<SEC-DOCUMENT>0001752724-21-001671.txt : 20210112
<SEC-HEADER>0001752724-21-001671.hdr.sgml : 20210112
<ACCEPTANCE-DATETIME>20210112160253
ACCESSION NUMBER:		0001752724-21-001671
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20201031
FILED AS OF DATE:		20210112
DATE AS OF CHANGE:		20210112
EFFECTIVENESS DATE:		20210112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ADVENT CONVERTIBLE & INCOME FUND
		CENTRAL INDEX KEY:			0001219120
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21309
		FILM NUMBER:		21523546

	BUSINESS ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 W. MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVENT CLAYMORE CONVERTIBLE SECURITIES & INCOME FUND
		DATE OF NAME CHANGE:	20030219
</SEC-HEADER>
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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>2
<FILENAME>Amendedbylawsavk.htm
<DESCRIPTION>AMENDED BY-LAWS
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THIRD AMENDED AND RESTATED</B></P>

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

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

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase">Advent
Convertible and Income Fund</FONT></P>

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

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

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

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



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

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

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



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

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="width: 10%; text-align: left">Section 1.1&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 80%; text-align: left">Chairman</TD>
    <TD STYLE="width: 10%; text-align: right">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 1.2&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Proxies; Voting</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 1.3&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Fixing Record Dates</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 1.4&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Inspectors of Election</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 1.5&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Records at Shareholder Meetings</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 1.6&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Notice of Shareholder Business and Nominations</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 1.7&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Special Shareholders Meetings</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 1.8&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Conduct of Meetings.</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 1.9&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Adjourned Meeting</TD>
    <TD STYLE="text-align: right">18</TD></TR>
</TABLE>

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

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

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

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



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

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; width: 10%">Section 2.1&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; width: 80%">Annual and Regular Meetings</TD>
    <TD STYLE="text-align: right; width: 10%">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 2.2&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Chairman</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 2.3&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Qualifications</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 2.4&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Standard of Care</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 2.5&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Governance</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 2.6&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Records</TD>
    <TD STYLE="text-align: right">22</TD></TR>
</TABLE>

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

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

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

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



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

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; width: 10%">Section 3.1&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; width: 80%">Officers of the Trust</TD>
    <TD STYLE="text-align: right; width: 10%">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 3.2&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Election and Tenure</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 3.3&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Removal of Officers</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 3.4&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Bonds and Surety</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 3.5&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">President, and Vice Presidents</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 3.6&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Secretary</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 3.7&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Treasurer</TD>
    <TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 3.8&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Other Officers and Duties</TD>
    <TD STYLE="text-align: right">24</TD></TR>
</TABLE>

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

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

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

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

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



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

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; width: 10%">Section 4.1&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; width: 80%">Depositories</TD>
    <TD STYLE="text-align: right; width: 10%">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 4.2&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Signatures</TD>
    <TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 4.3&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Seal</TD>
    <TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 4.4&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Disclosure of Holdings</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 4.5&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Governing Law</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 4.6&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Provisions in Conflict with Law or Regulations</TD>
    <TD STYLE="text-align: right">25</TD></TR>
</TABLE>

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

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

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

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



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

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; width: 10%">Section 5.1&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; width: 80%">Transfer Agents, Registrars and the Like</TD>
    <TD STYLE="text-align: right; width: 10%">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left">Section 5.2&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Transfer of Shares</TD>
    <TD STYLE="text-align: right">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left">Section 5.3&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">Registered Shareholders</TD>
    <TD STYLE="text-align: right">26</TD></TR>
</TABLE>

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

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

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

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



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

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; width: 10%">Section 6.1&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; width: 80%">Amendment and Repeal of By-Laws</TD>
    <TD STYLE="text-align: right; width: 10%">26</TD></TR>
</TABLE>

