8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 16, 2026

Highland Opportunities and Income Fund

(Exact name of Registrant as Specified in Its Charter)

Massachusetts	811-23268	45-6245636
(State or Other Jurisdiction<br> <br>of Incorporation)	(Commission<br> <br>File Number)	(IRS Employer<br> <br>Identification No.)

300 Crescent Court, Suite 700

Dallas, Texas 75201

(Address of Principal Executive Offices)(Zip Code)

Registrant’s telephone number, including area code: (866) 351-4400

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br>Symbol(s)	Name of each exchange<br>on which registered
Common Shares	HFRO	New York Stock Exchange
5.375% Series A Cumulative Preferred Shares	HFRO Pr A	New York Stock Exchange
5.375% Series B Cumulative Preferred Shares	HFRO Pr B	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 5.02	Departures of Directors or Certain Officers; Election of Directors; appointment of Certain Officers; Compensatory Arrangements of Certain Officers

In light of the passing of Bryan A. Ward, a Class I Trustee of Highland Opportunities and Income Fund (the “Fund”), the Board of Trustees (the “Board”) of the Fund has determined to reallocate the Trustees across the three classes of Trustees. Accordingly, effective January 16, 2026, the Board accepted the resignation of Dorri McWhorter and subsequently appointed Ms. McWhorter to serve as a Class I Trustee of the Fund. Following her reappointment, Ms. McWhorter has resumed all of her previous committee assignments, including serving as chair of the audit committee.

Ms. McWhorter will receive compensation for her Board service in accordance with the Fund’s standard compensation arrangements for non-employee trustees, which are described in the Fund’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on May 7, 2025.

There is no arrangement or understanding between Ms. McWhorter and any other person pursuant to which Ms. McWhorter was appointed as a trustee, and there are no reportable transactions under Item 404(a) of Regulation S-K with respect to Ms. McWhorter.

Item 5.03	Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Effective January 27, 2026, the Board has approved the Fourth Amended and Restated Declaration of Trust and Fourth Amended and Restated Bylaws included as exhibits to this filing and incorporated herein by reference. These amended and restated documents incorporate amendments that had been approved by the Board in previous years and further amend and clarify certain provisions, including those related to forum selection, shareholder proposals and nominations (including information requirements), and shareholder meetings.

Item 9.01	Financial Statements and Exhibits

(d) Exhibits:

Exhibit<br>Number	Exhibit Description
(a)(i)	Fourth Amended and Restated Agreement and Declaration of Trust dated January 27, 2026, filed herewith
(b)	Fourth Amended and Restated Bylaws dated January 27, 2026, filed herewith
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

Forward-Looking Statements

This Current Report on Form 8-K may contain certain forward-looking statements, including statements with regard to the future performance and operation of the Fund. Words such as “believes,” “expects,” “projects” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the filings the Fund makes with the Securities and Exchange Commission. The Fund undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Highland Opportunities and Income Fund has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 28, 2026		Highland Opportunities and Income Fund
	By:	/s/ Frank Waterhouse
		Name:	Frank Waterhouse
		Title:	Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer, and Treasurer

EX-99.(a)(i)

Exhibit AI

HIGHLAND OPPORTUNITIES AND INCOME FUND

FOURTH AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST

THIS FOURTH AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made on this 27th day of January, 2026 by the Trustees hereunder, amending and restating the Third Amended and Restated Agreement and Declaration of Trust made on the 26th of July, 2019:

WHEREAS, pursuant to Section 8 of Article IX of the Third Amended and Restated Agreement and Declaration of Trust, the Trustees of the Trust have determined to amend and restate the Trust’s Third Amended and Restated Agreement and Declaration of Trust;

NOW, THEREFORE, the Trustees hereunder direct that this Fourth Amended and Restated Agreement and Declaration of Trust be filed with the Secretary of State of The Commonwealth of Massachusetts and that this Fourth Amended and Restated Agreement and Declaration of Trust shall take effect as of the date of filing.

WITNESSETH that:

WHEREAS, this Trust has been formed to carry on the business of an investment company; and

WHEREAS, the Trustees have agreed to manage all property coming into their hands as trustees of a Massachusetts voluntary association with transferable shares in accordance with the provisions hereinafter set forth;

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities and other assets, which they may from time to time acquire in any manner as Trustees hereunder, IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of Shares in this Trust as hereinafter set forth.

ARTICLE I

Name and Definitions

Section 1. Name . This Trust shall be known as “Highland Opportunities and Income Fund” (formerly, Highland Income Fund, and also formerly, Highland Floating Rate Opportunities Fund) and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

Section 2. Definitions . Whenever used herein, unless otherwise required by the context or specifically provided:

(a)	The “Trust” refers to the Massachusetts business trust established by this Agreement and<br>Declaration of Trust, as amended or restated from time to time;
(b)	“Trustees” refers to the persons signatory hereto, so long as they continue in office in accordance<br>with the terms of this Declaration of Trust, and all other persons who may from time to time be duly elected or appointed in accordance with Article IV hereof;
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(c)	“Shares” means the equal proportionate transferable units of interest into which the beneficial<br>interest in the Trust shall be divided from time to time or, if more than one series or class of Shares is authorized by the Trustees, the equal proportionate transferable units into which each series or class of Shares shall be divided from time to<br>time;
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(d)	“Shareholder” means a record owner of Shares;
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(e)	The “1940 Act” refers to the Investment Company Act of 1940 and the Rules and Regulations<br>thereunder, all as amended from time to time;
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(f)	The terms “Interested Person” and “Principal Underwriter” shall have the meanings given<br>them in the 1940 Act (as modified by any applicable exemptive order issued thereunder by the Securities and Exchange Commission);
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(g)	“Declaration of Trust” or “Declaration” shall mean this Agreement and Declaration of<br>Trust, as amended or restated from time to time;
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(h)	“Bylaws” shall mean the Bylaws of the Trust, as amended or restated from time to time;<br>
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(i)	The term “series” or “series of Shares” refers to the one or more separate investment<br>portfolios of the Trust into which the assets and liabilities of the Trust may be divided and the Shares of the Trust representing the beneficial interest of Shareholders in such respective portfolios; and
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(j)	The term “class” or “class of Shares” refers to the division of Shares representing any<br>series into two or more classes as provided in Article III, Section 1 hereof.
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ARTICLE II

Purpose of Trust

The purpose of the Trust is to engage in the business of a management investment company.

ARTICLE III

Shares

Section 1. Division of Beneficial Interest . The number of Shares authorized shall be unlimited. The Shares of the Trust shall be issued in one or more series as the Trustees may, from time to time and without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series shall at all times be divided into Shares, without par value unless otherwise determined by the Trustees, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Trustees may, from time to time and without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in this Declaration of Trust or in the Bylaws. The Trustees may, without Shareholder approval, from time to time divide or combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate beneficial interest in the series or class. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class, or combine the shares of two or more series into a single series.

Section 2. Ownership of Shares . The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series or class. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the retirement of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series and class and as to the number of Shares of each Series and class held from time to time by each Shareholder.

Section 3. Investments in the Trust . The Trustees shall accept investments in the Trust from such persons and on such terms and for such consideration as they or the Bylaws from time to time authorize, and may, at any time and from time to time, charge fees for effective purchases of Shares at such rates as the Trustees may establish, as and to the extent permitted under the 1940 Act and any rules, regulations or exemptive relief thereunder.

Section 4. No PreemptiveRights . Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

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Section 5. Status of Shares and Limitation of Personal Liability **.**Shares shall be deemed to be personal property giving only the rights provided in this Declaration of Trust or the Bylaws. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms of this Declaration of Trust and the Bylaws and to have become a party thereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the same nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of said deceased Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust, shall have any power to bind personally any Shareholder, nor except as specifically provided herein to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay.

Section 6. Derivative and Direct Claims of aShareholder . As used herein, a “direct” Shareholder claim shall refer to (i) a claim based upon alleged violations of a Shareholder’s individual rights independent of any harm to the Trust, including a Shareholder’s voting rights, rights to receive a dividend payment as may be declared from time to time, rights to inspect books and records, or other similar rights personal to the Shareholder and independent of any harm to the Trust; and (ii) a claim for which a direct Shareholder action is expressly provided under the U.S. federal securities laws. Any other claim asserted by a Shareholder, including without limitation any claims purporting to be brought on behalf of the Trust or involving any alleged harm to the Trust, shall be considered a “derivative” claim as used herein.

(a)	Derivative Claims. No Shareholder shall have the right to bring or maintain any court action, claim or<br>other proceeding asserting a derivative claim or any claim asserted on behalf or for the benefit of the Trust or involving any alleged harm to the Trust without first making demand on the Trustees requesting the Trustees to bring or maintain such<br>action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the Shareholder makes a specific showing that irreparable nonmonetary injury to the Trust<br>would otherwise result. Such demand shall be mailed to the Secretary of the Trust at the Trust’s principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts<br>relied upon by the Shareholder to support the allegations made in the demand. The Trustees shall consider such demand within 90 days of its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote of Shareholders<br>of the Trust or any series or class of Shares, as appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders,<br>shall be binding upon the Shareholders, and no suit, proceeding or other action shall be commenced or maintained after a decision to reject a demand. Any Trustee acting in connection with any demand or any proceeding relating to a claim on behalf or<br>for the benefit of the Trust who is not an Interested Person shall be deemed to be independent and disinterested with respect to such demand, proceeding or claim.
(b)	Direct Claims. No Shareholder shall have the right to bring or maintain a court action or other<br>proceeding asserting a direct claim against the Trust, the Trustees or any officers or employees of the Trust predicated upon an express or implied right of action under this Declaration of Trust or U.S. federal securities laws (excepting direct<br>shareholder actions expressly provided by U.S. federal securities laws), unless the Shareholder has obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances,<br>including claims of alleged interest on the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Trust at the Trust’s principal office and shall set forth with particularity the nature of the proposed court<br>action, proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the request. The Trustees shall consider such request within 90 days after its receipt by the Trust. In their sole discretion, the<br>Trustees may submit the matter to a vote of Shareholders of the Trust or of any series or class of Shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or<br>claim, or to submit the matter to a vote of Shareholders, shall be binding upon the Shareholder seeking authorization.
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Section 7. Forum for Adjudication of Disputes . Unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any action or proceeding brought on behalf of the Trust or the Shareholders, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer or employee of the Trust to the Trust or the Trust’s Shareholders, (iii) any action asserting a claim arising under, relating to, or connected in any way with any provision of Massachusetts statutory or common law, federal law, including but not limited to, the Investment Company Act of 1940, or this Declaration of Trust or the Bylaws, (iv) any action to interpret, apply, enforce or determine the validity of this Declaration of Trust or the Bylaws or any agreement contemplated by any provision of the Investment Company Act of 1940, this Declaration of Trust or the By-Laws, or (v) any action asserting a claim governed by the internal affairs doctrine (each, a “Covered Action”) shall be within the federal or state courts in the Commonwealth of Massachusetts. Any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Trust shall be (i) deemed to have notice of and consented to the provisions of this Section 7, and (ii) deemed to have waived any argument relating to the inconvenience of the forum referenced above in connection with any action or proceeding described in this Section 7.

If any Covered Action is filed in a court other than in a federal or state court sitting within the Commonwealth of Massachusetts (a “Foreign Action”) in the name of any Shareholder, such Shareholder shall be deemed to have consented to (i) the personal jurisdiction of the Commonwealth of Massachusetts in connection with any action brought in any such courts to enforce the first paragraph of this Section 7 (an “Enforcement Action”) and (ii) having service of process made upon such Shareholder in any such Enforcement Action by service upon such Shareholder’s counsel in the Foreign Action as agent for such Shareholder. Furthermore, except to the extent prohibited by any provision of the Massachusetts Business Corporation Law or the Declaration of Trust, if any Shareholder shall initiate or assert a Foreign Action without the written consent of the Trust, then each such Shareholder shall be obligated jointly and severally to reimburse the Trust and any officer or Trustee of the Trust made a party to such proceeding for all fees, costs and expenses of every kind and description (including, but not limited to, all reasonable attorneys’ fees and other litigation expenses) that the parties may incur in connection with any successful motion to dismiss, stay or transfer such Foreign Action based upon non-compliance with this Section 7.

If any provision or provisions of this Section 7 shall be held to be invalid, illegal or unenforceable as applied to any person or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provision(s) in any other circumstance and of the remaining provisions of this Section 7 (including, without limitation, each portion of any sentence of this Section 7 containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons and circumstances shall not in any way be affected or impaired thereby.

Section 8. Power of Trustees to Change Provisions Relating to Shares . Notwithstanding any other provisions of this Declaration of Trust or the Bylaws and without limiting the powers of the Trustees as provided herein, the Trustees shall have the power to amend this Declaration of Trust, at any time and from time to time, in such manner as the Trustees may determine in their sole discretion, without the need for Shareholder action, to add to, delete, replace or otherwise modify any provisions relating to the Shares contained in this Declaration of Trust or the Bylaws for the purpose of (i) responding to or complying with any regulations, orders, rulings or interpretations of any governmental agency or any laws, now or hereafter applicable to the Trust, or (ii) designating and establishing series or classes; provided that before adopting any such amendment without Shareholder approval the Trustees shall have determined that such change is consistent with the fair and equitable treatment of all Shareholders.

