<SEC-DOCUMENT>0001896036-23-000002.txt : 20230315
<SEC-HEADER>0001896036-23-000002.hdr.sgml : 20230315
<ACCEPTANCE-DATETIME>20230315163428
ACCESSION NUMBER:		0001896036-23-000002
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230315
DATE AS OF CHANGE:		20230315
EFFECTIVENESS DATE:		20230315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eagle Point Institutional Income Fund
		CENTRAL INDEX KEY:			0001896036
		IRS NUMBER:				873667759
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23758
		FILM NUMBER:		23735740

	BUSINESS ADDRESS:	
		STREET 1:		C/O EAGLE POINT CREDIT MANAGEMENT LLC
		STREET 2:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203.340.8500

	MAIL ADDRESS:	
		STREET 1:		C/O EAGLE POINT CREDIT MANAGEMENT LLC
		STREET 2:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
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<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>tm238358-1_acctsreport.htm
<DESCRIPTION>INTERNAL CONTROL REPORT
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm238358d1_acctsreportlogo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 30%">&nbsp;</TD>
  <TD STYLE="width: 70%">KPMG LLP</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>345 Park Avenue</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>New York, NY 10154-0102</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Report of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholders and Board of Trustees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Eagle Point Institutional Income Fund:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In planning and performing our audit of the consolidated financial
statements of Eagle Point Institutional Income Fund, (the &ldquo;Company&rdquo;) as of December&nbsp;31, 2022 and for the period from
June&nbsp;1, 2022 (Commencement of Operations) through December&nbsp;31, 2022, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered the Company&rsquo;s internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the consolidated
financial statements and to comply with the requirements of Form&nbsp;N-CEN, but not for the purpose of expressing an opinion on the effectiveness
of the Company&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management of the Company is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements
for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s internal control over financial reporting
includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the Company; (2)&nbsp;provide reasonable assurance that transactions
are recorded as necessary to permit preparation of the consolidated financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and
directors of the Company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the Company's assets that could have a material effect on the consolidated financial statements.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A deficiency in internal control over financial reporting exists when
the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company&rsquo;s annual
or interim consolidated financial statements will not be prevented or detected on a timely basis.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our consideration of the Company&rsquo;s internal control over financial
reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal
control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Company&rsquo;s internal control over financial reporting and its operation, including controls
over safeguarding securities that we consider to be a material weakness as defined above as of December&nbsp;31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 20%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 60%">KPMG LLP, a Delaware limited liability partnership and
a member firm of</TD>
    <TD STYLE="width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">&#8239;&#8239;&#8239;the KPMG global organization of independent member firms affiliated with</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: center">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;KPMG International Limited, a private English company
limited by guarantee.</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm238358d1_acctsreportlogo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report is intended solely for the information and use of the management
and the Board of Trustees of Eagle Point Institutional Income Fund and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm238358d1_acctsreportsig002.jpg" ALT="" STYLE="height: 31px; width: 144px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;28, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>3
<FILENAME>tm238358-1_advisoryagmt.htm
<DESCRIPTION>ADVISORY CONTRACT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EAGLE POINT INSTITUTIONAL INCOME FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Investment Advisory Agreement
is hereby made as of the 11<SUP>th</SUP> day of February, 2022 (the &ldquo;<U>Agreement</U>&rdquo;), between Eagle Point Institutional
Income Fund, a Delaware statutory trust (together with the successors thereto, the &ldquo;Fund&rdquo;), and Eagle Point Credit Management
LLC, a Delaware limited liability company (the &ldquo;<U>Adviser</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS, </B>the Fund is
a newly formed statutory trust that intends to operate as a closed-end management investment company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS,</B> the Fund filed
a registration statement on Form&nbsp;N-2 with the U.S. Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) on December&nbsp;1,
2021 (the &ldquo;<U>Registration Statement</U>&rdquo;) under the Investment Company Act of 1940, as amended (the &ldquo;<U>1940 Act</U>&rdquo;)
to register its shares of beneficial interest (the &ldquo;<U>Shares</U>&rdquo;), for issuance in a public offering (the &ldquo;<U>Offering</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS,</B> the Adviser
is engaged in rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940,
as amended (the &ldquo;<U>Advisers Act</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS,</B> the Fund desires
to retain the Adviser to provide investment advisory services to the Fund, and the Adviser is willing to provide or procure such services,
on the terms and conditions hereinafter set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE,</B> in
consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby,
mutually agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund hereby appoints the
Adviser to act as investment adviser to the Fund for the period and on the terms set forth in this Agreement.&nbsp; The Adviser hereby
accepts such appointment and agrees to provide the advisory services herein described, for the compensation herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SERVICES OF THE ADVISER</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Advisory
Duties of the Adviser</U>. Subject to the supervision of the board of trustees of the Fund (the &ldquo;<U>Board of Trustees</U>&rdquo;),
the Adviser shall act as the investment adviser to the Fund and shall manage the investment and reinvestment of the assets of the Fund
(a)&nbsp;in accordance with the investment objective, policies and restrictions that are set forth in the Fund&rsquo;s filings with the
SEC, as the same may be amended from time to time, (b)&nbsp;in accordance with the 1940 Act, the Advisers Act and all other applicable
federal and state law, and (c)&nbsp;in accordance with the Fund&rsquo;s certificate of trust, amended and restated declaration of trust
and bylaws (collectively, the &ldquo;organizational documents&rdquo;), each as amended or restated from time to time. Without limiting
the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i)&nbsp;determine
the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes;
(ii)&nbsp;identify, evaluate and negotiate the structure of the investments made by the Fund (including performing due diligence on prospective
investments); (iii)&nbsp;execute, close, service and monitor the Fund&rsquo;s investments; (iv)&nbsp;determine the securities and other
assets that the Fund will purchase, retain or sell; and (v)&nbsp;provide the Fund with such other investment advisory, research and related
services as the Fund may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and
authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents
relating to the Fund&rsquo;s investments and the placement of orders for other purchase or sale transactions on behalf of the Fund, subject
to the oversight and approval of the Board of Trustees. In the event that the Fund determines to acquire debt financing or to refinance
existing debt financing, the Adviser shall arrange for such financing on the Fund&rsquo;s behalf, subject to the oversight and approval
of the Board of Trustees. If it is necessary or convenient for the Adviser to make investments on behalf of the Fund through a subsidiary
or special purpose vehicle or otherwise form such subsidiary or special purpose vehicle, the Adviser shall have authority to create or
arrange for the creation of such subsidiary or special purpose vehicle, and to make such investments through such subsidiary or special
purpose vehicle, in accordance with the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Subadvisers</U>.
Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the Board of Trustees who
are not &ldquo;interested persons&rdquo; and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may,
through a subadvisory agreement or other arrangement, delegate to a subadviser any of the duties enumerated in this Agreement, including
the management of all or a portion of the assets being managed hereby.&nbsp;Subject to the prior approval of a majority of the members
of the Board of Trustees, including a majority of the members of the Board of Trustees who are not &ldquo;interested persons&rdquo; and,
to the extent required by applicable law, by the shareholders of the Fund, the Adviser may adjust such duties, the portion of assets being
managed, and the fees to be paid by the Adviser; provided that, in each case, the Adviser shall continue to oversee the services provided
by such company or employees and any such delegation shall not relieve the Adviser of any of its obligations hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Books
and Records</U>. The Adviser agrees to maintain, in the form and for the period required by Rule&nbsp;31a-2 under the 1940 Act or such
longer period as the Fund may direct, all records relating to the services rendered by the Adviser under this Agreement and the Fund&rsquo;s
investments made by the Adviser as are required by Section&nbsp;31 under the 1940 Act, and rules&nbsp;and regulations thereunder, and
by other applicable legal provisions, including the Advisers Act, the Securities Exchange Act of 1934, as amended, the Commodities Exchange
Act, and the respective rules&nbsp;and regulations thereunder, and the Fund&rsquo;s compliance policies and procedures, and to preserve
such records for the periods and in the manner required by that Section, and those rules, regulations, legal provisions and compliance
policies and procedures. In compliance with the requirements of Rule&nbsp;31a-3 under the 1940 Act, any records required to be maintained
and preserved pursuant to the provisions of Rule&nbsp;31a-1 and Rule&nbsp;31a-2 promulgated under the 1940 Act which are prepared or maintained
by the Adviser on behalf of the Fund are the property of the Fund and shall be surrendered promptly to the Fund on request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Brokerage
Commissions</U>. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay a
member of a national securities exchange, broker or dealer an amount of commission or other compensation for effecting a securities transaction
in excess of the amount of commission or other compensation another member of such exchange, broker or dealer would have charged for effecting
such transaction if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage
commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm&rsquo;s risk
and skill in positioning blocks of securities, that the amount of such commission or other compensation is reasonable in relation to the
value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction
or its overall responsibilities with respect to the Fund&rsquo;s portfolio, and constitutes the best net result for the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Proxy
Voting</U>. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Fund in the best
interest of the Fund and in accordance with the Adviser&rsquo;s proxy voting policies and procedures, as any such proxy voting policies
and procedures may be amended from time to time.&nbsp;The Fund has been provided with a copy of the Adviser&rsquo;s proxy voting policies
and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken
on behalf of the Fund.&nbsp;The Adviser shall be responsible for reporting the Fund&rsquo;s proxy voting activities, as required, through
periodic filings on Form&nbsp;N-PX.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Advisory
Services Not Exclusive</U>.&nbsp; The Adviser&rsquo;s services to the Fund pursuant to this Agreement are not exclusive, and it is understood
that the Adviser may render investment advice, management and services to other persons (including other investment companies) and engage
in other activities, so long as its services under this Agreement are not impaired by such other activities. It is understood and agreed
that officers or directors of the Adviser are not prohibited from engaging in any other business activity or from rendering services to
any other person, or from serving as partners, officers, trustees or directors of any other firm, trust or corporation, including other
investment companies. Whenever the Fund and one or more other funds, accounts or&nbsp;investment companies advised by the Adviser have
available funds for investment, and the responsibility for the management of all of the assets of the Fund has not been delegated to a
subadviser, investments suitable and appropriate for each entity shall be allocated in accordance with procedures believed by the Adviser
to be equitable to each entity over time to the extent permitted by applicable law. Similarly, opportunities to sell securities shall
be allocated in a manner believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. The
Fund recognizes that in some cases this procedure may adversely affect the size of the position that may be acquired by or disposed of
for the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Expenses
Borne by Adviser</U>. All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing
investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable
to such services, shall be provided and paid for by the Adviser and not by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Expenses
Borne by the Fund</U>. The Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation,
those relating to: (a)&nbsp;the Fund&rsquo;s organizational expenses; (b)&nbsp;calculating the Fund&rsquo;s net asset value (including
the cost and expenses of any independent valuation firm); (c)&nbsp;debt service and other costs of borrowings or other financing arrangements;
(d)&nbsp;fees and expenses, including legal, consulting or other professional fees and expenses and travel expenses, incurred by the Adviser
or payable to third parties in performing due diligence on prospective investments and, if necessary, enforcing the Fund&rsquo;s rights;
(e)&nbsp;amounts payable to third parties relating to, or associated with, evaluating, making and disposing of investments; (f)&nbsp;brokerage
fees and commissions; (g)&nbsp;federal and state registration fees; (h)&nbsp;any applicable exchange listing fees; (i)&nbsp;federal, state
and local taxes; (j)&nbsp;costs of offerings or repurchases of the Shares and other securities, including costs related to the use of
one or more dealer managers and/or underwriters; (k)&nbsp;the base management fee and any incentive fee; (l)&nbsp;distributions on the
Shares or other securities; (m)&nbsp;administration fees payable to an administrator (the &ldquo;<U>Administrator</U>&rdquo;) under an
administration agreement (as may be amended or restated from time to time) (the &ldquo;<U>Administration Agreement</U>&rdquo;); (n)&nbsp;any
fees and expenses relating to transfer agent, custodial, and escrow agent services; (o)&nbsp;independent trustee fees and expenses; (p)&nbsp;the
costs of any reports, proxy statements or other notices to the Fund&rsquo;s shareholders, including printing costs; (q)&nbsp;costs of
holding shareholder meetings; (r)&nbsp;litigation, indemnification and other non-recurring or extraordinary expenses; (s)&nbsp;fees and
expenses associated with marketing and investor relations efforts; (t)&nbsp;any applicable distribution and/or shareholder servicing fees;
(u)&nbsp;dues, fees and charges of any trade association of which the Fund is a member; (v)&nbsp;direct costs and expenses of administration
and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administration
functions; (w)&nbsp;fees and expenses associated with independent audits and outside legal costs; (x)&nbsp;the Fund&rsquo;s fidelity bond;
(y)&nbsp;trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (z)&nbsp;costs associated with
the Fund&rsquo;s reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; and (aa)
all other expenses reasonably incurred by the Fund or the Administrator in connection with administering the Fund&rsquo;s business, such
as the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration
Agreement, including rent, the fees and expenses associated with performing compliance functions, and the Fund&rsquo;s allocable portion
of the costs of compensation and related expenses of the Fund&rsquo;s chief compliance officer, chief financial officer, chief operating
officer and their respective support staff.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective commencing on the