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

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

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

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



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

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="text-align: left; width: 10%">Section 7.1&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left; width: 80%">Forum for Adjudication of Certain Disputes</TD>
    <TD STYLE="text-align: right; width: 10%">26</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Advent
Convertible and Income Fund</B></FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">These Third Amended and Restated
By-Laws are made and adopted pursuant to Section 3.9 of the Agreement and Declaration of Trust establishing Advent Convertible
and Income Fund dated as of February 19, 2003, as from time to time amended (hereinafter called the &ldquo;<U>Declaration</U>&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">All words and terms capitalized
in these By-Laws and not defined herein shall have the meaning or meanings set forth for such words or terms in the Declaration.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">As used in these By-Laws,
the following term shall have the meanings ascribed to them:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>12(d) Holder</U>&rdquo;
shall mean any investment fund (as defined herein) or any company or companies controlled by such investment fund which in the
aggregate own beneficially or of record (A) more than three percent (3%) of the outstanding voting Shares of the Trust, (B) securities
issued by the Trust having an aggregate value in excess of five percent (5%) of the total assets of such investment fund and any
company or companies controlled by such investment fund, (C) securities issued by the Trust and by all other investment funds
having an aggregate value in excess of ten percent (10%) of the total assets of the investment fund making such investment and
any company or companies controlled by the investment fund making such investment, or (D) together with other investment funds
having the same investment adviser and companies controlled by such investment funds, more than ten percent (10%) of the total
outstanding Shares of the Trust (an investment fund 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), but excluding any investment fund
managed by the Trust&rsquo;s investment adviser or servicing agent or an investment adviser in a control relationship with the
Trust&rsquo;s investment adviser or servicing agent, being referred to as a &ldquo;12(d) Holder&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>5% Holder</U>&rdquo;
shall mean an affiliated person of another person within the meaning of section 2(a)(3)(A) or section 2(a)(3)(B) of the 1940 Act.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>beneficial owner</U>&rdquo;
of a security shall mean any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise (A) has or shares: (1) voting power which includes the power to vote, or to direct the voting of, such security; and/or,
(2) investment power which includes the power to dispose, or to direct the disposition, of such security or (B) owns, controls
or holds with power to vote such security. A Person shall be deemed to be the beneficial owner of shares if that Person has the
right to acquire beneficial ownership of such shares at any time, whether or not within sixty days of the date of such determination.
&ldquo;Beneficially own,&rdquo; &ldquo;own beneficially&rdquo; and related terms shall have correlative meaning.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>control</U>&rdquo;
shall mean the power to exercise a controlling influence over a Person, which in the case of a company means the power to exercise
a controlling influence over the management or policies of such company, unless such power is solely the result of an official
position with such company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>control relationship</U>&rdquo;
with respect to any Person shall mean control over such Person, being controlled by such Person or being under common control with