The establishment and designation of any Series of Shares in addition to the Series established and designated herein shall be effective upon either the execution by a majority of the Trustees of an amendment to this Declaration of Trust, taking the form of a complete restatement or otherwise, or the adoption by vote or written consent of a majority of the Trustees of a resolution setting forth such establishment and designation and the relative rights and preferences of such Series, or as otherwise provided in such amendment or resolution. The establishment and designation of any class of Shares shall be effective upon either the execution by a majority of the Trustees of an amendment to this Declaration of Trust or the adoption by vote or written consent of a majority of the Trustees of a resolution setting forth such establishment and designation and the relative rights and preferences of such class and such eligibility requirements for investment therein as the Trustees may determine, or as otherwise provided in such amendment or resolution.

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Without limiting the generality of the foregoing, the Trustees may, without the approval of Shareholders:

(a)	create one or more series or classes of Shares (in addition to any series or classes already existing or<br>otherwise) with such rights and preferences and such eligibility requirements for investment therein as the Trustees shall determine and reclassify any or all outstanding Shares as shares of particular series or classes in accordance with such<br>eligibility requirements;
(b)	amend any of the provisions set forth in paragraphs (a) through (g) of Section 8 of this Article III;<br>
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(c)	combine one or more series or classes of Shares into a single series or class on such terms and conditions as<br>the Trustees shall determine or consolidate, merge or transfer assets of the Trust or a Series as set forth in Article IX, Section 5;
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(d)	change or eliminate any eligibility requirements for investment in Shares of any series or class, including<br>without limitation the power to provide for the issuance of Shares of any series or class in connection with any merger or consolidation of the Trust with another trust or company or any acquisition by the Trust of part or all of the assets of<br>another trust or company;
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(e)	change the designation of any series or class of Shares;
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(f)	change the method of allocating dividends among the various series and classes of Shares; and<br>
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(g)	allocate any specific assets or liabilities of the Trust or any specific items of income or expense of the<br>Trust to one or more series or classes of Shares;
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(h)	specifically allocate assets to any or all Series of Shares or create one or more additional Series of Shares<br>which are preferred over all other Series of Shares in respect of assets specifically allocated thereto or any dividends paid by the Trust with respect to any net income, however determined, earned from the investment and reinvestment of any assets<br>so allocated or otherwise and provide for any special voting or other rights with respect to such Series or any classes of Shares thereof.
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Section 9. Rights and Preferences of Shares . Shares of each series or class established by the Trustees shall have the following rights and preferences, together with such other rights and preferences as are set forth in any resolution of the Trustees establishing and designating such class of Shares:

(a)	Other Securities. The Trustees may, subject to the fundamental policies of the Trust and the<br>requirements of the 1940 Act, authorize and 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<br>fit, including preferred interests, debt securities or other senior 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<br>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. Any such supplement or amendment<br>shall be filed as necessary. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.
(b)	Rights of Shareholders. The Shares shall be personal property giving only the rights in this Declaration<br>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, and the Shareholders shall have no interest therein other than the<br>beneficial 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 assume any losses of the Trust or, subject to<br>the right of the Trustees to charge certain expenses directly to Shareholders, suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or<br>exchange rights (except as specified by the Trustees when creating the Shares, as in preferred shares).
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ARTICLE IV

The Trustees

Section 1. Number and Qualification . Prior to a public offering of Shares there may be a sole Trustee. 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 two. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term. Trustees need not own Shares and may succeed themselves in office.

Section 2. Term and Election . The Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of trustees constituting the entire Board of Trustees. Within the limits above specified, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The term of office of the first class shall expire on the date of the first annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the initial registration statement relating to the Shares under the Securities Act of 1933, as amended. The term of office of the second class shall expire on the date of the second annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the initial registration statement relating to the Shares under the Securities Act of 1933, as amended. The term of office of the third class shall expire on the date of the third annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the initial registration statement relating to the Shares under the Securities Act of 1933, as amended. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class, as determined by the Board of Trustees, shall be elected for a term expiring on the date of the third annual meeting of Shareholders or special meeting in lieu thereof following such expiration to succeed the Trustees whose terms of office expire. The Trustees shall be elected at an annual meeting of the Shareholders or special meeting in lieu thereof called for that purpose, **** except as provided in Section 3 of this Article IV, and each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, resignation, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office, or removal, of a Trustee.

Section 3. Removal and Resignation . Any of the Trustees may resign their trust (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 President 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 1 of Article IV hereof) for cause only, and not without cause, and only by action taken by a majority of the remaining Trustees and with the approval of the holders of at least seventy-five percent (75%) 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, if any, 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’s legal representative shall execute and deliver on such Trustee’s behalf such documents, if any, as the remaining Trustees shall require as provided in the preceding sentence.

Section 4. Effect of Death, Resignation, etc. of a Trustee **.**The death, declination, resignation, retirement, removal or incapacity of the Trustees, or any of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. 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.

Section 5. Powers . Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility, including the power to engage in securities and other portfolio transactions of all kinds on behalf of the Trust. Without limiting the foregoing, the Trustees may adopt Bylaws not inconsistent with this Declaration of Trust providing for the regulation and management of the affairs of the Trust and may amend and repeal them to the extent that such Bylaws do not reserve that right to the Shareholders; they may fix the number of Trustees, elect Trustees or fill

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vacancies in the Trustees, including vacancies arising from an increase in the number of Trustees, or remove Trustees with or without cause, and may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number, and terminate, any one or more committees consisting of two or more Trustees, which may, when the Trustees are not in session, exercise some or all of the powers and authority of the Trustees to the extent that the Trustees may determine; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities or with a Federal Reserve Bank; they may retain a transfer agent or a Shareholder servicing agent, or both; they may provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set record dates for the determination of Shareholders with respect to various matters, and in general delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian or underwriter.

Without limiting the foregoing, the Trustees shall have power and authority:

(a)	To invest and reinvest cash, and to hold cash uninvested;
(b)	To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease with respect to or otherwise<br>deal in any property rights relating to any or all of the assets of the Trust;
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(c)	To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or<br>property; and to execute and deliver proxies or powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property as the Trustees<br>shall deem proper;
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(d)	To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of<br>securities;
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(e)	To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other<br>negotiable form, or in the name of the Trustees or of the Trust or in the name of a custodian or subcustodian or other depositary or a nominee or nominees or otherwise;
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(f)	Subject to the provisions of Article III, Section 9, to allocate assets, liabilities, income and expenses<br>of the Trust to a particular series of Shares or to apportion the same among two or more series, provided that any liabilities or expenses incurred by or arising in connection with a particular series of Shares shall be payable solely out of the<br>assets of that series; and to the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any classes of Shares, to allocate assets, liabilities, income and expenses of a series to a<br>particular class of Shares of that series or to apportion the same among two or more classes of Shares of that series;
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(g)	To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or<br>issuer of any security which is or was held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security held in the Trust;<br>
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(h)	To join with other security holders in acting through a committee, depositary, voting trustee or otherwise, and<br>in that connection to deposit any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or transferred) as<br>the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;
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(i)	To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in<br>controversy, including but not limited to claims for taxes;
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(j)	To enter into joint ventures, general or limited partnerships and any other combinations or associations;<br>
(k)	To borrow funds or other property;
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(l)	To endorse or guarantee the payment of any notes or other obligations of any person; to make contracts of<br>guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust property or any part thereof to secure any or all of such obligations;
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(m)	To purchase and pay for entirely out of Trust property such insurance as they may deem necessary or appropriate<br>for the conduct of the business of the Trust, including, without limitation, insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring the<br>Shareholders, Trustees, officers, employees, agents, investment advisers or managers, principal underwriters or independent contractors of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being<br>or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such person as Shareholder, Trustee, officer, employee, agent, investment adviser or manager, principal underwriter or independent<br>contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such person against such liability; and
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(n)	To pay pensions as deemed appropriate by the Trustees and to adopt, establish and carry out pension,<br>profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other<br>benefits, for any or all of the Trustees, officers, employees and agents of the Trust.
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The Trustees shall not in any way be bound or limited by any present or future law or custom in regard to investments by the Trustees. The Trustees shall not be required to obtain any court order to deal with any assets of the Trust or taken any other action hereunder.

Except as otherwise provided herein or from time to time in the Bylaws, any action to be taken by the Trustees may be taken by a majority of the Trustees present at a meeting of the Trustees (a quorum being present), within or without Massachusetts, including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time and participation by such means shall constitute presence in person at a meeting, or by written consents of a majority of the Trustees then in office.

Section 6. Payment of Expenses by the Trust . The Trustees are authorized to pay or to cause to be paid out of the assets of the Trust, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees’ compensation and such expenses and charges for the services of the Trust’s officers, employees, administrators, investment advisers or managers, principal underwriter, auditor, counsel, custodian, transfer agent, Shareholder servicing agent and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur, provided, however, that all expenses, fees, charges, taxes and liabilities incurred by or arising in connection with a particular series of Shares shall be payable solely out of the assets of that series.

Section 7. Payment of Expenses byShareholders . The Trustees shall have the power, as frequently as they may determine, to cause each Shareholder, or each Shareholder of any particular series or class, to pay directly, in advance or arrears, for charges of the Trust’s custodian or transfer, shareholder servicing or similar agent, an amount fixed from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends owed such Shareholder and/or by reducing the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

Section 8. Ownership of Assets of the Trust . Title to all of the assets of each series of Shares and of the Trust shall at all times be considered as vested in the Trustees.

8

Section 9. Advisory, Management and Distribution . Subject to such requirements and restrictions as may be set forth in the Bylaws, the Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory and/or management services for the Trust or for any series or class with any corporation, trust, association or other organization (the “Manager”), and any such contract may contain such other terms as the Trustees may determine, including, without limitation, authority for a Manager to determine from time to time without prior consultation with the Trustees what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust’s investments. The Trustees may also, at any time and from time to time, contract with the Manager or any other corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or principal underwriter for the Shares, every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may contain such other terms as the Trustees may determine.

The fact that:

(i)	any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner,<br>trustee, employee, manager, adviser, principal underwriter, distributor or affiliate or agent of or for any corporation, trust, association or other organization, or of or for any parent or affiliate of any organization, with which an advisory or<br>management contract, or principal underwriter’s or distributor’s contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate<br>thereof, is a Shareholder or has an interest in the Trust, or that
(ii)	any corporation, trust, association or other organization with which an advisory or management contract or<br>principal underwriter’s or distributor’s contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made also has an advisory or management contract, principal underwriter’s or<br>distributor’s contract or transfer, Shareholder servicing or other agency contract with one or more other corporations, trusts, associations or other organizations, or has other business or interests.
---	---

shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders.

ARTICLE V

Shareholders’ Voting Powers and Meetings

Section 1. Voting Powers . Subject to the voting powers of one or more classes of Shares as set forth elsewhere in this Declaration of Trust or in the Bylaws, the Shareholders shall have power to vote only (i) for the election of Trustees as provided in Article IV, Section 2, (ii) for the removal of Trustees as provided in Article IV, Section 3, (iii) with respect to any termination of this Trust to the extent and as provided in Article IX, Section 4, (iv) with respect to any amendment of this Declaration of Trust to the extent and as provided in Article IX, Section 8, and (v) with respect to such additional matters relating to the Trust as may be required by applicable law, including the 1940 Act, this Declaration of Trust, the Bylaws or any registration of the Trust with the Securities and Exchange Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable.

Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. On any matter submitted to a vote of Shareholders, all Shares of the Trust then entitled to vote shall, except as otherwise provided in the Bylaws, be voted in the aggregate as a single class without regard to series or classes of shares, except (1) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more series or classes of Shares materially differently, Shares shall be voted by individual series or class; and (2) when the Trustees have determined that the matter affects only the interests of one or more series or classes, only Shareholders of such series or classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees.

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Shares may be voted in person or by proxy. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and, in the case of a challenge by any person other than the Trust, the burden of proving invalidity shall rest on the challenger. At any time when no Shares of a series or class are outstanding, the Trustees may exercise all rights of Shareholders of that series or class with respect to matters affecting that series or class and may with respect to that series or class take any action required by law, this Declaration of Trust or the Bylaws to be taken by the Shareholders thereof.

Section 2. Voting Power and Meetings . Meetings of Shareholders of any or all series or classes may be called by the Trustees from time to time for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders of such series or classes as herein provided or upon any other matter deemed by the Trustees to be necessary or desirable, or as may be prescribed by law. A meeting of Shareholders may be held at any place designated by the Trustees. Notice of any meeting of Shareholders, stating the time and place of the meeting, shall be given or caused to be given by the Trustees to each Shareholder entitled to vote at such meeting by mailing such notice, postage prepaid, at least seven days before such meeting to the Shareholder’s address as it appears on the records of the Trust, or by facsimile or other electronic transmission, at least seven days before such meeting, to the telephone or facsimile number or e-mail or other electronic address most recently furnished to the Trust (or its agent) by the Shareholder. Notice of a meeting need not be given to any Shareholder if a written waiver of notice, executed before or after the meeting by such Shareholder or his attorney thereunto authorized, is filed with the records of the meeting, or to any Shareholder who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her.