date that the Fund&rsquo;s Registration Statement is declared effective by the SEC, the Fund agrees to pay, and the Adviser agrees to
accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a fee consisting of two
components: a base management fee (the &ldquo;<U>Base Management Fee</U>&rdquo;) and an incentive fee (the &ldquo;<U>Incentive Fee</U>&rdquo;),
each as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser&rsquo;s designee as the
Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect to defer all or a portion of its fees hereunder
for a specified period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Base
Management Fee</U>. The Base Management Fee shall be calculated monthly and payable quarterly in arrears at an annual rate equal to 1.75%
of the Fund&rsquo;s Managed Assets at the end of the most recently completed calendar month, provided, that, if the Fund calculates its
net asset value more frequently than monthly, the Base Management Fee shall be calculated on the same frequency as the net asset value
is calculated. For this purpose, &ldquo;<U>Managed Assets</U>&rdquo; means the Fund&rsquo;s total assets (including assets attributable
to the Fund&rsquo;s use of leverage) minus the sum of the Fund&rsquo;s accrued liabilities (other than liabilities incurred for the purpose
of creating leverage). The Base Management Fee for any partial calculation period shall be appropriately pro-rated (based on the number
of days actually elapsed at the end of such calculation period relative to the total number of days in such calculation period).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Incentive
Fee</U>. The Incentive Fee shall be payable quarterly in arrears based on the Pre-Incentive Fee Net Investment Income of the Fund or each
class of Shares of the Fund (to the extent that the Fund offers multiple classes of Shares) (&ldquo;<U>Class</U>&rdquo;), based on such
Class&rsquo;s net asset value relative to the Fund as a whole, for the immediately preceding calendar quarter, subject to a &ldquo;hurdle&rdquo;
and a &ldquo;catch up&rdquo; feature. For this purpose, &ldquo;<U>Pre-Incentive Fee Net Investment Income</U>&rdquo; means (a)&nbsp;interest
income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting
fees) accrued during the calendar quarter (or, if applicable, a Class&rsquo;s allocable share of such income), minus (b)&nbsp;the Fund&rsquo;s
operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement, any interest
expense and/or dividends paid on any issued and outstanding debt or preferred stock and, if applicable, any fees payable for distribution
and/or shareholder servicing agreements, but excluding organizational and offering expenses&nbsp;and the Incentive Fee) (or, if applicable,
a Class&rsquo;s allocable share of such operating expenses) after giving application to any reimbursement or recoupment under any expense
limitation agreement to which the Fund may be a party, as may be amended from time to time (the &ldquo;<U>Expense Limitation and Reimbursement
Agreement</U>&rdquo;). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such
as original issue discount, debt instruments payment-in-kind interest and zero coupon securities), accrued income that the Fund has not
yet received in cash.&nbsp;Pre-Incentive Fee Net Investment Income does not include any realized or unrealized capital gains or realized
or unrealized losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pre-Incentive Fee Net Investment
Income, expressed as a rate of return on the value of the Fund&rsquo;s or Class&rsquo;s, as applicable, net assets at the end of the immediately
preceding calendar quarter, shall be compared to a &ldquo;hurdle rate&rdquo; of 2.00% (8.00% annualized) of the Fund&rsquo;s or Class&rsquo;s,
as applicable, net asset value per quarter. The Fund shall pay the Adviser an Incentive Fee with respect to the Fund&rsquo;s or Class&rsquo;s,
as applicable, Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (1)&nbsp;no Incentive Fee in any calendar
quarter in which the Fund&rsquo;s or Class&rsquo;s, as applicable, Pre-Incentive Fee Net Investment Income does not exceed 2.00% of the
Fund&rsquo;s net asset value; (2)&nbsp;100% of the Fund&rsquo;s or Class&rsquo;s, as applicable, Pre-Incentive Fee Net Investment Income
with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.50%
of the Fund&rsquo;s net asset value in any calendar quarter; and (3)&nbsp;20% of the amount of the Fund&rsquo;s or Class&rsquo;s, as applicable,
Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.50% of the Fund&rsquo;s net asset value in any calendar quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Effective
Date of Fee Calculation</U>. The effective date of this Article&nbsp;IV shall be the date the Registration Statement is declared effective
by the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ADDITIONAL OBLIGATIONS OF THE FUND</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Documents</U>.&nbsp;
The Fund has delivered, or shall deliver, to the Adviser copies of each of the following documents and shall deliver to it all future
amendments and supplements thereto, if any:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Fund&rsquo;s certificate of trust, as filed with the Secretary of the State of Delaware;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Fund&rsquo;s amended and restated declaration of trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Fund&rsquo;s by-laws;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Certified
resolutions of the Board of Trustees authorizing the appointment of the Adviser and approving the form of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Registration Statement as filed with the SEC and all amendments thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notification
of Registration of the Fund under the 1940 Act on Form&nbsp;N-8A as filed with the SEC and all amendments thereto; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
form of Prospectus and Statement of Additional Information of the Fund pursuant to which the Fund&rsquo;s Shares are offered for sale
to the public.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>LIMITATION OF LIABILITY; INDEMNIFICATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the full extent permitted
by applicable law, the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person
or entity affiliated with any such person or entity or with the Adviser) shall not be liable to the Fund for any action taken or omitted
to be taken by the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person
or entity affiliated with any such person or entity or with the Adviser) in connection with the performance of any of its duties or obligations
under this Agreement or otherwise as an investment adviser of the Fund, except to the extent specified in Section&nbsp;36(b)&nbsp;of the
1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect
to the receipt of compensation for services, and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers,
partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or
with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the &ldquo;<U>Indemnified Parties</U>&rdquo;)
and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys&rsquo; fees and amounts
reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit,
investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of
or otherwise based upon the performance of any of the Adviser&rsquo;s duties or obligations under this Agreement or otherwise as an investment
adviser of the Fund. Notwithstanding the preceding sentence of this Article&nbsp;VI to the contrary, nothing contained herein shall protect
or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification
in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason
of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of the Adviser&rsquo;s duties or by reason
of the reckless disregard of the Adviser&rsquo;s duties and obligations under this Agreement (as the same shall be determined in accordance
with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). Nothing in this Agreement shall in any way
constitute a waiver or limitation by the Fund of any rights or remedies which may not be so limited or waived in accordance with applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Covenants
of the Adviser</U>. The Adviser hereby covenants that it is registered as an investment adviser under the Advisers Act. The Adviser hereby
agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its
operations and investments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Adviser
Personnel</U>.&nbsp; The Adviser shall authorize and permit any of its directors, officers and employees who may be elected or appointed
as trustees or officers of the Fund to serve in the capacities in which they are elected or appointed.&nbsp;Services to be furnished by
the Adviser under this Agreement may be furnished through the medium of any of such trustees, officers or employees.&nbsp;The Adviser
shall make its directors, officers and employees available to attend meetings of the Board of Trustees as may be reasonably requested
by the Board of Trustees from time to time.&nbsp;The Adviser shall prepare and provide such reports on the Fund and its operations as
may be reasonably requested by the Board of Trustees from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Independent
Contractor</U>.&nbsp; Except as otherwise provided herein or authorized by the Board of Trustees from time to time, the Adviser shall
for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Fund in any
way or otherwise be deemed an agent of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Effectiveness,
Duration and Termination</U>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in
effect for two years, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically
approved at least annually by (a)&nbsp;the vote of the Board of Trustees or the vote of a majority of the outstanding voting securities
of the Fund (as defined in Section&nbsp;2(a)(42) of the 1940 Act) and (b)&nbsp;the vote of a majority of the Fund&rsquo;s trustees who
are not parties to this Agreement or &ldquo;interested persons&rdquo; (as such term is defined in Section&nbsp;2(a)(19) of the 1940 Act)
of any such party, in accordance with the requirements of the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be terminated
at any time, without the payment of any penalty, by (x)&nbsp;(i)&nbsp;the Board of Trustees or (ii)&nbsp;a vote of a majority of the outstanding
voting securities of the Fund (as defined in Section&nbsp;2(a)(42) of the 1940 Act), in each case upon not less than 60 days&rsquo; written
notice or (y)&nbsp;the Adviser upon not less than 90 days&rsquo; written notice. This Agreement shall automatically terminate in the event
of its &ldquo;assignment&rdquo; (as such term is defined for purposes of Section&nbsp;15(a)(4)&nbsp;of the 1940 Act). The provisions of
Article&nbsp;VI of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof,
notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid,
the Adviser shall be entitled to any amounts owed under Article&nbsp;IV through the date of termination or expiration, and Article&nbsp;VI
shall continue in force and effect and apply to the Indemnified Parties as and to the extent applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Amendment</U>.&nbsp;
This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in accordance with the 1940 Act, including,
if applicable, pursuant to a vote of the Board of Trustees, the vote of a majority of the outstanding securities of the Fund (as defined
in Section&nbsp;2(a)(42) of the 1940 Act), or the vote of a majority of the Fund&rsquo;s trustees who are not parties to this Agreement
or &ldquo;interested persons&rdquo; (as such term is defined in Section&nbsp;2(a)(19) of the 1940 Act) of any such party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notice</U>.&nbsp;
Any notice or other communication required to be given pursuant to this Agreement shall be given in writing, <FONT STYLE="background-color: white">addressed
and delivered or mailed to the other party at its principal office</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Entire
Agreement; Governing Law</U>.&nbsp; This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings
and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York,
or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>IN WITNESS WHEREOF,</B> the parties hereto have
caused this Agreement to be duly executed as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">Eagle
    point Institutional Income Fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:&nbsp;Thomas P. Majewski</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:&#8239;&#8239;&nbsp;Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">EAGLE POINT CREDIT MANAGEMENT
    LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:&nbsp;Thomas P. Majewski</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:&#8239;&#8239;&nbsp;Managing Partner</FONT></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[Signature
Page&nbsp;to Investment Advisory Agreement of Eagle Point Institutional Income Fund]</FONT></P>

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<DOCUMENT>
<TYPE>INST DEFINING RIGHTS
<SEQUENCE>4
<FILENAME>tm238358-1_bylaws.htm
<DESCRIPTION>BYLAWS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="border-top: Black 2.5pt double; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 103.6pt 0pt 104.6pt; text-align: center">EAGLE POINT INSTITUTIONAL
INCOME FUND</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 103.6pt 0pt 104.6pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 103.6pt 0pt 104.6pt; text-align: center">BYLAWS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 103.6pt 0pt 104.6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 103.6pt 0pt 104.55pt; text-align: center"><B>Dated as of January 25,
2022</B></P>

<P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 103.6pt 0pt 104.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 103.6pt 0pt 104.45pt; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><B>Page</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.65pt 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif; width: 90%">ARTICLE I SHAREHOLDER MEETINGS</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; font: 10pt Times New Roman, Times, Serif; width: 10%"> 1</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">1.1.</TD><TD STYLE="padding-bottom: 10pt">Chairman</TD>
                                                                 <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">1</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">1.2.</TD><TD STYLE="padding-bottom: 10pt">Proxies; Voting</TD>
                                                                 <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">1</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">1.3.</TD><TD STYLE="padding-bottom: 10pt">Notice of Meeting and Fixing Record Dates</TD>
                                                                 <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">1</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">1.4.</TD><TD STYLE="padding-bottom: 10pt">Inspectors of Election</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">2</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">1.5.</TD><TD STYLE="padding-bottom: 10pt">Records at Shareholder Meetings</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">2</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">1.6.</TD><TD STYLE="padding-bottom: 10pt">Postponement, Adjournment and Change of Place of Meetings</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">2</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">1.7.</TD><TD STYLE="padding-bottom: 10pt">Meetings by Remote Communication</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">3</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif">ARTICLE II TRUSTEES</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; font: 10pt Times New Roman, Times, Serif; width: 0.5in">3</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">2.1.</TD><TD STYLE="padding-bottom: 10pt">Annual and Regular Meetings</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">3</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">2.2.</TD><TD STYLE="padding-bottom: 10pt">Chairman; Records</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">3</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif">ARTICLE III OFFICERS</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; font: 10pt Times New Roman, Times, Serif; width: 0.5in">3</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">3.1.</TD><TD STYLE="padding-bottom: 10pt">Officers of the Trust</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">3</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">3.2.</TD><TD STYLE="padding-bottom: 10pt">Election and Tenure</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">4</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">3.3.</TD><TD STYLE="padding-bottom: 10pt">Removal and Resignation of Officers</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">4</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">3.4.</TD><TD STYLE="padding-bottom: 10pt">Bonds and Surety</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">4</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">3.5.</TD><TD STYLE="padding-bottom: 10pt">Chief Executive Officer and Vice Presidents</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">4</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">3.6.</TD><TD STYLE="padding-bottom: 10pt">Secretary</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">5</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">3.7.</TD><TD STYLE="padding-bottom: 10pt">Chief Financial Officer</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">5</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">3.8.</TD><TD STYLE="padding-bottom: 10pt">Chief Compliance Officer</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">5</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">3.9.</TD><TD STYLE="padding-bottom: 10pt">Other Officers and Duties</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">5</TD></TR></TABLE>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif">ARTICLE IV MISCELLANEOUS</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; font: 10pt Times New Roman, Times, Serif; width: 0.5in">6</TD></TR>