such Person.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>director</U>&rdquo;
shall mean any director of a corporation or any Person performing similar functions with respect to any organization, whether incorporated
or unincorporated, including any natural Person who is a member of a board of trustees of any organization that is a statutory
or common-law trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Disclosable Relationship</U>&rdquo;
with respect to another Person means (A) the existence at any time during the current calendar year or at any time within the two
most recently completed calendar years of any agreement, arrangement, understanding (whether written or oral) or practice, including
the sharing of information, decisions or actions, of a Person with such other Person with respect to the Trust or Shares, (B) the
beneficial ownership of securities of any Person known by such Person to beneficially own Shares and of which such Person knows
such other Person also beneficially owns any securities, (C) sharing beneficial ownership of any securities with such other Person,
(D) being an immediate family member of such other Person, (E) the existence at any time during the current calendar year or at
any time within the two most recently completed calendar years of a material business or professional relationship with such other
Person or with any Person of which such other Person is a 5% Holder, officer, director, trustee, general partner, manager, managing
member or employee or (F) controlling, being controlled by or being under common control with such other Person.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Exchange Act</U>&rdquo;
shall mean the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>immediate family
member</U>&rdquo; shall mean any parent, child, spouse, spouse of a parent, spouse of a child, brother or sister (including step
and adoptive relationships).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Independent Trustee</U>&rdquo;
shall mean a Trustee that is not an &ldquo;interested person,&rdquo; as defined in Section 2(a)(19) of the 1940 Act, of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>investment fund</U>&rdquo;
shall mean any collective investment vehicle, including the Trust, primarily engaged in the business of investing in &quot;investment
securities&quot; (as defined in the 1940 Act).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>nominated or seated</U>&rdquo;
shall have the meaning set forth in Section 2.3 of these By-Laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Proposed Nominee</U>&rdquo;
shall have the meaning set forth in Section 1.6(a)(iv)(c) of these By-Laws.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Proposed Nominee
Associate</U>&rdquo; of any Proposed Nominee shall mean any Person who has a Disclosable Relationship with such Proposed Nominee.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>public announcement</U>&rdquo;
shall include, but not be limited to, disclosure in a press release reported by the Dow Jones News Service, Associated Press or
other national news service or in a document publicly filed by the Trust with the Securities and Exchange Commission pursuant to
Section 13, 14 or 15(d) of the Exchange Act.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Questionnaire</U>&rdquo;
shall mean the Trust&rsquo;s form of annual trustee questionnaire, as supplemented from time to time, containing questions intended
to, among other things, identify and evaluate potential conflicts of interest, obtain information needed to prepare regulatory
filings, including registration statements, annual reports and proxy statements, determine whether a Trustee or a trustee nominee
is an &ldquo;interested person&rdquo; of the Trust (as defined in section 2(a)(19) of the 1940 Act), update records, and otherwise
comply with any applicable laws and regulations.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Shareholder Associate</U>&rdquo;
of any Shareholder or beneficial owner of Shares shall mean any Person who has a Disclosable Relationship with such Shareholder
or beneficial owner.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Special Meeting
Request</U>&rdquo; shall have the meaning set forth in Section 1.7(b) of these By-Laws.</P>