Section 3. Quorum and Required Vote . Except when a larger quorum is required by law, by the Bylaws or by this Declaration of Trust, 30% of the Shares entitled to vote on a particular matter shall constitute a quorum at a Shareholders’ meeting, except that where any provision of law or of this Declaration of Trust or the Bylaws requires that holders of any series or class shall vote as an individual series or class, then 30% of the aggregate number of Shares of that series or class entitled to vote shall constitute a quorum for the transaction of business by that series or class. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting, without further notice. Except when a larger vote is required by any provision of law or of this Declaration of Trust or the Bylaws, when a quorum is present at any meeting, a majority of the Shares voted shall decide any questions and a plurality shall elect a Trustee, provided that where any provision of law or of this Declaration of Trust or the Bylaws requires that the holders of any series or class shall vote as an individual series or class then a majority of the Shares of that series or class voted on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that series or class is concerned.

Section 4. Action by Written Consent **.**Any action taken by Shareholders may be taken without a meeting if Shareholders holding a majority of the shares entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Declaration of Trust or by the Bylaws) consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

Section 5. Record Dates . For the purpose of determining the Shareholders of any Series or class who are entitled to vote or act at any meeting or any adjournment thereof, the Trustees may from time to time fix a time, which shall be not more than 120 days before the date of any meeting of Shareholders, as the record date for determining the Shareholders of such Series or class having the right to notice of and to vote at such meeting and any adjournment thereof, and in such case only Shareholders of record on such record date shall have such right, notwithstanding any transfer of Shares on the books of the Trust after the record date. For the purpose of determining the Shareholders of any Series or class who are entitled to receive payment of any dividend or of any other distribution, the Trustees may from time to time fix a date, which shall be on or before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders of such Series or class having the right to receive such dividend or distribution. Without fixing a record date the Trustees may for voting and/or distribution purposes close the register or transfer books for one or more Series or classes for all or any part of the period prior to a meeting of Shareholders or the payment of a distribution. Nothing in this Section shall be construed as precluding the Trustees from setting different record dates for different Series or classes.

Section 6. Additional Provisions . The Bylaws may include further provisions, not inconsistent with this Declaration of Trust, regarding Shareholders’ voting powers, the conduct of meetings and related matters.

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Section 7. Certain Transactions.

(a)	Notwithstanding any other provision of this Declaration and subject to the exceptions provided in sub-section (d) of this Section 7, the types of transactions described in sub-section (c) of this Section 7 shall require the affirmative vote or consent of the holders of seventy-five percent<br>(75%) of each Class of Shares outstanding (with each such Class voting separately thereon,) when a Principal Shareholder (as defined in sub-section (b) of this Section 7) is determined by<br>the Trustees to be a party to the transaction. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of Shares otherwise required by law or by the terms of any Class or Series, whether now or hereafter<br>authorized, or by any agreement between the Trust and any national securities exchange.
(b)	The term “Principal Shareholder” shall mean any Person which is the beneficial owner, directly or<br>indirectly, of more than five percent (5%) of the Outstanding Shares of the Trust or of any Class and shall include any “affiliate” or “associate”, as such terms are defined in Rule<br>12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934. For the purpose of this Section 7, in addition to the Shares which a Person beneficially owns directly: (i) a<br>Person shall be deemed to be the beneficial owner of any Shares (A) which the Trustees determine it has the right to acquire pursuant to any agreement or upon exercise of conversion rights or warrants, or otherwise (but excluding Share options<br>granted by the Trust) or (B) which the Trustees determine are beneficially owned, directly or indirectly (including Shares deemed owned through application of clause (A) above), by any other Person with which it or its<br>“affiliate” or “associate” (as defined above) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of Shares, or which is its affiliate or associate; and (ii) the<br>outstanding Shares shall include Shares deemed owned through application of clauses (A) and (B) above but shall not include any other Shares which are not at the time issued and outstanding but may be issuable pursuant to any agreement, or upon<br>exercise of conversion rights or warrants, or otherwise.
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(c)	This Section 7 shall apply to the following transactions:
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(i)	The merger or consolidation of the Trust or any subsidiary of the Trust with or into any Principal Shareholder.<br>
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(ii)	The issuance of any securities of the Trust to any Principal Shareholder for cash.
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(iii)	The sale, lease or exchange of all or any substantial part of the assets of the Trust to any Principal<br>Shareholder (except assets determined by the Trustees to have an aggregate fair market value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series of similar transactions within a<br>twelve-month period or assets sold in the ordinary course of business).
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(iv)	The sale, lease or exchange to or with the Trust or any subsidiary thereof, in exchange for securities of the<br>Trust, of any assets of any Principal Shareholder (except assets determined by the Trustees to have an aggregate fair market value of less than $1,000,000 aggregating for the purpose of such computation all assets sold, leased or exchanged in any<br>series of similar transactions within a twelve-month period).
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For purposes of this sub-section 7(c), the term “Principal Shareholder” shall include all subsidiaries, affiliates, associates, or other persons acting in concert with any Principal Shareholder.

(d)

The provisions of this Section 7 shall not be applicable to (i) any of the transactions described in sub-section (c) of this Section 7 if the Trustees shall by resolution have approved a memorandum of understanding with such Principal Shareholder with respect to and substantially consistent with such<br>transaction, or (ii) any such transaction with any Person of which a majority of the outstanding shares of all classes of stock normally entitled to vote in the election of directors is owned of record or beneficially by the Trust and its<br>subsidiaries.

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(e)

The Trustees shall have the power to determine for the purposes of this Section 7 on the basis of<br>information known to the Trust, whether (i) a Person beneficially owns more than five percent (5%) of the outstanding Shares or is otherwise a Principal Shareholder, (ii) a Person is an “affiliate” or “associate”<br>(as defined above) of another, (iii) the assets being acquired, leased, or exchanged to or by the Trust or any subsidiary thereof constitute a substantial part of the assets of the Trust and have an aggregate fair market value of less than<br>$1,000,000, (iv) the memorandum of understanding referred to in sub-section (d) hereof is substantially consistent with the transaction covered thereby, and (v) the provisions of the Section 8<br>otherwise apply to any Person or transaction. Any such determination shall be conclusive and binding for all purposes of this Section 7.

Section 8. Conversion . Notwithstanding any other provisions of this Declaration, the conversion of the Trust from a “closed-end company” to an “open-end company,” as those terms are defined in Section 5(a)(2) and 5(a)(l), respectively, of the 1940 Act shall require the affirmative vote or consent of the holders of seventy-five percent (75%) of each Class outstanding (with each Class separately voting thereon or consenting thereto as a separate Class). Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law or by the terms of any Class or Series, whether now or hereafter authorized, or by any agreement between the Trust and any national securities exchange. However if such conversion is recommended by at least 75% of the Trustees then in office, the vote or written consent of the holders of a majority of the outstanding voting securities of the Trust (which voting securities shall vote separately on the matter by class) shall be sufficient to authorize such conversion.

Section 9. Definitions . In the following Sections 9-15 of Article V, the following words have the meanings indicated:

(a)	“Acquiring person” means a person who makes or proposes to make a control share acquisition.<br>
(b)	“Associate”, when used to indicate a relationship with any person, means a person that:<br>
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(i)	directly or indirectly controls, or is controlled by, or is under common control with, the person specified; or<br>
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(ii)	is acting or intends to act jointly or in concert with the person specified.
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(c)	“Control share acquisition” means the acquisition, directly or indirectly, by any person, of<br>ownership of, or the power to direct the exercise of voting power with respect to, issued and outstanding control shares. Shares acquired within 90 days or Shares acquired under a plan to make a control share acquisition are considered to have been<br>acquired in the same acquisition.
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A “control share acquisition” does not include the acquisition of Shares:

(i)	under a merger, consolidation, or share exchange if the Trust is a party to the merger, consolidation, or share<br>exchange; or
(ii)	made in good faith and not for the purpose of circumventing this Article V by any person whose voting rights<br>have previously been authorized by Shareholders in compliance with this Article V.
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(d)	“Control shares” means Shares that would, if aggregated with all other Shares of the Trust<br>(including Shares the acquisition of which is excluded from “control share acquisition” in subsection (c) above) owned by a person or in respect of which that person is entitled to exercise or direct the exercise of voting power,<br>except solely by virtue of a revocable proxy, entitle that person, directly or indirectly, to exercise or direct the exercise of the voting power of Shares of the Trust in the election of Trust within any of the following ranges of voting power:<br>
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(i)	One-tenth or more, but less than<br>one-third of all voting power;
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(ii)	One-third or more, but less than a majority of all voting power; or<br>
(iii)	A majority or more of all voting power.
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“Control shares” includes Shares only to the extent that the acquiring person, following the acquisition of the Shares, is entitled, directly or indirectly, to exercise or direct the exercise of voting power within any level of voting power set forth above for which approval has not been obtained previously under this Article V.

(e)	“Interested shares” means Shares of the Trust in respect of which any of the following persons is<br>entitled to exercise or direct the exercise of the voting power of Shares of the Trust in the election of Trustees:
(i)	An acquiring person;
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(ii)	An officer of the Trust or the Trust’s Adviser; or
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(iii)	An employee of the Trust or the Trust’s Adviser who is also a Trustee of the Trust.<br>
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(f)	“Person” includes an associate of the person.
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Section 10. Voting Rights.

(a)	Holders of control shares of the Trust acquired in a control share acquisition have no voting rights with<br>respect to the control shares except to the extent approved by the Shareholders at a meeting held pursuant to Article V, Section 12, by the affirmative vote of two-thirds of all the votes entitled to be<br>cast on the matter, excluding all interested shares.
(b)	A person may not be deemed to be entitled to exercise or direct the exercise of voting power with respect to<br>the Shares held for the benefit of others if the person:
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(i)	is acting in the ordinary course of business, in good faith and not for the purpose of circumventing the<br>provisions of this Section 10; and
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(ii)	is not entitled to exercise or to direct the exercise of the voting power of the Shares unless the person first<br>seeks to obtain the instruction of another person.
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Section 11. Acquiring Person Statement.

(a)	Any person who proposes to make or who has made a control share acquisition may deliver an acquiring person<br>statement to the Trust as the Trust’s principal office. The acquiring person statement shall set forth all of the following:
(i)	The identity of the acquiring person and each other member of any group of which the person is a part for<br>purposes of determining control shares;
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(ii)	The number of shares of the Trust owned (directly or indirectly) by the acquiring person and each other member<br>of any group;
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(iii)	The applicable range of voting power as set forth in Article V, Section 9(d); and
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(iv)	If the control share acquisition has not yet occurred:
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(A)	A description in reasonable detail of the terms of the proposed control share acquisition; and<br>
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(B)	Representations of the acquiring person, together with a statement in reasonable detail of the facts on which<br>they are based, that:
(1)	The proposed control share acquisition, if consummated, will not be contrary to law; and
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(2)	The acquiring person has the financial capacity, through financing to be provided by the acquiring person and<br>any additional specified sources of financing required pursuant to Article V, Section 13, to make the proposed control share acquisition.
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Section 12. Special Meeting for Acquiring Person.

(a)	Except as provided in Article V, Section 13, if the acquiring person requests, at the time of delivery of<br>an acquiring person statement, and gives a written undertaking to pay the Trust’s expenses of a special meeting, except the expenses of opposing approval of the voting rights, within 10 days after the day on which the Trust receives both the<br>request and the undertaking, the Board of Trustees shall call a special meeting of Shareholders of the Trust for the purpose of considering the voting rights to be accorded the Shares acquired or to be acquired in the control share acquisition.<br>
(b)	The Board of Trustees may require the acquiring person to give bond, with sufficient surety, to reasonably<br>assure the Trust that this undertaking will be satisfied.
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(c)	Unless the acquiring person agrees in writing to another date, the special meeting of Shareholders shall be<br>held within 50 days after the day on which the Trust has received both the request and the undertaking.
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(d)	If the acquiring person makes a request in writing at the time of delivery of the acquiring person statement,<br>the special meeting may not be held sooner than 30 days after the day on which the Trust receives the acquiring person statement.
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(e)  (i)	If no request is made by the acquiring person under subsection (a) above, the issue of the voting rights<br>to be accorded the Shares acquired in the control share acquisition may, at the option of the Trust, be presented for consideration at any meeting of Shareholders.
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(ii)	If no request is made under subsection (a) above and the Trust proposes to present the issue of voting<br>rights to be accorded the Shares acquired in a control share acquisition for consideration at any meeting of Shareholders, the Trust shall provide the acquiring person with written notice of the proposal not less than 20 days before the date on<br>which notice of the meeting is given.
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Section 13. Financing Requirements for Call of Special Meeting for AcquiringPerson.

(a)	A call of a special meeting of Shareholders of the Trust is not required to be made under Article V,<br>Section 12 unless, at the time of delivery of an acquiring person statement under Article V, Section 11, the acquiring person has:
(i)	Entered into a definitive financing agreement or agreements with one or more responsible financial institutions<br>or other entities that have the necessary financial capacity, providing for any amount of financing of the control share acquisition not to be provided by the acquiring person; and
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(ii)	Delivered a copy of the agreements to the Trust.
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Section 14. Notice of Special Meeting for Acquiring Person.

(a)	If a special meeting of Shareholders is requested by an acquiring person, notice of the special meeting shall<br>be given as promptly as reasonably practicable by the Trust to all Shareholders of record as of the record date set for the meeting, whether or not the Shareholder is entitled to vote at the meeting.
(b)	Notice of the special or annual meeting of Shareholders at which the voting rights of an acquiring person are<br>to be considered shall include or be accompanied by the following:
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(i)	A copy of the acquiring person statement delivered to the Trust pursuant to Article V, Section 11; and<br>
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(ii)	A statement by the Board of Trustees setting forth the position or recommendation of the Board, or stating that<br>the Board is taking no position or making no recommendation with respect to the issue of voting rights to be accorded the control shares.
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Section 15. Redemption Rights of the Trust.