  </TABLE>


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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">4.1.</TD><TD STYLE="padding-bottom: 10pt">Depositories</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">6</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">4.2.</TD><TD STYLE="padding-bottom: 10pt">Signatures</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">6</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">4.3.</TD><TD STYLE="padding-bottom: 10pt">Seal</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">6</TD></TR></TABLE>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif">ARTICLE V SHARE TRANSFERS</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; font: 10pt Times New Roman, Times, Serif; width: 0.5in">6</TD></TR>
  </TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">5.1.</TD><TD STYLE="padding-bottom: 10pt">Transfer Agents, Registrars and the Like</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">6</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">5.2.</TD><TD STYLE="padding-bottom: 10pt">Transfer of Shares</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">6</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">5.3.</TD><TD STYLE="padding-bottom: 10pt">Registered Shareholders</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">6</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.5pt 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.5pt 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.5pt 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 103.6pt 0pt 104.6pt; text-align: center">(continued)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 103.6pt 0pt 104.6pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Page</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; font: 10pt Times New Roman, Times, Serif">ARTICLE VI CONTROL SHARE ACQUISITIONS</TD>
    <TD STYLE="padding-bottom: 10pt; text-align: right; font: 10pt Times New Roman, Times, Serif; width: 0.5in">7</TD></TR>
  </TABLE>


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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">6.1.</TD><TD STYLE="padding-bottom: 10pt">Definitions</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">7</TD></TR></TABLE>


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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">6.2.</TD><TD STYLE="padding-bottom: 10pt; text-align: left">Delivery of Control Share Acquisition Statement</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">9</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">6.3.</TD><TD STYLE="padding-bottom: 10pt; text-align: left">Meeting of Shareholders</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">10</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">6.4.</TD><TD STYLE="padding-bottom: 10pt; text-align: left">Authorization of Voting Rights</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">11</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">6.5.</TD><TD STYLE="padding-bottom: 10pt; text-align: left">No Appraisal Rights</TD>
                                                                 <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">12</TD></TR></TABLE>

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<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">6.6.</TD><TD STYLE="padding-bottom: 10pt; text-align: left">Persons Required to Provide Information</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">12</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="padding-bottom: 10pt; width: 0.6in"></TD><TD STYLE="padding-bottom: 10pt; width: 0.45in">6.7.</TD><TD STYLE="padding-bottom: 10pt; text-align: left">Interpretation</TD>
                                                              <TD STYLE="padding-bottom: 10pt; text-align: right; width: 0.5in">12</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.45in">6.8.</TD><TD STYLE="text-align: left">Amendment</TD>
                                                              <TD STYLE="text-align: right; width: 0.5in">12</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">ARTICLE VII AMENDMENT OF BYLAWS</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 0.5in"> 13</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.6in"></TD><TD STYLE="width: 0.45in">7.1.</TD><TD STYLE="text-align: left">Amendment and Repeal of Bylaws</TD>
                                                              <TD STYLE="text-align: right; width: 0.5in">13</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>EAGLE POINT INSTITUTIONAL
INCOME FUND</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">These Bylaws are made and adopted
pursuant to Section 3.8 of the Amended and Restated Declaration of Trust of Eagle Point Institutional Income Fund (the
 &#8220;Trust&#8221;), dated as of January 25, 2022, as from time to time amended (the &#8220;Declaration&#8221;). All words and
terms capitalized in these Bylaws shall have the meaning or meanings set forth for such words or terms in the Declaration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>SHAREHOLDER MEETINGS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Chairman</U>.
The Chairman of the Board of Trustees, if any, shall act as chairman at all meetings of the shareholders of the Trust (&#8220;Shareholders&#8221;);
in the Chairman&#8217;s absence, the Trustee or Trustees present at each meeting may elect a temporary chairman for the meeting, who
may be one of themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">1.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proxies; Voting</U>. Shareholders may vote either in person or by duly executed proxy and each full Share represented at the
meeting shall have one vote and each fractional Share shall be entitled to a vote of such fraction, all as provided in Article X of the
Declaration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">1.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Meeting and Fixing Record Dates</U>. Notice of all meetings of Shareholders, stating the time, place (including that
the meeting will be held by remote communication, as applicable) and purposes of the meeting, shall be sent or otherwise given to each
Shareholder of record entitled to vote thereat at its registered address, not less than ten (10) nor more than one hundred and twenty
(120) days before the date of the meeting. For the purpose of determining the Shareholders who are entitled to notice of or to vote or
act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any other proper purpose,
the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the
Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books, then the date
of mailing of notice of the meeting or the date upon which the dividend resolution is adopted, as the case may be, shall be the record
date. Notice of any meeting of Shareholders shall be deemed waived by any Shareholder who attends the meeting in person or by proxy or
who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">1.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Inspectors
of Election</U>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or
any adjournment thereof. If Inspectors of Election are not so appointed, the person acting as chairman at any meeting of
Shareholders may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting.
The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more
Shareholders or proxies, a majority of the Trust&#8217;s shares of beneficial interest (&#8220;Shares&#8221;) present shall
determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the
Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector
of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of
the convening of the meeting or at the meeting by the person acting as chairman. The Inspectors of Election shall determine the
number of Shares outstanding, the Shares represented at the meeting and the voting power of each Share, the existence of a quorum,
the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges
and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, determine the
results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are
three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or
certificate of all. On request of the person acting as chairman of the meeting, or of any Shareholder or Shareholder proxy, the
Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a
certificate of any facts found by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">1.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Records at Shareholder Meetings</U>. At each meeting of the Shareholders, there shall be made available for inspection at a
convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous meeting of Shareholders
of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books,
as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the
number of Shares owned by such Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records
of the Trust as are granted to stockholders of a Delaware business corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">1.6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Postponement,
Adjournment and Change of Place of Meetings</U>. Prior to the date upon which any meeting of Shareholders is to be held, the Board
of Trustees may, in its sole discretion, which may be delegated to the officers of the Trust, postpone or change the place of such
meeting (including by specifying that the meeting will be held by remote communication) one or more times for any reason by giving
notice to each Shareholder entitled to vote at the meeting so postponed or changed of the place (including that the meeting will be
held by remote communication, as applicable), date and hour at which such meeting will be held. Such notice shall be given not fewer
than two (2) days before the date of such meeting and otherwise in accordance with Section 1.3. Any Shareholders&#8217; meeting may
be adjourned by the chairman of the meeting one or more times for any reason, including the failure of a quorum to be present at the
meeting with respect to any proposal or the failure of any proposal to receive sufficient votes for approval. No Shareholder vote
shall be required for any adjournment. A Shareholders&#8217; meeting may be adjourned by the chairman of the meeting as to one or
more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a meeting to another time
or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or
notice is given to persons present at the meeting. Any adjourned meeting may be held at such time and place (including that the
meeting will be held by remote communication, as applicable) as determined by the Board of Trustees or by the chairman of the
meeting or the officers of the Trust or other authorized persons pursuant to delegated authority from the Trustees in the sole
discretion of such Trustees, chairman, officers or authorized persons and announced at the meeting. Any business that might have
been transacted at the original meeting may be transacted at any adjourned meeting. If, after a postponement or adjournment, a new
record date is fixed for the postponed or adjourned meeting, the Secretary shall give notice of the postponed or adjourned meeting
to Shareholders of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the
chairman of the meeting may, but shall not be required to, cause a vote to be taken with respect to any such proposal or proposals
which vote can be certified as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal
or proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">1.7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Meetings
by Remote Communication</U>. The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held solely
by means of remote communication. If authorized by the Trustees, in their sole discretion, and subject to such guidelines and
procedures as the Trustees may adopt, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by
means of remote communication: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a
meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communication,
provided that: (i) the Trust shall implement such measures as the Trustees deem to be reasonable (A) to verify that each person
deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or proxyholder; and (B) to
provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted
to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means of remote
communication, a record of such vote or other action shall be maintained by the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 204.05pt 0pt 205.1pt; text-align: center">ARTICLE II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 204.05pt 0pt 205.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 204.05pt 0pt 205.1pt; text-align: center"><U>TRUSTEES</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 204.05pt 0pt 205.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual and Regular Meetings</U>. Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any, the
Chief Executive Officer, the Secretary or any three Trustees. Regular meetings of the Trustees may be held without call or notice and
shall generally be held quarterly. Except as may be required by applicable law, neither the business to be transacted at, nor the purpose
of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given
of action proposed to be taken by unanimous written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">2.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Chairman;
Records</U>. The Chairman, if any, shall act as chairman at all meetings of the Trustees; in the absence of a Chairman, the Trustees
present shall elect one Trustee to act as chairman of the meeting. The results of all actions taken at a meeting of the Trustees, or
by unanimous written consent of the Trustees, shall be recorded by the Secretary or such other person as the Board of Trustees or Secretary
may from time to time designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 204.05pt 0pt 205.1pt; text-align: center">ARTICLE III</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 204.05pt 0pt 205.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 204.05pt 0pt 205.1pt; text-align: center"><U>OFFICERS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Officers of the Trust</U>. The
officers of the Trust shall consist of a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial
Officer, a Principal Accounting Officer, a Chief Operating Officer and a Chief Compliance Officer and may also include such other
officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the
same person, except that the same person may not be both Chief Executive Officer and Secretary. No officer of the Trust need be a
Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">3.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Election
and Tenure</U>. At the initial organization meeting, the Trustees shall elect the Principal Executive Officer, Chief Executive Officer,
Secretary, Chief Financial Officer, Principal Accounting Officer, Chief Operating Officer and Chief Compliance Officer and such other
officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve
at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in
office or add any additional officers at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">3.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Removal and Resignation of Officers</U>. Any officer may be removed at any time, with or without cause, by action of a majority
of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall
have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer
may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chairman, if any, Chief Executive Officer
or Secretary, and such resignation shall take effect immediately upon receipt by the Chairman, if any, Chief Executive Officer or Secretary,
or at a later date according to the terms of such notice in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">3.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Bonds
and Surety</U>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer&#8217;s duties
in such amount and with such sureties as the Trustees may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">3.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Chief
Executive Officer and Vice Presidents</U>. The Chief Executive Officer shall be a principal executive officer of the Trust and,
subject to the control of the Trustees, 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 Chief Executive Officer of
a corporation. Subject to direction of the Trustees, the Chief Executive Officer shall have power in the name and on behalf of the
Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications,
requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. Unless otherwise
directed by the Trustees, the Chief Executive Officer shall have full authority and power, on behalf of all of the Trustees, to
attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an
interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The Chief
Executive Officer shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence
or disability of the Chief Executive Officer, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than
one and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of the Chief Executive Officer,
and when so acting shall have all the powers of and be subject to all of the restrictions upon the Chief Executive Officer. Subject
to the direction of the Trustees, and of the Chief Executive Officer, each Vice-President shall have the power in the name and on
behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as
shall be designated from time to time by the Trustees or by the Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">3.6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Secretary</U>.
