Agreement for Auction Preferred Shares filed as Exhibit (h) to Pre-Effective Amendment No. 2 to the Registration Statement under the Securities Act of 1933 (1933 Act File No. 333-58758) and Amendment No. 5 to the Registration Statement under the Investment Company Act of 1940 (1940 Act File No. 811-09013) filed with the Commission on June 19, 2001 (Accession No. 0000940394-01-500302) (&quot;Amendment No. 5&quot;) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039419000355/exhibith5_ex-99zh5.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Distribution Agreement with respect to the Rule 415 shelf offering is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Shelf Registration Statement filed with the Commission on February 21, 2019 (Accession No. 000940394-19-000355) (&#8220;Form of Distribution Agreement&#8221;).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039419000355/exhibith6_ex-99zh6.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Sub-Placement Agent Agreement between Eaton Vance Distributors, Inc. and UBS Securities LLC is incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Shelf Registration Statement filed with the Commission on February 21, 2019 (Accession No. 000940394-19-000355) (&#8220;Form of Sub-Placement Agent Agreement&#8221;).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(i)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Securities and Exchange Commission has granted the Registrant an exemptive order that permits the Registrant to enter into deferred compensation arrangements with its independent Trustees. See in the matter of Capital Exchange Fund, Inc., Release No. IC- 20671 (November 1, 1994).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(j)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/745463/000094039413001073/exhibitg1_ex99zg1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Master Custodian Agreement between Eaton Vance Funds and State Street Bank &amp; Trust Company dated September 1, 2013 filed as Exhibit (g)(1) to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/31266/000094039410001000/exhibitg2.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as exhibit (g)(2) to Post-Effective Amendment No. 108 of Eaton Vance Special Investment Trust (File Nos. 02-27962, 811-1545) filed September 27, 2010 (Accession No. 0000940394-10-001000) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/914529/000094039412000641/exhibitg3_ex99zg3.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment Number 1 dated May 16, 2012 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company dated September 1, 2010 filed as Exhibit (g)(3) to Post-Effective Amendment No. 39 of Eaton Vance Municipals Trust II (File Nos. 033-71320, 811-08134) filed May 29, 2012 (Accession No. 0000940394-12-000641) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/745463/000094039413001073/exhibitg4_ex99zg4.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated September 1, 2013 to Amended and Restated Services Agreement with State Street Bank &amp; Trust Company filed as Exhibit (g)(4) to Post-Effective Amendment No. 211 of Eaton Vance Mutual Funds Trust (File Nos. 002-90946, 811-04015) filed September 24, 2013 (Accession No. 0000940394-13-001073) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(k)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1379438/000095013507000974/b63412n4exv99wxkyx1y.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (k)(1) is incorporated herein by reference to Pre-Effective Amendment No. 3 to the initial Registration Statement on Form N-2 of Eaton Vance Tax-Managed Global Diversified Equity Income Fund (File Nos. 333-138318, 811-21973) filed February 21, 2007 (Accession No. 0000950135- 07- 000974).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1454741/000119312509083055/dex99k1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated April 21, 2008 to Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (k)(1) is incorporated herein by reference to Pre-Effective Amendment No. 1 to the initial Registration Statement on Form N-2 of Eaton Vance National Municipal Opportunities Trust (File Nos. 333-156948, 811-22269) filed April 21, 2009 (Accession No. 0000950135- 09- 083055).</FONT></A></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt NewsGoth Lt BT; margin: 3pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(3)</FONT></TD>
    <TD STYLE="width: 3%; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1665817/000119312516552383/d166897dex99k1.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amendment dated June 13, 2012 to Transfer Agency and Services Agreement dated February 5, 2007 between American Stock Transfer &amp; Trust Company and each Registered Investment Company listed on Exhibit 1 filed as Exhibit (k)(1) is incorporated herein by reference to Pre-Effective Amendment No. 2 to the initial Registration Statement on Form N-2 of Eaton Vance High Income 2021 Target Term Trust (File Nos. 333-209436, 811-23136) filed April 25, 2016 (Accession No. 0000950135-16-552383).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(4)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039414001403/exhibitk2_ex99zk2.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated Administrative Services Agreement dated August 6, 2012 filed as Exhibit (k)(2) to Post-Effective Amendment No. 3 filed October 27, 2014 (Accession No. 0000940394-14-001403) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(5)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000095013598005546/0000950135-98-005546.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Shareholder Servicing Agreement dated as of October 19, 1998 filed as Exhibit (k)(3) to Amendment No. 1 and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(6)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039401500302/exk1.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Auction Agency Agreement to the Auction Preferred Shares filed as Exhibit (k)(1) to Amendment No. 5 and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(7)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039401500302/exk2.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of Broker-Dealer Agreement as to the Registrant's Auction Preferred Shares filed as Exhibit (k)(2) to Amendment No. 5 and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(8)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039401500302/exk3.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Form of DTC Representations Letter as to the Registrant's Auction Preferred Shares filed as Exhibit (k)(3) to Amendment No. 5 and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(l)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039419001393/exhibitl_ex-99zl.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Opinion of Internal Counsel filed as Exhibit (l) to the Registrant&#8217;s Post-Effective Amendment No. 2 on Form N-2 filed October 24, 2019 (Accession No. 0000940394-19-001393) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(m)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(n)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039419001393/exhibitn_ex-99zn.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Consent of Independent Registered Public Accounting Firm filed as Exhibit (n) to the Registrant&#8217;s Post-Effective Amendment No. 2 on Form N-2 filed October 24, 2019 (Accession No. 0000940394-19-001393) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(o)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(p)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000095013598005546/0000950135-98-005546.txt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Letter Agreement with Eaton Vance Management dated October 23, 1998 filed as Exhibit (p) to Amendment No. 1 and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(q)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Not applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(r)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/31266/000094039420000815/exhibitp1a_ex-99zp1a.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Code of Ethics adopted by the Eaton Vance Funds effective April 8, 2020 filed as Exhibit (p)(1)(a) to Post-Effective Amendment No. 198 of Eaton Vance Special Investment Trust (File Nos. 002-27962, 811-01545) filed April 27, 2020 (Accession No. 0000940394-20-000815) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(2)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/31266/000094039420000020/exhibitp1b_ex-99zp3.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Code of Ethics adopted by the Eaton Vance Entities effective January 1, 2020 filed as Exhibit (p)(1)(b) to Post-Effective Amendment No. 192 of Eaton Vance Special Investment Trust (File Nos. 002-27962, 811-01545) filed January 9, 2020 (Accession No. 0000940394-20-000020) and incorporated herein by reference.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(s)</FONT></TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1070732/000094039418001709/exhibits_ex-99zs.htm"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Power of Attorney dated October 10, 2018 filed as Exhibit (s) to the Registrant&#8217;s Post-Effective Amendment No. 3 on Form N-2 filed October 24, 2018 (Accession No. 0000940394-18-001709) and incorporated herein by reference.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 26.</B></TD><TD><B>MARKETING ARRANGEMENTS</B></TD></TR></TABLE>

<P STYLE="font: 10pt/101% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">See Form of Distribution Agreement with respect to the
Rule 415 shelf offering.</P>

<P STYLE="font: 10pt/101% Arial, Helvetica, Sans-Serif; margin: 0">See Form of Sub-Placement Agent Agreement between Eaton Vance
Distributors, Inc. and UBS Securities LLC.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 77%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Registration and Filing Fees</FONT></TD>
    <TD STYLE="text-align: right; width: 23%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;$&#9;3,365</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">FINRA Fees</FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">New York Stock Exchange Fees</FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;15,930</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Costs of Printing and Engraving</FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Accounting Fees and Expenses</FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;2,050</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Legal Fees and Expenses</FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; text-underline-style: double"><U>&#9;5,000</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Total</FONT></TD>
    <TD STYLE="text-align: right; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;$&#9;26,845</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 9pt/101% Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">* The Adviser will pay expenses of the offering (other than the applicable commissions).</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 28.</B></TD><TD><B>PERSONS CONTROLLED BY OR UNDER COMMON CONTROL</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 12pt">None.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 29.</B></TD><TD><B>NUMBER OF HOLDERS OF SECURITIES</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Title of Class</FONT></TD>
    <TD STYLE="width: 6%; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 34%; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Number of Record Holders</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Common Shares of Beneficial interest, par value $0.01 per share </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,850</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Auction Preferred Shares - Series A, par value $0.01 per share</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Auction Preferred Shares - Series B, par value $0.01 per share</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 3pt 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">10</FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 30.</B></TD><TD><B>INDEMNIFICATION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">The Registrant's Amended and Restated By-Laws, filed herewith,
and the Form of Distribution Agreement, incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant&#8217;s Shelf
Registration Statement filed with the Commission on February 21, 2019, contain provisions limiting the liability, and providing
for indemnification, of the Trustees and officers under certain circumstances.</P>

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


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 31.</B></TD><TD><B>BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0">Reference is made to: (i) the information set forth under the
caption &#8220;Investment advisory and other services&#8221; in the Statement of Additional Information; (ii) the Eaton Vance Corp.
10-K filed under the Securities Exchange Act of 1934, as amended (File No. 001-8100); and (iii) the Form ADV of Eaton Vance Management
(File No. 801-15930) filed with the Securities and Exchange Commission, all of which are incorporated herein by reference.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 32.</B></TD><TD><B>LOCATION OF ACCOUNTS AND RECORDS</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 33.</B></TD><TD><B>MANAGEMENT SERVICES</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>ITEM 34.</B></TD><TD><B>UNDERTAKINGS</B></TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file,
during any period in which offers or sales are being made, a post-effective amendment to the registration statement:</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall
be deemed to be the initial bona fide offering thereof;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that,
for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C:
Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act as part of a registration statement relating
to an offering, other than prospectus filed in reliance on Rule 430A under the Securities Act, shall be deemed to be part of and
included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such date of first use;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.25in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;that
for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller
to the purchaser and will be considered to offer or sell such securities to the purchaser:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
497 under the Securities Act;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
portion of any advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information
about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.5in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
part of this Registration Statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant
pursuant to 497(h) under the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared
effective; and</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 12pt 0.25in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
the purpose of determining any liability under the Securities Act, each post- effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-indent: 0.5in">6.&#9;The Registrant undertakes to
send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of an
oral or written request, its Statement of Additional Information.</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">Pursuant to the requirements of the Securities Act of 1933,
as amended and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Amendment to the Registration
Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston and the Commonwealth of
Massachusetts, on the 15<SUP>th</SUP> day of June 2020.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>EATON VANCE SENIOR INCOME TRUST</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 6%; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">By:</FONT></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payson F. Swaffield*</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt">&nbsp;</TD>
    <TD STYLE="padding: 3pt 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Payson F. Swaffield, <I>President</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">Pursuant to the requirements of the Securities Act of 1933, as
amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt NewsGoth Lt BT; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Exhibit No.</U></B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B><U>Description</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amended and Restated By-Laws dated March 23, 2020 </FONT></TD></TR>
<TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 88%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 11; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%"></TD><TD STYLE="width: 34%; text-align: center">C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>2
<FILENAME>exhibitb_ex-99zb.htm
<DESCRIPTION>AMENDED AND RESTATED BY-LAWS DTD MARCH 23, 2020
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 1.&#9;<U>Trustees</U>. The business
and affairs of the Trust shall be managed by the Trustees, and they shall have all powers necessary and desirable to carry out
that responsibility, so far as such powers are not inconsistent with the laws of the Commonwealth of Massachusetts, the Declaration
of Trust, or these By-Laws. Except as may be required by Section 16(a) of the 1940 Act, Trustees shall be elected by shareholders
only at an annual meeting of shareholders or special meeting in lieu of an annual meeting, provided that this restriction shall
not apply to special meetings called pursuant to Part I, Section 6(c) of Appendix I to these By-Laws.</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">SECTION 1.&#9;<FONT STYLE="font-size: 11pt"><U>Meetings</U>.
Meetings of shareholders, at which the shareholders shall elect Trustees and transact such other business as may properly come
before the meeting, shall be held annually so long as required by NYSE American LLC, New York Stock Exchange or such other exchange
or trading system on which shares of the Trust are principally traded. Meetings of the shareholders (or any class or series) may
be called at any time by the President, and shall be called by the President or the Secretary at the request, in writing or by
resolution, of a majority of the Trustees, or at the written request of the holder or holders of fifty-one percent or more of the
total number of the then issued and outstanding shares of the Trust entitled to vote at such meeting, except that meetings of holders
of preferred shares held for the purpose of considering matters upon which holders of preferred shares are entitled to vote as
a separate class may be called at the written request of the holder or holders of twenty-five percent or more of the total number
of the then issued and outstanding preferred shares of the Trust entitled to vote at such meeting. Any such request shall state
the purposes of the proposed meeting.</FONT></P>

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

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

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

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(A) <U>Annual Meetings
of Shareholders</U>. (1) Nominations of persons for election to the Board of Trustees and the proposal of business to be considered
by the shareholders may be made at an annual meeting of shareholders or special meeting in lieu of an annual meeting (a) pursuant
to the notice of meeting described in Section 3 of this Article of these By-Laws; (b) by or at the direction of the Board of Trustees;
or (c) by any shareholder of the Trust who was a shareholder of record at the time of giving of notice provided for in Section
3 of this Article of these By-Laws, who is entitled to vote at the meeting, who complied with the notice provisions set forth in
this Section 8 and who held at least $2,000 in market value, or 1%, of the Trust&#8217;s securities entitled to be voted on the
nomination or proposal at the meeting for at least</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">one year by the date such shareholder submitted
such nomination or proposal. As used in these By-Laws, an &#8220;annual meeting&#8221; is a meeting of the shareholders of the
Trust that is required pursuant to the first sentence of Section 1 of this Article IV. As used in these By-Laws, a &#8220;special
meeting in lieu of an annual meeting&#8221; is a meeting held in lieu of an annual meeting that is not held in a given year if
so required, whether the omission be by oversight or otherwise.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a) as to each person whom
the shareholder proposes to nominate for election or reelection as a Trustee:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">the name, age, business address and residence address of such proposed nominee and of any Proposed
Nominee Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">the principal occupation or employment of such proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify">the class or series and number of all shares of the Trust which are owned beneficially or of record,
directly or indirectly, by such proposed nominee and any Proposed Nominee Associated Person, and the name and address of the record
holder(s) of such shares (if different than the beneficial owner(s)) as they appear on the records of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(iv)</TD><TD STYLE="text-align: justify">the name of each nominee holder of shares owned beneficially but not of record by such proposed
nominee or any Proposed Nominee Associated Person, and the number of such shares held by each such nominee holder;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(v)</TD><TD STYLE="text-align: justify">whether and the extent to which any derivative instrument, swap, option, warrant, short interest,
hedge or profit interest or other transaction has been entered into by or on behalf of such proposed nominee, or any Proposed Nominee
Associated Person, with respect to shares of the Trust;</TD></TR></TABLE>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(vi)</TD><TD STYLE="text-align: justify">whether and the extent to which any other transaction, agreement, arrangement or understanding
(including any short position or any borrowing or lending of shares) has been made by or on behalf of such proposed nominee, or
any Proposed Nominee Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk
or benefit of share price changes for, such proposed nominee, or any Proposed Nominee Associated Person, or to increase or decrease
the voting power or pecuniary or economic interest of such proposed nominee, or any Proposed Nominee Associated Person, with respect
to the shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(vii)</TD><TD STYLE="text-align: justify">a representation as to whether such proposed nominee is an &#8220;interested person,&#8221; as
defined under Section 2(a)(19) of the 1940 Act and sufficient information about the proposed nominee to permit counsel to the Trust
to confirm such representation, including information with respect to each relationship set forth in Section 2(a)(19) of the 1940
Act which may cause such proposed nominee to be an interested person of the Trust or a representation that no such relationship
exists;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(viii)</TD><TD STYLE="text-align: justify">information to establish to the satisfaction of the Board of Trustees that the proposed nominee
satisfies the trustee qualifications as set out in these By-Laws; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(ix)</TD><TD STYLE="text-align: justify">any other information relating to such proposed nominee or Proposed Nominee Associated Person that
would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of
proxies for election of directors in an election contest pursuant to Section 14 of the Exchange Act (even if an election contest
is not involved); and</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b) as to any other business
that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the
meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder
and the beneficial owner, if any, on whose behalf the proposal is made; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c) as to the shareholder
giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">the name and address of such shareholder, as they appear on the Trust&#8217;s books, and of such
beneficial owner and of any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">the class/series and number of shares of the Trust which are owned beneficially and of record by
such shareholder, such beneficial owner and any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(iii)</TD><TD STYLE="text-align: justify">whether and the extent to which any derivative instrument, swap option, warrant, short interest,
hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any Shareholder Associated
Person, with respect to shares of the Trust;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(iv)</TD><TD STYLE="text-align: justify">whether and the extent to which any other transaction, agreement, arrangement or understanding
(including any short position or any borrowing or lending of shares) has been made by or on behalf of such person, or any Shareholder
Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock
price changes for, such person, or any Shareholder Associated Person, or to increase or decrease
the voting power or pecuniary or economic interest of such person, or any Shareholder Associated Person, with respect to shares
of the Trust;</TD></TR></TABLE>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(v)</TD><TD STYLE="text-align: justify">a description of all agreements, arrangements, or understandings (whether written or oral) between
such person, or any Shareholder Associated Person and any proposed nominee or any other person or persons (including their names)
pursuant to which the proposal(s) or nomination(s) are being made by such person, and any material interest of such person, or
any Shareholder Associated Person, in such proposal or nomination, including any anticipated benefit therefrom to such person,
or any Shareholder Associated Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(vi)</TD><TD STYLE="text-align: justify">a representation that the shareholder, or group of shareholders, giving notice intends to appear
in person at the annual meeting or special meeting in lieu of an annual meeting to make the proposals or nominate the persons named
in its notice; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 27pt">(vii)</TD><TD STYLE="text-align: justify">any other information relating to such person that would be required to be disclosed in a proxy
statement or other filings required to be made in connection with the solicitation of proxies for election of directors in an election
contest pursuant to Section 14 of the Exchange Act (even if an election contest is not involved).</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 31.5pt">(i)</TD><TD STYLE="text-align: justify">the information provided or required to be provided in such notice pursuant to paragraph (A)(2)
of this Article IV, Section 8 shall be true and correct as of the record date for determining the shareholders entitled to receive
notice of the annual meeting or special meeting in lieu of an annual meeting, and such update and supplement shall be delivered
to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five business days
after the record date for determining the shareholders entitled to receive notice of such annual meeting or special meeting in
lieu of an annual meeting; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 94.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 31.5pt">(ii)</TD><TD STYLE="text-align: justify">any subsequent information reasonably requested by the Board of Trustees to determine that any
proposed nominee has met the trustee qualifications as set out in these By-Laws is provided, and such update and supplement shall
be delivered to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five
business days after the request by the Board of Trustees for subsequent information regarding trustee qualifications has been delivered
to or mailed and received by such shareholder
of record, or group of shareholders of record, providing notice of any nomination.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 103.5pt; text-align: justify"></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(B) <U>Special Meetings
of Shareholders</U>. As used in these By-Laws, &#8220;special meeting&#8221; refers to any meeting of the Trust&#8217;s shareholders
other than an annual meeting or special meeting in lieu of an annual meeting. Only such business shall be conducted by a special
meeting of shareholders as shall have been brought before the meeting pursuant to the Trust&#8217;s notice of meeting given by
or at the direction of a majority of the Trustees. Except as may be required by Section 16(a) of the 1940 Act, Trustees shall be
elected only at an annual meeting of shareholders or special meeting in lieu of an annual meeting and not at a special meeting,
provided that this restriction shall not apply to special meetings called pursuant to Part I, Section 6(c) of Appendix I to these
By-Laws.</P>