(a)	If an acquiring person statement has been delivered on or before the 10th day after the control share<br>acquisition, the Trust may, at its option, redeem any or all control shares, except control shares for which voting rights have been previously approved under Article V, Section 10, at any time during a<br>60-day period commencing on the day of a meeting at which voting rights are considered under Article V, Section 12, and are not approved.
(b)	In addition to the redemption rights authorized under subsection (a) above, if an acquiring person<br>statement has not been delivered on or before the 10th day after the control share acquisition, the Trust may, at its option, redeem any or all control shares, except control shares for which voting rights have been previously approved under Article<br>V, Section 10, at any time commencing on the 11th day after the control share acquisition and ending 60 days after a statement has been delivered.
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(c)	Notwithstanding any other provision hereof, any redemption of control shares under this Section 15 shall<br>be at “fair value”, which shall mean the closing price of the Shares on the New York Stock Exchange on the preceding trading day.
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ARTICLE VI

Distributions, and Redemptions and Repurchases

Section 1. Distributions . The Trustees may each year, or more frequently if they so determine, distribute to the Shareholders of each series out of the assets of such series such amounts as the Trustees may determine. Any such distribution to the Shareholders of a particular series shall be made to said Shareholders pro rata in proportion to the number of Shares of such series held by each of them, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of Shares of that Series, and any distribution to the Shareholders of a particular class of Shares shall be made to such Shareholders pro rata in proportion to the number of Shares of such class held by each of them. Such distributions shall be made in cash, Shares or other property, or a combination thereof, as determined by the Trustees. Any such distribution paid in Shares will be paid at the net asset value thereof as determined in accordance with the Bylaws.

Section 2. Redemptions and Repurchases . The Trust may, but is not required to, purchase or otherwise acquire Shares, including in accordance with Rule 23c-3 under the 1940 Act or as otherwise permitted under the 1940 Act and other applicable law.

Section 3. Redemption at the Option of the Trust . The Trust shall have the right at its option and at any time to redeem Shares of any Shareholder at the net asset value thereof as determined in accordance with the Bylaws: (i) if at such time such Shareholder owns fewer Shares of any series or class than, or Shares having an aggregate net asset value of less than, an amount determined from time to time by the Trustees, in which case the Trust may redeem all

15

Shares owned by such Shareholder or only so many of such Shares as may be required to compensate the Trust for any fee fixed from time to time by the Trustees for the maintenance of small accounts; (ii) to the extent that such Shareholder owns Shares of a particular series of Shares equal to or in excess of a percentage of the outstanding Shares of that series determined from time to time by the Trustees; (iii) to the extent that such Shareholder owns Shares of the Trust representing a percentage equal to or in excess of such percentage of the aggregate number of outstanding Shares of the Trust or the aggregate net asset value of the Trust determined from time to time by the Trustees; (iv) if such Shareholder fails to supply appropriate personal and tax identification information requested by the Trust; (v) if such Shareholder fails to meet or maintain the qualifications for ownership of a particular series or class; or (vi) if the Trustees determine for any other reason, in their sole discretion, that the ownership of Shares by a Shareholder is not in the best interests of the remaining Shareholders of the Trust or of the applicable series or class.

ARTICLE VII

Compensation and Limitation of Liability of Trustees

Section 1. Compensation . The Trustees as such shall be entitled to reasonable compensation from the Trust; they may fix the amount of their compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.

Section 2. Limitation of Liability . A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, manager or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The appointment, designation or identification of a Trustee as an officer of the Trustees or of any committee of the Trustees, or as an expert with respect to certain matters (including without limitation identification of a Trustee as an “audit committee financial expert”) shall not impose on that person any duty, obligation or liability that is greater than the duties, obligations and liabilities imposed on that person as a Trustee in the absence of such appointment, designation or identification, and no Trustee who has special skills or expertise or who is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof or be limited in any way with respect to any right or privilege to which such person would otherwise be entitled as a Trustee hereunder, including without limitation the right of indemnification. Nothing in this Declaration of Trust shall protect any Trustee against any liability to which such Trustee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

ARTICLE VIII

Indemnification

Section 1. Trustees, Officers, etc. **** The Trust shall indemnify each of its Trustees and officers (including persons who serve at the Trust’s request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (hereinafter referred to as a “Covered Person”) against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any threatened, pending or contemplated action, suit or other proceeding, whether civil, criminal, administrative, arbitrative or investigative and whether formal or informal before any court or administrative or legislative or other body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of any alleged act or omission as a Trustee or officer or by reason of his or her being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding (a) not to have acted in good faith, (b) not to have acted in the reasonable belief that such Covered Person’s action was in (or not opposed to) the best interests of the Trust, (c) in the case of a criminal proceeding, to have had reasonable cause to believe his or her action was unlawful or (d) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office (each of such exceptions being referred to hereinafter as “Disabling Conduct”). Expenses, including counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), may be paid from time to time by

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the Trust in advance of the final disposition of any such action, suit or proceeding, but only to the extent as set forth in a written agreement between such Covered Person and the Trust that has been approved by at least a majority of the Trustees (each such agreement, an “Indemnification Agreement”), Notwithstanding anything in this Declaration of Trust to the contrary, with respect to any action, suit or other proceeding voluntarily prosecuted by any Covered Person as plaintiff, indemnification pursuant to this Declaration of Trust shall be available only if the prosecution of such action, suit or other proceeding by such Covered Person (x) was authorized by a majority of the Trustees or (y) was instituted by such Covered Person to enforce his or her rights to indemnification hereunder in a case in which such Covered Person is found to be entitled to such indemnification.

Section 2. Compromise Payment . As to any matter disposed of (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication by a court, or by any other body before which the action, suit or proceeding was brought, that such Covered Person engaged in Disabling Conduct, indemnification shall be provided if (a) approved as in the best interests of the Trust, after notice that it involves such indemnification, by at least a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter) upon a determination, based upon a review of readily available facts (as opposed to a full trial type inquiry) that such Covered Person did not engage in Disabling Conduct, or (b) there has been obtained an opinion in writing of independent legal counsel, based upon a review of readily available facts (as opposed to a full trial type inquiry) to the effect that such Covered Person did not engage in Disabling Conduct. Any approval pursuant to this Section shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with this Section as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction to have engaged in Disabling Conduct.

Section 3. Right Not Exclusive . The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VIII, the term “Covered Person” shall include such person’s heirs, executors and administrators and a “disinterested Trustee” is a Trustee who is not an “interested person” of the Trust as defined in Section 2(a)(19) of the 1940 Act (or who has been exempted from being an “interested person” by any rule, regulation or order of the Securities and Exchange Commission) and against whom none of the actions, suits or other proceedings in question or another action, suit or other proceeding on the same or similar grounds is then or has been pending. Nothing contained in this Article shall affect any rights to indemnification to which personnel of the Trust, other than Trustees or officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.

Section 4. Shareholders . In case any Shareholder or former Shareholder shall be held to be personally liable solely by reason of his or her being or having been a Shareholder of the Trust or of a particular series or class and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representative or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets of the series (or attributable to the class) of which he or she is a Shareholder or former Shareholder to be held harmless from and indemnified against all loss and expense arising from such liability.

ARTICLE IX

Miscellaneous

Section 1. Trustees, Shareholders, etc. Not Personally Liable for Obligations of the Trust; Notice . All persons extending credit to, contracting with or having any claim against the Trust or a particular series or class shall look only to the assets of the Trust or, to the extent that the liability of the Trust may have been expressly limited by contract to the assets of a particular series or attributable to a particular class, only to the assets belonging to the relevant series or attributable to the relevant class, for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust’s officers, employees or agents, whether past, present or future, shall be personally liable therefor.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by any Trustee, officer, employee or agent on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to such person’s capacity as a Trustee, officer, employee or agent, and such person shall not be personally liable thereon.

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Every note, bond, contract, instrument, certificate or undertaking made or issued on behalf of the Trust by any Trustee, officer, employee or agent of the Trust shall give notice that this Declaration of Trust is on file with the Secretary of the Commonwealth of Massachusetts and shall recite that the same was executed or made by or on behalf of the Trust or by them as Trustees, officers, employees, agents of the Trust or otherwise and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust or upon the assets belonging to the series or attributable to the class for the benefit of which the Trustees have caused the note, bond, contract, instrument, certificate or undertaking to be made or issued, and may contain such further recitals as the person so executing may deem appropriate, but any omission of such notice or recitals shall not operate to bind any such Trustee, officer, employee or agent or the Shareholders individually.

Section 2. Trustee’s Good Faith Actions Binding, Expert Advice, No Bond or Surety . The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

Section 3. Liability of Third Persons Dealing with Trustees . No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

Section 4. Duration and Termination of Trust or any Series or Class . Unless terminated as provided herein, the Trust and each series and class shall continue without limitation of time. The Trust or any series or class of any series may be terminated at any time (i) by the Trustees by written notice to the Shareholders of the Trust or to the Shareholders of the particular series or class, as the case may be, or (ii) by the affirmative vote of the lesser of (1) more than 50% of the outstanding Shares of each series or class entitled to vote, or (2) 67% or more of the Shares of each series or class entitled to vote and present at a meeting called for this purpose if more than 50% of the outstanding Shares of each series or class entitled to vote are present at the meeting in person or by proxy.

Upon termination of the Trust (or of any series or class, as the case may be), after paying or otherwise providing for all charges, taxes, expenses and liabilities belonging, severally, to each series (or to the applicable series or attributable to the particular class, as the case may be), whether due or accrued or anticipated as may be determined by the Trustees, the Trust shall, in accordance with such procedures as the Trustees consider appropriate, reduce the remaining assets of the Trust, or of the particular series or class, as the case may be, to distributable form in cash or shares or other property, or any combination thereof, and distribute the proceeds to the Shareholders of the Trust, or of the particular series or class, ratably according to the number of Shares of such series or class held by the several Shareholders of such series or class on the date of termination, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of Shares of that series or class.

Section 5. Merger, Consolidation, Sale of Assets and Other Reorganizations . Except as otherwise required by applicable law, the Trustees may, without Shareholder approval, authorize the Trust or any series or class to merge, consolidate or reorganize with any other entity (including another series or class of the Trust), or to sell or exchange all or substantially all of the assets of the Trust or of any series or class, in each case upon such terms and for such consideration as they may determine to be in the best interests of the Trust or of the particular series or class. The authority provided by this Section shall be in addition to the powers granted to the Trustees under any other provision of this Declaration of Trust.

Section 6. Filing and Copies, References, Headings . The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each amendment hereto shall be filed by the Trust with the Secretary of the Commonwealth of Massachusetts and with the Boston City Clerk, as well as any other governmental office where such filing may from time to time be required. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made and as to any matters in connection with the Trust hereunder;

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and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in any such amendment, references to this instrument, and all expressions like “herein,” “hereof” and “hereunder,” shall be deemed to refer to this instrument as amended or affected by any such amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or to control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

Section 7. Applicable Law . This Declaration of Trust is made in the Commonwealth of Massachusetts, and it is created under and is to be governed by and construed and administered according to the laws of said Commonwealth. The Trust shall be of the type commonly called a Massachusetts business trust, and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

Section 8. Amendments . This Declaration of Trust may be amended at any time by an instrument in writing signed by a majority of the then Trustees when authorized to do so by a vote of the Shareholders, provided that Shareholder authorization shall not be required in the case of any amendment (i) having the purpose of changing the name of the Trust or of any series or class of Shares or of supplying any omission, curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision contained herein or having any other purpose which is ministerial or clerical in nature or (ii) which is determined by the Trustees in their sole discretion not to have a material adverse effect on the Shareholders of any series or class of Shares.

Section 9. Addresses . The address of the principal place of business of the Trust is 300 Crescent Court, Suite 700 Dallas, Texas 75201.

Section 10. ResidentAgent . The Trustees shall maintain a resident agent in The Commonwealth of Massachusetts which agent shall initially be CT Corporation System, 155 Federal Street, Boston, Massachusetts 02110. The Trustees may designate from time to time a successor resident in The Commonwealth of Massachusetts.

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IN WITNESS WHEREOF, the Secretary of the Trust, pursuant to authority granted by the Trustees by Board approval on January 16, 2026, signed this instrument on this 27th day of January, 2026.

/s/ Stephanie Vitiello
Name: Stephanie Vitiello
Title: Secretary

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EX-99.(b)

Exhibit B

FOURTH AMENDED AND RESTATED BYLAWS OF

HIGHLAND OPPORTUNITIES AND INCOME FUND

(Dated as of January 27, 2026)

DEFINITIONS

“Independent Trustee” shall mean a Trustee that is not an “interested person” as defined in Section 2(a)(19) of the 1940 Act.

“Proposed Nominee” shall have the meaning set forth in Section 10.10 of these Bylaws.

“Proposed Nominee Associated Person” of any Proposed Nominee shall mean (A) any person acting in concert with such Proposed Nominee, (B) any direct or indirect beneficial owner of Shares owned of record or beneficially by such Proposed Nominee or person acting in concert with the Proposed Nominee and (C) any Person controlling, controlled by or under common control with such Proposed Nominee or a Proposed Nominee Associated Person.