The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and any committee of the
Trustees. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by
the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed
by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures
of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly
incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from
time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">3.7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Chief
Financial Officer</U>. Except as otherwise directed by the Trustees, the Chief Financial Officer shall be responsible for the general
supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and
exercise, under the supervision of the Trustees and the Chief Executive Officer, all powers and duties normally incident to the office
in a Delaware business corporation. The Chief Financial Officer may endorse for deposit or collection all notes, checks and other instruments
payable to the Trust or to its order. The Chief Financial Officer shall deposit all funds of the Trust in such depositories as the Trustees
shall designate. The Chief Financial Officer shall be responsible for such disbursement of the funds of the Trust as may be ordered by
the Trustees or the Chief Executive Officer. The Chief Financial Officer shall keep accurate account of the books of the Trust&#8217;s
transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Chief Financial
Officer&#8217;s possession, shall be subject at all times to the inspection and control of the Trustees. The Chief Financial Officer
shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything to the contrary
herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit
and disburse funds of any class of securities of the Trust on behalf of such class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">3.8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Chief
Compliance Officer</U>. The Trustees shall designate a Chief Compliance Officer to the extent required by, and consistent with the requirements
of, the 1940 Act. The Chief Compliance Officer, subject to the direction of and reporting to the Board of Trustees, shall be responsible
for the oversight of the Trust&#8217;s compliance with the Federal securities laws and other applicable regulatory requirements. The
designation, compensation and removal of the Chief Compliance Officer must be approved by the Trustees, including a majority of the trustees
who are not Interested Persons of the Trust. The Chief Compliance Officer shall perform such executive, supervisory and management functions
and duties as the Trustees may assign to him or her from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">3.9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Other
Officers and Duties</U>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine
to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of
the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust
shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such person by the Chief
Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 187.3pt 0pt 188.3pt; text-align: center; text-indent: 0.05pt">ARTICLE
IV</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 187.3pt 0pt 188.3pt; text-align: center; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 187.3pt 0pt 188.3pt; text-align: center; text-indent: 0.05pt"><U>MISCELLANEOUS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 187.3pt 0pt 188.3pt; text-align: center; text-indent: 0.05pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">4.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Depositories</U>. In accordance with Section 8.1 of the Declaration, the funds of the Trust shall be deposited in such custodians
as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents
(including the adviser, administrator or manager), as the Trustees may from time to time authorize.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">4.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Signatures</U>.
All contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or agents, as
provided in the Declaration or these Bylaws or as the Trustees may provide from time to time by resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">4.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Seal</U>.
The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The
seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise
printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the
same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity,
enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 183.15pt; text-align: left; text-indent: 24.65pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>SHARE TRANSFERS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 183.15pt; text-align: left; text-indent: 24.65pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer Agents, Registrars and the Like</U>. As provided in Section 6.8 of the Declaration, the Trustees shall have authority to
employ and compensate such transfer agents and registrars with respect to the Shares as the Trustees shall deem necessary or desirable.
In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the
reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated
to any of them by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">5.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Transfer of Shares</U>. The Shares shall be subject to the limitations on transfer as provided in Section 6.9 of the Declaration.
The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of proper evidence as may
be reasonably required to show that the requested transfer is proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">5.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Registered
Shareholders</U>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and
shall not be required to take any notice of any right or claim of right of any other person.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 141.55pt 0pt 142.65pt; text-align: left; text-indent: 62.8pt">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ARTICLE
VI <U></U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>CONTROL SHARE ACQUISITIONS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in">6.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Definitions</U>. As used in this Article
VI, the following terms have the meanings specified below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;Associate&#8221; shall mean, with respect to any Person (as defined below), (i) any Person who directly or indirectly controls
or is controlled by, or is under common control with such Person, &#8220;control,&#8221; as used in this subsection meaning the possession,
direct or indirect, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership
of voting securities, by contract or otherwise; (ii) any Person who is acting or intends to act jointly or in concert with such Person
in connection with a Control Share Acquisition (as defined below); (iii) any corporation or organization of which such Person is an officer,
director or partner or in which such Person performs a similar function; (iv) any direct or indirect beneficial owner of ten percent (10%)
or more of any class of equity securities of such Person; (v) any trust or estate in which such Person has a beneficial interest not represented
by transferable shares or as to which such Person serves as trustee or in a similar fiduciary capacity; and (vi) any relative or spouse
of such Person, or any relative of such spouse, any one of whom has the same residence as such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;Beneficial ownership&#8221; shall mean the sole or shared power to dispose or direct the disposition of Shares or the sole
or shared power to vote or to direct the voting of Shares, whether such power is direct or indirect or through any contract, arrangement,
understanding, relationship or otherwise. A Person shall not be deemed to be a beneficial owner of Shares as to which such Person may
exercise voting power solely by virtue of a revocable proxy conferring the right to vote. A member of a national securities exchange shall
not be deemed to be a beneficial owner of Shares held directly or indirectly by it on behalf of another Person solely because such member
is the record holder of such securities and, pursuant to the rules of such exchange, may direct the vote of such shares, without instruction,
on other than contested matters or matters that may affect substantially the rights or privileges of the holders of the Shares to be voted
but is otherwise precluded by the rules of such exchange from voting without instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(1)&nbsp;&nbsp;&nbsp;&nbsp; &#8220;Control Share Acquisition&#8221; shall mean the acquisition by any Person of Beneficial Ownership of Shares which, but
for the provisions of this Article VI, would have voting rights and which, when added to all other Shares beneficially owned by such Person
(including Shares otherwise included in the categories enumerated in Section 6.1(c)(3) of this Article VI below), would entitle such Person,
upon acquisition of such Shares, to vote or direct the voting of Shares having voting power in the election of Trustees (except for any
elections of Trustees by holders of preferred shares voting as a separate class) within any of the following ranges of such voting power:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.85in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: left">one-tenth or more but less than one-third of all voting power;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.85in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: left">one-third or more but less than a majority of all voting power; or</TD></TR></TABLE>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.85in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: left">a majority or more of all voting power.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.6in">(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Shares the Beneficial Ownership of
which is acquired by such Person within ninety days before or after the date on which such Person makes an acquisition of Beneficial
Ownership of Shares which results in such Control Share Acquisition, and all Shares acquired by such Person pursuant to a plan to
make a Control Share Acquisition, shall be deemed to have been acquired in the same Control Share Acquisition for purposes of this
Article VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.6in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the provisions of Section 6.1(c)(2) of this Article VI, a Control Share Acquisition shall not include the acquisition of Beneficial
Ownership of Shares acquired:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>by a sole initial shareholder prior to the Trust&#8217;s commencement of investment operations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 2in"> (ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 by will or pursuant to the laws of descent and distribution;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 2in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>pursuant to the satisfaction of a pledge or other security interest created in good faith and not for the purpose of circumventing
the provisions of this Article VI;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 2in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>pursuant to a tender offer, merger or consolidation, but only if such tender offer, merger or consolidation is pursuant to an agreement
of merger or consolidation to which the Trust is a party; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 2in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;directly
from the Trust or a wholly-owned subsidiary thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1.6in">(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acquisition of Beneficial Ownership
of Shares does not constitute a Control Share Acquisition if the acquisition is made by or from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 2in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a Person whose voting rights with respect to Shares were previously authorized by the Shareholders of the Trust in compliance with
this Article VI, unless such acquisition, when added to all other Shares beneficially owned by the Person making such acquisition, would
entitle such acquiring Person to vote or direct the voting of Shares having voting power in the election of Trustees in excess of the
range of voting power within which all Shares beneficially owned by such Person whose voting rights were previously so authorized had
voting power immediately following such authorization; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 2in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>a
Person whose previous acquisition of Beneficial Ownership of Shares would have constituted a Control Share Acquisition but for the
provisions of Section 6.1(c)(3) of this Article VI, unless such later acquisition, when added to all other Shares beneficially owned
by the Person making such acquisition, would entitle such acquiring Person to vote or direct the voting of Shares having voting
power in the election of Trustees in excess of the range of voting power within which the Person who made such previous acquisition
could exercise voting power immediately following such previous acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;Control Share Acquisition Statement&#8221; shall mean a statement satisfying the requirements of Section 6.2 of this Article
VI below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1in"> (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 &#8220;Interested Shares&#8221; shall mean Shares that are beneficially owned by:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.6in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
Person who has acquired Beneficial Ownership of Shares in a Control Share Acquisition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1.6in"> (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any officer of the Trust; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt; text-indent: 1.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.6in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
Trustee of the Trust who is an Interested Person of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.6in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">For the avoidance of doubt, any Person whose voting rights in connection
with a Control Share Acquisition are subject to a Shareholder vote at a meeting of Shareholders pursuant to Section 6.3 of this Article
VI shall be deemed to hold Interested Shares with respect to any Shareholder vote at such meeting on voting rights in connection with
a Control Share Acquisition by any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;Person&#8221; shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations,
joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof and
any Associate of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">6.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Control Share Acquisition Statement</U>. Any Person who has made a Control Share Acquisition or has made a bona
fide written offer to make a Control Share Acquisition may deliver to the Trust, personally or by registered or certified mail at its
principal executive office, a Control Share Acquisition Statement which shall contain the following: the identity of such Person and any
Associate of such Person who intends to acquire or has acquired Beneficial Ownership of Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a statement that such Control Share Acquisition Statement is being made and delivered pursuant to the provisions of this Article
VI;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the number and class or series of Shares of the Trust beneficially owned by such Person and each Associate of such Person prior
to the Control Share Acquisition;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the number and class or series of Shares acquired or proposed to be acquired by such Person pursuant to the Control Share Acquisition
and the range of voting power to which the Control Share Acquisition is or, if consummated, would be subject pursuant to the provisions
of Section 6.1(c)(2) of this Article VI; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a description of the terms and conditions of the proposed or completed Control Share Acquisition, including but not limited to
the prices paid by such Person in the Control Share Acquisition and the dates upon which the Shares were acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> 6.3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meeting of Shareholders.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Person delivering the Control Share Acquisition Statement so demands in writing contemporaneously with the delivery of such
Control Share Acquisition Statement, the Trustees, within ten (10) days after the receipt of the demand, shall call a special meeting
of Shareholders for the purpose of considering whether voting rights of such Person shall be authorized for the Shares acquired or to
be acquired in the Control Share Acquisition. The demand shall not be effective unless accompanied by an undertaking by such Person to
pay the Trust&#8217;s reasonable expenses in connection with the special meeting but not including the expenses of the Trust incurred
in opposing a vote to authorize voting rights of such Person for the Shares acquired or proposed to be acquired in the Control Share Acquisition.