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

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

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

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

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

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


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -1in">&#9;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(C)</TD><TD STYLE="text-align: justify; padding-right: 0.5in">All
of the foregoing services shall be performed upon such basis of compensation as may be agreed upon between the Trust and the principal
Custodian. If so directed by vote of the holders of a majority of the outstanding shares of Trust, the principal Custodian shall
deliver and pay over all property of the Trust held by it as specified in such vote.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify; padding-right: 0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD></TR></TABLE>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 3.&#9;<U>Securities Depositories, etc.</U>
Subject to such rules, regulations and orders as the SEC may adopt, the Trust may authorize or direct the principal Custodian or
any sub&#45;custodian to deposit all or any part of the securities in or with one or more depositories or clearing agencies or
systems for the central handling of securities or other book&#45;entry systems approved by the Trust, or in or with such other
persons or systems as may be permitted by the SEC, or otherwise in accordance with the Act, pursuant to which all securities of
any particular class or series of any issuer deposited within the system are treated as fungible and may be transferred or pledged
by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal
only upon the order of the Trust or the principal Custodian or the sub&#45;custodian. The Trust may also authorize the deposit
in or with one or more eligible foreign custodians (or in or with one or more foreign depositories, clearing agencies or systems
for the central handling of securities) of all or part of the Trust&#8217;s foreign assets, securities, cash and cash equivalents
in amounts reasonably necessary to effect the Trust&#8217;s foreign investment transactions, in accordance with such rules, regulations
and orders as the SEC may adopt.</P>

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(B) Except to the extent
explicitly permitted under the federal securities laws, no shareholder or group of shareholders shall have the right to bring or
maintain any court action, proceeding or claim on behalf of the Trust or any series or class of shares of the Trust without first
making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall
not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the demanding
shareholder(s) make a specific showing that irreparable nonmonetary injury to the Trust or series or class of shares of the Trust
that the shareholder(s) could not reasonably have prevented would otherwise result. Such demand shall be mailed to the Secretary
of the Trust at the Trust&#8217;s principal office and shall set forth with particularity the nature of the proposed court action,
proceeding or claim and the essential facts relied upon by the shareholder(s) to support the allegations made in the demand. Within
90 days of receipt of any such demand, the Trustees shall consider the merits of the claim and determine whether commencing or
maintaining a suit would be in the best interests of the Trust or the affected series or class, as applicable.&nbsp; If, during
this 90-day period, the Trustees conclude that a determination as to the maintenance of a suit cannot reasonably be made within
the 90-day period, the Trustees may extend the 90-day period by a period of time that the Trustees consider will be sufficient
to permit them to make such a determination, not to exceed 60 calendar days from the end of the initial 90-day period. In their
sole discretion, the Trustees may submit the question of whether to proceed with the claim to a vote of shareholders of the Trust
or a series or class of shares, as appropriate. To the maximum extent permitted by law, any decision by the Trustees to bring,
maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote
of shareholders, shall be final and binding upon the shareholders.</P>

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

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

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

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

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


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SECTION 4.&#9;<U>Direct Claims</U>. No group
of shareholders shall have the right to bring or maintain a direct action or claim for monetary damages against the Trust or the
Trustees predicated upon an express or implied right of action under the Declaration of Trust or the 1940 Act, nor shall any single
shareholder, who is similarly situated to one or more other shareholders with respect to the alleged injury, have the right to
bring such an action, unless such group of shareholders or shareholder has obtained authorization from the Trustees to bring the
action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on
the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Trust at the Trust&#8217;s principal
office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts
relied upon by the group of shareholders or shareholder to support the allegations made in the request. The Trustees shall consider
such request within 90 days of its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote
of shareholders of the Trust or series or class of shares, as appropriate. Any decision by the Trustees to settle or to authorize
(or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall
be made in their business judgment and shall be binding on all shareholders.</P>

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

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

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

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

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


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(B) If any provision of
the Declaration of Trust or By-Laws shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall attach only to such provision in such jurisdiction and shall not in any manner affect such provisions in any other jurisdiction
or any other provision of the Declaration of Trust or By-Laws in any jurisdiction.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SERIES A: A series of 2,200
Preferred Shares, liquidation preference $25,000 per share, is hereby designated &#8220;Series A Auction Rate Cumulative Preferred
Shares&#8221; (&#8220;Series A&#8221;). Each share of Series A may be issued on a date to be determined by the Board of Trustees
of the Trust or pursuant to their delegated authority; have an initial Dividend Rate and an initial Dividend Payment Date as shall
be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority;
and have such other preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and
conditions of redemption, in addition to those required by applicable law or set forth in the Declaration applicable to preferred
shares of the Trust, as are set forth in Part I and Part II of these By-laws. The Series A shall constitute a separate series of
Preferred Shares of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">SERIES B: A series of 2,200
Preferred Shares, liquidation preference $25,000 per share, is hereby designated &#8220;Series B Auction Rate Cumulative Preferred
Shares&#8221; (&#8220;Series B&#8221;). Each share of Series B may be issued on a date to be determined by the Board of Trustees
of the Trust or pursuant to their delegated authority; have an initial Dividend Rate and an initial Dividend Payment Date as shall
be determined in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority;
and have such other preferences, rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and
conditions of redemption, in addition to those required by applicable law or set forth in the Declaration applicable to preferred
shares of the Trust, as are set forth in Part I and Part II of these By-laws. The Series B shall constitute a separate series of
Preferred Shares of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PART I: PREFERRED SHARES TERMS</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
initial number of authorized shares constituting Series A is 2,200 shares. The initial number of authorized shares constituting
Series B is 2,200 shares. No fractional shares of either Series shall be issued.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of each Series which at any time have been redeemed or purchased by the Trust shall, after such redemption or purchase, have the
status of authorized but unissued preferred shares.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of each Series shall rank on a parity with shares of any other series of preferred shares (including any other shares of Preferred
Shares) as to the payment of dividends to which such shares are entitled and the distribution of assets upon dissolution, liquidation
or winding up of the affairs of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Holder of shares of any Series shall have, solely by reason of being such a holder, any preemptive or other right to acquire, purchase
or subscribe for any shares of any Series, shares of Common Shares of the Trust or other securities of the Trust which it may hereafter
issue or sell.</P>

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


<!-- Field: Page; Sequence: 20; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Holders of shares of each Series shall be entitled to receive, when, as and if declared by the Board of Trustees, out of funds
legally available therefore, cumulative cash dividends on their shares at the Applicable Rate, determined as set forth in paragraph
(c) of this Section 2, and no more, payable on the respective dates determined as set forth in paragraph (b) of this Section 2.
Dividends on the Outstanding shares of each Series issued on the Date of Original Issue shall accumulate from the Date of Original
Issue.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
shall be payable when, as and if declared by the Board of Trustees following the initial Dividend Payment Date, subject to subparagraph
(b)(ii) of this Section 2, on the shares of each Series, as follows:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any Dividend Period of one year or less, on the Business Day following the last day of such Dividend Period; provided
however, if the Dividend Period is more than 91 days then on the 91st, 181st and 271st days within such period, if applicable,
and on the Business Day following the last day of such Dividend Period; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to any Dividend Period of more than one year, on a quarterly basis on each January 1, April 1, July 1 and October 1 within
such Dividend Period and on the Business Day following the last day of such Dividend Period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a day for payment of dividends resulting from the application of subparagraph (b)(i) above is not a Business Day, then the Dividend
Payment Date shall be the first Business Day following such day for payment of dividends.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall pay to the Paying Agent not later than 12:00 p.m., New York City time, on the Business Day next preceding each Dividend
Payment Date for a Series, an aggregate amount of funds available on the next Business Day in The City of New York, New York, equal
to the dividends to be paid to all Holders of such Series on such Dividend Payment Date. The Trust shall not be required to establish
any reserves for the payment of dividends.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
moneys paid to the Paying Agent for the payment of dividends shall be held in trust for the payment of such dividends by the Paying
Agent for the benefit of the Holders specified in subparagraph (b)(v) of this Section 2. Any moneys paid to the Paying Agent in
accordance with the foregoing but not applied by the Paying Agent to the payment of dividends, including interest earned on such
moneys, will, to the extent permitted by law, be repaid to the Trust at the end of 90 days from the date on which such moneys were
to have been so applied.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
dividend on each Series shall be paid on the Dividend Payment Date therefore to the Holders of that Series as their names appear
on the share ledger or share records of the Trust on the Business Day next preceding such Dividend Payment Date, to the Holders
as their names appear on the share ledger or share records of the Trust on such date; provided, however, if dividends are in arrears,
they may be declared and paid at any time to Holders as their names appear on the share ledger or share records of the Trust on
such date not exceeding 15 days preceding the payment date thereof, as may be fixed by the Board of Trustees. No interest will
be payable in respect of any dividend payment or payments which may be in arrears.</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)(i)&#9;The dividend
rate on Outstanding shares of each Series during the period from and after the Date of Original Issue to and including the last
day of the initial Dividend Period therefore shall be equal to the rate per annum set forth under &#8220;Designation&#8221; above.
For each subsequent Dividend Period, the dividend rate shall be equal to the rate per annum that results from an Auction; provided,
however, that if an Auction for any subsequent Dividend Period of a Series is not held for any reason or if Sufficient Clearing
Orders have not been made in an Auction (other than as a result of all shares of any Series being the subject of Submitted Hold
Orders), then the dividend rate on the shares of that Series for any such Dividend Period shall be the Maximum Rate (except (i)
during a Default Period when the dividend rate shall be the Default Rate, as set forth in Section 2(c)(ii) below) or (ii) after
a Default Period and prior to the beginning of the next Dividend Period when the dividend rate shall be the Maximum Rate at the
close of business on the last day of such Default Period). The rate per annum at which dividends are payable on shares of each
Series as determined pursuant to this Section 2(c)(i) shall be the &#8220;Applicable Rate.&#8221;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the cure provisions in Section 2(c)(iii) below, a &#8220;Default Period&#8221; with respect to a particular Series will commence
on any date the Trust fails to deposit irrevocably in trust in same-day funds, with the Paying Agent by 12:00 noon, New York City
time, (A) the full amount of any declared dividend on that Series payable on the Dividend Payment Date (a &#8220;Dividend Default&#8221;)
or (B) the full amount of any redemption price (the &#8220;Redemption Price&#8221;) payable on the date fixed for redemption (the
&#8220;Redemption Date&#8221;) (a &#8220;Redemption Default&#8221;) and together with a Dividend Default and a Redemption Default,
hereinafter referred to as &#8220;Default&#8221;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Subject to the cure provisions
of Section 2(c)(iii) below, a Default Period with respect to a Dividend Default or a Redemption Default shall end on the Business
Day on which, by 12:00 noon, New York City time, all unpaid dividends and any unpaid Redemption Price shall have been deposited
irrevocably in trust in same-day funds with the Paying Agent. In the case of a Dividend Default, no Auction shall be held during
a Default Period applicable to that Series and the Applicable Rate for each Dividend Period commencing during a Default Period
will be equal to the Default Rate, and each subsequent Dividend Period commencing after the beginning of a Default Period shall
be a Standard Rate Period; provided, however, that the commencement of a Default Period will not by itself cause the commencement
of a new Dividend Period. No Auction shall be held during a Default Period applicable to that Series.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Default Period with respect to a Dividend Default or Redemption Default shall be deemed to commence if the amount of any dividend
or any Redemption Price due (if such default is not solely due to the willful failure of the Trust) is deposited irrevocably in
trust, in same-day funds with the Paying Agent by 12:00 noon, New York City time within three Business Days after the applicable
Dividend Payment Date or Redemption Date, together with an amount equal to the Default Rate applied to the amount of such non-payment
based on the actual number of days comprising such period divided by 360. The Default Rate shall be equal to the Reference Rate
multiplied by three (3).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amount of dividends per share payable (if declared) on each Dividend Payment Date of each Dividend Period of less than one (1)
year (or in respect of dividends on another date in connection with a redemption during such Dividend Period) shall be computed
by multiplying the Applicable Rate (or the Default Rate) for such Dividend Period (or a portion thereof) by a fraction, the numerator
of which will be the number of days in such Dividend Period (or portion thereof) that such share was Outstanding and for which
the Applicable Rate or the Default Rate was applicable and the denominator of which will be 360, multiplying the amount so obtained
by $25,000, and rounding the amount so obtained to the nearest cent. During any Dividend Period of one (1) year or more, the amount
of dividends per share payable on any Dividend Payment Date (or in respect of dividends on another date in connection with a redemption
during such Dividend Period) shall be computed as described in the preceding sentence, except that it will be determined on the
basis of a year consisting of twelve 30-day months.</P>