“Shareholder Associated Person” of any beneficial or record Shareholder shall mean (A) any person acting in concert with such Shareholder, (B) any direct or indirect beneficial owner of Shares owned of record or beneficially by such Shareholder or any person acting in concert with such Shareholder, (C) any person controlling, controlled by or under common control with such Shareholder or a Shareholder Associated Person and (D) any member of the immediate family of such Shareholder or Shareholder Associated Person.

ARTICLE 1

Agreement andDeclaration of Trust

1.1 Agreement and Declaration of Trust. These Bylaws shall be subject to the Agreement and Declaration of Trust, as from time to time in effect (the “Declaration of Trust”) of Highland Opportunities and Income Fund (the “Trust”), the Massachusetts business trust established by the Declaration of Trust. Capitalized terms used but not defined in these Bylaws have the meanings given to them in the Declaration of Trust.

1.2 Resident Agent. The Trustees shall maintain a resident agent in The Commonwealth of Massachusetts which agent shall initially be CT Corporation System, 155 Federal Street, Boston, Massachusetts 02110. The Trustees may designate from time to time a successor resident in The Commonwealth of Massachusetts.

ARTICLE 2

Meetings of Trustees

2.1 Regular Meetings. Regular meetings of the Trustees may be held without call or notice at such places and at such times as the Trustees may from time to time determine, provided that notice of the first regular meeting following any such determination shall be given to absent Trustees.

2.2 Special Meetings. Special meetings of the Trustees may be held at any time and at any place designated in the call of the meeting when called by the Chair of the Trustees, the President, the Executive Vice President or the Treasurer or by three or more Trustees, sufficient notice thereof being given to each Trustee by the Secretary or an Assistant Secretary or by the officer or the Trustees calling the meeting.

2.3 Notice of Special Meetings. It shall be sufficient notice to a Trustee of a special meeting: (a) to send notice (i) by mail or courier at least forty-eight hours before the meeting, or (ii) by electronic mail (e-mail), telegram, facsimile or other electronic means at least twenty-four hours before the meeting, in each case addressed to the Trustee at his or her usual or last known business or residence address (or e-mail address, facsimile number or other appropriate address); or (b) to give notice to him or her in person or by telephone at least twenty-four hours before the meeting. Notice of a special meeting need not be given to any Trustee if a written waiver of notice, executed by him or her before or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her. Any written waiver of notice may be provided and delivered to the Trust by mail, courier, e-mail, facsimile or other electronic means. Except as required by law, neither notice of a meeting nor a waiver of a notice need specify the purposes of the meeting. All notices shall be deemed to be given when sent.

2.4 Quorum. At any meeting of the Trustees a majority of the Trustees then in office shall constitute a quorum. Once a quorum has been validly established for a meeting, it cannot be broken by Trustees withdrawing from the meeting. Any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice to any Trustee who was present at the time of such adjournment; notice of the time and place of any adjourned session of such meeting shall, however, be given in the manner provided in Section 2.3 of these Bylaws to each Trustee who was not present at the time of such adjournment.

2.5 Presencethrough Communications Equipment. Except as required by law, the Trustees may participate in a meeting of Trustees by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time and participation by such means shall constitute presence in person at a meeting.

2.6 **Action by Vote.**When a quorum is present at any meeting, a majority of Trustees present may take any action, except when a larger vote is expressly required by law, by the Declaration of Trust or by these Bylaws.

2.7 Action by Writing. Except as required by law, any action to be taken at any meeting of the Trustees may also be taken without a meeting if a majority of the Trustees (or such larger proportion thereof as shall be required by any express provision of the Declaration of Trust or these Bylaws) consent to the action in writing. Any written consent may be given by mail, courier, e-mail, facsimile or other electronic means. Copies of such written consents shall be filed with the records of the proceedings of the Trustees. Such consents shall be treated for all purposes as a vote taken at a meeting of the Trustees.

If in accordance with the provisions of the Declaration of Trust and these Bylaws any action is taken by the Trustees by written consents of less than all of the Trustees, then prompt notice of any such action shall be furnished to each Trustee who did not execute such written consent, provided that the effectiveness of such action shall not be impaired by any delay or failure to furnish such notice.

ARTICLE 3

Officers

3.1 Enumeration;Qualification. The officers of the Trust shall be a President, a Treasurer, a Secretary and such other officers (including Vice President, which shall include the office of Executive Vice President), if any, as the Trustees from time to time may in their discretion elect. The Trust may also have such agents as the Trustees from time to time may in their discretion appoint. In addition, a Chair of the Trustees, who will be considered an officer of the Trustees and not of the Trust, may be elected. The Chair of the Trustees shall be a Trustee and may but need not be a Shareholder; any officer of the Trust may be but need not be a Trustee or a Shareholder. Any two or more offices may be held by the same person.

3.2 Election. The Chair of the Trustees, the President, the Treasurer and the Secretary shall each be elected by the Trustees upon the occurrence of any vacancy in any such office. Other officers, if any, may be elected or appointed by the Trustees at any time. Vacancies in any such other office may be filled at any time.

3.3 Tenure. The Chair of the Trustees, the President, the Treasurer and the Secretary shall hold office in each case until his or her successor is elected or qualified, or until he or she sooner dies, resigns, is removed or becomes disqualified. The Chair of the Trustees, the President, the Treasurer, the Secretary and each other officer shall hold office, and each agent shall retain authority, at the pleasure of the Trustees. Notwithstanding the foregoing, the tenure of any officer of the Trust who is an employee or officer of the Trust’s administrator, investment adviser or their affiliates shall automatically terminate contemporaneously with the termination of such person’s employment with, or service as officer of, the Trust’s administrator, investment adviser or affiliates, as applicable.

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3.4 Powers. Subject to the other provisions of these Bylaws, each officer shall have, in addition to the duties and powers set forth in these Bylaws and in the Declaration of Trust, such duties and powers as are commonly incident to the office occupied by him or her as if the Trust were organized as a Massachusetts business corporation and such other duties and powers as the Trustees may from time to time designate.

3.5 Chair. Unless the Trustees otherwise provide, the Chair of the Trustees shall preside at all meetings of the Trustees. The Chair of the Trustees shall have such other duties and powers relating to the operations of the Trustees as the Trustees may from time to time designate, but shall have no individual authority to act for the Trust as an officer of the Trust. The Trustees, including, for so long as the Trust shall remain registered as an investment company under the 1940 Act, a majority of the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act, may appoint one or more persons to perform the duties of the Chair of the Trustees in the event of his or her absence at any meeting or in the event of his or her disability. The Chair of the Trustees shall also have the power to appoint one or more persons to perform the duties of the Chair of the Trustees in the event of his or her absence at any meeting.

3.6 President. The President shall have the duties and powers specified in these Bylaws and shall have such other duties and powers as may be determined by the Trustees. Unless the Trustees otherwise provide by vote or otherwise, the President shall be the principal executive officer of the Trust.

3.7 Treasurer. Unless the Trustees otherwise provide by vote or otherwise, the Treasurer shall be the principal financial and accounting officer of the Trust, and shall, subject to the provisions of the Declaration of Trust and to any arrangement made by the Trustees with a custodian, investment adviser, administrator or transfer, Shareholder servicing or similar agent, be in charge of the valuable papers, books of account and accounting records of the Trust, and shall have such other duties and powers as may be designated from time to time by the Trustees or by the principal executive officer of the Trust.

3.8 Secretary. The Secretary shall record all proceedings of the Shareholders and the Trustees in books to be kept therefor, which books or a copy thereof shall be kept at the principal office of the Trust. In the absence of the Secretary from any meeting of the Shareholders or Trustees (or a Committee thereof), an Assistant Secretary, or if there be none or if he or she is absent, a temporary Secretary chosen at such meeting by the chair of such meeting, shall record the proceedings thereof in the aforesaid books.

3.9 Resignations and Removals. Any officer may resign at any time by written instrument signed by him or her and delivered to the Chair of the Trustees, the President or the Secretary or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. The Trustees may remove any officer elected or appointed by them with or without cause. Except to the extent expressly provided in a written agreement with the Trust, no officer resigning and no officer removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal.

ARTICLE 4

Committees

4.1 Quorum; Voting. Except as provided below or as otherwise specifically provided in the votes or charter constituting a Committee of the Trustees and providing for the conduct of its meetings, a majority of the members of any Committee of the Trustees shall constitute a quorum for the transaction of business (which quorum once validly established cannot be broken by Trustees withdrawing from the meeting), and any action of such a Committee may be taken by a vote of a majority of the members of such Committee (a) present at a meeting of such Committee (a quorum being present), including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time (participation by such means shall constitute presence in person at a meeting), or (b) evidenced by one or more written consents, including written consents submitted by mail, courier, e-mail, facsimile or other electronic means. Copies of such written consents shall be filed with the records of the proceedings of such Committee. Such consents shall be treated for all purposes as a vote taken at a meeting of such Committee. If in accordance with the provisions of the Declaration of Trust and these Bylaws any action is taken by written consents of less than all of the Committee’s members, then prompt notice of any such action shall be furnished to each member who did not execute such written consent, provided that the effectiveness of such action shall not be impaired by any delay or failure to furnish such notice.

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Except as specifically provided in the votes or charter constituting a Committee of the Trustees and providing for the conduct of its meetings, Section 2.3 of these Bylaws relating to special meetings shall govern the notice requirements for Committee meetings.

4.2 Authority of Trustees. The Trustees have the power to rescind any action of any Committee, but no such rescission shall have retroactive effect unless determined so by the Trustees.

ARTICLE 5

Reports

5.1 General. The Trustees and officers shall render reports at the time and in the manner required by the Declaration of Trust or any applicable law. Officers and Committees shall render such additional reports as they may deem desirable or as may from time to time be required by the Trustees.

ARTICLE 6

Fiscal Year

6.1 **General.**Except as from time to time otherwise provided by the Trustees, the fiscal year of the Trust shall end on June 30 in each year.

ARTICLE 7

Seal

7.1 General. The seal of the Trust, if any, shall consist of a flat-faced die with the word “Massachusetts”, together with the name of the Trust and the year of its organization cut or engraved thereon but, unless otherwise required by the Trustees, the seal need not be placed on, and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.

ARTICLE 8

Execution of Papers

8.1 General. Except as the Trustees may generally or in particular cases authorize the execution thereof in some other manner, all deeds, leases, contracts, checks, notes, drafts and other obligations made, accepted or endorsed by the Trust, and all registration statements and amendments thereto and all applications and amendments thereto to the Securities and Exchange Commission shall be signed by the Chair of the Trustees, the President, a Vice President or the Treasurer or any of such other officers or agents as shall be designated for that purpose by a vote of the Trustees, and need not bear the seal of the Trust.

ARTICLE 9

Issuance ofShares and Share Certificates

9.1 Sale of Shares. The Trustees may issue Shares for such consideration and on such terms as they may determine (or for no consideration if pursuant to a Share dividend or split up), all without action or approval of the Shareholders. All Shares when so issued on the terms determined by the Trustees shall be fully paid and non-assessable. In the case of Shares sold for securities, such securities shall be valued in accordance with procedures approved by the Trustees for determining the value of the assets of the Trust. The officers of the Trust are severally authorized to take all such actions as may be necessary or desirable to carry out this Section 9.1.

9.2 ShareCertificates. In lieu of issuing certificates for Shares, the Trustees or the transfer agent may either issue receipts therefor or may keep accounts upon the books of the Trust for the record holders of such Shares, who shall in either case be deemed, for all purposes hereunder, to be the holders of certificates for such Shares as if they had accepted such certificates and shall be held to have expressly assented and agreed to the terms hereof.

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The Trustees may at any time authorize the issuance of Share certificates. In that event, each Shareholder shall be entitled to a certificate stating the number of Shares of each class owned by him or her, in such form as shall be prescribed from time to time by the Trustees. Such certificate shall be signed by the President or a Vice President and by the Treasurer or an Assistant Treasurer. Such signatures may be facsimile if the certificate is signed by a transfer agent or by a registrar. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall cease to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were such officer at the time of its issue.

9.3 Loss of Certificates. The transfer agent of the Trust, with the approval of any two officers of the Trust, is authorized to issue and countersign replacement certificates for the Shares of the Trust which have been lost, stolen or destroyed upon (i) receipt of an affidavit or affidavits of loss or non-receipt and of an indemnity agreement executed by the registered holder or his or her legal representative and supported by an open penalty surety bond, said agreement and said bond in all cases to be in form and content satisfactory to and approved by the President or the Treasurer, or (ii) receipt of such other documents as may be approved by the Trustees.

9.4 Issuance of New Certificate to Pledgee. A pledgee of Shares transferred as collateral security shall be entitled to a new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of the pledgor shall be stated thereon, who alone shall be liable as a Shareholder and entitled to vote thereon.

9.5 Discontinuance of Issuance of Certificates. The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder whom the Trust believes to hold a Share certificate, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

ARTICLE 10

Shareholders

10.1 Call of a Meeting. The Secretary shall provide notice of a meeting of the Shareholders whenever ordered by the Trustees. If the Secretary, when so ordered or requested, refuses or neglects for more than 30 days to provide such notice, the Trustees so requesting may, in the name of the Secretary, call the meeting by giving notice thereof in the manner required when notice is given by the Secretary. Any previously scheduled meeting of Shareholders may be postponed or cancelled by the Trustees upon public notice given prior to the time previously scheduled for such meeting.