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Shareholder Meetings</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 1.1 <U>Chairman</U>.
The Trustees may designate a chairman for a meeting of the Shareholders in advance of the meeting, or may delegate the
determination of the chairman for the meeting to any one or more of the Trust&rsquo;s officers. Absent any such designation
or delegation, the Chairman, if any, shall act as chairman at all meetings of the Shareholders and in the Chairman&rsquo;s
absence, the Trustee or Trustees present at such meeting may elect a chairman for the meeting, who may be, but is not
required to be, a Trustee. The chairman for the meeting, whether it be the Chairman or some other individual designated in
accordance with this Section 1.1, may preside at the meeting via teleconference or videoconference.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 1.2 <U>Proxies; Voting</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
may vote either in person or by duly executed proxy and each full share represented at the meeting shall have one vote, all as
provided in Article 10 of the Declaration.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to any provision of applicable law, the Declaration, these By-Laws or a resolution of the Trustees specifying a greater or a lesser
vote requirement for the transaction of any item of business at any meeting of Shareholders, an affirmative Majority Shareholder
Vote shall be the act of the Shareholders with respect to any proposal of business brought before a meeting of Shareholders pursuant
to Section 1.6(a)(i)(C) of these By-Laws or Rule 14a-8 under the Exchange Act (or any successor provision of law).</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 1.3 <U>Fixing Record
Dates</U>. For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including
any adjournment or postponement thereof, or who are entitled to participate in any dividends, or for any other proper purpose,
the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3
of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books,
then the date on which mailing of notice of the meeting is commenced or the date upon which the dividend resolution is adopted,
as the case may be, shall be the record date.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 1.4 <U>Inspectors
of Election</U>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting
or any adjournment or postponement thereof. If Inspectors of Election are not so appointed, the chairman, if any, of any meeting
of Shareholders may appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or
three. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled
by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the chairman of the meeting.
The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting, the existence
of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine
all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents,
determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders.
If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the
decision, act or certificate of all. On request of the chairman, if any, of the meeting, the Inspectors of Election shall make
a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found
by them.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 1.5 <U>Records
at Shareholder Meetings</U>. At each meeting of the Shareholders, there shall be made available for inspection at a
convenient time and place during normal business hours, if requested by Shareholders for a purpose germane to the meeting,
the minutes of the last previous Annual or Special Meeting of Shareholders of the Trust and a list of the Shareholders of the
Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of
Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned
by such Shareholder, and shall not be required to contain any other information. Any determination made by the Trustees, or
by the Trust&rsquo;s officers pursuant to delegated authority, as to the convenience of any such time and place, or as to
whether any such request is for a purpose germane to the meeting, shall be deemed conclusive and any Shareholder challenging
such determination shall have the burden of proving that the Trustees or the officers, as the case may be, acted in bad faith
in making any such determination.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Shareholders shall have such
other rights of inspection of the books and records of the Trust as are granted to shareholders of a Delaware business corporation
pursuant to section 220 of the Delaware General Corporation Law (or any successor provision of law), subject to the procedures
and requirements applicable to shareholders of a Delaware business corporation pursuant to section 220 of the Delaware General
Corporation Law (or any successor provision of law); provided, however, that (i) the Trustees or the officers may require any Person
to whom access to the Trust&rsquo;s books and records is granted to enter into a confidentiality agreement on terms acceptable
to the Trustees or the officers in their sole discretion; (ii) the Trustees or the officers may require any Person to whom access
to the Trust&rsquo;s books and records is granted to pay the reasonable expenses associated with providing any such books and records
for inspection; (iii) any such inspection shall be conducted during normal business hours at the Trust&rsquo;s principal place
of business or at such other location or during such other hours as the Trustees or the officers, in their sole discretion, may
direct; and (iv) any determinations made by the Trustees or the officers related to a request to inspect the Trust&rsquo;s books
and records pursuant to the foregoing, including, but not limited to, whether such request is for a proper purpose, shall be conclusive
and any Shareholder challenging such determination shall have the burden of proving that the Trustees or the officers, as the case
may be, acted in bad faith in making any such determination.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 1.6 <U>Notice of