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

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

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
dividend payment made on shares of any Series shall first be credited against the earliest accumulated but unpaid dividends due
with respect to such Series.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as the Preferred Shares are Outstanding, except as otherwise contemplated by Part I of these By-laws, the Trust will not
declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares
of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares, ranking junior to the Preferred
Shares as to dividends or upon liquidation) with respect to Common Shares or any other shares of the Trust ranking junior to the
Preferred Shares as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration
any Common Shares or other shares ranking junior to the Preferred Shares (except by conversion into or exchange for shares of the
Trust ranking junior to the Preferred Shares as to dividends and upon liquidation), unless (i) immediately after such transaction,
the Trust would have Eligible Assets with an aggregate Discounted Value at least equal to the Preferred Shares Basic Maintenance
Amount and the 1940 Act Preferred Shares Asset Coverage would be achieved, (ii) all cumulative an unpaid dividends due on or prior
to the date of the transaction have been declared and paid in full with respect to the Trust&#8217;s preferred shares, including
the Preferred Shares, and (iii) the Trust has redeemed the full number of preferred shares required to be redeemed by any mandatory
provision for redemption including shares of the Preferred Shares required to be redeemed by any provision for mandatory redemption
contained in Section 3(a)(ii) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
so long as the Preferred Shares are Outstanding, except as set forth in the next sentence, the Trust will not declare, pay or set
apart for payment on any series of shares of the Trust ranking, as to the payment of dividends, on a parity with the Preferred
Shares for any period unless full cumulative dividends have been or contemporaneously are declared and paid on the Preferred Shares
through their most recent Dividend Payment Date. When dividends are not paid in full upon the Preferred Shares through their most
recent Dividend Payment Date or upon any other series of shares ranking on a parity as to the payment of dividends with Preferred
Shares through their most recent respective Dividend Payment Dates, all dividends declared upon Preferred Share and any other such
series of shares ranking on a parity as to the payment of dividends with Preferred Shares shall be declared pro rata so that the
amount of dividends declared per share on Preferred Shares and such other series of preferred shares shall in all cases bear to
each other the same ratio that accumulated dividends per share on the Preferred Shares and such other series of preferred shares
bear to each other.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust will not declare, pay or set apart for payment any dividend or other distribution in respect to any Series (i) if there is
any event of payment default which has occurred and is continuing under indebtedness senior to such Series (such senior indebtedness
including but not limited to indebtedness under the Credit Agreement) or (ii) unless immediately after such transaction, the Trust
would have Eligible Assets with an aggregate Discounted Value at least equal to the asset coverage requirements under the indebtedness
senior to such Series.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the initial Dividend Period, subject to the provisions of this Section 3 and to the extent permitted under the Investment Company
Act and Massachusetts law, the Trust may, at its option, redeem in whole or in part out of funds legally available therefore shares
of any Series herein designated as (A) having a Dividend Period of one year or less, on the Business Day after the last day of
such Dividend Period by delivering a notice of redemption not less than 15 calendar days and not more than 40 calendar days</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">prior to the Redemption Date, at a redemption
price per share equal to $25,000, plus an amount equal to accumulated but unpaid dividends thereon (whether or not earned or declared)
to the Redemption Date (&#8220;Redemption Price&#8221;), or (B) having a Dividend Period of more than one year, on any Business
Day prior to the end of the relevant Dividend Period by delivering a notice of redemption not less than 15 calendar days and not
more than 40 calendar days prior to the Redemption Date, at the Redemption Price, plus a redemption premium, if any, determined
by the Board of Trustees after consultation with the Broker-Dealers and set forth in any applicable Specific Redemption Provisions
at the time of the designation of such Dividend Period as set forth in Section 4 of Part I of these By-laws; provided, however,
that during a Dividend Period of more than one year no shares of any Series will be subject to optional redemption except in accordance
with any Specific Redemption Provisions approved by the Board of Trustees after consultation with the Broker-Dealers at the time
of the designation of such Dividend Period. Notwithstanding the foregoing, the Trust shall not give a notice of or effect any redemption
pursuant to this Section 3(a)(i) unless, on the date on which the Trust gives such notice and on the Redemption Date (a) the Trust
has available Deposit Securities with maturity or tender dates not later than the day preceding the applicable Redemption Date
and having a value not less than the amount (including any applicable premium) due to Holders of each Series by reason of the redemption
of each Series on the Redemption Date and (b) the Trust would have Eligible Assets with an aggregate Discounted Value at least
equal the Preferred Shares Basic Maintenance Amount immediately subsequent to such redemption, if such redemption were to occur
on such date, it being understood that the provisions of paragraph (d) of this Section 3 shall be applicable in such circumstances
in the event the Trust makes the deposit and takes the other action required thereby.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trust fails as of any Valuation Date to meet the Preferred Shares Basic Maintenance Amount Test or, as of the last Business
Day of any month, the 1940 Act Preferred Shares Asset Coverage, and such failure is not cured within five Business Days following
the relevant Valuation Date in the case of a failure to meet the Preferred Shares Basic Maintenance Amount Test or the last Business
Day of the following month in the case of a failure to meet the 1940 Act Preferred Shares Asset Coverage (each an &#8220;Asset
Coverage Cure Date&#8221;), the Preferred Shares will be subject to mandatory redemption out of funds legally available therefore.
The number of Preferred Shares to be redeemed in such circumstances will be equal to the lesser of (A) the minimum number of Preferred
Shares the redemption of which, if deemed to have occurred immediately prior to the opening of business on the relevant Asset Coverage
Cure Date, would result in the Trust meeting the Preferred Shares Basic Maintenance Amount Test, and the 1940 Act Preferred Shares
Asset Coverage, as the case may be, in either case as of the relevant Asset Coverage Cure Date (provided that, if there is no such
minimum number of shares the redemption of which would have such result, all Preferred Shares then Outstanding will be redeemed),
and (B) the maximum number of shares of Preferred Shares that can be redeemed out of funds expected to be available therefore on
the Mandatory Redemption Date at the Mandatory Redemption Price set forth in subparagraph (a)(iv) of this Section 3.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
determining the Preferred Shares required to be redeemed in accordance with the foregoing Section 3(a)(ii), the Trust shall allocate
the number of shares required to be redeemed to satisfy the Preferred Shares Basic Maintenance Amount Test or the 1940 Act Preferred
Shares Asset Coverage, as the case may be, pro rata among the Holders of the Preferred Shares in proportion to the number of shares
they hold and shares of other preferred shares subject to mandatory redemption provisions similar to those contained in this Section
3, subject to the further provisions of this subparagraph (iv). The Trust shall effect any required mandatory redemption pursuant
to: (A) the Preferred Shares Basic Maintenance Amount Test, as described in subparagraph (a)(ii) of this Section 3, no later than
30 days after the Trust last met the Preferred Shares Basic Maintenance Amount Test, or (B) the 1940 Act Preferred Shares Asset
Coverage, as described in subparagraph (a)(ii) of this Section 3, no later than 30 days after the</P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Asset Coverage Cure Date (the &#8220;Mandatory
Redemption Date&#8221;), except that if the Trust does not have funds legally available for the redemption of, or is not otherwise
legally permitted to redeem, the number of Preferred Shares which would be required to be redeemed by the Trust under clause (A)
of subparagraph (a)(ii) of this Section 3 if sufficient funds were available, together with shares of other preferred shares which
are subject to mandatory redemption under provisions similar to those contained in this Section 3, or the Trust otherwise is unable
to effect such redemption on or prior to such Mandatory Redemption Date, the Trust shall redeem those Preferred Shares, and shares
of other preferred shares which it was unable to redeem, on the earliest practicable date on which the Trust will have such funds
available, upon notice pursuant to Section 3(b) to record owners of shares of the Preferred Shares to be redeemed and the Paying
Agent. The Trust will deposit with the Paying Agent funds sufficient to redeem the specified number of Preferred Shares with respect
to a redemption required under subparagraph (a)(ii) of this Section 3, by 1:00 p.m., New York City time, of the Business Day immediately
preceding the Mandatory Redemption Date. If fewer than all of the Outstanding Preferred Shares are to be redeemed pursuant to this
Section 3(a)(iv), the number of shares to be redeemed shall be redeemed pro rata from the Holders of such shares in proportion
to the number of such shares held by such Holders, by lot or by such other method as the Trust shall deem fair and equitable, subject,
however, to the terms of any applicable Specific Redemption Provisions. &#8220;Mandatory Redemption Price&#8221; means the Redemption
Price plus (in the case of a Dividend Period of one year or more only) a redemption premium, if any, determined by the Board of
Trustees after consultation with the Broker-Dealers and set forth in any applicable Specific Redemption Provisions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a redemption pursuant to the foregoing Section 3(a), the Trust will file a notice of its intention to redeem with
the Securities and Exchange Commission so as to provide at least the minimum notice required under Rule 23c-2 under the Investment
Company Act or any successor provision. In addition, the Trust shall deliver a notice of redemption to the Auction Agent (the &#8220;Notice
of Redemption&#8221;) containing the information set forth below (i) in the case of an optional redemption pursuant to Section
3(a)(i) above, one Business Day prior to the giving of notice to the Holders, (ii) in the case of a mandatory redemption pursuant
to Section 3(a)(ii) above, on or prior to the 10<SUP>th</SUP> day preceding the Mandatory Redemption Date. The Auction Agent will
use its reasonable efforts to provide telephonic notice to each Holder of shares of any Series called for redemption not later
than the close of business on the Business Day immediately following the day on which the Auction Agent determines the shares to
be redeemed (or, during a Default Period with respect to such shares, not later than the close of business on the Business Day
immediately following the day on which the Auction Agent receives Notice of Redemption from the Trust). The Auction Agent shall
confirm such telephonic notice in writing not later than the close of business on the third Business Day preceding the date fixed
for redemption by providing the Notice of Redemption to each Holder of shares called for redemption, the Paying Agent (if different
from the Auction Agent) and the Securities Depository. Notice of Redemption will be addressed to the registered owners of shares
of any Series at their addresses appearing on the share records of the Trust. Such Notice of Redemption will set forth (i) the
date fixed for redemption, (ii) the number and identity of shares of each Series to be redeemed, (iii) the redemption price (specifying
the amount of accumulated dividends to be included therein), (iv) that dividends on the shares to be redeemed will cease to accumulate
on such date fixed for redemption, and (v) the provision under which redemption shall be made. No defect in the Notice of Redemption
or in the transmittal or mailing thereof will affect the validity of the redemption proceedings, except as required by applicable
law. If fewer than all shares held by any Holder are to be redeemed, the Notice of Redemption mailed to such Holder shall also
specify the number of shares to be redeemed from such Holder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of paragraph (a) of this Section 3, no preferred shares, including the Preferred Shares, may be redeemed at the
option of the Trust unless all dividends in arrears on the Outstanding Preferred Shares and any other preferred shares have been
or are being contemporaneously paid or set aside for payment; provided, however, that the foregoing shall not prevent the purchase
or acquisition of outstanding preferred shares pursuant to the successful completion of an otherwise lawful purchase or exchange
offer made on the same terms to Holders of all outstanding preferred shares.</P>

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

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

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the deposit of funds sufficient to redeem shares of any Series with the Paying Agent and the giving of the Notice of Redemption
to the Auction Agent under paragraph (b) of this Section 3, dividends on such shares shall cease to accumulate and such shares
shall no longer be deemed to be Outstanding for any purpose (including, without limitation, for purposes of calculating whether
the Trust has met the Preferred Shares Basic Maintenance Amount Test or the 1940 Act Preferred Shares Asset Coverage), and all
rights of the Holders of the shares so called for redemption shall cease and terminate, except the right of such Holder to receive
the redemption price specified herein, but without any interest or other additional amount. Such redemption price shall be paid
by the Paying Agent to the nominee of the Securities Depository. The Trust shall be entitled to receive from the Paying Agent,
promptly after the date fixed for redemption, any cash deposited with the Paying Agent in excess of (i) the aggregate redemption
price of the shares of any Series called for redemption on such date and (ii) such other amounts, if any, to which Holders of shares
of any Series called for redemption may be entitled. Any funds so deposited that are unclaimed at the end of two years from such
redemption date shall, to the extent permitted by law, be paid to the Trust, after which time the Holders of shares of each Series
so called for redemption may look only to the Trust for payment of the redemption price and all other amounts, if any, to which
they may be entitled; provided, however, that the Paying Agent shall notify all Holders whose funds are unclaimed by placing a
notice in the Wall Street Journal concerning the availability of such funds for three consecutive weeks. The Trust shall be entitled
to receive, from time to time after the date fixed for redemption, any interest earned on the funds so deposited.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent that any redemption for which Notice of Redemption has been given is not made by reason of the absence of legally available
funds therefore, or is otherwise prohibited, such redemption shall be made as soon as practicable to the extent such funds become
legally available or such redemption is no longer otherwise prohibited. Failure to redeem shares of any Series shall be deemed
to exist at any time after the date specified for redemption in a Notice of Redemption when the Trust shall have failed, for any
reason whatsoever, to deposit in trust with the Paying Agent the redemption price with respect to any shares for which such Notice
of Redemption has been given. Notwithstanding the fact that the Trust may not have redeemed shares of each Series for which a Notice
of Redemption has been given, dividends may be declared and paid on shares of any Series and shall include those shares of any
Series for which Notice of Redemption has been given but for which deposit of funds has not been made.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
moneys paid to the Paying Agent for payment of the redemption price of shares of any Series called for redemption shall be held
in trust by the Paying Agent for the benefit of holders of shares so to be redeemed.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So
long as any shares of any Series are held of record by the nominee of the Securities Depository, the redemption price for such
shares will be paid on the date fixed for redemption to the nominee of the Securities Depository for distribution to Agent Members
for distribution to the persons for whom they are acting as agent.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for the provisions described above, nothing contained in these By-laws limits any right of the Trust to purchase or otherwise
acquire any shares of each Series outside of an Auction at any price, whether higher or lower than the price that would be paid
in connection with an optional or mandatory redemption, so long as, at the time of any such purchase, there is no arrearage in
the payment of dividends on, or the mandatory or optional redemption price with respect to, any shares of each Series for which
Notice of Redemption has been given and the Trust meets the 1940 Act Preferred Shares Asset Coverage and the Preferred Shares
Basic Maintenance Amount Test after giving effect to such purchase or acquisition on the date thereof. Any shares which are purchased,
redeemed or otherwise acquired by the Trust shall have no voting rights. If fewer than all the Outstanding shares of any Series
are redeemed or otherwise acquired by the Trust, the Trust shall give notice of such transaction to the Auction Agent, in accordance
with the procedures agreed upon by the Board of Trustees.</P>