10.2 Adjournment. Any meeting of Shareholders may, by action of the chair of the meeting, be adjourned from time to time without notice other than announcement at the meeting at which the adjournment is taken with respect to one or more matters to be considered at such meeting, whether or not a quorum is present with respect to such matter. Upon motion of the chair of the meeting, the question of adjournment may be (but is not required by these Bylaws to be) submitted to a vote of the Shareholders, and in that case, any adjournment with respect to one or more matters must be approved by the vote of holders of a majority of the Shares present and entitled to vote with respect to the matter or matters adjourned and, if approved, such adjournment shall take place without further notice other than announcement at the meeting at which the adjournment is taken. Unless a proxy is otherwise limited in this regard, any Shares present and entitled to vote at a meeting, including any Shares that are represented by broker non-votes, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Any proposal for which sufficient favorable votes have been received may (but need not) be acted upon and considered final and effective regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal that is properly before the meeting.

10.3 Conduct of Meetings. Meetings of the Shareholders shall be presided over by the Chair of the Trustees, or, if the Chair is not present at the meeting, then by a Trustee, officer or other person designated by the Chair or authorized by the Trustees, or if there is no such person present at the meeting, then by any officer of the Trust present at the meeting, and such person shall be deemed for all purposes the chair of the meeting. The chair of the meeting shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chair, are necessary, appropriate or convenient for the proper conduct of the meeting, including, without limitation, establishing: an agenda or order of business for the meeting; rules and procedures for

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maintaining order at the meeting and the safety of those present; conditions on the recording of the meeting; limitations on participation in such meeting to Shareholders of record of the Trust and their duly authorized and constituted proxies, and such other persons as the chair shall permit; restrictions on entry to the meeting after the time fixed for the commencement thereof; limitations on the time allotted to questions or comments by participants; conditions for the removal of any Shareholder or any other person who refuses to comply with meeting procedures, rules or guidelines as set forth by the chair of the meeting; and regulations for the opening and closing of the polls for balloting on matters which are to be voted on by ballot. For any matter to be properly before any meeting of Shareholders, the matter must be a proper matter for Shareholder action under the Declaration of Trust, these Bylaws and applicable law and must be specifically identified in the notice of meeting given by or at the direction of a majority of the Trustees then in office or otherwise brought before the meeting by or at the direction of the chair of the meeting, in the chair’s sole discretion. With the exception of Shareholder proposals submitted in accordance with, and otherwise meeting the requirements of, Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor provisions, only matters proposed by the Trustees may be included in the Trust’s proxy materials. At all meetings of Shareholders, unless voting is conducted by inspectors, all questions relating to the qualification of voters and the validity of proxies and the acceptance or rejection of votes shall be decided by the chair of the meeting. The chair of the meeting shall determine, in the chair’s sole discretion, whether to appoint an inspector for any meeting. Unless otherwise determined by the chair of the meeting, meetings shall not be required to be held in accordance with any rules of parliamentary procedure.

10.4 Access to Shareholder List. Shareholders of record may apply in writing to the Trustees for assistance in communicating with other Shareholders in connection with any vote being taken to remove a Trustee for cause. With respect to any series as to which the Trust has given such an undertaking in its registration statement, and only such a series, or for any other series as the Trustees may determine in their sole discretion, when ten or more Shareholders of record who have been such for at least six months preceding the date of application and who hold in the aggregate Shares having a net asset value of at least $25,000 so apply, the Trustees shall within five business days either:

(i)	afford to such applicants access to a list of names and addresses of all Shareholders as recorded on the books<br>of the Trust; or
(ii)	inform such applicants of the approximate number of Shareholders of record and the approximate cost of mailing<br>material to them, and, within a reasonable time thereafter, mail, at the applicants’ expense, materials submitted by the applicants, to all such Shareholders of record. The Trustees shall not be obligated to mail materials which they believe<br>to be misleading or in violation of applicable law.
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10.5 Record Dates. For the purpose of determining the Shareholders of any class or series of Shares of the Trust who are entitled to vote or act at any meeting or any adjournment thereof, or who are entitled to receive payment of any dividend or of any other distribution, the Trustees (or their designees) may from time to time fix a time, which shall be not more than 120 days before the date of any meeting of Shareholders or more than 60 days before the date of payment of any dividend or of any other distribution, as the record date for determining the Shareholders of such class or series having the right to notice of and to vote at such meeting and any adjournment thereof or the right to receive such dividend or distribution, and in such case only Shareholders of record on such record date shall have such right notwithstanding any transfer of Shares on the books of the Trust after the record date; or without fixing such record date the Trustees may for voting and/or distribution purposes close the register or transfer books for one or more series or classes for all or any part of the period prior to a meeting of Shareholders or the payment of a distribution. Nothing in this Section shall be construed as precluding the Trustees from setting different record dates for different series or classes.

10.6 Communications with Shareholders. Any notices, reports, statements or other communications with Shareholders of any kind required under the Declaration of Trust, these Bylaws or applicable law may be sent, delivered or made available in any reasonable manner as may be determined by the Trustees or officers if not otherwise prohibited by applicable law, including, without limitation, by mail, courier, e-mail, facsimile or other electronic means or by posting on a website; and such communications may be sent, delivered or otherwise made available to Shareholders in accordance with householding or other similar rules under which a single copy of such notice or report may be sent to Shareholders who reside at the same address. No communication need be given to

6

any Shareholder who shall have failed to inform the Trust of the Shareholder’s current address and the Trustees may from time to time adopt, or may authorize the officers or agents of the Trust to adopt, procedures or policies with respect to communications to Shareholders that are returned to the Trust or its agents as undeliverable and similar matters. Any Shareholder may waive receipt of any notice or other communication.

10.7 Proxies. The placing of a Shareholder’s name on a proxy pursuant to telephonic or electronically transmitted instructions (including instructions submitted via the Internet) obtained pursuant to procedures reasonably designed to verify that such instructions have been authorized by such Shareholder shall constitute execution of such proxy by or on behalf of such Shareholder.

10.8 Quorum and Voting.

(a)	Subject to any provision of applicable binding law, the Declaration of Trust, these Bylaws or a resolution of<br>the Trustees specifying a greater or a lesser quorum requirement for the transaction of any item of business that properly comes before any meeting of Shareholders, 33 1/3% of the Shares entitled to vote on a particular matter shall constitute a<br>quorum at a Shareholders’ meeting, except that where any provision of applicable binding law, the Declaration of Trust, these Bylaws or a resolution of the Trustees requires that holders of any series or class shall vote as an individual<br>series or class, then, subject to any provision of applicable binding law, the Declaration of Trust, these Bylaws or a resolution of the Trustees specifying a greater or a lesser quorum requirement for the transaction of any item of business that<br>properly comes before any meeting of Shareholders, 33 1/3% of the aggregate number of Shares of that series or class entitled to vote shall constitute a quorum for the transaction of business by that series or class; provided, however, that a<br>majority of Shares entitled to vote in a Contested Election, with respect to the Trust, series or class, as applicable, shall constitute a quorum at a Shareholders’ meeting.
(b)	Subject to any provision of applicable binding law, the Declaration of Trust, these Bylaws or a resolution of<br>the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business that properly comes before any meeting of shareholders:
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(i)	with respect to the election of Trustees, (A) other than a Contested Election, the affirmative vote of a<br>plurality of the Shares for which votes were cast at any meeting at which a quorum is present shall be the act of the Shareholders with respect to such matter and (B) with respect to a Contested Election, the affirmative vote of a majority of<br>the Shares outstanding and entitled to vote with respect to such matter at such meeting shall be the act of the Shareholders with respect to such matter; and
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(ii)	for all other items of business, (A) if such business has been approved by a majority of the Trustees in<br>office at the time that such business is proposed, a majority of the Shares voted at a meeting at which a quorum is present shall be sufficient to approve the matter on which Shareholders are being asked to vote, and (B) if such business is<br>not approved by a majority of the Trustees in office at the time that such business is proposed, the affirmative vote of the holders of a majority of the outstanding Shares of the Trust entitled to be voted on such matter shall be required to<br>approve the matter on which Shareholders are being asked to vote.
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(c)	Where a separate vote of one or more classes or series of Shares is required on any matter by any provision of<br>applicable binding law, the Declaration of Trust, these Bylaws or a resolution of the Trustees, either (i) a plurality of all the votes cast by holders of Shares of such class or series of Shares at a meeting at which a quorum is present,<br>(ii) a majority of the Shares of such class or series of Shares voted on the matter at a meeting at which a quorum is present, or (iii) the affirmative vote of the holders of a majority of the outstanding Shares of such class or series of<br>Shares entitled to vote on the matter, as applicable and required by Section 10.8(b) above, shall be the act of the Shareholders of such class or series with respect to such matter.
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(d)	“Contested Election” shall mean any election of Trustees in which the number of persons nominated<br>for election as Trustees by Shares entitled to vote for such Trustees in accordance with Section 10.10 exceeds the number of Trustees to be elected by Shares entitled to vote for such Trustees, with the determination that any election of<br>Trustees is a Contested Election to be made by the Secretary or other officer of the Trust prior to the time the Trust mails its initial proxy statement in connection with such election of Trustees. If, prior to the time the Trust mails its initial<br>proxy statement in connection with such election of Trustees, one or more persons nominated for election as a Trustee by Shares entitled to vote for such Trustee are withdrawn or deemed to be ineligible pursuant to these Bylaws such that the number<br>of persons nominated for election as Trustee by Shares entitled to vote for such Trustee no longer exceeds the number of Trustees to be elected by Shares entitled to vote for such Trustees, such election shall not be considered a Contested Election.<br>The determination of whether an election is a Contested Election shall be made on a proposal-by-proposal basis and it is expressly acknowledged that, in the event<br>different classes or series of Shares are entitled to vote for different Trustees, a Contested Election may occur for some Trustee seats but not others at the same meeting of Shareholders.
(e)	There shall be no cumulative voting in the election of Trustees.
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10.9 Advance Notice of Shareholder Business.