Shareholder Business and Nominations</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual
Meetings of Shareholders</I>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nominations
of individuals for election as a Trustee of the Trust and the proposal of other business to be considered by the Shareholders may
be made at an annual meeting of Shareholders only as set forth in this Section 1.6, and only:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant
to the Trust&rsquo;s notice of meeting (or any supplement thereto) given by or at the direction of the Board of Trustees or any
duly authorized committee thereof,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;otherwise
by or at the direction of the Board of Trustees or any duly authorized committee thereof,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
any one or more Shareholders of the Trust who (i) at the date of the giving of the notice provided for in this Section 1.6(a)(i)(C),
individually or in the aggregate, hold of record at least 3% of the Shares entitled to vote at the meeting on such election and
have held such Shares continuously for at least one year, and continuously hold such Shares through and including the time of the
annual meeting (including any adjournment or postponement thereof), (ii) are each a Shareholder of the Trust at the time the notice
provided for in this Section 1.6(a)(i)(C) is delivered to the Secretary of the Trust, on the record date for the determination
of Shareholders entitled to notice of and to vote at such annual meeting of Shareholders, and through and including the time of
the annual meeting (including any adjournment or postponement thereof), (iii) are each entitled to make nominations or proposals
and to vote at the meeting and (iv) comply with the notice procedures set forth in these By-Laws, or</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to business other than a nomination, by Shareholder that has notified the Trust of his, her or its intention to present
a proposal at the annual meeting in compliance with Rule 14a-8 promulgated under the Exchange Act (or any successor provision of
law) and which proposal has been included in a proxy statement that has been prepared by the Trust to solicit proxies for such
annual meeting of shareholders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any nominations or other business to be properly brought before an annual meeting by a Shareholder pursuant to Section 1.6(a)(i)(C),
the Shareholder must have given timely notice thereof in proper written form to the Secretary of the Trust and any such proposed
business (other than the nominations of individuals for election to the Trust) must constitute a proper matter for Shareholder
action.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be timely:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;except
as provided in subsection (B), a Shareholder&rsquo;s notice shall be delivered to the Secretary of the Trust at the principal executive
offices of the Trust (x) not earlier than the close of business on the one hundred fiftieth (150th) day prior to the first anniversary
of the preceding year&rsquo;s annual meeting and (y) not later than the close of business on the one hundred twentieth (120th)
day prior to the first anniversary of the preceding year&rsquo;s annual meeting;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the event that the date of the annual meeting is more than thirty (30) days before or more than seventy (70) days after the first
anniversary of the preceding year&rsquo;s annual meeting, a Shareholder&rsquo;s notice shall be delivered to the Secretary of the
Trust at the principal executive offices of the Trust (x) not earlier than the close of business on the one hundred fiftieth (150th)
day prior to the annual meeting, and (y) not later than the close of business on the later of (i) the one hundred twentieth (120th)
day prior to the annual meeting or (ii) the tenth (10th) day following the day on which public announcement of the date of the
annual meeting is first made by the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">In no event shall
the public announcement or announcement at the meeting of an adjournment or postponement of an annual meeting commence a new time
period (or extend any time period) for the giving of a Shareholder&rsquo;s notice as described above.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be in proper written form, such Shareholder&rsquo;s notice shall set forth:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to any business that the Shareholder proposes to bring before the meeting, a brief description of the business desired to be brought
before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration), the
reasons for conducting such business at the meeting and any material interest in such business of such Shareholder and the beneficial
owner, if any, on whose behalf the proposal is made; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
to the Shareholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
name and address of such Shareholder, as they appear on the Trust&rsquo;s books, and of such beneficial owner,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
class or series and number of Shares which are owned beneficially and of record by such Shareholder and such beneficial owner and
their respective Shareholder Associates,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
name of each nominee holder of Shares owned beneficially but not of record by such Shareholder and such beneficial owner and their
respective Shareholder Associates, and the number of such Shares held by each such nominee holder,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
description of any agreement, arrangement or understanding (whether written or oral) with respect to the nomination or proposal
between or among such Shareholder and such beneficial owner, any of their respective Shareholder Associates, and any others Person