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

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

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of any redemption pursuant to this Section 3, only whole shares of each Series shall be redeemed, and in the event that
any provision of the Declaration would require redemption of a fractional share, the Auction Agent shall be authorized to round
up so that only whole shares are redeemed.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, including, without limitation, Section 6(i) of Part I of these By-laws, the Board of Trustees
may authorize, create or issue other series of preferred shares, including other series of Preferred Shares, series of stock ranking
on a parity with the Preferred Shares with respect to the payment of dividends or the distribution of assets upon dissolution,
liquidation or winding up of the affairs of the Trust, to the extent permitted by the 1940 Act, as amended, if upon issuance, the
net proceeds from the sale of such stock (or such portion thereof needed to redeem or repurchase the Outstanding Preferred Shares)
are deposited with the Auction Agent in accordance with Section 3(d) of Part I of these By-laws, Notice of Redemption as contemplated
by Section 3(b) of Part I of these By-laws has been delivered prior thereto or is sent promptly thereafter, and such proceeds are
used to redeem all Outstanding Preferred Shares or if upon the issuance of any such series, the Trust would meet the 1940 Act Preferred
Shares Asset Coverage, the Preferred Shares Basic Maintenance Amount Test and the requirements of Section 12(b) of Part I of these
By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything herein to the contrary, redemptions of preferred shares pursuant to this Section 3 shall comply with the terms and covenants
of the Credit Agreement and no such redemptions shall be permitted to the extent they will cause an event of default under such
agreements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation
of Dividend Period.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
initial Dividend Period for each Series is as set forth under &#8220;Designation&#8221; above. The Trust will designate the duration
of subsequent Dividend Periods of each Series; provided, however, that no such designation is necessary for a Standard Rate Period
and, provided further, that any designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been
given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or
the redemption price of, each Series shall have been cured as provided above, (iii) Sufficient Clearing Orders shall have existed
in an Auction held on the Auction Date immediately preceding the first day of such proposed Special Rate Period, (iv) if the Trust
shall have mailed a Notice of Redemption with respect to any shares, the redemption price with respect to such shares shall have
been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate Period, the Trust has confirmed
that as of the Auction Date next preceding the first day of such Special Rate Period, it has Eligible Assets with an aggregate
Discounted Value at least equal to the Preferred Shares Basic Maintenance Amount, and the Trust has consulted with the Broker-Dealers
and has provided notice of such designation and a Preferred Shares Basic Maintenance Certificate to each Rating Agency.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Trust proposes to designate any Special Rate Period, not fewer than 7 Business Days (or two Business Days in the event the
duration of the Dividend Period prior to such Special Rate Period is fewer than 8 days) nor more than 30 Business Days prior to
the first day of such Special Rate Period, notice shall be (i) made by press release and (ii) communicated by the Trust by telephonic
or other means to the Auction Agent and confirmed in writing promptly thereafter. Each such notice shall state (A) that the Trust
proposes to exercise its option to designate a succeeding Special Rate Period, specifying the first and last days thereof and (B)
that the Trust will by 3:00 p.m., New York City time, on the second Business Day next preceding the first day of such Special Rate
Period, notify the Auction Agent, who will promptly notify the Broker-Dealers, of either (x) its determination, subject to certain
conditions, to proceed with such</P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Special Rate Period, subject to the terms of
any Specific Redemption Provisions, or (y) its determination not to proceed with such Special Rate Period, in which latter event
the succeeding Dividend Period shall be a Standard Rate Period. No later than 3:00 p.m., New York City time, on the second Business
Day next preceding the first day of any proposed Special Rate Period, the Trust shall deliver to the Auction Agent, who will promptly
deliver to the Broker- Dealers and Existing Holders, either:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
notice stating (A) that the Trust has determined to designate the next succeeding Dividend Period as an Special Rate Period, specifying
the first and last days thereof and (B) the terms of any Specific Redemption Provisions; or</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
notice stating that the Trust has determined not to exercise its option to designate a Special Rate Period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If the Trust fails to deliver
either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent or is unable to make
the confirmation provided in clause (v) of Paragraph (a) of this Section 4 by 3:00 p.m., New York City time, on the second Business
Day next preceding the first day of such proposed Special Rate Period, the Trust shall be deemed to have delivered a notice to
the Auction Agent with respect to such Dividend Period to the effect set forth in clause (ii) above, thereby resulting in a Standard
Rate Period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Restrictions
on Transfer. </B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Shares of each Series may
be transferred only (a) pursuant to an order placed in an Auction, (b) to or through a Broker-Dealer or (c) to the Trust or any
Affiliate. Notwithstanding the foregoing, a transfer other than pursuant to an Auction will not be effective unless the selling
Existing Holder or the Agent Member of such Existing Holder, in the case of an Existing Holder whose shares are listed in its own
name on the books of the Auction Agent, or the Broker-Dealer or Agent Member of such Broker-Dealer, in the case of a transfer between
persons holding shares of any Series through different Broker-Dealers, advises the Auction Agent of such transfer. The certificates
representing the shares of each Series issued to the Securities Depository will bear legends with respect to the restrictions described
above and stop-transfer instructions will be issued to the Transfer Agent and/or Registrar.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
Rights.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided in the Declaration or as otherwise required by applicable law, (i) each Holder of shares of any Series shall
be entitled to one vote for each share of any Series held on each matter submitted to a vote of shareholders of the Trust, and
(ii) the holders of outstanding shares of preferred shares, including each Series, and shares of Common Shares shall vote together
as a single class on all matters submitted to stockholders; provided, however, that, at any meeting of the shareholders of the
Trust held for the election of trustees, the holders of outstanding shares of preferred shares, including each Series, represented
in person or by proxy at said meeting, shall be entitled, as a class, to the exclusion of the holders of all other securities and
classes of capital stock of the Trust, to elect two trustees of the Trust, each share of preferred shares, including each Series,
entitling the holder thereof to one vote. Except as set forth in paragraph (b) of this Section 6, the class of outstanding preferred
shares, including each Series, shall not be entitled to participate in the election of any other trustees of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
any period in which any one or more of the conditions described below shall exist (such period being referred to herein as a &#8220;Voting
Period&#8221;), the number of trustees constituting the Board of Trustees shall be automatically increased by the smallest number
that, when added to the two trustees elected exclusively by the holders of shares of preferred shares, including each Series, would
constitute a majority of the Board of Trustees as so increased by such smallest number; and the holders of shares of</P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">preferred shares, including each Series, shall
be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the holders of all other securities and classes
of capital stock of the Trust), to elect such smallest number of additional trustees, together with the two trustees that such
holders are in any event entitled to elect. A Voting Period shall commence:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
at the close of business on any Dividend Payment Date accumulated dividends (whether or not earned or declared) on preferred shares,
including each Series, equal to at least two full years&#8217; dividends shall be due and unpaid; or</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
at any time holders of any other shares of preferred shares are entitled under the 1940 Act to elect a majority of the trustees
of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Upon the termination of
a Voting Period, the voting rights described in this paragraph (b) of Section 6 shall cease, subject always, however, to the revesting
of such voting rights in the holders of preferred shares, including each Series, upon the further occurrence of any of the events
described in this paragraph (b) of Section 6.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as practicable after the accrual of any right of the holders of shares of preferred shares, including each Series, to elect
additional trustees as described in paragraph (b) of this Section 6, the Trust shall notify the Auction Agent, and the Auction
Agent shall call a special meeting of such holders, by mailing a notice of such special meeting to such holders, such meeting to
be held not less than 10 nor more than 90 days after the date of mailing of such notice. If the Trust fails to send such notice
to the Auction Agent or if the Auction Agent does not call such a special meeting, it may be called by any such holder on like
notice. The record date for determining the holders entitled to notice of and to vote at such special meeting shall be the close
of business on the fifth Business Day preceding the day on which such notice is mailed. At any such special meeting and at each
meeting of holders of preferred shares, including each Series, held during a Voting Period at which trustees are to be elected,
such holders, voting together as a class (to the exclusion of the holders of all other securities and classes of capital stock
of the Trust), shall be entitled to elect the number of trustees prescribed in paragraph (b) of this Section 6 on a one-vote-per-share
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; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of preferred shares, including each Series, may also have such other voting rights as are contemplated by Article V of
the Trust&#8217;s Declaration of Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of determining any rights of the holders of preferred shares, including each Series, to vote on any matter, whether such
right is created by the Certificate, by statute or otherwise, if redemption of some or all of the preferred shares, including each
Series, is required, no holder of preferred shares, including each Series, shall be entitled to vote and no share of preferred
shares, including each Series, shall be deemed to be &#8220;outstanding&#8221; for the purpose of voting or determining the number
of shares required to constitute a quorum, if prior to or concurrently with the time of determination, sufficient Deposit Securities
for the redemption of such shares have been deposited in the case of Preferred Shares in trust with the Paying Agent for that purpose
and the requisite Notice of Redemption with respect to such shares shall have been given as provided in Section 3(b) of Part I
of these By-laws and in the case of other preferred shares the Trust has otherwise met the conditions for redemption applicable
to such preferred shares.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of office of all persons who are trustees of the Trust at the time of a special meeting of Holders of the Preferred Shares
and holders of other preferred shares to elect trustees pursuant to paragraph (b) of this Section 6 shall continue, notwithstanding
the election at such meeting by the holders of the number of trustees that they are entitled to elect.</P>

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


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simultaneously
with the termination of a Voting Period, the terms of office of the additional trustees elected by the Holders of the Preferred
Shares and holders of other preferred shares pursuant to paragraph (b) of this Section 6 shall terminate, the remaining trustees
shall constitute the trustees of the Trust and the voting rights of such holders to elect additional trustees pursuant to paragraph
(b) of this Section 6 shall cease, subject to the provisions of the last sentence of paragraph (b) of this Section 6.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise required by law or in the Trust&#8217;s charter documents, the Holders of Preferred Shares shall not have any relative
rights or preferences or other special rights other than those specifically set forth herein. In the event that the Trust fails
to pay any dividends on the Preferred Shares of the Trust or fails to redeem any Preferred Shares which it is required to redeem,
or any other event occurs which requires the mandatory redemption of Preferred Shares and the required Notice of Redemption has
not been given, other than the rights set forth in paragraph (a) of Section 3 of Part I of these By-laws, the exclusive remedy
of the Holders of Preferred Shares shall be the right to vote for trustees pursuant to the provisions of paragraph (b) of this
Section 6. In no event shall the Holders of Preferred Shares have any right to sue for, or bring a proceeding with respect to,
such dividends or redemptions or damages for the failure to receive the same.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So
long as any of the preferred shares, are outstanding, the Trust will not, without the affirmative vote of the holders of a majority
of the outstanding preferred shares, (i) institute any proceedings to be adjudicated bankrupt or insolvent, or consent to the institution
of bankruptcy or insolvency proceedings against it, or file a petition seeking or consenting to reorganization or relief under
any applicable federal or state law relating to bankruptcy or insolvency, or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of its property, or make any assignment
for the benefit of creditors, or, except as may be required by applicable law, admit in writing its inability to pay its debts
generally as they become due or take any corporate action in furtherance of any such action; (ii) create, incur or suffer to exist,
or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency
or otherwise) the creation, incurrence or existence of any material lien, mortgage, pledge, charge, security interest, security
agreement, conditional sale or trust receipt or other material encumbrance of any kind upon any of the Trust&#8217;s assets as
a whole, except (A) liens the validity of which are being contested in good faith by appropriate proceedings, (B) liens for taxes
that are not then due and payable or that can be paid thereafter without penalty, (C) liens, pledges, charges, security interests,
security agreements or other encumbrances arising in connection with any indebtedness senior to the Preferred Shares, (D) liens,
pledges, charges, security interests, security agreements or other encumbrances arising in connection with any indebtedness permitted
under clause (iii) below and (E) liens to secure payment for services rendered including, without limitation, services rendered
by the Trust&#8217;s Paying Agent and the Auction Agent; or (iii) create, authorize, issue, incur or suffer to exist any indebtedness
for borrowed money or any direct or indirect guarantee of such indebtedness for borrowed money or any direct or indirect guarantee
of such indebtedness, except the Trust may borrow as may be permitted by the Trust&#8217;s investment restrictions; provided, however,
that transfers of assets by the Trust subject to an obligation to repurchase shall not be deemed to be indebtedness for purposes
of this provision to the extent that after any such transaction the Trust has Eligible Assets with an aggregate Discounted Value
at least equal to the Preferred Shares Basic Maintenance Amount as of the immediately preceding Valuation Date.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of the holders of a majority of the outstanding preferred shares, including each Series, voting as a separate
class, shall be required to approve any plan of reorganization (as such term is used in the Investment Company Act) adversely
affecting such shares or any action requiring a vote of security holders of the Trust under Section 13(a) of the Investment Company
Act. In the event a vote of holders of preferred shares is required pursuant to the provisions of Section 13(a) of the Investment
Company Act, the Trust shall, not later than ten Business Days prior to the date on which such vote is to be taken, notify each
Rating Agency that such vote is to be taken and the nature of the action with respect to which such vote is to be taken and shall,
not later than ten Business Days after the date on which such vote is taken, notify each Rating Agency of the results of such
vote.</P>

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

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

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
affirmative vote of the holders of a majority of the outstanding preferred shares of any series, voting separately from any other
series, shall be required with respect to any matter that materially and adversely affects the rights, preferences, or powers of
that series in a manner different from that of other series or classes of the Trust&#8217;s shares of capital stock. For purposes
of the foregoing, no matter shall be deemed to adversely affect any right, preference or power unless such matter (i) alters or
abolishes any preferential right of such series; (ii) creates, alters or abolishes any right in respect of redemption of such series;
or (iii) creates or alters (other than to abolish) any restriction on transfer applicable to such series. The vote of holders of
any series described in this Section 6(k) will in each case be in addition to a separate vote of the requisite percentage of Common
Shares and/or preferred shares necessary to authorize the action in question.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Trustees, without the vote or consent of any holder of the preferred shares or any other shareholder of the Trust, may
from time to time amend, alter or repeal any or all of the definitions contained herein, add covenants and other obligations of
the Trust, or confirm the applicability of covenants and other obligations set forth herein, all in connection with obtaining or
maintaining the rating of any Rating Agency with respect to each Series, and any such amendment, alteration or repeal will not
be deemed to affect the preferences, rights or powers of Preferred Shares or the Holders thereof, provided that the Board of Trustees
receives written confirmation from each relevant Rating Agency (with such confirmation in no event being required to be obtained
from a particular Rating Agency with respect to definitions or other provisions relevant only to and adopted in connection with
another Rating Agency&#8217;s rating of any Series) that any such amendment, alteration or repeal would not adversely affect the
rating then assigned by such Rating Agency.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, subject to
compliance with applicable law, the Board of Trustees may amend the definition of Maximum Rate to increase the percentage amount
by which the Reference Rate is multiplied to determine the Maximum Rate shown therein without the vote or consent of the holders
of preferred shares, including each Series, or any other shareholder of the Trust, and without receiving any confirmation from
any Rating Agency, after consultation with the Broker-Dealers, provided that immediately following any such increase the Trust
would meet the Preferred Shares Basic Maintenance Amount Test.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise required by law, Holders of shares of each Series shall not have any relative rights or preferences or other special
rights other than those specifically set forth herein. The Holders of shares of each Series shall have no rights to cumulative
voting. In the event that the Trust fails to pay any dividends on the shares of any Series, the exclusive remedy of the Holders
shall be the right to vote for trustees pursuant to the provisions of this Section 6.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing voting provisions will not apply with respect to any series if, at or prior to the time when a vote is required, such
shares have been (i) redeemed or (ii) called for redemption and sufficient funds shall have been deposited in trust to effect such
redemption.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidation
Rights.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of any liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary or involuntary, the Holders
of Preferred Shares, including each Series, shall be entitled to receive out of the assets of the Trust available for distribution
to stockholders, after claims of creditors but before distribution to stockholders, after claims of creditors but before any distribution
or payment shall be made in respect of the Common Stock or any other stock of the Trust ranking junior to the preferred shares,
as to liquidation payments, a liquidation distribution in the amount of $25,000 per share (the &#8220;Liquidation</P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Preference&#8221;), plus an amount equal to
all unpaid dividends accrued to and including the date fixed for such distribution or payment (whether or not declared by the Trust,
but excluding interest thereon), but such Holders shall be entitled to no further participation in any distribution or payment
in connection with any such liquidation, dissolution or winding up.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
upon any such liquidation, dissolution or winding up of the affairs of the Trust, whether voluntary or involuntary, the assets
of the Trust available for distribution among the holders of all outstanding preferred shares, including each Series, shall be
insufficient to permit the payment in full to such holders of the amounts to which they are entitled, then such available assets
shall be distributed among the holders of preferred shares, including each Series, ratably in any such distribution of assets according
to the respective amounts which would be payable on all such shares if all amounts thereon were paid in full. Unless and until
payment in full has been made to the holders of preferred shares, including each Series, of the liquidation distributions to which
they are entitled, no dividends or distributions will be made to holders of Common Stock or any stock of the Trust ranking junior
to the preferred shares as to liquidation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the consolidation nor merger of the Trust with or into any other corporation or corporations, nor the sale, lease, exchange or
transfer by the Trust of all or substantially all of its property and assets, shall be deemed to be a liquidation, dissolution
or winding up of the Trust for purposes of this Section 7.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the payment to Holders of Preferred Shares of the full preferential amounts provided for in this Section 7, the Holders of the
Preferred Shares as such shall have no right or claim to any of the remaining assets of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the assets of the Trust or proceeds thereof available for distribution to the Holders of Preferred Shares, upon dissolution,
liquidation or winding up of the affairs of the Trust, whether voluntary or involuntary, shall be insufficient to pay in full all
amounts to which such Holders are entitled pursuant to paragraph (a) of this Section 7, no such distribution shall be made on account
of any shares of any other series of preferred shares unless proportionate distributive amounts shall be paid on account of the
Preferred Shares, ratably, in proportion to the full distributable amounts to which holders of all preferred shares are entitled
upon such dissolution, liquidation or winding up.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the rights of the holders of other preferred shares or after payment shall have been made in full to the Holders of Preferred
Shares as provided in paragraph (a) of this Section 7, but not prior thereto, any other series or class of stock ranking junior
to the Preferred Shares with respect to the distribution of assets upon dissolution, liquidation or winding up of the affairs of
the Trust shall, subject to any respective terms and provisions (if any) applying thereto, be entitled to receive any and all assets
remaining to be paid or distributed, and the Holders of the Preferred Shares shall not be entitled to share therein.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Auction
Agent.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For so long as any shares
of Preferred Shares are Outstanding, the Auction Agent, duly appointed by the Trust to so act, shall be in each case a commercial
bank, trust company or other financial institution independent of the Trust and its Affiliates (which, however, may engage or have
engaged in business transactions with the Trust or its Affiliates) and at no time shall the Trust or any of its Affiliates act
as the Auction Agent in connection with the Auction Procedures. If the Auction Agent resigns or for any reason its appointment
is terminated during any period that any shares of any Series are Outstanding, the Trust shall use its best efforts promptly thereafter
to appoint another qualified commercial bank, trust company or financial institution to act as the Auction Agent.</P>

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


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1940
Act Preferred Shares Asset Coverage.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Trust shall maintain,
as of the last Business Day of each month in which any Preferred Shares are Outstanding, the 1940 Act Preferred Shares Asset Coverage;
provided, however, that Section 3(a)(ii) shall be the sole remedy in the event the Trust fails to do so.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Preferred
Shares Basic Maintenance Amount. </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; text-indent: 0.5in">So long as any Preferred
Shares are Outstanding and any Rating Agency so requires, the Trust shall maintain, as of each Valuation Date, Moody&#8217;s Eligible
Assets having an aggregate Discounted Value equal to or greater than the Preferred Shares Basic Maintenance Amount; provided, however,
that Section 3(a)(ii) shall be the sole remedy in the event the Trust fails to do so.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Certain
Other Restrictions.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">So long as any Preferred
Shares are Outstanding and Moody&#8217;s so requires, the Trust will not, unless it has received written confirmation from Moody&#8217;s
that any such action would not impair the rating then assigned by Moody&#8217;s to the Preferred Shares, engage in any one or more
of the following transactions:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchase
or sell futures contracts or options thereon with respect to portfolio securities or write put or call options on portfolio securities
if the aggregate notional amount exceeds 2 &frac12;% of the Trust&#8217;s total assets;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
in connection with a refinancing of the Preferred Shares, issue additional shares of any series of preferred shares, including
any Series or reissue any shares of preferred shares, including any Series previously purchased or redeemed by the Trust;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;engage
in any short sales of securities;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;merge
or consolidate into or with any other corporation;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;engage
in any reverse repurchase agreement or forms of leverage for hedging purposes if the aggregate notional amount exceeds 10% of the
Trust&#8217;s total assets or engage in forms of leverage for non-hedging purposes; or</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change
the Pricing Service to a service other than an Approved Pricing Service.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>13.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Compliance
Procedures For Asset Maintenance Tests. </B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For so long as any Preferred
Shares are Outstanding and any Rating Agency so requires:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of each Valuation Date, the Trust shall determine (i) the Market Value of each Eligible Asset owned by the Trust on that date,
(ii) the Discounted Value of each such Eligible Asset, (iii) whether the Preferred Shares Basic Maintenance Amount Test is met
as of that date, (iv) the value (as used in the Investment Company Act) of the total assets of the Trust, less all liabilities,
and (v) whether the 1940 Act Preferred Shares Asset Coverage is met as of that date.</P>