(a)	In order for business to be properly brought before the annual meeting by any Shareholder of record of the<br>Trust, such Shareholder must:
(i)	be a Shareholder of record on the date such Shareholder gives the notice provided for in this Section 10.9<br>and on the record date for the determination of Shareholders entitled to notice of and to vote at such annual meeting;
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(ii)	have held beneficially and “at risk” (within the meaning of Section 10.9(d)(ii)(B)(5)),<br>continuously through the period between the dates referred to in Section 10.9(a)(i) above and for at least one year prior to the date such Shareholder gives the notice provided for in this Section 10.9, at least $25,000 in market value of<br>the Trust’s Shares;
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(iii)	provide proof sufficient to the Trustees that the Shareholder making a proposal under this Section 10.9<br>has met the requirements stated in Section 10.9(a)(ii) above; and
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(iv)	comply with the notice procedures set forth in this Section 10.9.
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(b)	In addition to any other applicable requirements, for business to be properly brought before an annual meeting<br>by a Shareholder, (i) the proposal must relate to a matter on which Shareholders are entitled to vote under the Declaration of Trust and (ii) the Shareholder of record making such proposal must have given timely notice thereof in proper<br>written form to the Secretary of the Trust.
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(c)	To be timely, a record Shareholder’s notice to the Secretary must be delivered to or be mailed and<br>received at the principal executive offices of the Trust not less than one hundred and twenty (120) days nor more than one hundred and fifty (150) days prior to the anniversary date of the date of the Trust’s proxy statement released<br>to shareholders in connection with the immediately preceding annual meeting of Shareholders; provided, however, that such proposals and nominations are due on the dates provided in the proxy statement from the Trust’s preceding annual meeting<br>of Shareholders to the extent they differ from those outlined in this Section 10.9(c); provided further, however, and notwithstanding the foregoing proviso, that in the event that the annual meeting is called for a date that is not within<br>thirty (30) days before or after the anniversary date of the immediately preceding annual meeting, notice by the Shareholder of record in order to be timely must be so received not later than the close of business on the tenth (10th) day<br>following the day on which such notice of the date of the annual meeting was mailed or such public disclosure of the date of the annual meeting was made, whichever first occurs. In no event shall the adjournment or postponement of an annual meeting,<br>or the public announcement of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a record Shareholder’s notice as described above.
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(d)	To be in proper written form, a record Shareholder’s notice to the Secretary must set forth the following<br>information:
(i)	as to each matter such Shareholder of record proposes to bring before the annual meeting, a brief description<br>of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, and
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(ii)	as to the record Shareholder giving notice and any other beneficial owner on whose behalf the proposal is being<br>made,
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(A)	the name and address of such person and of any Shareholder Associated Person;
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(B) (1)	the class or series and number of all Shares which are owned beneficially or of record by such person and any<br>Shareholder Associated Person;
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(2)	the name of each nominee holder of Shares owned beneficially but not of record by such person or any<br>Shareholder Associated Person, and the number of such Shares held by each such nominee holder,
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(3)	whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or<br>profit interest or other transaction has been entered into by or on behalf of such person, or any Shareholder Associated Person, with respect to Shares,
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(4)	whether and the extent to which any other transaction, agreement, arrangement or understanding (including any<br>short position or any borrowing or lending of Shares) has been made by or on behalf of such person, or any Shareholder Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of share<br>price changes for, such person, or any Shareholder Associated Person, or to increase or decrease the voting power or pecuniary or economic interest of such person, or any Shareholder Associated Person, with respect to Shares;
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(5)	Shares corresponding to any derivative instrument, swap, option, short interest, hedge, profit interest,<br>transaction agreement, arrangement or understanding (including any pledging or lending of shares) made or entered into by or on behalf of a person the effect or intent of which was or is to mitigate loss to or manage risk of beneficial share price<br>or value changes, shall not be considered to be held “at risk;”
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(C)	a description of all agreements, arrangements, or understandings (whether written or oral) between or among<br>such person, or any Shareholder Associated Person, and any other Person or Persons (including their names) in connection with the proposal of such business and any material interest of such person or any Shareholder Associated Person, in such<br>business, including any anticipated benefit therefrom to such person, or any Shareholder Associated Person;
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(D)	a representation that the Shareholder of record giving notice intends (1) to continue to hold the<br>requisite Shares beneficially and “at risk” (within the meaning of Section 10.9(d)(ii)(B)(5)) through the date of the annual meeting and (2) to appear in person or by proxy at the annual meeting to bring such business before<br>the meeting; and
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(E)	information relating to such person or any Shareholder Associated Person that would be required to be disclosed<br>in a proxy statement or other filing required to be made in connection with the solicitation of proxies by such person with respect to the proposed business to be brought by such person before the annual meeting pursuant to Section 14 of the<br>Exchange Act.
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(e)	A Shareholder of record providing notice of business proposed to be brought before an annual meeting shall<br>further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 10.9 shall be true and correct as of the record date for determining the Shareholders<br>entitled to receive notice of the annual meeting and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five business days after the record date<br>for determining the Shareholders entitled to receive notice of the annual meeting.
(f)	A Shareholder of record providing notice of business proposed to be brought before an annual meeting shall<br>provide any additional information as may be requested by the Trustees for the purposes of verifying that the requirements of this Section 10.9 have been met.
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(g)	No business (other than nominations for election to the Board of Trustees, which must comply with the<br>provisions of Section 10.10) sought by Shareholders to be brought before an annual meeting of Shareholders shall be conducted at the annual meeting of Shareholders except business brought before the annual meeting in accordance with the<br>procedures set forth in this Section 10.9. If the chair of an annual meeting determines that business was not properly brought before the annual meeting in accordance with the foregoing procedures, the chair shall declare to the meeting that<br>the business was not properly brought before the meeting and such business shall not be transacted.
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(h)	Nothing contained in this Section 10.9 shall be deemed to affect any rights of Shareholders to request<br>inclusion of proposals in the Trust’s proxy statement pursuant to Rule 14a-8 under the Exchange Act (or any successor provision of law).
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10.10	Nomination of Trustees.
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(a)	Only persons who are nominated in accordance with the following procedures shall be eligible for election as<br>Trustees of the Trust. Nominations of persons for election to the Board of Trustees may be made only at any annual meeting of Shareholders, or at any special meeting in lieu of the annual meeting of Shareholders:
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(i)	by or at the direction of the Board of Trustees (or any duly authorized committee thereof), or<br>
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(ii)	by any Shareholder of record, or group of Shareholders of record, of the Trust:
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(A)	who is a Shareholder or are Shareholders of record on the date such Shareholder(s) give the notice provided for<br>in this Section 10.10 and on the record date for the determination of Shareholders entitled to notice of and to vote at such annual meeting or special meeting in lieu of an annual meeting.
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(B)	who has held beneficially and “at risk” (within the meaning of Section 10.9(d)(ii)(B)(5)),<br>continuously through the period between the dates referred to in Section 10.10(a)(ii)(A) above and for at least one year prior to the date such Shareholder(s) give the notice provided for in this Section 10.10, at least $25,000 in market<br>value of the Trust’s Shares entitled to vote for the person so nominated;
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(C)	who has provided proof sufficient to the Trustees that the Shareholder making a proposal under this<br>Section 10.10 has met the requirements stated in Section 10.10(a)(ii)(A) above; and
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(D)	who complies with the notice procedures set forth in this Section 10.10.
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(b)	In addition to any other applicable requirements, for a nomination to be made by a Shareholder of record, or<br>group of Shareholders of record, such Shareholder must have given timely notice thereof in proper written form to the Secretary of the Trust.
(c)	To be timely, a record Shareholder’s notice to the Secretary must be delivered to or be mailed and<br>received at the principal executive offices of the Trust:
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(i)	in the case of an annual meeting, not less than one hundred and twenty (120) days nor more than one<br>hundred and fifty (150) days prior to the anniversary date of the date of the Trust’s proxy statement released to shareholders in connection with the immediately preceding annual meeting of Shareholders; provided, however, that such<br>proposals and nominations are due on the dates provided in the proxy statement from the Trust’s preceding annual meeting of Shareholders to the extent they differ from those outlined in this Section 10.10(c)(i); provided further, however,<br>and notwithstanding the foregoing, that in the event that the annual meeting is called for a date that is not within thirty (30) days before or after the anniversary date of the immediately preceding annual meeting, notice by the Shareholder of<br>record in order to be timely must be so received not later than the close of business on the tenth (10th) day following the day on which such notice of the date of the annual meeting was mailed or such public disclosure of the date of the annual<br>meeting was made, whichever first occurs;
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(ii)	in the case of a special meeting of Shareholders in lieu of an annual meeting, not later than the close of<br>business on the tenth (10th) day following the day on which notice of the date of the special meeting was mailed or public disclosure of the date of the special meeting was made, whichever first occurs; and
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(iii)	in no event shall the adjournment or postponement of an annual meeting or such a special meeting in lieu of an<br>annual meeting, or the public announcement of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a Shareholder’s notice as described above.
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(d)	To be in proper written form, a record Shareholder’s notice to the Secretary must set forth the following<br>information:
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(i)	as to each person whom the Shareholder of record proposes to nominate for election as a trustee (a<br>“Proposed Nominee”) and any Proposed Nominee Associated Person:
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(A)	the name, age, business address and residence address of such Proposed Nominee and of any Proposed Nominee<br>Associated Person;
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(B)	the principal occupation or employment of such Proposed Nominee;
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(C) (1)	the class or series and number of all Shares which are owned beneficially or of record, directly or indirectly,<br>by such Proposed Nominee and any Proposed Nominee Associated Person, and the name and address of the record holder(s) of such Shares (if different than the beneficial owner(s)) as they appear on the records of the Trust,
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(2)	the name of each nominee holder of Shares owned beneficially but not of record by such Proposed Nominee or any<br>Proposed Nominee Associated Person, and the number of such Shares held by each such nominee holder,
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(3)	whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or<br>profit interest or other transaction has been entered into by or on behalf of such Proposed Nominee, or any Proposed Nominee Associated Person, with respect to Shares,
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(4)	whether and the extent to which any other transaction, agreement, arrangement or understanding (including any<br>short position or any borrowing or lending of Shares) has been made by or on behalf of such Proposed Nominee, or any Proposed Nominee Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or<br>benefit of share price changes for, such Proposed Nominee, or any Proposed Nominee Associated Person, or to increase or decrease the voting power or pecuniary or economic interest of such Proposed Nominee, or any Proposed Nominee Associated Person,<br>with respect to the Shares;
(5)	For so long as the Trust shall remain registered as an investment company under the 1940 Act, a representation<br>as to whether such Proposed Nominee is an “interested person,” as defined under Section 2(a)(19) of the 1940 Act and sufficient information about the Proposed Nominee to permit counsel to the Trust to confirm such representation,<br>including information with respect to each relationship set forth in Section 2(a)(19) of the 1940 Act which may cause such Proposed Nominee to be an interested person of the Trust or a representation that no such relationship exists;<br>
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(6)	information to establish to the satisfaction of the Board of Trustees that the Proposed Nominee satisfies the<br>trustee qualifications then in effect;
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(D)	any other information relating to such Proposed Nominee or Proposed Nominee Associated Person that would be<br>required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of Trustees in an election contest pursuant to Section 14 of the Exchange Act (even if an election<br>contest is not involved); and
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(ii)	as to the Shareholder of record giving the notice and any other beneficial owner on whose behalf the nomination<br>is being made,
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(A)	the name and record address of such person and of any Shareholder Associated Person;
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(B) (1)	the class or series and number of all Shares which are owned beneficially or of record by such person and any<br>Shareholder Associated Person,
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(2)	the name of each nominee holder of Shares of the Trust owned beneficially but not of record by such person or<br>any Shareholder Associated Person, and the number of Shares held by each such nominee holder,
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(3)	whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or<br>profit interest or other transaction has been entered into by or on behalf of such person, or any Shareholder Associated Person, with respect to Shares of the Trust, and
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(4)	whether and the extent to which any other transaction, agreement, arrangement or understanding (including any<br>short position or any borrowing or lending of Shares) has been made by or on behalf of such person, or any Shareholder Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of share<br>price changes for, such person, or any Shareholder Associated Person, or to increase or decrease the voting power or pecuniary or economic interest of such person, or any Shareholder Associated Person, with respect to Shares;
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(C)	a description of all agreements, arrangements, or understandings (whether written or oral) between such person,<br>or any Shareholder Associated Person, and any proposed nominee or any other person or persons (including their names) pursuant to which the nomination(s) are being made by such person, and any material interest of such person, or any Shareholder<br>Associated Person, in such nomination, including any anticipated benefit therefrom to such person, or any Shareholder Associated Person;
(D)	a representation that the Shareholder, or group of Shareholders, giving notice intends (1) to continue to<br>hold the requisite Shares beneficially and “at risk” (within the meaning of Section 10.9(d)(ii)(B)(5)) through the date of the annual meeting and (2) to appear in person or by proxy at the annual meeting or special meeting in<br>lieu of an annual meeting to nominate the persons named in its notice;
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(E)	any other information relating to such person that would be required to be disclosed in a proxy statement or<br>other filings required to be made in connection with the solicitation of proxies for election of Trustees in an election contest pursuant to Section 14 of the Exchange Act (even if an election contest is not involved).
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(iii)	Such notice must be accompanied by a written consent of each Proposed Nominee to being named as a nominee and<br>to serve as a trustee if elected.
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(e)	A Shareholder of record, or group of Shareholders of record, providing notice of any nomination proposed to be<br>made at an annual meeting or special meeting in lieu of an annual meeting shall further update and supplement such notice, if necessary, so that:
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(i)	the information provided or required to be provided in such notice pursuant to this Section 10.10 shall be<br>true and correct as of the record date for determining the Shareholders entitled to receive notice of the annual meeting or special meeting in lieu of an annual meeting, and such update and supplement shall be delivered to or be mailed and received<br>by the Secretary at the principal executive offices of the Trust not later than five (5) business days after the record date for determining the Shareholders entitled to receive notice of such annual meeting or special meeting in lieu of an<br>annual meeting; and
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(ii)	any subsequent information reasonably requested by the Board of Trustees to determine that the Proposed Nominee<br>has met the trustee qualifications then in effect is provided, and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than five (5) business days<br>after the request by the Board of Trustees for subsequent information regarding trustee qualifications has been delivered to or mailed and received by such Shareholder of record, or group of Shareholders of record, providing notice of any<br>nomination.