or Persons, including the Proposed Nominee (including their names) in connection with the proposal of such business and any material
interest of such Person or any Shareholder Associate of such Person, in such business, including any anticipated benefit therefrom
to such Person, or any Shareholder Associate of such Person,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
description of any agreement, arrangement or understanding, whether written or oral (including any derivative or short positions,
profit interests, options, warrants, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares),
that has been entered into as of the date of the Shareholder&rsquo;s notice by, or on behalf of, such Shareholder and such beneficial
owners or their respective Shareholder Associates, the effect or intent of which is to mitigate loss to, manage risk or benefit
of share price changes for, or increase or decrease the voting power of, such Shareholder or such beneficial owner or their respective
Shareholder Associates, with respect to Shares of the Trust,</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
description of all commercial and professional relationships and transactions between or among such Shareholder and such beneficial
owners or their respective Shareholder Associates, and any other Person or Persons known to such Shareholder and such beneficial
owners or their respective Shareholders Associate to have a material interest in the matter that is the subject of such notice,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
representation that the Shareholder is a holder of record of Shares of the Trust entitled to vote at such meeting and intends to
appear in person or by proxy at the meeting to propose such business or nomination,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
representation whether the Shareholder or the beneficial owner, if any, intends or is part of a group which intends (a) to deliver
a proxy statement and/or form of proxy to holders of at least the percentage of the Trust&rsquo;s outstanding Shares required to
approve or adopt the proposal or elect the nominee and/or (b) otherwise to solicit proxies from Shareholders in support of such
proposal or nomination, and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other information relating to such Shareholder and such beneficial owner that would be required to be disclosed 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 Exchange Act and the rules and regulations
promulgated thereunder, whether or not the Shareholder submitting the notice intends to deliver a proxy statement or solicit proxies.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
to each individual whom the Shareholder proposes to nominate for election as a Trustee (a &ldquo;<U>Proposed Nominee</U>&rdquo;)
and each Proposed Nominee Associate of such Proposed Nominee:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
name, age, business address and residence address of such Proposed Nominee and each Proposed Nominee Associate of such Proposed
Nominee,</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
principal occupation or employment of such Proposed Nominee during the past five years,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
directorships, trusteeships or comparable positions held during the past five years,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
class or series and number of Shares which are owned beneficially and of record by such Proposed Nominee and each Proposed Nominee
Associate of such Proposed Nominee,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
name of each nominee holder of Shares owned beneficially but not of record by such Proposed Nominee and each Proposed Nominee Associate
of such Proposed Nominee, and the number of such Shares held by each such nominee holder,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
description of any agreement, arrangement or understanding, whether written or oral (including any derivative or short positions,
profit interests, options, warrants, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares),
that has been entered into as of the date of the Shareholder&rsquo;s notice by, or on behalf of, such Proposed Nominee and each
Proposed Nominee Associate of such Proposed Nominee, the effect or intent of which is to mitigate loss to, manage risk or benefit
of share price changes for, or increase or decrease the voting power of, such Proposed Nominee and each Proposed Nominee Associate
of such Proposed Nominee, with respect to Shares of the Trust,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
description of all agreements, arrangements, or understandings (whether written or oral) between such Proposed Nominee and any
Proposed Nominee Associate of such Proposed Nominee related to such nomination or any, and any material interest of such Proposed
Nominee Associate in, such nomination, including any anticipated benefit therefrom to such Proposed Nominee Associate,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
description of all agreements, arrangements, or understandings (whether written or oral) between such Proposed Nominee or any Proposed
Nominee Associate of such Proposed Nominee and the nominating Shareholder or any Shareholder Associate of such nominating Shareholder
related to such nomination, including with respect to the voting of any matters to come before the Board or any anticipated benefit
therefrom to the Proposed Nominee of any Proposed Nominee Associate of such Proposed Nominee,</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
description of all commercial and professional relationships and transactions between or among such Proposed Nominee or any Proposed
Nominee Associate, and any other Person or Persons known to such Proposed Nominee or Proposed Nominee Associate to have a material
interest in such nomination,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
representation as to whether such Proposed Nominee is an &ldquo;interested person,&rdquo; as defined under Section 2(a)(19) of
the 1940 Act, together with information regarding such individual that is sufficient, in the discretion of the Board of Trustees