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


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any failure to meet the Preferred Shares Basic Maintenance Amount Test or 1940 Act Preferred Shares Asset Coverage on any Valuation
Date, the Trust may use reasonable commercial efforts (including, without limitation, altering the composition of its portfolio,
purchasing shares of the Preferred Shares outside of an Auction or, in the event of a failure to file a certificate on a timely
basis, submitting the requisite certificate), to meet (or certify in the case of a failure to file a certificate on a timely basis,
as the case may be) the Preferred Shares Basic Maintenance Amount Test or 1940 Act Preferred Shares Asset Coverage on or prior
to the Asset Coverage Cure Date.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall deliver to the Auction Agent and each Rating Agency a certificate which sets forth a determination of items (i)-(iii)
of paragraph (a) of this Section 13 (a &#8220;Preferred Shares Basic Maintenance Certificate&#8221;) as of (A) the Date of Original
Issue, (B) the last Valuation Date of each quarter, (C) any date requested by any Rating Agency, (D) a Business Day on or before
any Asset Coverage Cure Date relating to the Trust&#8217;s cure of a failure to meet the Preferred Shares Basic Maintenance Amount
Test, and (E) any day that Common or Preferred Shares are redeemed. Such Preferred Shares Basic Maintenance Certificate shall be
delivered in the case of clause (i)(A) on the Date of Original Issue and in the case of all other clauses above on or before the
seventh Business Day after the relevant Valuation Date or Asset Coverage Cure Date.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust shall deliver to the Auction Agent and each Rating Agency a certificate which sets forth a determination of items (iv) and
(v) of paragraph (a) of this Section 13 (a &#8220;1940 Act Preferred Shares Asset Coverage Certificate&#8221;) (i) as of the Date
of Original Issue, and (ii) as of (A) the last Valuation Date of each quarter thereafter, and (B) as of a Business Day on or before
any Asset Coverage Cure Date relating to the failure to meet the 1940 Act Preferred Shares Asset Coverage. Such 1940 Act Preferred
Shares Asset Coverage Certificate shall be delivered in the case of clause (i) on the Date of Original Issue and in the case of
clause (ii) on or before the seventh Business Day after the relevant Valuation Date or the Asset Coverage Cure Date. The certificates
required by paragraphs (d) and (e) of this Section 13 may be combined into a single certificate.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
ten Business Days of the Date of Original Issue, the Trust shall deliver to the Auction Agent and each Rating Agency a letter prepared
by the Trust&#8217;s independent auditors (an &#8220;Auditor&#8217;s Certificate&#8221;) regarding the accuracy of the calculations
made by the Trust in the Preferred Shares Basic Maintenance Certificate and the 1940 Act Preferred Shares Asset Coverage Certificate
required to be delivered by the Trust on the Date of Original Issue. Within ten Business Days after delivery of the Preferred Shares
Basic Maintenance Certificate and the 1940 Act Preferred Shares Asset Coverage Certificate relating to the last Valuation Date
of each fiscal quarter of the Trust, the Trust will deliver to the Auction Agent and each Rating Agency an Auditor&#8217;s Certificate
regarding the accuracy of the calculations made by the Trust in such Certificates and in one other Preferred Shares Basic Maintenance
Certificate randomly selected by the Trust&#8217;s independent auditors during such fiscal quarter. In addition, the Trust will
deliver to the persons specified in the preceding sentence an Auditor&#8217;s Certificate regarding the accuracy of the calculations
made by the Trust on each Preferred Shares Basic Maintenance Certificate and 1940 Act Preferred Shares Asset Coverage Certificate
delivered in relation to an Asset Coverage Cure Date within ten days after the relevant Asset Coverage Cure Date. If an Auditor&#8217;s
Certificate shows that an error was made in any such report, the calculation or determination made by the Trust&#8217;s independent
auditors will be conclusive and binding on the Trust.</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Auditor&#8217;s Certificates referred to in paragraph (g) above will confirm, based upon the independent auditors review of portfolio
data provided by the Trust, (i) the mathematical accuracy of the calculations reflected in the related Preferred Shares Basic Maintenance
Amount Certificates and 1940 Act Preferred Shares Asset Coverage Certificates, (ii) that, based upon such calculations, the Trust
had, at such Valuation Date, met the Preferred Shares Basic Maintenance Amount Test, and (iii) that the Trust met the Moody&#8217;s
General Portfolio Requirements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a Preferred Shares Basic Maintenance Certificate or 1940 Act Preferred Shares Asset Coverage Certificate with respect
to an applicable Valuation Date is not delivered within the time periods specified in this Section 13, the Trust shall be deemed
to have failed to meet the Preferred Shares Basic Maintenance Amount Test or the 1940 Act Preferred Shares Asset Coverage, as the
case may be, on such Valuation Date for purposes of Section 13(b) of Part I of these By-laws. In the event that a Preferred Shares
Basic Maintenance Certificate, a 1940 Act Preferred Shares Asset Coverage Certificate or an applicable Auditor&#8217;s Certificate
with respect to an Asset Coverage Cure Date is not delivered within the time periods specified herein, the Trust shall be deemed
to have failed to meet the Preferred Shares Basic Maintenance Amount Test or the 1940 Preferred Shares Asset Coverage, as the case
may be, as of the related Valuation Date.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the outstanding Senior Securities (as defined in the Investment Company Act) of the Trust exceed 45% of the Trust&#8217;s
total assets, the Trust will promptly notify each Rating Agency.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Notice.
</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All notices or communications
hereunder, unless otherwise specified in these By-laws, shall be sufficiently given if in writing and delivered in person, by telecopier
or mailed by first-class mail, postage prepaid. Notices delivered pursuant to this Section 15 shall be deemed given on the earlier
of the date received or the date five days after which such notice is mailed.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>16.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Waiver.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent permitted
by Massachusetts law, holders of at least two-thirds of the Outstanding Preferred Shares, acting collectively, or each Series,
acting as a separate series, may waive any provision hereof intended for their respective benefit in accordance with such procedures
as may from time to time be established by the Board of Trustees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>17.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination.
</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In the event that no shares
of the Preferred Shares are Outstanding, all rights and preferences of such shares established and designated hereunder shall cease
and terminate, and all obligations of the Trust under these By-laws shall terminate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment.
</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Subject to the provisions
of these By-laws, the Board of Trustees may, by resolution duly adopted without shareholder approval (except as otherwise provided
by these By-laws or required by applicable law), amend these By-laws to (1) reflect any amendments hereto which the Board of Trustees
is entitled to adopt pursuant to the terms of Section 6(l) of Part I of these By-laws without shareholder approval or (2) add
additional shares of each Series (and terms relating thereto). All such additional shares shall be governed by the terms of these
By-laws. To the extent permitted by applicable law, the Board of Trustees may interpret, amend or adjust the provisions of these
By-laws to resolve any inconsistency or ambiguity or to remedy any patent defect.</P>

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

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

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>19.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Definitions.
</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As used in Part I and Part
II of these By-laws, the following terms shall have the following meanings (with terms defined in the singular having comparable
meanings when used in the plural and vice versa), unless the context otherwise requires:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220; &#8216;AA&#8217;
Financial Composite Commercial Paper Rate&#8221; on any date means (i) the interest equivalent of the 7-day rate, in the case of
a Dividend Period which is a Standard Rate Period or shorter; for Dividend Periods greater than 7 days but fewer than or equal
to 31 days, the 30-day rate; for Dividend Periods greater than 31 days but fewer than or equal to 61 days, the 60-day rate; for
Dividend Periods greater than 61 days but fewer than or equal to 91 days, the 90 day rate; for Dividend Periods greater than 91
days but fewer than or equal to 270 days, the rate described in (ii); for Dividend Periods greater than 270 days, the Treasury
Index Rate; on commercial paper on behalf of issuers whose corporate bonds are rated &#8220;AA&#8221; by S&amp;P, or the equivalent
of such rating by another nationally recognized rating agency, as announced by the Federal Reserve Bank of New York for the close
of business on the Business Day immediately preceding such date; or (ii) if the Federal Reserve Bank of New York does not make
available such a rate, then the arithmetic average of the interest equivalent of such rates on commercial paper placed on behalf
of such issuers, as quoted on a discount basis or otherwise by the Commercial Paper Dealers to the Auction Agent for the close
of business on the Business Day immediately preceding such date (rounded to the next highest .001 of 1%). If any Commercial Paper
Dealer does not quote a rate required to determine the &#8220;AA&#8221; Financial Composite Commercial Paper Rate, such rate shall
be determined on the basis of the quotations (or quotation) furnished by the remaining Commercial Paper Dealers (or Dealer), if
any, or, if there are no such Commercial Paper Dealers, by the Auction Agent. For Dividend Periods greater than 360 days, the Treasury
Index Rate. For purposes of this definition, (A) &#8220;Commercial Paper Dealers&#8221; shall mean (1) Salomon Smith Barney Inc.,
Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Goldman Sachs &amp; Co.; (2) in lieu of any thereof,
its respective Affiliate or successor; and (3) in the event that any of the foregoing shall cease to quote rates for commercial
paper of issuers of the sort described above, in substitution therefore, a nationally recognized dealer in commercial paper of
such issuers then making such quotations selected by the Trust, and (B) &#8220;interest equivalent&#8221; of a rate stated on a
discount basis for commercial paper of a given number of days&#8217; maturity shall mean a number equal to the quotient (rounded
upward to the next higher one-thousandth of 1%) of (1) such rate expressed as a decimal, divided by (2) the difference between
(x) 1.00 and (y) a fraction, the numerator of which shall be the product of such rate expressed as a decimal, multiplied by the
number of days in which such commercial paper shall mature and the denominator of which shall be 365.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Advance Rate&#8221;
means the Moody&#8217;s Advance Rate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Affiliate&#8221;
means any person known to the Auction Agent to be controlled by, in control of or under common control with the Trust; provided
that Eaton Vance Management shall not be deemed to be an Affiliate nor shall any corporation or any person controlled by, in control
of or under common control with such entity, one of the trustees, directors or executive officers of which is also a trustee, director
or executive officer of the Trust, be deemed to be an Affiliate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Agent Member&#8221;
means a member of or a participant in the Securities Depository that will act on behalf of a Bidder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;All Hold Rate&#8221;
means 80% of the &#8220;AA&#8221; Financial Composite Commercial Paper Rate.</P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Applicable Rate&#8221;
means, with respect to each Series for each Dividend Period (i) if Sufficient Clearing Orders exist for the Auction in respect
thereof, the Winning Bid Rate, (ii) if Sufficient Clearing Orders do not exist for the Auction in respect thereof, the Maximum
Rate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Approved Dealer&#8221;
means any Broker-Dealer listed in Exhibit A to these By-laws or any other broker-dealer designated in writing by the Trust provided
that no Rating Agency, in its reasonable discretion, has objected to such designated broker-dealer in writing to the Trust within
ten business days of receipt of the Trust&#8217;s written notice of such designation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Approved Price&#8221;
means the &#8220;fair value&#8221; as determined by the Trust in accordance with the valuation procedures adopted from time to
time by the Board of Trustees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Approved Pricing
Service&#8221; means for Senior Loans Loan Pricing Corporation or any other quotation service designated in writing by the Trust
provided that no Rating Agency has objected, in its reasonable discretion, in writing to the Trust within ten business days of
receipt of the Trust&#8217;s written notice of the designation of such quotation service.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Asset Coverage Cure
Date&#8221; has the meaning set forth in Section 3(a)(ii) of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Auction&#8221; means
each periodic operation of the procedures set forth under &#8220;Auction Procedures.&#8221;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Auction Agent&#8221;
means Bankers Trust Company unless and until another commercial bank, trust company, or other financial institution appointed by
a resolution of the Board of Trustees enters into an agreement with the Trust to follow the Auction Procedures for the purpose
of determining the Applicable Rate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Auction Date&#8221;
means the first Business Day next preceding the first day of a Dividend Period for each Series.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Auction Procedures&#8221;
means the procedures for conducting Auctions set forth in Part II hereof.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Auditor&#8217;s
Certificate&#8221; has the meaning set forth in Section 13(g) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Beneficial Owner,&#8221;
with respect to shares of each Series, means a customer of a Broker-Dealer who is listed on the records of that Broker-Dealer (or,
if applicable, the Auction Agent) as a holder of shares of such series.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Bid&#8221; has the
meaning set forth in Section 2(a)(ii) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Bidder&#8221; has
the meaning set forth in Section 2(a)(ii) of Part II of these By-laws; provided, however, that neither the Trust nor any Affiliate
shall be permitted to be a Bidder in an Auction.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Board of Trustees&#8221;
means the Board of Trustees of the Trust or any duly authorized committee thereof as permitted by applicable law.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Bonds&#8221; means
corporate debt securities and U.S. government and U.S. dollar-denominated foreign government or supranational debt securities,
other than Short-Term Money Market Instruments.</P>

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


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Broker-Dealer&#8221;
means any broker-dealer or broker-dealers, or other entity permitted by law to perform the functions required of a Broker-Dealer
by the Auction Procedures, that has been selected by the Trust and has entered into a Broker-Dealer Agreement that remains effective.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Broker-Dealer Agreement&#8221;
means an agreement between the Auction Agent and a Broker-Dealer, pursuant to which such Broker-Dealer agrees to follow the Auction
Procedures.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Business Day&#8221;
means a day on which the New York Stock Exchange is open for trading and which is not a Saturday, Sunday or other day on which
banks in The City of New York, New York are authorized or obligated by law to close.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Code&#8221; means
the Internal Revenue Code of 1986, as amended.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Commercial Paper
Dealers&#8221; has the meaning set forth in the definition of &#8220;AA&#8221; Financial Composite Commercial Paper Rate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Commission&#8221;
means the Securities and Exchange Commission.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Common Share&#8221;
means the shares of beneficial interest, par value $.01 per share, of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Credit Agreement&#8221;
means a certain Credit Agreement dated as of November 1, 1998 (as amended or supplemented thereafter) among Eaton Vance Senior
Income Trust, a Massachusetts business trust, various financial institutions party to the Credit Agreement, and Citibank, N.A.,
a national banking association and any other additional or subsequent credit agreement permitting Trust borrowings.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Date of Original
Issue&#8221; means the date on which a Series is originally issued by the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Default Period&#8221;
has the meaning set forth in Sections 2(c) (ii) or (iii) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Default Rate&#8221;
means the Reference Rate multiplied by three (3).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Deposit Securities&#8221;
means cash and any obligations or securities, including Short Term Money Market Instruments that are Eligible Assets, rated at
least AAA, A-1+ or SP-1+ by S&amp;P, except that, for purposes of optional redemption such obligations or securities shall be considered
&#8220;Deposit Securities&#8221; only if they are also rated at least P-1 by Moody&#8217;s.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Discounted Value&#8221;
means the product of the Market Value (plus accrued interest) of an Eligible Asset multiplied by the applicable Advance Rate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Dividend Default&#8221;
has the meaning set forth in Section 2(c)(iii) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Dividend Payment
Date&#8221; means (i) with respect to any Dividend Period of one year or less, the Business Day next succeeding the last day thereof
and, if any, the 91st, 181st and 271st days thereof, and (ii) with respect to any Dividend Period of more than one year, on a quarterly
basis on each January 1, April 1, July 1 and October 1 and on the Business Day following the last day of such Dividend Period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Dividend Period&#8221;
means, with respect to each Series, the period commencing on the Date of Original Issue thereof and ending on the date specified
for such series on the Date of Original Issue thereof and thereafter, as to such Series, the period commencing on the day following
each Dividend Period for such Series and ending on the day established for such Series by the Trust.</P>