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(f)	The written and signed certification of each Proposed Nominee that (a) all information regarding such<br>Proposed Nominee included in and/or accompanying the Shareholder’s notice is true, complete and accurate, (b) such Proposed Nominee is not, and will not become a party to, any agreement, arrangement or understanding (whether written or<br>oral) with any person other than the Trust in connection with service or action as a Trustee of the Trust that has not been disclosed to the Trust, (c) the Proposed Nominee satisfies the qualifications of persons nominated or seated as Trustees<br>as set forth in this Section 10.10 at the time of their nomination, and (d) such Proposed Nominee will continue to satisfy the qualifications of persons nominated or seated as Trustees as set forth in this Section 10.10 at the time of<br>their election, if elected.
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(g)	In addition:
(i)	Each Proposed Nominee and/or any nominating Shareholder shall furnish any other information as the Trustees may<br>reasonably request regarding any such Proposed Nominee and/or such nominating Shareholder, and such other information shall be received by the Secretary at the principal executive offices of the Trust not later than seven (7) calendar days<br>after the first request by or on behalf of the Trustees for such other information was sent to such Shareholder, group of Shareholders or Proposed Nominee. Any request for any such other information that is not answered in a reasonably complete,<br>accurate, diligent and good faith manner, or that is not timely received by the Trust in accordance with this Section 10.10, will render the nomination ineffective for failure to satisfy the requirements of these Bylaws.
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(ii)	Without limiting the foregoing, each Proposed Nominee shall, as required by the Trustees, complete and duly<br>execute a questionnaire (which questionnaire shall be provided by the Trust) (the “Questionnaire”); any Questionnaire that is not completed in a reasonably complete, diligent, accurate and good faith manner, or that is not duly executed<br>and received by the Secretary of the Trust at the principal executive offices of the Trust not later than seven (7) calendar days after the Trustees or their designee first sends the Questionnaire to such Proposed Nominee, will render the<br>nomination ineffective for failure to satisfy the requirements of these Bylaws.
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(iii)	Each Proposed Nominee shall, if required by the Trustees in their sole discretion, sit for an interview with<br>one or more Trustees or their representatives, which interview may, in the discretion of the Trustees be conducted by means of remote communication. Refusal by a Proposed Nominee to participate in such interview if required by the Trustees will<br>render the nomination ineffective for failure to satisfy the requirements of these Bylaws.
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(iv)	Each Proposed Nominee shall, as required by the Trustees, consent to and cooperate with a background screening<br>conducted by a background screening company with experience in conducting background screenings of public company directors selected by the Trustees. Refusal by a Proposed Nominee to cooperate with such a background screening will render the<br>nomination ineffective for failure to satisfy the requirements of these Bylaws.
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(v)	Each Proposed Nominee shall certify such Proposed Nominee’s agreement to comply with Board policies.<br>Refusal by a Proposed Nominee to agree to such Board policies will render the nomination ineffective for failure to satisfy the requirements of these Bylaws.
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(vi)	Each Proposed Nominee shall not be an employee, officer, partner, member, director or 5% or greater stockholder<br>in any investment adviser (other than the Trust’s investment adviser or any investment adviser affiliated with the Trust’s investment adviser), collective investment vehicle primarily engaged in the business of investing in<br>“investment securities” (as defined in the 1940 Act) (an “investment company”) or entity controlling or controlled by any investment adviser (other than the Trust’s investment adviser or any investment adviser<br>affiliated with the Trust’s investment adviser) or investment company unless a majority of the Board of Trustees shall have determined by resolution that such relationship will not present undue conflicts or impede either the ability of the<br>individual to discharge the duties of a Trustee or the free flow of information between the Trustee’s investment adviser and the Board of Trustees.
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(h)	No person shall be eligible for election as a trustee of the Trust unless nominated in accordance with the<br>procedures set forth in this Section 10.10. If the chair of the meeting determines that a nomination was not made in accordance with the foregoing procedures, the chair shall declare to the meeting that the nomination was defective and such<br>defective nomination shall be disregarded.
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(i)	Notwithstanding any provision of this Section 10.10 to the contrary, a nomination of persons for election<br>to the Board of Trustees may be submitted for inclusion in the Trust’s proxy materials to the extent required by rules adopted by the SEC providing for such nominations and inclusion and interpretations thereof, if any, and, if such nomination<br>is submitted under the proxy access rules, such submission:
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(i)	in order to be timely, must be delivered to, or be mailed and received by, the Secretary at the principal<br>executive offices of the Trust no later than 120 calendar days before the date that the Trust mailed (or otherwise disseminated) its proxy materials for the prior year’s annual meeting (or such other date as may be set forth in the proxy<br>access rules for companies without advance notice bylaws);
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(ii)	in all other respects, must be made pursuant to, and in accordance with, the terms of the proxy access rules,<br>as in effect at the time of the nomination, or any successor rules or regulations of the SEC then in effect; and
(iii)	must provide the Trust with any other information required by this Section 10.10, by applicable binding<br>law, the Declaration or a resolution of the Trustees for nominations not made under the proxy access rules, except to the extent that requiring such information to be furnished is prohibited by the proxy access rules. The provisions of this<br>paragraph of this Section 10.10 do not provide Shareholders of the Trust with any rights, nor impose upon the Trust any obligations, other than the rights and obligations set forth in the proxy access rules.
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(j)	Only persons satisfying the following qualification requirements applicable to all Trustees may be nominated,<br>elected, appointed, qualified or seated (“nominated or seated”) to serve as Trustees; however, a majority of the Independent Trustees may waive any of the following qualification requirements for particular nominees or Trustees for good<br>cause shown.
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(i)	An individual nominated or seated as a Trustee shall be at least<br>twenty-one (21) years of age and not older than the younger of (A) any mandatory retirement age determined from time to time by the Trustees or a committee of the Trustees and (B) eighty (80)<br>years of age, in each case at the time the individual is nominated or seated, and not under legal disability;
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(ii)	An individual nominated or seated as a Trustee shall have substantial expertise, experience or relationships<br>relevant to the business or operations of the Trust;
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(iii)	An individual nominated or seated as a Trustee shall, at the time the individual is nominated or seated, serve<br>as a trustee or director of no more than 3 companies having securities registered under the Exchange Act (investment companies having the same investment adviser or investment advisers affiliated through a control relationship shall all be counted<br>as a single company for this purpose) unless the Board determines that such simultaneous service would not impair the ability of such individual to serve on the Board effectively;
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(iv)	An individual nominated or seated as a Trustee shall not have a relationship, hold any position or office or<br>otherwise engage in, or have engaged in, any activity that would result in a violation of any policy of the Trust or raise any material conflicts of interest issues if the individual were elected as a Trustee;
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(v)	An individual nominated or seated as a Trustee shall not have been charged (unless such charges were dismissed<br>or the individual was otherwise exonerated) with a criminal offense involving moral turpitude, dishonesty or breach of trust, or have been convicted or have pled guilty or nolo contendere with respect to a serious felony under the laws of the<br>United States or any state thereof;
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(vi)	An individual nominated or seated as a Trustee shall not be and shall not have been subject to any censure,<br>order, consent decree (including consent decrees in which the respondent has neither admitted nor denied the findings) or adverse final action of any federal, state or foreign governmental or regulatory authority (including self-regulatory<br>organizations), barring or suspending such individual from participation in or association with any investment-related business or restricting such individual’s activities with respect to any investment-related business (collectively,<br>“Prohibited Conduct”), nor shall an individual nominated or seated as a Trustee be the subject of any investigation or proceeding that could reasonably be expected to result in an individual nominated or seated as a Trustee failing to<br>satisfy the requirements of this paragraph, nor shall any individual nominated or seated as a Trustee be or have engaged in any conduct which has resulted in, or could have reasonably been expected or would reasonably be expected to result in, the<br>SEC censuring, placing limitations on the activities, functions, or operations of, suspending, or revoking the registration of any investment adviser under Section 203(e) or (f) of the Investment Advisers Act of 1940;<br>
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(vii)	An individual nominated or seated as a Trustee shall not be and shall not have been the subject of any of the<br>ineligibility provisions contained in Section 9(b) of the 1940 Act that would permit, or could reasonably have been expected or would reasonably be expected to permit, the SEC by order to prohibit, conditionally or unconditionally, either<br>permanently or for a period of time, such individual from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or<br>affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of such investment adviser, depositor, or principal underwriter;
(viii)	An individual nominated or seated as a Trustee shall not be and shall not have been the subject of any of the<br>ineligibility provisions contained in Section 9(a) of the 1940 Act that would result in, or could have reasonably been expected or would reasonably be expected to result in such individual or a company of which such individual is an affiliated<br>person (as defined in Section 2(a)(3) of the 1940 Act) being ineligible to serve or act in the capacity of employee, officer, director, member of an advisory board, investment adviser, or depositor of any registered investment company, or<br>principal underwriter for any registered investment company, registered unit investment trust, or registered face-amount certificate company;
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(ix)	An individual nominated or seated as a Trustee shall not serve or have served within the past three years as a<br>board member of any registered closed-end investment company which, while such individual was serving as a board member or within one year after the end of such service, ceased to be a closed-end investment company registered under the 1940 Act, unless such individual was initially nominated for election as a board member by the board of directors or trustees of such<br>closed-end investment company;
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(x)	An individual nominated or seated as a Trustee shall not cause the Trust to be in violation of, or not in<br>compliance with, applicable law, regulation or regulatory interpretation, or the Declaration of Trust or these Bylaws, or any general policies adopted by the Board of Trustees;
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(xi)	An individual nominated or seated as an Independent Trustee may not be an “interested person” of<br>the Trust as defined under Section 2(a)(19) of the 1940 Act;
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(xii)	An individual nominated or seated as a Trustee may not directly or indirectly own, control or hold with the<br>power to vote, or be a member of a group of shareholders party to an agreement, arrangement or practice for sharing information or decisions concerning shareholder actions or the acquisition, disposition or voting of Shares, who together directly or<br>indirectly own, control or hold with the power to vote, 5% or more of the outstanding shares of any class of Shares of the Trust (each such person and each member of such a group, a “5% Holder”), may not control or act in concert with a<br>5% Holder, and may not be an immediate family member of a 5% Holder or of a person who controls or acts in concert with a 5% Holder;
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(xiii)	An individual nominated or seated as a Trustee may not, and any immediate family member of such nominee may<br>not, be employed or have been employed within the last year by any 5% Holder or any person who controls, is controlled by, is under common control with or acts in concert with a 5% Holder;
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(xiv)	An individual nominated or seated as a Trustee may not, and any immediate family member of such nominee may<br>not, have accepted directly or indirectly, during the year of the election for which such individual is nominated or seated or during the immediately preceding calendar year, any consulting, advisory, or other compensatory fee from any 5% Holder or<br>from any person who controls, is controlled by, is under common control with or acts in concert with any 5% Holder;
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(xv)	An individual nominated or seated as a Trustee may not, and any immediate family member of such nominee may<br>not, be an officer, director, general partner or managing member (or person performing similar functions) of any 5% Holder or of any person who controls, is controlled by, is under common control with or acting in concert with a 5% Holder;<br>
(xvi)	An individual nominated or seated as a Trustee may not, and any immediate family member of such nominee may<br>not, be employed or employed within the last year by any investment company or any company or companies controlled by an investment company which in the aggregate own (A) more than three percent (3%) of the outstanding voting Shares of the<br>Trust, (B) securities issued by the Trust having an aggregate value in excess of five percent (5%) of the total assets of such investment company and any company or companies controlled by such investment company, (C) securities issued by<br>the Trust and by all other investment companies having an aggregate value in excess of ten percent (10%) of the total assets of the investment company making such investment and any company or companies controlled by the investment company making<br>such investment, or (D) together with other investment companies having the same investment adviser and companies controlled by such investment companies, more than ten percent (10%) of the total outstanding Shares of the Trust (an investment<br>company making such investment(s) and any company or companies controlled by it in the aggregate owning securities in excess of the amounts set forth in (A), (B), (C) or (D) being referred to as a “12(d) Holder”), or by any person<br>who controls, is controlled by, under common control with or acts in concert with a 12(d) Holder;
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(xvii)	An individual nominated or seated as a Trustee may not, and any immediate family member of such nominee may<br>not, have accepted directly or indirectly, during the year of the election for which such individual is nominated or seated, or during the immediately preceding calendar year, any consulting, advisory, or other compensatory fee from any 12(d) Holder<br>or from any person who controls, is controlled by, is under common control with or acts in concert with any 12(d) Holder;
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(xviii)	An individual nominated or seated as a Trustee may not, and any immediate family member of such nominee may<br>not, be an officer, director, partner or member (or person performing similar functions) of any 12(d) Holder or of any person who controls, is controlled by, is under common control with or acting in concert with a 12(d) Holder;<br>
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(xix)	An individual nominated or seated as a Trustee may not, and any immediate family member of such nominee may<br>not, control or act in concert with any 12(d) Holder or any person who controls, is controlled by, is under common control with or acting in concert with a 12(d) Holder; and
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(xx)	An individual nominated or seated as a Trustee shall have such other qualifications as the Board of Trustees<br>may deem necessary or desirable for service as a Trustee generally or to hold any particular Trustee seat.
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(k)	The Governance and Compliance Committee of the Board of Trustees, in its sole discretion, shall determine<br>whether an individual satisfies the qualifications set forth in this Section 10.10 and, absent designation by the Shareholder providing notice pursuant to this Section 10.10, the class(es) or series of Shares entitled to vote with respect<br>to the election of a Proposed Nominee. Any individual not nominated by the Governance and Compliance Committee of the Board of Trustees shall be deemed not to satisfy the foregoing qualifications until the Governance and Compliance Committee shall<br>have concluded its review and adopts a resolution setting forth an affirmative determination that such individual satisfies the foregoing qualifications or grants any necessary waiver therefrom. Any waiver may be subject to conditions or required<br>undertakings. Any individual who does not satisfy the qualifications set forth in this Section 10.10, unless waived by the Governance and Compliance Committee, shall not be eligible to be (x) nominated or seated as a Trustee,<br>(y) named in any proxy card or proxy statement related to the election of Trustees or (z) presented at any meeting of Shareholders for election as a Trustee. The selection and nomination, or recommendation for nomination by the Board of<br>Trustees, of candidates for election by the Governance and Compliance Committee shall be deemed to be its determination such qualifications are satisfied or waived for such candidate.
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10.11 Action Without a Meeting. Any action required or permitted to be taken by Shareholders at a meeting of Shareholders may be taken without a meeting if (a) all Shareholders entitled to vote on the matter consent to the action in writing, (b) all Shareholders entitled to notice of the meeting but not entitled to vote at it sign a written waiver of any right to dissent and (c) the consents and waivers are filed with the records of the meetings of Shareholders.

ARTICLE 11

11.1 Inspection ofBooks. The Trustees shall from time to time determine whether and to what extent, at what times and places and under what conditions and regulations any of the accounts and books of the Trust or any series thereof shall be open to the inspection of the Shareholders, and no Shareholder shall have any right to inspect any account or book or document of the Trust or any series thereof except as conferred by law or otherwise by the Trustees or by these Bylaws.

ARTICLE 12

Amendmentsto the Bylaws

12.1 General. These Bylaws may be amended or repealed, in whole or in part, by a majority of the Trustees then in office at any meeting of the Trustees, or by written consent in lieu thereof. These Bylaws may not be amended by Shareholders.

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