or any committee thereof, to examine such representation,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
representation as to whether such Proposed Nominee meets all applicable legal requirements relevant to service as a Trustee, including,
but not limited to, the rules adopted by the principal listing exchange (if any) upon which Shares are listed, Rule 10A-3 under
the Exchange Act, Article 2-01 of Regulation S-X under the Exchange Act (17 C.F.R. &sect; 210.2-01) (with respect to the Trust&rsquo;s
independent registered public accounting firm) and any other criteria established by the 1940 Act related to service as a director/trustee
of a management investment company or the permitted composition of the board of directors/trustees of a management investment company,
together with information regarding such individual that is sufficient, in the discretion of the Board of Trustees or any committee
thereof, to examine such representation,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
representation that the Proposed Nominee satisfies the Trustee qualifications as set out in these By-Laws, together with information
regarding such individual that is sufficient, in the discretion of the Board of Trustees or any committee thereof, to examine such
representation,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other information relating to such Proposed Nominee that would be required to be disclosed in a proxy statement or other filings
required to be made in connection with solicitations of proxies for election of Trustees in a solicitation subject to Rule 14a-12(c)
of the Exchange Act, whether or not the Shareholder submitting the notice intends to deliver a proxy statement or solicit proxies
and whether or not an election contest is involved, and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 1.5in">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Proposed Nominee&rsquo;s written consent to being named as a nominee and to serving as a Trustee if elected.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice of a Shareholder&rsquo;s intent to nominate a Proposed Nominee must be accompanied by a certificate executed by the Proposed
Nominee certifying that such Proposed Nominee (a) is not, and will not become a party to, any agreement, arrangement or understanding
(whether written or 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, (b) will serve as a Trustee of the Trust if elected, and (c) satisfies the Trustee qualifications
as set out in Section 2.3 of these By-Laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may require any Proposed Nominee and/or any Shareholder of record nominating such Proposed Nominee to furnish any such other
information as it may reasonably request regarding any such Proposed Nominee and/or any such Shareholder of record nominating such
Proposed Nominee, 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 after the first request by or on behalf of the Board of Trustees for such other information
was sent to such Shareholder of record, group of Shareholders of record or Proposed Nominee. Any request for any such other information
that is not answered in a reasonably complete, accurate, diligent and good faith manner, or that is not timely received by the
Trust in accordance with this Section 1.6(a)(iv)(E), will render the nomination ineffective for failure to satisfy the requirements
of these By-Laws. If the same request for such other information is sent to multiple Persons, then the earliest such date and time
on which such request for information was sent shall apply for the purpose of determining compliance with this Section 1.6(a)(iv)(E).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may require any Proposed Nominee to complete and duly execute the Questionnaire; any Questionnaire that is not completed
in a reasonably complete, diligent, accurate and good faith manner, or that is not duly executed 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 Board of Trustees
or its designee first sends the Questionnaire to such Proposed Nominee or any Shareholder(s) of record nominating such Proposed
Nominee, will render the nomination ineffective for failure to satisfy the requirements of these By-Laws. If the Questionnaire
is sent to multiple Persons, then the earliest such date and time on which the Questionnaire was sent shall apply for the purpose
of determining compliance with this Section 1.6(a)(iv)(F).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(G)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trust may require any Proposed Nominee to consent to and cooperate with a background screening conducted by a background screening
company selected by the Board of Trustees or any committee thereof.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(H)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Shareholder providing notice of any nomination or other business proposed to be brought before an annual meeting of shareholders
shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such
notice pursuant to Section 1.6(a)(iv) shall be true and correct as of the record date for determining the Shareholders entitled
to receive notice of the annual meeting of Shareholders and such update and supplement shall be received by the Secretary at the
principal executive offices of the Trust not later than seven (7) calendar days after the record date for determining the Shareholders
entitled to receive notice of the annual meeting of Shareholders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
information submitted pursuant to this Section 1.6 by any Shareholder or Proposed Nominee shall be or become inaccurate in any
way, such information shall be deemed not to have been provided in accordance with this Section 1.6. Any such Shareholder or Proposed
Nominee shall notify the Trust in writing of any inaccuracy or change and update such information to cause it to be complete and
accurate, within seven (7) calendar days of becoming aware of such inaccuracy. If a Shareholder or Proposed Nominee fails to provide