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


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Eligible Assets&#8221;
means Moody&#8217;s Eligible Assets.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Equity Assets&#8221;
means warrants and equity securities issued by a borrower or its affiliates as part of a package of investments or in connection
with a restructuring of debt.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Existing Holder,&#8221;
has the meaning set forth in Section 1(d) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Hold Order&#8221;
has the meaning set forth in Section 2(a)(ii) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Holder&#8221; means,
with respect to Preferred Shares, the registered holder of shares of each Series as the same appears on the share ledger or share
records of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Investment Company
Act&#8221; means the Investment Company Act of 1940, as amended.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Investment Company
Security&#8221; means common shares of an investment company registered under the Investment Company Act.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Loan&#8221; means
any assignment of or participation in any bank loan denominated in U.S. dollars including term loans, the funded and unfunded portions
of revolving credit lines (provided that the Trust shall place in reserve an amount equal to any unfunded portion of any revolving
credit line) and debtor-in possession financings; provided that such loan (a) is not extended for the purpose of purchasing or
carrying any margin stock and (b) is similar to those typically made, syndicated, purchased or participated by a commercial bank
in the ordinary course of business.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Mandatory Redemption
Date&#8221; has the meaning set forth in Section 3(a)(iv) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Mandatory Redemption
Price&#8221; has the meaning set forth in Section 3(a)(iv) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Market Value&#8221;
means the Market Value Price or, if a Market Value Price is not readily available, the Approved Price of each Eligible Asset held
by the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Market Value Price&#8221;
means the price of an Eligible Asset which is the price obtained from an Approved Pricing Service or, such other price used pursuant
to the Trust&#8217;s valuation procedures adopted pursuant to the 1940 Act.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Maximum Rate&#8221;
means, on any date on which the Applicable Rate is determined, the applicable percentage of the &#8220;AA&#8221; Financial Composite
Commercial Paper Rate on the date of such Auction determined as set forth below based on the credit ratings assigned to the Preferred
Shares by Moody&#8217;s subject to upward but not downward adjustment in the discretion of the Board of Trustees after consultation
with the Broker-Dealers; provided that immediately following any such increase the Trust would be in compliance with the Preferred
Shares Basic Maintenance Amount.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Moody&#8217;s</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Credit Rating</U></P></TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Applicable</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Percentage</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 45.9pt; text-align: justify">aa3 or Above</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">125%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 45.9pt; text-align: justify">a3 or a1</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">160%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 45.9pt; text-align: justify">baa3 to baa1</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">250%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 45.9pt; text-align: justify">Below baa3</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">275%</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s&#8221;
means Moody&#8217;s Investors Service, Inc. and its successors at law.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s Advance
Rate&#8221; means, so long as the Trust&#8217;s portfolio complies with the Moody&#8217;s General Portfolio Requirements, the percentage
determined below (which may be increased from time to time by Moody&#8217;s):</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) Loans: for each Moody&#8217;s
Asset Category, the percentage specified in the table below opposite such Moody&#8217;s Asset Category.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><U>Moody&#8217;s Asset Category</U></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>Advance Rate</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">A</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">84.5%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">B</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">73%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">C</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">62%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">D</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">45%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">E</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">45%</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Loans rated by S&amp;P but not Moody&#8217;s
that do not exceed 10% of the Trust&#8217;s Total Assets shall be treated the same as Loans rated solely by Moody&#8217;s. For
all unrated Loans and Loans rated solely by S&amp;P that exceed 10% of the Trust&#8217;s total assets the Advance Rate shall be
reduced by 10%; provided, however, no reduction will occur if the Loan does not have a market value price and has received a category
change pursuant to the definition contained in &#8220;Moody&#8217;s Eligible Assets&#8221; below.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds:
the percentage specified in the table below based upon remaining maturity of the Bond and the rating assigned by Moody&#8217;s:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 21%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><B>Maturity Years</B></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Aaa</B></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Aa</B></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>A</B></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Baa</B></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Ba</B></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>B</B></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Caa</B></TD>
    <TD STYLE="vertical-align: bottom; width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Unrated</B></TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Below Caa</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">92%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">89%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">87%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">85%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">84%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">80%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">2</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">87%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">85%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">82%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">80%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">79%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">3</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">83%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">81%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">79%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">76%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">71%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">4</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">79%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">78%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">72%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">71%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">68%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">5</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">76%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">74%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">72%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">69%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">68%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">65%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">7</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">72%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">70%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">68%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">66%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">64%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">61%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">10</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">69%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">67%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">65%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">63%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">61%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">58%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">15</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">67%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">65%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">63%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">61%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">59%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">56%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">20</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">67%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">65%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">63%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">61%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">59%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">53%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">30</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">67%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">65%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">63%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">61%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">59%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">52%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">49%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">44%</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unrated bonds are limited
to 5% of the Trust&#8217;s total assets and must meet the following conditions: the issuer must (i) not have filed for bankruptcy
within the past three years, (ii) be current on all principal and interest payments on fixed-income obligations; (iii) be current
on all preferred stock dividends; and (iv) possess a current, unqualified auditor&#8217;s report without qualified, explanatory
language. If a Bond is unrated by Moody&#8217;s but is rated by S&amp;P, then a rating two numeric ratings below the S&amp;P rating
will be used (e.g. where the S&amp;P rating is AAA, a Moody&#8217;s rating of Aa2 will be used; where the S&amp;P rating is AA+,
a Moody&#8217;s rating of Aa3 will be used).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Structured Notes: 68% provided the security is rated Baa3 or higher by Moody&#8217;s, otherwise 51%.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-indent: 1in; margin-top: 0pt; margin-bottom: 0pt"> (iv) Investment
Company Securities: 84.5%, provided that the issuer invests at least 65% of its total assets in Loans (under normal market
conditions).</P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
Assets: 66%.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short
Term Money Market Instruments: (A) 97%, so long as such investments mature or have a demand feature at par exercisable within 30
days, (B) 90%, so long as such investments mature or have a demand feature at par not exercisable within 30 days, and (C) 83%,
if such securities are not rated by Moody&#8217;s, so long as such investments are rated at least A-2/AA or SP-2/AA by S&amp;P
and mature or have a demand feature at par exercisable within 30 days.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">Cash: 100%.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any derivative instruments
constituting an outstanding obligation or entitlement shall have an Advance Rate applied in the same amount as the underlying security
to which it relates, either as an additional asset or as a reduction in assets, as the case may be.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s Asset
Category&#8221; means the following five categories (and, for purposes of this categorization, the Market Value Price of a Moody&#8217;s
Eligible Asset trading at par is equal to $ 1.00).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s Asset
Category A&#8221; means Performing Senior Loans which have a Market Value Price or an Approved Price greater than or equal to $.90.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s Asset
Category B&#8221; means:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performing
Senior Loans which have a Market Value Price or an Approved Price of greater than or equal to $.80 but less than $.90; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;non-Performing
Senior Loans which have a Market Value Price or an Approved Price greater than or equal to $.85.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s Asset
Category C&#8221; means:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performing
Senior Loans which have a Market Value Price or an Approved Price greater than or equal to $.70 but less than $.80; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;non-Performing
Senior Loans which have a Market Value Price or an Approved Price greater than or equal to $.75 but less than $.85.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s Asset
Category D&#8221; means Senior Loans which have a Market Value Price or an Approved Price less than $.75.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s Asset
Category E&#8221; means Non-Senior Loans which have a Market Value Price or an Approved Price.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision contained above, for purposes of determining whether a Moody&#8217;s Eligible Asset falls within a specific Moody&#8217;s
Asset Category, to the extent that any Moody&#8217;s Eligible Asset would fall in more than one of the Moody&#8217;s Asset Categories,
such Moody&#8217;s Eligible Asset shall be deemed to fall into the Moody&#8217;s Asset Category with the highest applicable Moody&#8217;s
Advance Rate.</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s Eligible
Assets&#8221; means:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior
Loans and Bonds; provided, however, that (a) Senior Loans with an Approved Price (but no Market Value Price) will qualify as Moody&#8217;s
Eligible Assets only up to a maximum of 15% of the Trust&#8217;s total assets, and such Senior Loans constituting more than 10%
of the Trust&#8217;s total assets will apply a Moody&#8217;s Asset Category one category below that which would otherwise apply
for purposes of determining the Advance Rate; and (b) Senior Loans under Moody&#8217;s Asset Category D will qualify as Moody&#8217;s
Eligible Assets only up to a maximum of 20% of the Trust&#8217;s total assets.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Senior
Loans; provided, however, that Non-Senior Loans will qualify as Moody&#8217;s Eligible Assets only up to a maximum of 10% of the
Trust&#8217;s total assets.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds,
Structured Notes, Equity Securities and Investment Company Securities; provided, however, that such securities do not exceed 20%
of the Trust&#8217;s total assets.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term
Money Market Instruments so long as (a) such securities are rated at least P-2, (b) in the case of demand deposits, time deposits,
banker&#8217;s acceptances and certificate of deposit and overnight funds, the supporting entity is rated at least A2, (c) such
securities are U.S. Government Securities, or (d) in all other cases, the supporting entity (1) is rated A2 and the security matures
within one month, (2) is rated A2 and the security matures within three months or (3) is rated at least Aa3 and the security matures
within six months.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s General
Portfolio Requirements&#8221; means that the Trust&#8217;s portfolio must meet the following diversification requirements: (a)
no more than 25% by par value of the Trust&#8217;s total assets can be invested in the securities of borrowers and other issuers
having their principal business activities in the same Moody&#8217;s Industry Classification; provided, that this limitation shall
not apply with respect to U.S. Government Securities and provided further that for purposes of this subsection (a), the term &#8220;issuer&#8221;
shall not include a lender selling a participation to the Trust or any other person interpositioned between such lender and the
Trust with respect to a participation and (b) no more than 10% by par value of the Trust&#8217;s total assets can be invested in
securities of a single issuer, and provided further that for purposes of this subsection (b), the term &#8220;issuer&#8221; includes
both the borrower under a loan agreement and the lender selling a participation to the Trust together with any other persons interpositioned
between such lender and the Trust with respect to such participation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Moody&#8217;s Industry
Classification&#8221; means, for the purposes of determining Moody&#8217;s Eligible Assets, each of the following industry classifications
(or such other classifications as Moody&#8217;s may from time to time approve for application to the Preferred Shares:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Aerospace and Defense: Major Contractor, Subsystems, Research, Aircraft Manufacturing, Arms, Ammunition</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Automobile: Automobile Equipment, Auto-Manufacturing, Auto Parts Manufacturing, Personal Use Trailers,
Motor Homes, Dealers</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Banking: Bank Holding, Savings and Loans, Consumer Credit, Small Loan, Agency, Factoring, Receivables</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">Beverage, Food and Tobacco: Beer and Ale, Distillers, Wines and Liquors, Distributors, Soft Drink
Syrup, Bottlers, Bakery, Mill Sugar, Canned Foods, Corn Refiners, Dairy Products, Meat Products, Poultry Products, Snacks, Packaged
Foods, Distributors, Candy, Gum, Seafood, Frozen Food, Cigarettes, Cigars, Leaf/Snuff, Vegetable Oil</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Buildings and Real Estate: Brick, Cement, Climate Controls, Contracting, Engineering, Construction,
Hardware, Forest Products (building-related only), Plumbing, Roofing, Wallboard, Real Estate, Real Estate Development, REITs, Land
Development</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">Chemicals, Plastics and Rubber: Chemicals (non-agriculture), Industrial Gases, Sulphur, Plastics,
Plastic Products, Abrasives, Coatings, Paints, Varnish, Fabricating</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">Containers, Packaging and Glass: Glass, Fiberglass, Containers made of: Glass, Metal, Paper, Plastic,
Wood or Fiberglass</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">Personal and Non-Durable Consumer Products (Manufacturing Only): Soaps, Perfumes, Cosmetics, Toiletries,
Cleaning Supplies, School Supplies</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">Diversified/Conglomerate Manufacturing</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">Diversified/Conglomerate Service</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">Diversified Natural Resources, Precious Metals and Minerals: Fabricating, Distribution, Mining
and Sales</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">Ecological: Pollution Control, Waste Removal, Waste Treatment and Waste Disposal</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">Electronics: Computer Hardware, Electric Equipment, Components, Controllers, Motors, Household
Appliances, Information Service Communicating Systems, Radios, TVs, Tape Machines, Speakers, Printers, Drivers, Technology</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">Finance: Investment Brokerage, Leasing, Syndication, Securities</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify">Farming and Agriculture: Livestock, Grains, Produce, Agriculture Chemicals, Agricultural Equipment,
Fertilizers</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify">Grocery: Grocery Stores, Convenience Food Stores</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">17.</TD><TD STYLE="text-align: justify">Healthcare, Education and Childcare: Ethical Drugs, Proprietary Drugs, Research, Health Care Centers,
Nursing Homes, HMOs, Hospitals, Hospital Supplies, Medical Equipment</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">18.</TD><TD STYLE="text-align: justify">Home and Office Furnishings, Housewares, and Durable Consumer Products: Carpets, Floor Coverings,
Furniture, Cooking, Ranges</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">19.</TD><TD STYLE="text-align: justify">Hotels, Motels, Inns and Gaming</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">20.</TD><TD STYLE="text-align: justify">Insurance: Life, Property and Casualty, Broker, Agent, Surety</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">21.</TD><TD STYLE="text-align: justify">Leisure, Amusement, Entertainment: Boating, Bowling, Billiards, Musical Instruments, Fishing, Photo
Equipment, Records, Tapes, Sports, Outdoor Equipment (Camping), Tourism, Resorts, Games, Toy Manufacturing</TD></TR></TABLE>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">22.</TD><TD STYLE="text-align: justify">Machinery (Non-Agriculture, Non-Construction, Non-Electronic): Industrial, Machine Tools, Steam
Generators</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">23.</TD><TD STYLE="text-align: justify">Mining, Steel, Iron and Non-Precious Metals: Coal, Copper, Lead, Uranium, Zinc, Aluminum, Stainless
Steel, Integrated Steel, Ore Production, Refractories, Steel Mill Machinery, Mini-Mills, Fabricating, Distribution and Sales</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">24.</TD><TD STYLE="text-align: justify">Oil and Gas: Crude Producer, Retailer, Well Supply, Service and Drilling</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">25.</TD><TD STYLE="text-align: justify">Personal, Food and Miscellaneous</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">26.</TD><TD STYLE="text-align: justify">Printing and Publishing: Graphic Arts, Paper, Paper Products, Business Forms, Magazines, Books,
Periodicals, Newspapers, Textbooks</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">27.</TD><TD STYLE="text-align: justify">Cargo Transport: Rail, Shipping, Railroads, Rail-car Builders, Ship Builders, Containers, Container
Builders, Parts, Overnight Mail, Trucking, Truck Manufacturing, Trailer Manufacturing, Air Cargo, Transport</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">28.</TD><TD STYLE="text-align: justify">Retail Stores: Apparel, Toy, Variety, Drugs, Department, Mail Order Catalog, Showroom</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">29.</TD><TD STYLE="text-align: justify">Telecommunications: Local, Long Distance, Independent, Telephone, Satellite, Equipment, Research,
Cellular</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">30.</TD><TD STYLE="text-align: justify">Textiles and Leather: Producer, Synthetic Fiber, Apparel Manufacturer, Leather Shoes</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">31.</TD><TD STYLE="text-align: justify">Personal Transportation: Air, Bus, Rail, Car, Rental</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities:
Electric, Water, Hydro Power, Gas, Diversified</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">33.</TD><TD STYLE="text-align: justify">Broadcasting and Entertainment: Recording Industry, Motion Exhibition Theaters, Motion Picture
Production and Distribution, Radio, T.V., Cable Broadcasting and Broadcasting Equipment.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;1940 Act Preferred
Shares Asset Coverage&#8221; means asset coverage, as determined in accordance with Section 18(h) of the Investment Company Act,
of at least 200% with respect to all outstanding senior securities of the Trust which are stock, including all Outstanding Preferred
Shares (or such other asset coverage as may in the future be specified in or under the Investment Company Act as the minimum asset
coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its
common shares), determined on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next
preceding the time of such determination.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;1940 Act Preferred
Shares Asset Coverage Certificate&#8221; means the certificate required to be delivered by the Trust pursuant to Section 13(e)
of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Non-Senior Loan&#8221;
means a Loan that is a hybrid loan, a subordinated loan or an unsecured loan.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Notice of Redemption&#8221;
means any notice with respect to the redemption of Preferred Shares pursuant to Section 3 of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Order&#8221; has
the meaning set forth in Section 2(a)(ii) of Part II of these By-laws.</P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Outstanding&#8221;
means, as of any date, Preferred Shares theretofore issued by the Trust except, without duplication, (i) Preferred Shares theretofore
canceled, redeemed or repurchased by the Trust, or delivered to the Auction Agent for cancellation or with respect to which the
Trust has given notice of redemption and irrevocably deposited with the Paying Agent sufficient funds to redeem such Preferred
Shares and (ii) any Preferred Shares represented by any certificate in lieu of which a new certificate has been executed and delivered
by the Trust. Notwithstanding the foregoing, (A) for purposes of voting rights (including the determination of the number of shares
required to constitute a quorum), any Preferred Shares as to which the Trust or any Affiliate shall be the Existing Holder shall
be disregarded and not deemed Outstanding; (B) in connection with any Auction, any Preferred Shares as to which the Trust or any
person known to the Auction Agent to be an Affiliate shall be the Existing Holder shall be disregarded and not deemed Outstanding;
and (C) for purposes of determining the Preferred Shares Basic Maintenance Amount, Preferred Shares held by the Trust shall be
disregarded and not deemed Outstanding, but shares held by any Affiliate shall be deemed Outstanding.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Paying Agent&#8221;
means Bankers Trust Company unless and until another entity appointed by a resolution of the Board of Trustees enters into an agreement
with the Trust to serve as paying agent, which paying agent may be the same as the Auction Agent.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Performing&#8221;
means that no default as to the payment of principal or interest has occurred and is continuing.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Person&#8221; or
&#8220;person&#8221; means and includes an individual, a partnership, the Trust, a trust, a corporation, a limited liability company,
an unincorporated association, a joint venture or other entity or a government or any agency or political subdivision thereof.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Potential Beneficial
Owner,&#8221; has the meaning set forth in Section 1 of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Preferred Shares&#8221;
has the meaning set forth in the DESIGNATION of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Preferred Shares
Basic Maintenance Amount&#8221; as of any Valuation Date means the dollar amount equal to the sum of</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)(A) the sum of the products
resulting from multiplying the number of Outstanding shares of each Series of Preferred Shares on such date by the Liquidation
Preference (and redemption premium, if any) per share of such Series; (B) the aggregate amount of dividends that will have accumulated
at the Applicable Rate (whether or not earned or declared) to and including the first Dividend Payment Date for each Outstanding
Preferred Share that follows such Valuation Date (or to the 30th day after such Valuation Date, if such 30th day occurs before
the first following Dividend Payment Date); (C) the amount of anticipated Trust non-interest expenses for the 90 days subsequent
to such Valuation Date; (D) the amount of the current outstanding balances of any indebtedness which is senior to the Preferred
Shares plus interest actually accrued together with 30 days additional interest on the current outstanding balances calculated
at the current rate multiplied by 1.93 and (E) any other current liabilities payable during the 30 days subsequent to such Valuation
Date, including, without limitation, any indebtedness service to the Preferred Shares and indebtedness due within one year and
any redemption premium due with respect to Preferred Shares for which a Notice of Redemption has been given, as of such Valuation
Date to the extent not reflected in any of (i)(A) through (i)(D): less</P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii) the sum of any cash
plus the value of any Trust assets irrevocably deposited by the Trust for the payment of any (i)(B) through (i)(E) (except that
if the security matures prior to the relevant redemption payment date and is either fully guaranteed by the U.S. Government or
is rated P2 by Moody&#8217;s and A2 by S&amp;P, it will be valued at its face value).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Preferred Shares
Basic Maintenance Amount Test&#8221; means a test which is met if the lower of the aggregate Discounted Values of the Moody&#8217;s
Eligible Assets meets or exceeds the Preferred Shares Basic Maintenance Amount.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Preferred Shares
Basic Maintenance Certificate&#8221; has the meaning set forth in Section 13(d) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Rate Period&#8221;
means either a Standard Rate Period or a Special Rate Period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Rating Agency&#8221;
means Moody&#8217;s and as long as such rating agency is then rating the Preferred Shares.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Redemption Date&#8221;
has the meaning set forth in Section 2(c)(ii) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Redemption Default&#8221;
has the meaning set forth in Section 2(c)(ii) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Redemption Price&#8221;
has the meaning set forth in Section 3(a)(i) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Reference Rate&#8221;
means, with respect to the determination of the Default Rate, the applicable &#8220;AA&#8221; Financial Composite Commercial Paper
Rate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Registrar&#8221;
means Bankers Trust Company unless and until another entity appointed by a resolution of the Board of Trustees enters into an agreement
with the Trust to serve as transfer agent.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;S&amp;P&#8221; means
Standard &amp; Poor&#8217;s and its successors at law.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Securities Act&#8221;
means the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Securities Depository&#8221;
means The Depository Trust Company and its successors and assigns or any successor securities depository selected by the Trust
that agrees to follow the procedures required to be followed by such securities depository in connection with the shares of each
Series.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Sell Order&#8221;
has the meaning set forth in Section 2(b) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Senior Loan&#8221;
means any secured Loan that is not subordinated by its terms to any other indebtedness of the borrower.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Senior Loan Participations&#8221;
means participations by the Trust in a lender&#8217;s portion of a Senior Loan where the Trust has a contractual relationship with
such lender and not the borrower, and such lender is rated at least A-1/A-.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Series&#8221; means
any of the series of Preferred Shares issued by the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Series A&#8221;
means the shares of Series A of the Preferred Shares or any other shares of preferred stock hereinafter designated as shares of
Series A of the Preferred Shares.</P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Series B&#8221;
means the shares of Series B of the Preferred Shares or any other shares of preferred stock hereinafter designated as shares of
Series B of the Preferred Shares.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Short-Term Money
Market Instrument&#8221; means the following types of instruments if, on the date of purchase or other acquisition thereof by the
Trust, the remaining term to maturity thereof is not in excess of 180 days:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commercial
paper rated A-1 if such commercial paper matures in 30 days or A-1+ if such commercial paper matures in over 30 days;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;demand
or time deposits in, and banker&#8217;s acceptances and certificates of deposit of (A) a depository institution or trust company
incorporated under the laws of the United States of America or any state thereof or the District of Columbia or (B) a United States
branch office or agency of a foreign depository institution (provided that such branch office or agency is subject to banking regulation
under the laws of the United States, any state thereof or the District of Columbia);</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
Government Securities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Special Rate Period&#8221;
means a Dividend Period that is not a Standard Rate Period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Specific Redemption
Provisions&#8221; means, with respect to any Special Rate Period of more than one year, either, or any combination of (i) a period
(a &#8220;Non-Call Period&#8221;) determined by the Board of Trustees after consultation with the Broker-Dealers, during which
the shares subject to such Special Rate Period are not subject to redemption at the option of the Trust pursuant to Section 3(a)(i)
and/or Section 3(a)(ii) and/or 3(a)(iii) of Part I of these By-laws and (ii) a period (a &#8220;Premium Call Period&#8221;), consisting
of a number of whole years as determined by the Board of Trustees after consultation with the Broker-Dealers, during each year
of which the shares subject to such Special Rate Period shall be redeemable at the Trust&#8217;s option pursuant to Section 3(a)(i)
and/or in connection with any mandatory redemption pursuant to Section 3(a)(ii) and/or 3(a)(iii) at a price per share equal to
the Liquidation Value plus accumulated but unpaid dividends (whether or not earned or declared) plus a premium expressed as a percentage
or percentages of the Liquidation Value or expressed as a formula using specified variables as determined by the Board of Trustees
after consultation with the Broker-Dealers.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Standard Rate Period&#8221;
means a Dividend Period of 7 days, unless such 7th day is not a Business Day, then the number of days ending on the Business Day
next preceding such 7th day.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Structured Notes&#8221;
means structured notes with rates of return determined by reference to the total rate of return on one or more Senior Loans referenced
in such notes, which are issued by a collaterized loan special purpose entity or similar vehicle.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Submission Deadline&#8221;
means 1:00 P.M., New York City time, on any Auction Date or such other time on any Auction Date by which Broker-Dealers are required
to submit Orders to the Auction Agent as specified by the Auction Agent from time to time.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Transfer Agent&#8221;
means Bankers Trust Company, unless and until another entity appointed by a resolution of the Board of Trustees enters into an
agreement with the Trust to serve as Transfer Agent.</P>