The Trustees may require the Person making the demand to give bond, with sufficient surety, or may require such Person to deposit cash
in escrow to reasonably assure the Trust that this undertaking will be satisfied. As promptly as reasonably practicable after the Trustees
have called the special meeting of Shareholders, the Trust shall give written notice of the special meeting to Shareholders. Such notice
shall be given not less than twenty (20) days before the date of the special meeting. Unless the Person delivering the Control Share Acquisition
Statement and the Trust shall agree in writing to a later date, the special meeting of Shareholders shall be held not more than fifty
(50) days after the receipt by the Trust of the demand. If the Person delivering the Control Share Acquisition Statement so requests in
the demand, the special meeting of Shareholders shall be held no sooner than thirty (30) days after receipt by the Trust of the demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A
demand delivered pursuant to Section 6.3(a) of this Article VI shall not be considered a notice of Shareholder proposal for purposes
of the Declaration or any other Article of these By-Laws and shall not be subject to the informational requirements or deadlines associated
therewith and shall not be considered a special meeting request for purposes of the Declaration or any other Article of these By-Laws
and shall not be subject to the informational requirements or deadlines associated therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the avoidance of doubt, a demand delivered pursuant to this Section 6.3(a) of this Article VI shall be limited to the consideration
of the voting rights of the Person making or proposing to make the Control Share Acquisition to be authorized for only those Shares acquired
within the range of voting power to which the Control Share Acquisition is subject pursuant to the provisions of Section 6.1(c)(1) of
this Article VI, and any Shares acquired in excess of such range shall constitute a separate Control Share Acquisition with respect to
the next range of voting power and, therefore, shall be treated separately for purposes of applying the provisions of this Article VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>If
no demand respecting a special meeting of Shareholders is made in accordance with Section 6.3(a) of this Article VI, consideration
of the authorization of the voting rights of the Person making or proposing to make the Control Share Acquisition for the Shares
acquired or proposed to be acquired in the Control Share Acquisition may, in the sole discretion of the Board of Trustees, be
presented at any meeting of Shareholders notice of which has not been given prior to the receipt by the Trust of the Control Share
Acquisition Statement. The Trust shall provide the Person making or proposing to make the Control Share Acquisition for the Shares
acquired or proposed to be acquired in the Control Share Acquisition with written notice of the proposal not less than twenty (20)
days before the date on which notice of such meeting is given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The notice to Shareholders of any annual or special meeting at which the authorization of voting rights of the Person making or
proposing to make the Control Share Acquisition for the Shares acquired or proposed to be acquired in the Control Share Acquisition is
to be considered shall be directed to all Shareholders as of the record date set for such meeting. Such notice shall include or be accompanied
by a copy of the Control Share Acquisition Statement received by the Trust pursuant to this Section 6.3 of this Article VI and such other
information as the Trust deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Person whose voting rights with respect to Shares acquired or proposed to be acquired in a Control Share Acquisition are considered
at a meeting of Shareholders with respect to one of the three ranges of voting power specified in Section 6.1(c)(1) of this Article VI
above and not approved may not demand Shareholder consideration of its voting rights in connection with Shares acquired or proposed to
be acquired in a Control Share Acquisition with respect to the same range of voting power at any subsequent Shareholder meeting held within
two calendar years of the initial meeting at which such Person&#8217;s voting rights were considered with respect to such range. For the
avoidance of doubt, such Person shall not have voting rights with respect to such Shares acquired in such Control Share Acquisition except
to the extent approved at a future meeting held after the expiration of such two-year period and, after the expiration of such two-year
period, such Person may deliver a Control Share Acquisition Statement (in accordance with Section 6.2 of this Article VI above) with respect
to such Shares (and/or any other Shares acquired or proposed to be acquired in a Control Share Acquisition with respect to the same range
of voting power) and may demand Shareholder consideration of the voting rights to be authorized for such Person with respect to such Shares
(in accordance with Section 6.3(a) of this Article VI above).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"> 6.4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authorization of Voting Rights</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The beneficial owner of Shares of the Trust acquired in any Control Share Acquisition shall have only such voting rights with respect
to such Shares as are authorized pursuant to this Section 6.4 of Article VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The beneficial owner of Shares acquired in a Control Share Acquisition shall have the same voting rights with respect to those
Shares as the beneficial owners of all other Shares of the Trust only to the extent authorized by vote of Shareholders at a meeting of
Shareholders. Such authorization shall require the affirmative vote of the holders of two-thirds of all of the Shares entitled to vote
on this matter, excluding Interested Shares. Interested Shares shall be disregarded for determining a quorum and shall not be entitled
to vote with respect to such authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If voting rights of the beneficial owners of Shares acquired in a Control Share Acquisition are not authorized pursuant to Section
6.4(b) of this Article VI:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6.95pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.5in">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such beneficial owner shall not be &#8220;entitled to vote&#8221; such Shares and such Shares held by such beneficial owner shall not
be &#8220;entitled to vote&#8221; on any matters within the meaning of Article X of the Declaration and Article I of these By-Laws;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.5in">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
beneficial owner shall be entitled to vote such Shares in connection with any matter with respect to which the Declaration requires action
by or approval or affirmative vote of a percentage of outstanding Shares; provided that action or approval with respect to any such matter
shall also require the action by or approval or affirmative vote of the same percentage of the outstanding Shares, excluding such Shares
held by such beneficial owner, which Shares for the purpose of such vote such beneficial owner shall not be entitled to vote and shall
not be considered &#8220;outstanding;&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.5in">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the beneficial owner of such Shares shall not otherwise have voting rights with respect to such Shares with respect to any matter
pursuant to the Declaration or these By-Laws; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1.5in">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if such Shares held by such beneficial owner shall not be entitled to vote on a matter pursuant to this Section 6.4(c) of Article
VI, such Shares shall not be considered &#8220;present&#8221; or &#8220;entitled to vote&#8221; for purposes of determining quorum pursuant
to Article X of the Declaration and Article I of these By-Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Such
Shares may be voted upon transfer of Beneficial Ownership of such Shares to another Person unless such transfer constitutes a Control
Share Acquisition by the acquirer, in which event the ability of the acquirer to vote such Shares shall be subject to the provisions
of this Article VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">6.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Appraisal Rights</U>. No holder of Shares of any class or series shall have appraisal rights with respect to their Shares
as a result of any Control Share Acquisition or the authorization of voting rights with respect to any Control Share Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">6.6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Persons Required to Provide Information</U>. Each Person who owns Shares of the Trust either beneficially or of record shall
provide to the Trust such information as the Trust may request as is necessary for the Trust to apply the provisions in this Article VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">6.7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Interpretation</U>. The Trustees may adopt policies, procedures or resolutions to supply any omission, cure any ambiguity or
correct or supplement any defective or inconsistent provisions contained in this Article VI. Any interpretation of any term or provision
contained in this Article VI made by the Trustees in good faith shall be conclusive and binding upon all Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">6.8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U>. Except pursuant to Section 6.7 of this Article VI, any waiver, amendment, repeal or modification of, or adoption
of any provision inconsistent with, this Article VI (or any provision hereof) shall not waive, amend, repeal or modify the application
of this Article VI to any Control Share Acquisition that occurred prior to the time of such waiver, amendment, repeal, modification or
adoption.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.25in 0pt 163pt; text-align: center; text-indent: 0.1pt">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.25in 0pt 163pt; text-align: center; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.25in 0pt 163pt; text-align: center; text-indent: 0.1pt">ARTICLE
VII</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.25in 0pt 163pt; text-align: center; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.25in 0pt 163pt; text-align: center; text-indent: 0.1pt"><U>AMENDMENT OF BYLAWS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 2.25in 0pt 163pt; text-align: center; text-indent: 0.1pt">&nbsp;</P>

<P STYLE="text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">7.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 <U>Amendment and Repeal of
Bylaws</U>. In accordance with Section 3.8 of the Declaration, the Trustees shall have the exclusive power to amend or repeal these
Bylaws or adopt new Bylaws at any time. Action by the Trustees with respect to the Bylaws shall be taken by an affirmative vote of a
majority of the Trustees. The Trustees shall in no event adopt Bylaws which are in conflict with the Declaration, and any apparent
inconsistency shall be construed in favor of the related provisions in the Declaration.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INST DEFINING RIGHTS
<SEQUENCE>5
<FILENAME>tm238358-1_declaration.htm
<DESCRIPTION>DECLARATION OF TRUST
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EAGLE POINT INSTITUTIONAL INCOME FUND</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED DECLARATION OF TRUST</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated as of January 25, 2022</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE I</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">THE TRUST</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">1.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">1.2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Trust Purpose</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">1.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE II</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">TRUSTEES</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">2.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Number</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">2.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Term and Election</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">2.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Resignation and Removal</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">2.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Vacancies</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">2.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">2.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Trustee Action by Written Consent</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">2.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Officers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">2.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE III</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">POWERS AND DUTIES OF TRUSTEES</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">General</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Issuance and Repurchase of Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Borrow Money or Utilize Leverage</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Delegation; Committees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Collection and Payment</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Bylaws</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Miscellaneous Powers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Further Powers</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">3.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Sole Discretion; Good Faith</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE IV</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">4.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Advisory and Management Arrangements</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">4.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Distribution Arrangements</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">4.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Parties to Contract</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 10%"><FONT STYLE="font-size: 10pt">ARTICLE V</FONT></TD>
    <TD STYLE="vertical-align: top; width: 80%"><FONT STYLE="font-size: 10pt">LIMITATIONS OF LIABILITY AND INDEMNIFICATION</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">5.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">No Personal Liability of Shareholders, Trustees, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">5.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Mandatory Indemnification</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">5.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">No Bond Required of Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">5.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">No Duty of Investigation; No Notice in Trust Instruments, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">5.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Reliance on Experts, etc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE VI</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARES OF BENEFICIAL INTEREST</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Beneficial Interest</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Other Securities</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Rights of Shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Exchange Privilege</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Trust Only</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Issuance of Shares</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Register of Shares</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Transfer Agent and Registrar</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Transfer of Shares</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.10.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">6.11.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Derivative Actions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;VII</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">DETERMINATION OF NET ASSET VALUE</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">7.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Net Asset Value</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">7.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Distributions to Shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">7.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Power to Modify Foregoing Procedures</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;VIII</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CUSTODIANS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">8.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Appointment and Duties</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">8.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Central Certificate System</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE IX</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">REPURCHASES OF SHARES</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">9.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Repurchase of Shares</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">9.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Disclosure of Holding</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE X</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">SHAREHOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">10.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Meetings of Shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">10.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Voting</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">10.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Notice of Meeting and Record Date</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">10.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Quorum and Required Vote</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">10.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Proxies, etc.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">10.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Reports</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">10.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Inspection of Records</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">10.8.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Shareholder Action by Written Consent</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt; width: 10%"><FONT STYLE="font-size: 10pt">10.9.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; width: 80%"><FONT STYLE="font-size: 10pt">Delivery by Electronic Transmission or Otherwise</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">ARTICLE XI</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">DURATION; TERMINATION OF TRUST; AMENDMENT; ETC.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">11.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Duration</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">11.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Termination</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">11.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Amendment Procedure</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">11.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">11.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Extraordinary Transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ARTICLE XII</TD>
    <TD STYLE="vertical-align: top">MISCELLANEOUS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">12.1.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Filing</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">12.2.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Resident Agent</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">12.3.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">12.4.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Exclusive Delaware Jurisdiction</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">12.5.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">12.6.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Reliance by Third Parties</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt"><FONT STYLE="font-size: 10pt">12.7.</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 10pt">Provisions in Conflict with Law or Regulation</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EAGLE
POINT INSTITUTIONAL INCOME FUND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AMENDED AND RESTATED DECLARATION OF TRUST
</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AMENDED AND RESTATED DECLARATION OF TRUST (&#8220;Declaration&#8221;)
made as of the 25th day of January 2022, by the Trustee hereunder, and by the Shareholders as hereinafter provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the Trust has been formed to carry on
business as set forth more particularly hereinafter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the Trust is authorized to issue an unlimited
number of its Shares all in accordance with the provisions hereinafter set forth;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, this Declaration amends and restates
in its entirety that certain Declaration of Trust dated as of October 22, 2021;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the Trustee has agreed to manage all
property coming into his hands as Trustee of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the parties hereto intend that the Trust
shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration and the Bylaws shall constitute the
governing instrument of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, the Trustee hereby declares that
he will hold all cash, securities, and other assets which he may from time to time acquire in any manner as Trustee hereunder IN TRUST
to manage and dispose of the same upon the following terms and conditions for the benefit of the Shareholders from time to time of Shares
as hereinafter set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>THE TRUST </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1. <U>Name</U>. This Trust shall be known as
the &#8220;Eagle Point Institutional Income Fund&#8221; and the Trustees shall conduct the business of the Trust under that name or any
other name or names as they may from time to time determine. Any name change shall become effective upon the execution by a majority of
the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section&nbsp;3810(b)
of the Delaware Statutory Trust Act. Any such instrument shall not require the approval of the Shareholders, but shall have the status
of an amendment to this Declaration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2. <U>Trust Purpose</U>. The purpose of the
Trust is to conduct, operate and carry on the business of a closed-end management investment company registered under the 1940 Act. In
furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the
conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient
for the accomplishment of the business of a closed-end management investment company registered under the 1940 Act and which may be engaged
in or carried on by a trust organized under the Delaware Statutory Trust Act, and in connection therewith the Trust shall have the power
and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware
statutory trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.3. <U>Definitions</U>. As used in this Declaration, the following
terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The &#8220;<U>1940 Act</U>&#8221;
refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as
amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) The terms &#8220;<U>Affiliated
Person</U>,&#8221; &#8220;<U>Assignment</U>,&#8221; &#8220;<U>Interested Person</U>&#8221; and &#8220;<U>Principal Underwriter</U>&#8221;
shall have the meanings given them in the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) &#8220;<U>Bylaws</U>&#8221;
shall mean the Bylaws of the Trust, as amended from time to time by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) &#8220;<U>Code</U>&#8221;
shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) &#8220;<U>Commission</U>&#8221;
shall mean the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) &#8220;<U>Continuing Trustees</U>&#8221;
shall mean trustees who either (i) have been members of the Board of Trustees for a period of at least thirty-six months (or since the
commencement of the Fund&#8217;s operations, if less than 36 months) or (ii) were nominated to serve as members of the Board of Trustees
by a majority of the Continuing Trustees then members of the Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) &#8220;<U>Declaration</U>&#8221;
shall mean this Amended and Restated Declaration of Trust, as amended, supplemented or amended and restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) &#8220;<U>Delaware General
Corporation Law</U>&#8221; means the Delaware General Corporation Law, 8 <U>Del</U>. <U>C</U>. &sect; 100, <U>et</U>. <U>seq</U>., as
amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) &#8220;<U>Delaware Statutory
Trust Act</U>&#8221; shall mean the provisions of the Delaware Statutory Trust Act, 12 <U>Del</U>. <U>C</U>. &sect; 3801, <U>et</U>. <U>seq</U>.,
as such Act may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) &#8220;<U>Exchange Listing</U>&#8221;
shall mean the quotation or listing of the Trust&#8217;s securities on a national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) &#8220;<U>Fiscal Year</U>&#8221;
means each period commencing on January 1 of each year and ending on December 31 of that year (or on the date of a final distribution
made in accordance with Section&nbsp;11.2 of this Declaration), unless the Trustees designate another fiscal year for the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l) &#8220;<U>Fundamental
Policies</U>&#8221; shall mean the investment policies and restrictions as set forth from time to time in any Registration Statement of
the Trust filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance
with the requirements of the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m) &#8220;<U>Majority Shareholder
Vote</U>&#8221; shall mean &#8220;a majority of the outstanding voting securities&#8221; (as such term is defined in the 1940 Act) of
the Trust voted on any matter to be voted on by the Shareholders with all shares entitled to vote voting together as a single class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n) &#8220;<U>Person</U>&#8221;
shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and
other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o) &#8220;<U>Prospectus</U>&#8221;
shall mean the Prospectus of the Trust, if any, as in effect from time to time under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p) &#8220;<U>Shareholders</U>&#8221;
shall mean as of any particular time the holders of record of outstanding Shares at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q) &#8220;<U>Shares</U>&#8221;
shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to
time and includes fractions of Shares as well as whole Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r) &#8220;<U>Trust</U>&#8221;
shall mean the statutory trust governed by this Declaration and the Bylaws, as amended from time to time, inclusive of each such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s) &#8220;<U>Trust Property</U>&#8221;
shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held
by or for the account of the Trust or the Trustees in such capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t) &#8220;<U>Trustees</U>&#8221;
shall mean the signatory to this Declaration, so long as he shall continue in office in accordance with the terms hereof, and all other
persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions
hereof and are then in office.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1. <U>Number</U>. As of the date hereof, the
number of Trustees shall be six (6)&nbsp;and such Trustees shall be the signatories hereto. Thereafter, the number of Trustees shall be
determined by a written instrument signed by a majority of the Trustees then in office, provided that the number of Trustees shall be
no less than one (1) and no more than nine (9). No reduction in the number of Trustees shall have the effect of removing any Trustee from
office prior to the expiration of his or her term. Trustees need not own Shares and may succeed themselves in office.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2. <U>Term and Election</U>. Prior to an Exchange
Listing of any class of the Trust&#8217;s Shares, if any, the term of office of a Trustee shall continue until death, resignation or removal
of a Trustee. Subject to the provisions of the 1940 Act, the Trustees at any time may appoint individuals to fill vacancies on the Board
of Trustees. Each Trustee elected shall hold office until his or her successor shall have been duly elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, effective upon
and following the occurrence of an Exchange Listing of any class of the Trust&#8217;s Shares, if any: the Board of Trustees shall be divided
into three classes, designated Class I, Class II and Class III, as nearly equal in number as possible, and the term of office of Trustees
of one class shall expire at each annual meeting of Shareholders, and in all cases as to each Trustee such term shall extend until his
or her successor shall be elected and shall qualify or until his or earlier resignation, removal from office, death or incapacity, except
as may be provided in a resolution or resolutions of the Board of Trustees providing for any series of preferred shares with respect to
any Trustees elected (or to be elected) by the holders of such series and except as otherwise required by applicable law. Trustees already
in office shall be assigned to each class at the time such classification becomes effective, in accordance with a resolution or resolutions
adopted by the Board of Trustees. Class I Trustees shall initially serve for a term expiring at the first annual meeting of shareholders
following the time at which the initial classification of the Board of Trustees becomes effective, Class II Trustees shall initially serve
for a term expiring at the second annual meeting of shareholders following the time at which the initial classification of the Board of
Trustees becomes effective and Class III Trustees shall initially serve for a term expiring at the third annual meeting of shareholders
following the time at which the initial classification of the Board of Trustees becomes effective. At each annual meeting of shareholders
commencing with the first annual meeting of shareholders following the time at which the initial classification of the Board of Trustees
becomes effective, the Trustees of the class to be elected at each annual meeting of shareholders shall be elected for a three-year term.
If the total number of such Trustees is changed, any increase or decrease shall be apportioned among the classes so as to maintain the
number of Trustees in each class as nearly equal as possible, and any such additional Trustees of any class elected to fill a newly created
Trusteeship resulting from an increase in such class shall hold office for a term that shall coincide with the remaining term of that
class, but in no case shall a decrease in the total number of Trustees remove or shorten the term of any incumbent Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3. <U>Resignation and Removal</U>. Any of
the Trustees may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by such
Trustee and delivered or mailed to the Trustees or the Chairman (if any), the Chief Executive Officer, or the Secretary and such
resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees
may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by
Section&nbsp;2.1 hereof) for cause only, and not without cause, and only by action taken by a majority of the remaining Trustees (or
in the case of the removal of a Trustee that is not an &#8220;interested person&#8221; as defined in the 1940 Act a majority of the
remaining Trustees that are not &#8220;interested persons&#8221; as defined in the 1940 Act) <FONT STYLE="font-size: 10pt">or by the
holders of at least a majority of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal
of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall
require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or
removed Trustee. Upon the incapacity or death of any Trustee, such Trustee&#8217;s legal representative shall execute and deliver on
such Trustee&#8217;s behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to
the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any
right to any compensation for any period following the effective date of his resignation or removal, or any right to damages on
account of a removal.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.4. <U>Vacancies</U>. Whenever a vacancy in the
Board of Trustees shall occur, the remaining Trustees may fill such vacancy by appointing any individual as they may determine in their
sole discretion, consistent with the limitations under the 1940 Act, by a majority of the Trustees then in office or may leave such vacancy
unfilled or may reduce the number of Trustees; provided the aggregate number of Trustees after such reduction shall not be less than the
minimum number required by Section&nbsp;2.1 hereof. Any vacancy created by an increase in Trustees may be filled by the appointment of
an individual made by a majority of the Trustees then in office. The Trustees may appoint a new Trustee as provided above in anticipation
of a vacancy expected to occur because of the retirement, resignation or removal of a Trustee, or an increase in the number of Trustees,
provided that such appointment shall become effective only at or after the expected vacancy occurs. No vacancy shall operate to annul
this Declaration or to revoke any existing agency created pursuant to the terms of this Declaration. Whenever a vacancy in the number
of Trustees shall occur, until such vacancy is filled as provided herein, the Trustees in office, regardless of their number, shall have
all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.5. <U>Meetings</U>. Meetings of the Trustees
shall be held from time to time upon the call of the Chairman, if any, or the Chief Executive Officer, the Secretary or any three Trustees.
Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the Bylaws or by resolution or consent
of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic
transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee
either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except
where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting
has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be
a majority&nbsp;of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of
the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by
written consent of a majority of the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any committee of the Trustees, including an executive
committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less
than two,&nbsp;of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at
a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of all of the
members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to actions of the Trustees and any
committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this
Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All or any one or more Trustees may participate
in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means
of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications
system shall constitute presence in person at such meeting except as otherwise may be provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.6. <U>Trustee Action by Written Consent</U>.
Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee,
as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing
or by electronic transmission and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated
for all purposes as a vote taken at a meeting of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.7. <U>Officers</U>. The Trustees shall elect
a Principal Executive Officer, a Chief Executive Officer, a Secretary, a Chief Financial Officer, a Principal Accounting Officer, a Chief
Operating Officer, and a Chief Compliance Officer and may also elect such other officers or assistant officers as may be elected or authorized
by the Trustees. Officers shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or
appoint or may authorize the Chairman, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as
the Trustees may deem to be advisable. The Chief Executive Officer, Secretary and Chief Financial Officer may, but need not, be a Trustee.
All officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers
of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary
duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the
Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act,
this Declaration or the Bylaws shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.8. <U>Chairman</U>. The Trustees may designate
a Chairman and a Vice Chairman of the Board of Trustees, who shall have such powers and duties as determined by the Board of Trustees
from time to time.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>POWERS AND DUTIES OF TRUSTEES </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1. <U>General</U>. The Trustees shall manage
or direct the management of the Trust Property and the business of the Trust with such powers of delegation as may be permitted by this
Declaration. The Trustees shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed
by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however,
such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration
or the Bylaws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust
Act, this Declaration or the Bylaws shall control. The Trustees may perform such acts as in their sole discretion are proper for conducting
the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers
of the Trustees may be exercised without order of or resort to any court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2. <U>Investments</U>. The Trustees shall have
power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) manage, conduct, operate
and carry on the business of an investment company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) subscribe for,
invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal
in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type
whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any Person and any other rights, interests,
instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of
any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act
with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect
of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by
fiduciaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.3. <U>Issuance and Repurchase of Shares</U>.
The Trustees shall have the power to cause the Trust to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue,
dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and to apply to any such repurchase,
redemption, retirement, cancellation or acquisition of Shares any funds or property. <FONT STYLE="background-color: white">The Trustees
may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided,
however, that such repurchases do not impair the capital or operations of the Trust whether capital or surplus or otherwise. Subject to
the further provisions of this Article III, any restriction set forth in the Bylaws and any applicable requirements of the 1940 Act or
any applicable exemptive relief issued by the Commission, the Trustees shall have full power and authority, in their sole discretion,
and without obtaining any authorization or vote of the Shareholders of any class of Shares of the Trust (each, a &#8220;Class&#8221;)
to: (i) divide the beneficial interest in each Class into Shares as the Trustees shall determine; (ii) establish, designate, redesignate,
classify, reclassify and change in any manner any Class and fix such preferences, voting powers, rights, duties and privileges and business
purpose of each Class as the Trustees may from time to time determine, which preferences, voting powers, rights, duties and privileges
may be different from any existing Class; provided, however, that the Trustees may not reclassify or change outstanding Shares in a manner
materially adverse to Shareholders of such Shares, without obtaining the authorization or vote of the Class of Shareholders that would
be materially adversely affected; (iii) divide or combine the Shares of any Class into a greater or lesser number without thereby materially
changing the proportionate beneficial interest of the Shares of such Class in the assets held with respect to that Class; (iv) change
the name of any Class; (v) dissolve and terminate any one or more Classes; and (vi) take such other action with respect to the Classes
as the Trustees may deem desirable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.4. <U>Borrow Money or Utilize Leverage</U>.
Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to cause
the Trust to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such
may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust,
including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or
engagement of any other Person, firm, association or corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.5. <U>Delegation; Committees</U>. The Trustees
shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing
of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust
or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which
shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time
except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.6. <U>Collection and Payment</U>. The Trustees
shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust,
the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust
Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any
obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.7. <U>Expenses</U>. The Trustees shall
have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary
or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable
compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers,
employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting,
syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by
themselves on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.8. <U>Bylaws</U>. The Trustees shall have the
exclusive authority to adopt and from time to time amend or repeal Bylaws for the conduct of the business of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.9. <U>Miscellaneous Powers</U>. Without limiting
the general or further powers of the Trustees, they shall have the power to: (a)&nbsp;employ or contract with such Persons as the Trustees
may deem desirable for the transaction of the business of the Trust; (b)&nbsp;enter into joint ventures, partnerships and any other combinations
or associations; (c)&nbsp;purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers,
employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising
by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not
constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d)&nbsp;establish
pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents
of the Trust; (e)&nbsp;make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic
or similar purposes; (f)&nbsp;to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without
limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other Person as the
Trustees may see fit to such extent as the Trustees shall determine; (g)&nbsp;guarantee indebtedness or contractual obligations of others;
and (h)&nbsp;determine and change the fiscal year of the Trust and the method in which its accounts shall be kept on behalf of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.10. <U>Further Powers</U>. The Trustees shall
have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both
within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any
and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America
and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable
in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what
is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration,
the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court order to
deal with the Trust Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.11. <U>Sole Discretion; Good Faith</U>. Notwithstanding
any other provision of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required
to make a decision: (i)&nbsp;in their &#8220;discretion&#8221; or under a grant of similar authority, the Trustees shall be entitled to
consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law,
shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or (ii)&nbsp;in
their &#8220;good faith&#8221; or under another express standard, the Trustees shall act under such express standard and shall not be
subject to any other or different standard.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS
</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1. <U>Advisory and Management
Arrangements</U>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion
from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory,
sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such
advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider
desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions
of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific
instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect
investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect
such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any
such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be
deemed to have been authorized by all of the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2. <U>Distribution Arrangements</U>. Subject
to compliance with the 1940 Act, the Trustees may retain underwriters and/or selling agents to sell Shares and other securities of the
Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of
the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its
sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion
determine not inconsistent with the provisions of this Article IV or the Bylaws; and such contract may also provide for the repurchase
or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may
enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with Persons
who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3. <U>Parties to Contract</U>. Any contract
of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VIII hereof may be entered into with any Person, although
one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other
party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship,
nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under
or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when
entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the Bylaws. The same Person may be
the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VIII, and any individual may be financially
interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section&nbsp;4.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>LIMITATIONS OF LIABILITY AND INDEMNIFICATION
</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.1. <U>No Personal Liability of Shareholders,
Trustees, etc.</U> No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in
connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal
liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law.
