Limited Term of Existence/Merger. Subject to Section 3(c) below, the Trust shall have a limited period of existence and shall dissolve at the close of business on December 31, 2024 (“Termination Date”) or, if applicable, the Extended Termination Date (as defined below), except that the Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, cause the Trust to (i) merge or consolidate with or into one or more trusts or corporations (or series or classes thereof to the extent permitted by law), partnerships, associations, or other business entities (including open-end companies, trusts, partnerships, associations, corporations or other business entities created by the Trustees to accomplish such merger or consolidation) during the six-month period prior to the Termination Date, or, if applicable, the Extended Termination Date (as defined below), so long as the surviving or resulting entity is an open-end investment company as defined in the 1940 Act, or is a series thereof, managed by the same investment adviser which serves as the investment adviser to the Trust at that time or is an affiliate of such investment adviser, that will succeed to or assume the Trust’s registration under the 1940 Act and that is formed, organized, or existing under the laws of the United States or of a state, commonwealth, possession or territory of the United States, unless otherwise permitted under the 1940 Act; or (ii) convert the Trust from a closed-end company to an open-end company, under the Trust’s registration under the 1940 Act.