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


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Treasury Index Rate&#8221;
means the average yield to maturity for actively traded marketable U.S. Treasury fixed interest rate securities having the same
number of 30-day periods to maturity as the length of the applicable Dividend Period, determined, to the extent necessary, by linear
interpolation based upon the yield for such securities having the next shorter and next longer number of 30-day periods to maturity
treating all Dividend Periods with a length greater than the longest maturity for such securities as having a length equal to such
longest maturity, in all cases based upon data set forth in the most recent weekly statistical release published by the Board of
Governors of the Federal Reserve System (currently in H.15 (519)); provided, however, if the most recent such statistical release
shall not have been published during the 15 days preceding the date of computation, the foregoing computations shall be based upon
the average of comparable data as quoted to the Trust by at least three recognized dealers in U.S. Government securities selected
by the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;U.S. Government
Securities&#8221; means direct obligations of the United States or by its agencies or instrumentalities that are entitled to the
full faith and credit of the United States and that, other than United States Treasury Bills, provide for the periodic payment
of interest and the full payment of principal at maturity or call for redemption.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Valuation Date&#8221;
means each Business Day of each week.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Voting Period&#8221;
has the meaning set forth in Section 6(b) of Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Winning Bid Rate&#8221;
has the meaning set forth in Section 4(a)(iii) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interpretation.</B>
References to sections, subsections, clauses, sub-clauses, paragraphs and subparagraphs are to such sections, subsections, clauses,
sub-clauses, paragraphs and subparagraphs contained in this Part I or Part II hereof, as the case may be, unless specifically identified
otherwise.</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"><B>PART II: AUCTION PROCEDURES</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As used in Part II of these
By-laws, the following terms shall have the following meanings, unless the context otherwise requires and all section references
below are to Part II of these By-laws except as otherwise indicated: Capitalized terms not defined in Section 1 of Part II of these
By-laws shall have the respective meanings specified in Part I of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Agent Member&#8221;
means a member of or participant in the Securities Depository that will act on behalf of a Bidder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Available Preferred
Shares&#8221; has the meaning set forth in Section 4(a)(i) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Existing Holder&#8221;
means (a) a person who has signed a Master Purchaser&#8217;s Letter and beneficially owns those Preferred Shares listed in that
person&#8217;s name in the records of the Auction Agent or (b) the beneficial owner of those Preferred Shares which are listed
under such person&#8217;s Broker-Dealer&#8217;s name in the records of the Auction Agent, which Broker-Dealer shall have signed
a Master Purchaser&#8217;s Letter.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Hold Order&#8221;
has the meaning set forth in Section 2(a)(ii) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Master Purchaser&#8217;s
Letter&#8221; means a letter which is required to be executed by each prospective purchaser of Preferred Shares or the Broker-Dealer
through whom such shares will be held.</P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Order&#8221; has
the meaning set forth in Section 2(a)(ii) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Potential Holder,&#8221;
means (1) any Existing Holder who may be interested in acquiring additional Preferred Shares or (ii) any other person who may be
interested in acquiring Preferred Shares and who has signed a Master Purchaser&#8217;s letter or whose shares will be listed under
such person&#8217;s Broker-Dealer&#8217;s name on the records of the Auction Agent which Broker-Dealer shall have executed a Master
Purchaser&#8217;s letter.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Sell Order&#8221;
has the meaning set forth in Section 2(b) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Submitted Bid Order&#8221;
has the meaning set forth in Section 4(a) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Submitted Hold Order&#8221;
has the meaning set forth in Section 4(a) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Submitted Order&#8221;
has the meaning set forth in Section 4(a) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Submitted Sell Order&#8221;
has the meaning set forth in Section 4(a) of Part II of these By-laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Sufficient Clearing
Orders&#8221; means that all Preferred Shares are the subject of Submitted Hold Orders or that the number of Preferred Shares that
are the subject of Submitted Buy Orders by Potential Holders specifying one or more rates equal to or less than the Maximum Rate
exceeds or equals the sum of (A) the number of Preferred Shares that are subject of Submitted Hold/Sell Orders by Existing Holders
specifying one or more rates higher than the Maximum Applicable Rate and (B) the number of Preferred Shares that are subject to
Submitted Sell Orders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#8220;Winning Bid Rate&#8221;
means the lowest rate specified in the Submitted Orders which, if (A) each Submitted Hold/Sell Order from Existing Holders specifying
such lowest rate and all other Submitted Hold/Sell Orders from Existing Holders specifying lower rates were accepted and (B) each
Submitted Buy Order from Potential Holders specifying such lowest rate and all other Submitted Buy Orders from Potential Holders
specifying lower rates were accepted, would result in the Existing Holders described in clause (A) above continuing to hold an
aggregate number of Preferred Shares which, when added to the number of Preferred Shares to be purchased by the Potential Holders
described in clause (B) above and the number of Preferred Shares subject to Submitted Hold Orders, would be equal to the number
of Preferred Shares.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Orders</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or prior to the Submission Deadline on each Auction Date for shares of a series of Preferred Shares:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) each Beneficial Owner
of shares of such series may submit to its Broker-Dealer by telephone or otherwise information as to:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(A) the number of Outstanding
shares, if any, of such series held by such Beneficial Owner which such Beneficial Owner desires to continue to hold without regard
to the Applicable Rate for shares of such series for the next succeeding Rate Period of such shares;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(B) the number of Outstanding
shares, if any, of such series held by such Beneficial Owner which such Beneficial Owner offers to sell if the Applicable Rate
for shares of such series for the next succeeding Rate Period of shares of such series shall be less than the rate per annum specified
by such Beneficial Owner; and/or</P>

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


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(C) the number of Outstanding
shares, if any, of such series held by such Beneficial Owner which such Beneficial Owner offers to sell without regard to the Applicable
Rate for shares of such series for the next succeeding Rate Period of shares of such series; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii) each Broker-Dealer,
using lists of Potential Beneficial Owners shall in good faith for the purpose of conducting a competitive Auction in a commercially
reasonable manner, contact Potential Beneficial Owners (by telephone or otherwise), including Persons that are not Beneficial Owners,
on such lists to determine the number of shares, if any, of such series which each such Potential Beneficial Owner offers to purchase
if the Applicable Rate for shares of such series for the next succeeding Rate Period of shares of such series shall not be less
than the rate per annum specified by such Potential Beneficial Owner.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">For the purposes hereof,
the communication by a Beneficial Owner or Potential Beneficial Owner to a Broker-Dealer, or by a Broker-Dealer to the Auction
Agent, of information referred to in clause (i)(A), (i)(B), (i)(C) or (ii) of this paragraph (a) is hereinafter referred to as
an &#8220;Order&#8221; and collectively as &#8220;Orders&#8221; and each Beneficial Owner and each Potential Beneficial Owner placing
an Order with a Broker-Dealer, and such Broker-Dealer placing an Order with the Auction Agent, is hereinafter referred to as a
&#8220;Bidder&#8221; and collectively as &#8220;Bidders&#8221;; an Order containing the information referred to in clause (i)(A)
of this paragraph (a) is hereinafter referred to as a &#8220;Hold Order&#8221; and collectively as &#8220;Hold Orders&#8221;; an
Order containing the information referred to in clause (i)(B) or (ii) of this paragraph (a) is hereinafter referred to as a &#8220;Bid&#8221;
and collectively as &#8220;Bids&#8221;; and an Order containing the information referred to in clause (i)(C) of this paragraph
(a) is hereinafter referred to as a &#8220;Sell Order&#8221; and collectively as &#8220;Sell Orders.&#8221;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Bid by a Beneficial Owner or an Existing Holder of shares of a series of Preferred Shares subject to an Auction on any Auction
Date shall constitute an irrevocable offer to sell:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(A) the number of Outstanding
shares of such series specified in such Bid if the Applicable Rate for shares of such series determined on such Auction Date shall
be less than the rate specified therein;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(B) such number or a lesser
number of Outstanding shares of such series to be determined as set forth in clause (iv) of paragraph (a) of Section 5 of this
Part II if the Applicable Rate for shares of such series determined on such Auction Date shall be equal to the rate specified therein;
or</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(C) the number of Outstanding
shares of such series specified in such Bid if the rate specified therein shall be higher than the Maximum Rate for shares of such
series, or such number or a lesser number of Outstanding shares of such series to be determined as set forth in clause (iii) of
paragraph (b) of Section 5 of this Part II if the rate specified therein shall be higher than the Maximum Rate for shares of such
series and Sufficient Clearing Bids for shares of such series do not exist.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Sell Order by a Beneficial Owner or an Existing Holder of shares of a series of Preferred Shares subject to an Auction on any Auction
Date shall constitute an irrevocable offer to sell:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(A) the number of Outstanding
shares of such series specified in such Sell Order; or</P>

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


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(B) such number or a lesser
number of Outstanding shares of such series as set forth in clause (iii) of paragraph (b) of Section 5 of this Part II if Sufficient
Clearing Bids for shares of such series do not exist;</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">provided however, that a Broker-Dealer that
is an Existing Holder with respect to shares of a series of Preferred Shares shall not be liable to any Person for failing to sell
such shares pursuant to a Sell Order described in the proviso to paragraph (c) of Section 3 of this Part II if (1) such shares
were transferred by the Beneficial Owner thereof without compliance by such Beneficial Owner or its transferee Broker-Dealer (or
other transferee person, if permitted by the Trust) with the provisions of Section 6 of this Part II or (2) such Broker-Dealer
has informed the Auction Agent pursuant to the terms of its Broker-Dealer Agreement that, according to such Broker-Dealer&#8217;s
records, such Broker-Dealer believes it is not the Existing Holder of such shares.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Bid by a Potential Holder of shares of a series of Preferred Shares subject to an Auction on any Auction Date shall constitute
an irrevocable offer to purchase:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(A) the number of Outstanding
shares of such series specified in such Bid if the Applicable Rate for shares of such series determined on such Auction Date shall
be higher than the rate specified therein; or</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(B) such number or a lesser
number of Outstanding shares of such series as set forth in clause (v) of paragraph (a) of Section 5 of this Part II if the Applicable
Rate for shares of such series determined on such Auction Date shall be equal to the rate specified therein.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Order for any number of Preferred Shares other than whole shares shall be valid.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Submission
Of Orders By Broker-Dealers To Auction Agent</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Broker-Dealer shall submit in writing to the Auction Agent prior to the Submission Deadline on each Auction Date all Orders for
Preferred Shares of a series subject to an Auction on such Auction Date obtained by such Broker-Dealer, designating itself (unless
otherwise permitted by the Trust) as an Existing Holder in respect of shares subject to Orders submitted or deemed submitted to
it by Beneficial Owners and as a Potential Holder in respect of shares subject to Orders submitted to it by Potential Beneficial
Owners, and shall specify with respect to each Order for such shares:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) the name of the Bidder
placing such Order (which shall be the Broker-Dealer unless otherwise permitted by the Trust);</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii) the aggregate number
of shares of such series that are the subject of such Order;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii) to the extent that
such Bidder is an Existing Holder of shares of such series:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(A) the number of shares,
if any, of such series subject to any Hold Order of such Existing Holder;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(B) the number of shares,
if any, of such series subject to any Bid of such Existing Holder and the rate specified in such Bid; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(C) the number of shares,
if any, of such series subject to any Sell Order of such Existing Holder; and</P>