No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability
to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such
Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of
any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made
a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof,
be held to any personal liability. Any repeal or modification of this Section&nbsp;5.1 shall not adversely affect any right or protection
of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior
to such repeal or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.2. <U>Mandatory Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) To the fullest extent
permitted by law but subject to the limitations expressly provided in this Declaration, the Trust hereby agrees to indemnify and hold
harmless each person who at any time serves as a Trustee or officer of the Trust (each such person being an &#8220;indemnitee&#8221;)
against any and all, losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments,
fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed, claims, demands, actions,
suits or proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals,
in which any indemnitee may be or may have been involved as a party or otherwise or with which he may be or may have been threatened,
while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except however, that no indemnitee
shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i)&nbsp;willful
misfeasance, (ii)&nbsp;bad faith, (iii)&nbsp;gross negligence, or (iv)&nbsp;reckless disregard of the duties involved in the conduct of
his position. Notwithstanding the foregoing, with respect to any claim, demand, action, suit or other proceeding (or part thereof) commenced
by any indemnitee, indemnification shall be mandatory only if the commencement of such claim, demand, action, suit or other proceeding
(or part thereof) by such indemnitee was authorized by a majority of the Trustees in their sole discretion or was instituted by the indemnitee
to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification.
The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of
the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement
of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any
time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission
that occurred prior to such amendment, restatement or repeal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Notwithstanding the foregoing,
no indemnification shall be made hereunder unless there has been a determination (i)&nbsp;by a final decision on the merits by a court
or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee
is entitled to indemnification hereunder or, (ii)&nbsp;in the absence of such a decision, by (1)&nbsp;a majority vote of a quorum of those
Trustees who are neither Interested Persons of the Trust nor parties to the proceeding (&#8220;Disinterested Non-Party Trustees&#8221;),
that the indemnitee is entitled to indemnification hereunder, or (2)&nbsp;if such quorum is not obtainable or even if obtainable, if such
majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification
hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized
and made in accordance with the immediately succeeding paragraph (c)&nbsp;below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) To the fullest extent
permitted by law, and without requiring a preliminary determination of the ultimate entitlement to indemnification, the Trust shall make
advance payments (which shall be unsecured and interest free) in connection with expenses (including legal fees and expenses) incurred
by any indemnitee in appearing at, participating in or defending any claim, demand, action, suit or proceeding with respect to which indemnification
might be sought hereunder if the Trust receives a written undertaking by the indemnitee to repay the Trust such amounts if it ultimately
shall be determined that the indemnitee is not entitled to indemnification as authorized by this Section&nbsp;5.2. The Trust shall have
no obligation to advance any amounts in connection with any claim, demand, action, suit or other proceeding (or part thereof) commenced
by an indemnitee unless such commencement was (1)&nbsp;authorized by a majority of the Trustees in their sole discretion or (2)&nbsp;instituted
by the indemnitee to enforce his or her rights to indemnification hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) The rights accruing to
any indemnitee under these provisions shall not exclude or restrict any other right (including any right of indemnification or advancement)
which any indemnitee or any other person may have or hereafter acquire under this Declaration, the Bylaws of the Trust, any statute, agreement,
vote of Shareholders or Trustees who are not Interested Persons or any other right to which he or she may be lawfully entitled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) Subject to any limitations
provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment
of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust
or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of
the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.3. <U>No Bond Required of Trustees</U>. No Trustee
shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.4. <U>No Duty of Investigation; No Notice in
Trust Instruments, etc.</U> No purchaser, lender, transfer agent or other Person dealing with the Trustees or with any officer, employee
or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees
or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order
of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other
security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have
been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers,
employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees,
officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability and such other insurance
as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.5. <U>Reliance on Experts, etc.</U> Each Trustee
and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard
to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an
opinion of counsel, or upon reports made to the Trust by any of the Trust&#8217;s officers or employees or by any advisor, administrator,
manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees,
officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SHARES OF BENEFICIAL INTEREST </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1. <U>Beneficial Interest</U>. The beneficial
interest in the Trust shall be divided into an unlimited number of transferable shares of beneficial interest. Such Shares of beneficial
interest shall have no par value unless the Trustees otherwise determine. Shares may be issued in different classes and/or series of beneficial
interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend
or distribution in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees
(if any) therefor shall have been received by the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2. <U>Other Securities</U>. The Trustees
may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and cause the Trust to issue such other
securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences,
privileges, limitations and restrictions as the Trustees see fit, including preferred shares, debt securities or other senior
securities. The Trustees are also authorized to take such actions and retain such any peron as they see fit to offer and sell such
securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized
and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the
requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of
Shareholders. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such
preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers,
preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such
supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of
the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this
Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of
the Trust. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3. <U>Rights of Shareholders</U>. The Shares
shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every
description and the right to conduct any business herein before described are vested exclusively in the Trustees on behalf of the Trust,
and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have
no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon
to share or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, assume any losses of the Trust
or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive,
appraisal, redemption or conversion rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4. <U>Exchange Privilege</U>. Subject to the
provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders
of any Class shall have the right to exchange such Shares for Shares of one or more other Classes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.5. <U>Trust Only</U>. It is the intention of
the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It
is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment
or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration shall be construed to make the Shareholders,
either by themselves or with the Trustees, partners or members of a joint stock association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.6. <U>Issuance of Shares</U>. The Trustees,
in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been
established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party
or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the
Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection
with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, reclassify
or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances
and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.7. <U>Register of Shares</U>. A register shall
be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall
contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof.
Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to
who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions
or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution,
nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent
of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares;
however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore
and rules and regulations as to their use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.8. <U>Transfer Agent and Registrar</U>. The
Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The
transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the
said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of
certificates of stock in a corporation, as modified by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.9. <U>Transfer of Shares</U>. Except as otherwise
provided by the Trustees, Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto
duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer,
together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with
any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on
the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares
for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall
be affected by any notice of the proposed transfer. Each Shareholder will indemnify and hold harmless the Trust, the Trustees and any
Affiliated Person of the Trust or the Trustees against all losses, claims, damages, liabilities, costs and expenses (including legal or
other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments,
fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any
transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted
Shareholder in connection with the transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any person becoming entitled to any Shares in
consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable
register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of
the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof,
and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of
such death, bankruptcy or incompetence, or other operation of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.10. <U>Notices</U>. Any and all notices to which
any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid,
addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.11. <U>Derivative Actions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) No person, other than
a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust.
No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least fifty percent (50%)&nbsp;of the outstanding
Shares join in the bringing of such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) In addition to the requirements
set forth in Section&nbsp;3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Trust
only if the following conditions are met: (i)&nbsp;the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring
the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees
shall only be deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee
established to consider the merits of such action, is composed of Trustees who are not &#8220;independent trustees&#8221; (as that term
is defined in the Delaware Statutory Trust Act); and (ii)&nbsp;unless a demand is not required under clause (i)&nbsp;of this paragraph,
the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim;
and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking
by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine
not to bring such action. For purposes of this Section&nbsp;6.11, the Trustees may designate a committee of one or more Trustees to consider
a Shareholder demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) This Section 6.11 shall
not apply to any claims brought under federal securities law, or the rules and regulations thereunder.</P>

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DETERMINATION OF NET ASSET VALUE</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1. <U>Net Asset Value</U>. The net asset value
of each outstanding Share shall be determined at such time or times on such days as the Trustees may determine, in accordance with the
1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set forth in the Registration
Statement or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated
by the Trustees and shall be as generally set forth in the Registration Statement or as may otherwise be determined by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.2. <U>Distributions to Shareholders</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The Trustees may from
time to time distribute ratably among the Shareholders of any Class, or any series of any such Class, in accordance with the number of
outstanding full and fractional Shares of such Class or any series of such Class, such proportion of the net profits, surplus (including
paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with
this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust
or any assets thereof) or Shares of any Class or series or any combination thereof, and the Trustees may distribute ratably among the
Shareholders of any Class of shares or series of any such Class, in accordance with the number of outstanding full and fractional Shares
of such Class or any series of such Class, additional Shares of any Class or series in such manner, at such times, and on such terms as
the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Distributions pursuant
to this Section&nbsp;7.2 may be among the Shareholders of record of the applicable Class or series of Shares at the time of declaring
a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) The Trustees may always
retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of
the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions
of the business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) Inasmuch as the computation
of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall
be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital
gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3. <U>Power to Modify Foregoing Procedures</U>.
Notwithstanding any of the foregoing provisions of this Article VII, the Trustees may prescribe, in their absolute discretion except as
may be required by the 1940 Act, such other bases and times for determining the net asset value of the Trust&#8217;s Shares or net income,
or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable
the Trust to comply with any provision of the Code, the 1940 Act, any securities exchange or association registered under the Securities
Exchange Act of 1934, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1. <U>Appointment and Duties</U>. The
Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of
investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have
authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions,
limitations and other requirements, if any, as may be contained in the Bylaws of the Trust and the 1940 Act, including without
limitation authority:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1) to hold the securities
owned by the Trust and deliver the same upon written order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2) to receive any receipt
for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3) to disburse such funds
upon orders or vouchers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4) if authorized by the Trustees,
to keep the books and accounts of the Trust and furnish clerical and accounting services; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5) if authorized to do so
by the Trustees, to compute the net income or net asset value of the Trust; all upon such basis of compensation as may be agreed upon
between the Trustees and the custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Trustees may also authorize each custodian
to employ one or more sub-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 such sub-custodian and approved by the Trustees, provided that in every case
such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2. <U>Central Certificate System</U>. Subject
to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of
the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or
a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other Person as may
be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular
Class 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>REPURCHASES OF SHARES</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.1. <U>Repurchase of Shares</U>. Except as otherwise
provided by the Trustees, no Shareholder or other Person holding Shares will have the right to withdraw or tender Shares to the Trust
for repurchase. The Trustees may, from time to time, in their complete and exclusive discretion and on terms and conditions as they may
determine, cause the Trust to repurchase Shares in accordance with written tenders. In determining whether to cause the Trust to repurchase
Shares, pursuant to written tenders, the Trustees may consider such factors as the Trustees deem appropriate at such time. Additionally,
the Trust shall offer to repurchase Shares from time to time as may be required by applicable law and/or specified in the Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2. <U>Disclosure of Holding</U>. The holders
of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct
and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the
Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1. <U>Meetings of Shareholders</U>. The Trust
will not hold annual Shareholder meetings unless required by the 1940 Act, the provisions of this Declaration, the Bylaws or any other
applicable law, rule or regulation. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the Chief
Executive Officer and shall be called by the trustees for any proper purpose upon written request of Shareholders of the Trust holding
in the aggregate at least a majority of the outstanding Shares, such request specifying the purpose or purposes for which such meeting
is to be called. Any shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day
and at such time as the Trustees shall designate or may be held virtually. Special meetings of Shareholders shall be held, notice of such
meetings shall be delivered and waiver of notice shall occur according to the provisions of the Trust&#8217;s Bylaws. Any action that
may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set forth in the Bylaws or in this
Declaration. <FONT STYLE="background-color: white">In the event of a Shareholder meeting requested by Shareholders of the Trust, the Secretary
shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting
(including the Trust&#8217;s proxy materials). The Secretary shall not be required to call a special meeting upon Shareholder request,
and such meeting shall not be held, unless the Secretary receives payment of such reasonably estimated cost prior to the preparation and
mailing or delivery of such notice of the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2. <U>Voting</U>. Shareholders shall have no
power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, this Declaration or resolution
of the Trustees. This Declaration expressly provides that no matter for which voting, consent or other approval is required by the Delaware
Statutory Trust Act in the absence of the contrary provision in the Declaration shall require any vote. Except as otherwise provided herein,
any matter required to be submitted to Shareholders and affecting one or more Classes or series of shares shall require approval by the
required vote of all the affected Classes and series of shares voting together as a single Class; provided, however, that as to any matter
with respect to which a separate vote of any Class or series of shares is required by the 1940 Act, such requirement as to a separate
vote by that Class or series of shares shall apply in addition to a vote of all the affected Classes and series voting together as a single
Class. Shareholders of a particular Class or series of shares shall not be entitled to vote on any matter that affects only one or more
other Classes or series of shares. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and
each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election or removal
of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3. <U>Notice of Meeting and Record Date</U>.