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


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv) to the extent such Bidder
is a Potential Holder of shares of such series, the rate and number of shares of such series specified in such Potential Holder&#8217;s
Bid.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any rate specified in any Bid contains more than three figures to the right of the decimal point, the Auction Agent shall round
such rate up to the next highest one thousandth (.001) of 1%.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Order or Orders covering all of the Outstanding Preferred Shares of a series held by any Existing Holder is not submitted to
the Auction Agent prior to the Submission Deadline, the Auction Agent shall deem a Hold Order to have been submitted by or on behalf
of such Existing Holder covering the number of Outstanding shares of such series held by such Existing Holder and not subject to
Orders submitted to the Auction Agent; provided, however, that if an Order or Orders covering all of the Outstanding shares of
such series held by any Existing Holder is not submitted to the Auction Agent prior to the Submission Deadline for an Auction relating
to a Special Rate Period consisting of more than 7 Rate Period days, the Auction Agent shall deem a Sell Order to have been submitted
by or on behalf of such Existing Holder covering the number of outstanding shares of such series held by such Existing Holder and
not subject to Orders submitted to the Auction Agent.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
one or more Orders of an Existing Holder is submitted to the Auction Agent covering in the aggregate more than the number of Outstanding
Preferred Shares of a series subject to an Auction held by such Existing Holder, such Orders shall be considered valid in the following
order of priority:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) all Hold Orders for shares
of such series shall be considered valid, but only up to and including in the aggregate the number of Outstanding shares of such
series held by such Existing Holder, and if the number of shares of such series subject to such Hold Orders exceeds the number
of Outstanding shares of such series held by such Existing Holder, the number of shares subject to each such Hold Order shall be
reduced pro rata to cover the number of Outstanding shares of such series held by such Existing Holder;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)(A) any Bid for shares
of such series shall be considered valid up to and including the excess of the number of Outstanding shares of such series held
by such Existing Holder over the number of shares of such series subject to any Hold Orders referred to in clause (i) above;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in">(B) subject to subclause
(A), if more than one Bid of an Existing Holder for shares of such series is submitted to the Auction Agent with the same rate
and the number of Outstanding shares of such series subject to such Bids is greater than such excess, such Bids shall be considered
valid up to and including the amount of such excess, and the number of shares of such series subject to each Bid with the same
rate shall be reduced pro rata to cover the number of shares of such series equal to such excess;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in">(C) subject to subclauses
(A) and (B), if more than one Bid of an Existing Holder for shares of such series is submitted to the Auction Agent with different
rates, such Bids shall be considered valid in the ascending order of their respective rates up to and including the amount of such
excess; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.25in">(D) in any such event,
the number, if any, of such Outstanding shares of such series subject to any portion of Bids considered not valid in whole or in
part under this clause (ii) shall be treated as the subject of a Bid for shares of such series by or on behalf of a Potential Holder
at the rate therein specified; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii) all Sell Orders for
shares of such series shall be considered valid up to and including the excess of the number of Outstanding shares of such series
held by such Existing Holder over the sum of shares of such series subject to valid Hold Orders referred to in clause (i) above
and valid Bids referred to in clause (ii) above.</P>

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


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
more than one Bid for one or more shares of a series of Preferred Shares is submitted to the Auction Agent by or on behalf of any
Potential Holder, each such Bid submitted shall be a separate Bid with the rate and number of shares therein specified.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Order submitted by a Beneficial Owner or a Potential Beneficial Owner to its Broker-Dealer, or by a Broker-Dealer to the Auction
Agent, prior to the Submission Deadline on any Auction Date, shall be irrevocable.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Determination
Of Sufficient Clearing Bids, Winning Bid Rate And &amp; Applicable Rate</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
earlier than the Submission Deadline on each Auction Date for shares of a series of Preferred Shares, the Auction Agent shall assemble
all valid Orders submitted or deemed submitted to it by the Broker-Dealers in respect of shares of such series (each such Order
as submitted or deemed submitted by a Broker-Dealer being hereinafter referred to individually as a &#8220;Submitted Hold Order,&#8221;
a &#8220;Submitted Bid&#8221; or a &#8220;Submitted Sell Order,&#8221; as the case may be, or as a &#8220;Submitted Order&#8221;
and collectively as &#8220;Submitted Hold Orders,&#8221; &#8220;Submitted Bids&#8221; or &#8220;Submitted Sell Orders,&#8221; as
the case may be, or as &#8220;Submitted Orders&#8221;) and shall determine for such series:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) the excess of the number
of Outstanding shares of such series over the number of Outstanding shares of such series subject to Submitted Hold Orders (such
excess being hereinafter referred to as the &#8220;Available Preferred Shares&#8221; of such series);</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii) from the Submitted Orders
for shares of such series whether:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(A) the number of Outstanding
shares of such series subject to Submitted Bids of Potential Holders specifying one or more rates equal to or lower than the Maximum
Rate (for all Rate Periods) for shares of such series; exceeds or is equal to the sum of</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(B) the number of Outstanding
shares of such series subject to Submitted Bids of Existing Holders specifying one or more rates higher than the Maximum Rate (for
all Rate Periods) for shares of such series; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(C) the number of Outstanding
shares of such series subject to Submitted Sell Orders (in the event such excess or such equality exists (other than because the
number of shares of such series in subclauses (B) and (C) above is zero because all of the Outstanding shares of such series are
subject to Submitted Hold Orders), such Submitted Bids in subclause (A) above being hereinafter referred to collectively as &#8220;Sufficient
Clearing Bids&#8221; for shares of such series); and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii) if Sufficient Clearing
Bids for shares of such series exist, the lowest rate specified in such Submitted Bids (the &#8220;Winning Bid Rate&#8221; for
shares of such series) which if: (A) (I) each such Submitted Bid of Existing Holders specifying such lowest rate and (II) all other
such Submitted Bids of Existing Holders specifying lower rates were rejected, thus entitling such Existing Holders to continue
to hold the shares of such series that are subject to such Submitted Bids; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(B) (I) each such Submitted
Bid of Potential Holders specifying such lowest rate and (II) all other such Submitted Bids of Potential Holders specifying lower
rates were accepted; would result in such Existing Holders described in subclause (A) above continuing to hold an aggregate number
of Outstanding shares of such series which, when added to the number of Outstanding shares of such series to be purchased by such
Potential Holders described in subclause (B) above, would equal not less than the Available Preferred Shares of such series.</P>

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


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly
after the Auction Agent has made the determinations pursuant to paragraph (a) of this Section 4, the Auction Agent shall advise
the Trust of the Maximum Rate for shares of the series of Preferred Shares for which an Auction is being held on the Auction Date
and, based on such determination, the Applicable Rate for shares of such series for the next succeeding Rate Period thereof as
follows:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) if Sufficient Clearing
Bids for shares of such series exist, that the Applicable Rate for all shares of such series for the next succeeding Rate Period
thereof shall be equal to the Winning Bid Rate for shares of such series so determined;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii) if Sufficient Clearing
Bids for shares of such series do not exist (other than because all of the Outstanding shares of such series are subject to Submitted
Hold Orders), that the Applicable Rate for all shares of such series for the next succeeding Rate Period thereof shall be equal
to the Maximum Rate for shares of such series; or</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii) if all of the Outstanding
shares of such series are subject to Submitted Hold Orders, that the Applicable Rate for all shares of such series for the next
succeeding Rate Period thereof shall be All Hold Rate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acceptance
And Rejection Of Submitted Bids And Submitted Sell Orders And Allocation</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Existing Holders shall
continue to hold the Preferred Shares that are subject to Submitted Hold Orders, and, based on the determinations made pursuant
to paragraph (a) of Section 4 of this Part II, the Submitted Bids and Submitted Sell Orders shall be accepted or rejected by the
Auction Agent and the Auction Agent shall take such other action as set forth below:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Sufficient Clearing Bids for shares of a series of Preferred Shares have been made, all Submitted Sell Orders with respect to shares
of such series shall be accepted and, subject to the provisions of paragraphs (d) and (e) of this Section 5, Submitted Bids with
respect to shares of such series shall be accepted or rejected as follows in the following order of priority and all other Submitted
Bids with respect to shares of such series shall be rejected:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i) Existing Holders&#8217;
Submitted Bids for shares of such series specifying any rate that is higher than the Winning Bid Rate for shares of such series
shall be accepted, thus requiring each such Existing Holder to sell the Preferred Shares subject to such Submitted Bids;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii) Existing Holders&#8217;
Submitted Bids for shares of such series specifying any rate that is lower than the Winning Bid Rate for shares of such series
shall be rejected, thus entitling each such Existing Holder to continue to hold the Preferred Shares subject to such Submitted
Bids;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii) Potential Holders&#8217;
Submitted Bids for shares of such series specifying any rate that is lower than the Winning Bid Rate for shares of such series
shall be accepted;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iv) each Existing Holder&#8217;s
Submitted Bid for shares of such series specifying a rate that is equal to the Winning Bid Rate for shares of such series shall
be rejected, thus entitling such Existing Holder to continue to hold the Preferred Shares subject to such Submitted Bid, unless
the number of Outstanding Preferred Shares subject to all such Submitted Bids shall be greater than the number of Preferred Shares
(&#8220;remaining shares&#8221;) in the excess of the Available Preferred Shares of such series over the number of Preferred Shares
subject to Submitted Bids described in clauses (ii) and (iii) of this paragraph (a), in which event such Submitted Bid of such
Existing Holder shall be rejected in part, and such Existing Holder shall be entitled to continue to hold Preferred Shares subject
to such Submitted Bid, but only in an amount equal</P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">to the Preferred Shares of such series obtained
by multiplying the number of remaining shares by a fraction, the numerator of which shall be the number of Outstanding Preferred
Shares held by such Existing Holder subject to such Submitted Bid and the denominator of which shall be the aggregate number of
Outstanding Preferred Shares subject to such Submitted Bids made by all such Existing Holders that specified a rate equal to the
Winning Bid Rate for shares of such series; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(v) each Potential Holder&#8217;s
Submitted Bid for shares of such series specifying a rate that is equal to the Winning Bid Rate for shares of such series shall
be accepted but only in an amount equal to the number of shares of such series obtained by multiplying the number of shares in
the excess of the Available Preferred Shares of such series over the number of Preferred Shares subject to Submitted Bids described
in clauses (ii) through (iv) of this paragraph (a) by a fraction, the numerator of which shall be the number of Outstanding Preferred
Shares subject to such Submitted Bid and the denominator of which shall be the aggregate number of Outstanding Preferred Shares
subject to such Submitted Bids made by all such Potential Holders that specified a rate equal to the Winning Bid Rate for shares
of such series.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Sufficient Clearing Bids for shares of a series of Preferred Shares have not been made (other than because all of the Outstanding
shares of such series are subject to Submitted Hold Orders), subject to the provisions of paragraph (d) of this Section 5, Submitted
Orders for shares of such series shall be accepted or rejected as follows in the following order of priority and all other Submitted
Bids for shares of such series shall be rejected:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existing
Holders&#8217; Submitted Bids for shares of such series specifying any rate that is equal to or lower than the Maximum Rate for
shares of such series shall be rejected, thus entitling such Existing Holders to continue to hold the Preferred Shares subject
to such Submitted Bids;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Potential
Holders&#8217; Submitted Bids for shares of such series specifying any rate that is equal to or lower than the Maximum Rate for
shares of such series shall be accepted; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Existing Holder&#8217;s Submitted Bid for shares of such series specifying any rate that is higher than the Maximum Rate for shares
of such series and the Submitted Sell Orders for shares of such series of each Existing Holder shall be accepted, thus entitling
each Existing Holder that submitted or on whose behalf was submitted any such Submitted Bid or Submitted Sell Order to sell the
shares of such series subject to such Submitted Bid or Submitted Sell Order, but in both cases only in an amount equal to the number
of shares of such series obtained by multiplying the number of shares of such series subject to Submitted Bids described in clause
(ii) of this paragraph (b) by a fraction, the numerator of which shall be the number of Outstanding shares of such series held
by such Existing Holder subject to such Submitted Bid or Submitted Sell Order and the denominator of which shall be the aggregate
number of Outstanding shares of such series subject to all such Submitted Bids and Submitted Sell Orders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
all of the Outstanding shares of a series of Preferred Shares are subject to Submitted Hold Orders, all Submitted Bids for shares
of such series shall be rejected.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
as a result of the procedures described in clause (iv) or (v) of paragraph (a) or clause (iii) of paragraph (b) of this Section
5, any Existing Holder would be entitled or required to sell, or any Potential Holder would be entitled or required to purchase,
a fraction of a share of a series of Preferred Shares on any Auction Date, the Auction Agent shall, in such manner as it shall
determine in its sole discretion, round up or down the number of Preferred Shares of such series to be purchased or sold by any
Existing Holder or Potential Holder on such Auction Date as a result of such procedures so that the number of shares so purchased
or sold by each Existing Holder or Potential Holder on such Auction Date shall be whole shares of a series of Preferred Shares.</P>

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


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
as a result of the procedures described in clause (v) of paragraph (a) of this Section 5 any Potential Holder would be entitled
or required to purchase less than a whole share of a series of Preferred Shares on any Auction Date, the Auction Agent shall, in
such manner as it shall determine in its sole discretion, allocate Preferred Shares of such series for purchase among Potential
Holders so that only whole shares of Preferred Shares of such series are purchased on such Auction Date as a result of such procedures
by any Potential Holder, even if such allocation results in one or more Potential Holders not purchasing Preferred Shares of such
series on such Auction Date.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the results of each Auction for shares of a series of Preferred Shares, the Auction Agent shall determine the aggregate number
of shares of such series to be purchased and the aggregate number of shares of such series to be sold by Potential Holders and
Existing Holders and, with respect to each Potential Holder and Existing Holder, to the extent that such aggregate number of shares
to be purchased and such aggregate number of shares to be sold differ, determine to which other Potential Holder(s) or Existing
Holder(s) they shall deliver, or from which other Potential Holder(s) or Existing Holder(s) they shall receive, as the case may
be, Preferred Shares of such series. Notwithstanding any provision of the Auction Procedures or the Settlement Procedures to the
contrary, in the event an Existing Holder or Beneficial Owner of shares of a series of Preferred Shares with respect to whom a
Broker-Dealer submitted a Bid to the Auction Agent for such shares that was accepted in whole or in part, or submitted or is deemed
to have submitted a Sell Order for such shares that was accepted in whole or in part, fails to instruct its Agent Member to deliver
such shares against payment therefore, partial deliveries of Preferred Shares that have been made in respect of Potential Holders&#8217;
or Potential Beneficial Owners&#8217; Submitted Bids for shares of such series that have been accepted in whole or in part shall
constitute good delivery to such Potential Holders and Potential Beneficial Owners.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Trust nor the Auction Agent nor any affiliate of either shall have any responsibility or liability with respect to the failure
of an Existing Holder, a Potential Holder, a Beneficial Owner, a Potential Beneficial Owner or its respective Agent Member to deliver
Preferred Shares of any series or to pay for Preferred Shares of any series sold or purchased pursuant to the Auction Procedures
or otherwise.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer
of Preferred Shares</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Unless otherwise permitted
by the Trust, a Beneficial Owner or an Existing Holder may sell, transfer or otherwise dispose of Preferred Shares only in whole
shares and only pursuant to a Bid or Sell Order placed with the Auction Agent in accordance with the procedures described in this
Part II or to a Broker-Dealer; provided, however, that (a) a sale, transfer or other disposition of Preferred Shares from a customer
of a Broker-Dealer who is listed on the records of that Broker-Dealer as the holder of such shares to that Broker-Dealer or another
customer of that Broker-Dealer shall not be deemed to be a sale, transfer or other disposition for purposes of this Section 6 if
such Broker-Dealer remains the Existing Holder of the shares so sold, transferred or disposed of immediately after such sale, transfer
or disposition and (b) in the case of all transfers other than pursuant to Auctions, the Broker-Dealer (or other Person, if permitted
by the Trust) to whom such transfer is made shall advise the Auction Agent of such transfer.</P>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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: right"><B>EXHIBIT A</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A.G. Edwards &amp; Sons, Inc.</P>

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

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

<!-- Field: Page; Sequence: 57; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