Special meetings of Shareholders shall be held, notice of such meetings shall be delivered, and waiver of notice shall occur according
to the provisions of the Trust&#8217;s Bylaws, including via electronic transmission to a Shareholder at his or her address as it is registered
with the Trust. Any action that may be taken at a meeting of Shareholders may be taken without a meeting according to the procedures set
forth in the Bylaws or in this Declaration. For purposes of determining the Shareholders who are entitled to notice of and to vote at
any meeting the Trustees may, without closing the transfer books, fix a date not more than one hundred and twenty (120) days prior to
the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record
for such purposes. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by the Chairman,
the Trustees (or their designees) or a majority of the votes properly cast upon the question of adjourning a meeting. Any adjourned meeting
may be held as adjourned one or more times without further notice not later than one hundred and twenty (120) days after the record date.
For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing
the transfer books, fix a date not more than one hundred and twenty (120) days nor less than 10 days prior to the date of such meeting
of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.4. <U>Quorum and Required Vote</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) Except as otherwise provided
from time to time in the Bylaws, the presence in person or by proxy of Shares entitled to cast a majority of the votes entitled to be
cast shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from
any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting
upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy,
a quorum of Shareholders in respect of such other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Subject to any provision
of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction
of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented
by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a
separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of
such class or series of Shares present in person or represented by proxy at the meeting shall be the act of Shareholders of such class
or series with respect to such matter. Notwithstanding the foregoing, Trustees shall be elected by the affirmative vote of a plurality
of the Shares voted at a meeting of the Shareholders to the extent Shareholders are entitled to vote to elect Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.5. <U>Proxies, etc.</U> At any meeting of Shareholders,
any holder of Shares entitled to vote thereat may vote by properly executed or authorized proxy, provided that no proxy shall be voted
at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary
may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees,
proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall
be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record
shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction.
When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share,
but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present
disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed or authorized
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. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to
the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person
appointed or having such control, and such vote may be given in person or by proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.6. <U>Reports</U>. The Trustees shall as long
as the Trust continues operations cause to be prepared at least annually and more frequently to the extent and in the form required by
law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income
and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent
public accountant on such financial statements. Copies of such reports shall be transmitted to all Shareholders of record within the time
required by the 1940 Act, and in any event within a reasonable period preceding the meeting of Shareholders. The Trustees shall, as long
as the Trust continues operations, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim
reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus
for the period from the beginning of the current fiscal year to the end of such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.7. <U>Inspection of Records</U>. The records
of the Trust shall be open to inspection by Shareholders to the same extent as is permitted stockholders of a corporation formed under
the Delaware General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.8. <U>Shareholder Action by Written Consent</U>.
Any action required or permitted to be taken at any meeting of the Shareholders may be taken without a meeting, without a prior notice
and without a vote if the consent, setting forth the action to be taken is given in writing or by electronic transmission by the Shareholders
having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Shareholders
entitled to vote thereon were present and voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.9. <U>Delivery by Electronic Transmission or
Otherwise</U>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument
or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the Bylaws may, in the sole discretion
of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust
Act), including via the internet, or in any other manner permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DURATION; TERMINATION OF TRUST; AMENDMENT; ETC.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1. <U>Duration</U>. Subject to possible termination
in accordance with the provisions of Section&nbsp;11.2 hereof, the Trust created hereby shall have perpetual existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11.2. <U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The Trust may be dissolved
only upon approval of not less than a majority of the Trustees. Upon the dissolution of the Trust:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">(i) The Trust shall carry on no business
except for the purpose of winding up its affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">(ii) The Trustees shall proceed to
wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the
Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey,
assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property
to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other
property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any
sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially
all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and amount of the
consideration by Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">(iii) After paying or adequately providing
for the payment of all claims and obligations of the Trust in accordance with Section&nbsp;3808 of the Delaware Statutory Trust Act, and
upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute
the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) After the winding up and
liquidation of the Trust, including the distribution to the Shareholders of any assets of the Trust, a majority of the Trustees shall
execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute
and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees
shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall
thereupon cease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.3. <U>Amendment Procedure</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; Except as
provided in subsection (b)&nbsp;of this Section&nbsp;11.3, the Trustees may, without Shareholder vote, amend or otherwise supplement this
Declaration. Shareholders shall have the right to vote: (i)&nbsp;on any amendment which would eliminate their right to vote granted in
this Declaration, (ii)&nbsp;on any amendment to this Section&nbsp;11.3(a), (iii) on any amendment that would adversely affect the powers,
preferences or special rights of the Shares as determined by the Trustees in good faith and (iv)&nbsp;on any amendment submitted to them
by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;An amendment
duly adopted by the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at
the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification
in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees
and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority
of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated
by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4. <U>Subsidiaries</U>. Without approval or
vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited liability
companies, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which
the Trust shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Trust Property to any
such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise,
and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited
liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association
or organization in which the Trust holds or is about to acquire shares or any other interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.5&nbsp;&nbsp;&nbsp;&nbsp;<U>Extraordinary Transactions.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp; Except as
otherwise provided in paragraph (b)&nbsp;of this Section 11.5 the affirmative vote or consent of at least seventy-five percent (75%) of
the Trustees of the Trust and at least seventy-five percent (75%) of the Shares outstanding and entitled to vote thereon shall be necessary
to authorize any of the following actions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;The merger,
conversion, consolidation, or share exchange or sale of exchange of all or substantially all of the assets of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any Shareholder
proposal as to specific investment decisions made or to be made with respect to the assets of the Trust or a series or class of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in paragraph (a)&nbsp;of this Section&nbsp;11.5, so long as each action is approved by both a majority of the
entire Board of Trustees and seventy-five percent (75%) of the Continuing Trustees, and so long as all other conditions and requirements,
if any, provided for in the Bylaws and applicable law have been satisfied, then no vote or consent of the Shares outstanding shall be
required to approve any of the actions listed in paragraph (a)(i) of this Section&nbsp;11.5 unless otherwise required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
amendment to this Declaration to make Shares of the Trust &#8220;redeemable securities&#8221; and any other proposal to convert the
Trust from a &#8220;closed-end company&#8221; to an &#8220;open-end company&#8221; (as defined in the 1940 Act) each must be
approved by (i) the affirmative vote of shareholders entitled to cast at least a majority of the votes entitled to be cast on the
matter prior to <FONT STYLE="font-size: 10pt">an Exchange Listing; and (ii) the affirmative vote of shareholders entitled to cast at
least two-thirds of the votes entitled to be cast on the matter upon and following the occurrence of an Exchange Listing.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1. <U>Filing</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate.
Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee or Secretary of the Trust stating
that such action was duly taken in a manner provided herein and shall, upon insertion in the Trust&#8217;s minute book, be conclusive
evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements
theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust&#8217;s minute
book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original
Declaration and the various amendments and supplements thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2. <U>Resident Agent</U>. The Trust shall maintain
a resident agent in the State of Delaware, which agent shall initially be Corporation Service Company. The Trustees may designate a successor
resident agent, provided, however, that such appointment shall not become effective until written notice thereof and any required filing
is delivered to the office of the Secretary of the State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3. <U>Governing Law</U>. The trust set forth
in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees
and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Statutory Trust Act and the
laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a)&nbsp;the
provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b)&nbsp;any provisions of the laws (statutory or common) of
the State of Delaware (other than the Delaware Statutory Trust Act) pertaining to trusts which relate to or regulate: (i)&nbsp;the filing
with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii)&nbsp;affirmative requirements
to post bonds for trustees, officers, agents or employees of a trust, (iii)&nbsp;the necessity for obtaining court or other governmental
approval concerning the acquisition, holding or disposition of real or personal property, (iv)&nbsp;fees or other sums payable to trustees,
officers, agents or employees of a trust, (v)&nbsp;the allocation of receipts and expenditures to income or principal, (vi)&nbsp;restrictions
or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage
or other manner of holding of trust assets, or (vii)&nbsp;the establishment of fiduciary or other standards or responsibilities or limitations
on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees
set forth or referenced in this Declaration. The Trust shall be of the type commonly called a &#8220;statutory trust&#8221;, and without
limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The
Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in
by trusts under the Delaware Statutory Trust Act, and the absence of a specific reference herein to any such power, privilege or action
shall not imply that the Trust may not exercise such power or privilege or take such actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.4. <U>Exclusive Delaware
Jurisdiction</U>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share
(whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to
the fullest extent permitted by law, including Section&nbsp;3804(e) of the Delaware Statutory Trust Act, (i)&nbsp;irrevocably agrees
that, except for any claims, suits, actions or proceedings arising under the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended and the 1940 Act (collectively, the &#8220;federal securities laws&#8221;), any claims, suits,
actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any
way to the Trust, the Delaware Statutory Trust Act, this Declaration or the Bylaws (including, without limitation, any claims,
suits, actions or proceedings to interpret, apply or enforce (A)&nbsp;the provisions of this Declaration or the Bylaws, or
(B)&nbsp;the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of
officers or the Trustees to the Trust, to the Shareholders or each other, or (C)&nbsp;the rights or powers of, or restrictions on,
the Trust, the officers, the Trustees or the Shareholders, or (D)&nbsp;any provision of the Delaware Statutory Trust Act or other
laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section&nbsp;3809 of the Delaware
Statutory Trust Act, or (E)&nbsp;any other instrument, document, agreement or certificate contemplated by any provision of the
Delaware Statutory Trust Act, the Declaration or the Bylaws relating in any way to the Trust (regardless, in each case, of whether
such claims, suits, actions or proceedings (x)&nbsp;sound in contract, tort, fraud or otherwise, (y)&nbsp;are based on common law,
statutory, equitable, legal or other grounds, or (z)&nbsp;are derivative or direct claims)), shall be exclusively brought in the
Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in
the State of Delaware with subject matter jurisdiction, (ii) irrevocably agrees that any claims, suits, actions or proceedings
arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of
America, <FONT STYLE="font-size: 10pt">(iii)&nbsp;irrevocably submits to the exclusive jurisdiction of such courts in connection
with any such claim, suit, action or proceeding, (iv)&nbsp;irrevocably agrees not to, and waives any right to, assert in any such
claim, suit, action or proceeding that (A)&nbsp;it is not personally subject to the jurisdiction of such courts or any other court
to which proceedings in such courts may be appealed, (B)&nbsp;such claim, suit, action or proceeding is brought in an inconvenient
forum, or (C)&nbsp;the venue of such claim, suit, action or proceeding is improper, (v)&nbsp;consents to process being served in any
such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the
address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and
notice thereof; provided, nothing in clause (v)&nbsp;hereof shall affect or limit any right to serve process in any other manner
permitted by law, and (vi)&nbsp;irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding.
Notwithstanding anything to the contrary in this Section 12.4, the Trust may, at its sole discretion, select and/or consent to an
alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.5. <U>Counterparts</U>. This Declaration may
be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together,
shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.6. <U>Reliance by Third Parties</U>. Any certificate
executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded,
appears to be a Trustee hereunder, certifying to: (a)&nbsp;the number or identity of Trustees or Shareholders, (b)&nbsp;the name of the
Trust, (c)&nbsp;the due authorization of the execution of any instrument or writing, (d)&nbsp;the form of any vote passed at a meeting
of Trustees or Shareholders, (e)&nbsp;the fact that the number of Trustees or Shareholders present at any meeting or executing any written
instrument satisfies the requirements of this Declaration, (f)&nbsp;the form of any Bylaws adopted by or the identity of any officers
elected by the Trustees, or (g)&nbsp;the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall
be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12.7. <U>Provisions in Conflict with Law or Regulation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The provisions of this
Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict
with the 1940 Act, if applicable, with the regulated investment company provisions of the Code (if applicable) or with other applicable
laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however,
that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action
taken or omitted prior to such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) If any provision of this
Declaration 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 provision in any other jurisdiction or any other provision of this
Declaration in any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the undersigned have caused this Declaration to
be executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 3%">&nbsp;</TD>
<TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Scott W. Appleby</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Scott W. Appleby</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp; &nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Kevin F. McDonald</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Kevin F. McDonald</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD>&nbsp; &nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Paul E. Tramontano</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Paul E. Tramontano</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp; &nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Jeffrey L. Weiss</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Jeffrey L. Weiss</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp; &nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Thomas P. Majewski</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Thomas P. Majewski</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Trustee</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ James R. Matthews</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">James R. Matthews</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top">Trustee &nbsp;</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