such written notification and update within such period, the information that was or becomes inaccurate shall be deemed not to
have been provided in accordance with this Section 1.6 and, accordingly, will render the nomination ineffective for failure to
satisfy the requirements of these By-Laws. Upon written request by the Secretary of the Trust or the Board of Trustees, any such
Shareholder or Proposed Nominee shall provide, within seven (7) calendar days of the sending of such request (or such other period
as may be specified in such request), (A) written verification, satisfactory, in the discretion of the Board of Trustees or any
authorized officer of the Trust, to demonstrate the accuracy of any information submitted by the Shareholder or Proposed Nominee
pursuant to this Section 1.6, and (B) a written update of any information (including, if requested by the Trust, written confirmation
by such Shareholder that it continues to intend to bring such nomination) submitted by the Shareholder or the Proposed Nominee
pursuant to this Section 1.6 as of an earlier date. If a Shareholder or Proposed Nominee fails to provide such written verification
or written update within such period, the information as to which written verification or a written update was requested shall
be deemed not to have been provided in accordance with this Section 1.6 and, accordingly, will render the nomination ineffective
for failure to satisfy the requirements of these By-Laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(J)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing notice requirements of this Section 1.6 shall be deemed satisfied by a Shareholder with respect to business other than
a nomination if the Shareholder has notified the Trust of his, her or its intention to present a proposal at an annual or special
meeting in compliance with Rule 14a-8 promulgated under the Exchange Act (or any successor provision of law) and such Shareholder&rsquo;s
proposal has been included in a proxy statement that has been prepared by the Trust to solicit proxies for such annual or special
meeting.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Special
Meetings of Shareholders</I>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
meetings of Shareholders shall be called only as contemplated by Section 10.1 of the Declaration.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
such business shall be conducted at a special meeting of Shareholders as shall have been brought before the meeting pursuant to
the Trust&rsquo;s notice of meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nominations
of individuals for election to the Board of Trustees may be made at a special meeting of Shareholders at which Trustees are to
be elected pursuant to the Trust&rsquo;s notice of meeting only as set forth in this Section 1.6, and only:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pursuant
to the Trust&rsquo;s notice of meeting (or any supplement thereto) given by or at the direction of the Board of Trustees or any
duly authorized committee thereof,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;otherwise
by or at the direction of the Board of Trustees or any duly authorized committee thereof, or</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided
that the Board of Trustees has determined that Trustees shall be elected at such special meeting, by one or more Shareholders of
the Trust who (i) at the date of the giving of the notice provided for in this Section 1.6(b)(iii)(C), individually or in the aggregate,
hold of record at least 3% of the Shares entitled to vote at the meeting on such election and have held such Shares continuously
for at least one year, and continuously hold such Shares through and including the time of the annual meeting (including any adjournment
or postponement thereof), (ii) are each a Shareholder of the Trust at the time the notice provided for in this Section 1.6(b)(iii)(C)
is delivered to the Secretary of the Trust, on the record date for the determination of Shareholders entitled to notice of and
to vote at such special meeting of Shareholders, and through and including the time of the annual meeting (including any adjournment
or postponement thereof), (iii) are each entitled to make nominations and to vote at the meeting and (iv) comply with the notice
procedures set forth in these By-Laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event a special meeting of Shareholders is called pursuant to Section 10.1 of the Declaration for the purpose of electing one
or more Trustees to the Board of Trustees, for any nominations to be properly brought before such special meeting by a Shareholder
pursuant to Section 1.6(b)(iii)(C), the Shareholder must have given timely notice thereof in proper written form to the Secretary
of the Trust.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be timely, a Shareholder&rsquo;s notice of a nomination for election to the Board of Trustees at a special meeting of Shareholders
at which Trustees are to be elected pursuant to the Trust&rsquo;s notice of meeting shall be delivered to the Secretary of the
Trust at the principal executive offices of the Trust (x) not earlier than the close of business on the one hundred fiftieth (150<SUP>th</SUP>)
day prior to such special meeting and (y) not later than the close of business on the later of (i) the one hundred twentieth (120<SUP>th</SUP>)
day prior to such special meeting or (ii) the tenth (10<SUP>th</SUP>) day following the day on which public announcement is first
made of the date of the special meeting and of the nominees proposed by the Board of Trustees to be elected at such meeting. In
no event shall the public announcement or announcement at the meeting of an adjournment or postponement of a special meeting commence
a new time period (or extend any time period) for the giving of a Shareholder&rsquo;s notice as described above.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be in proper written form, such Shareholder&rsquo;s notice shall set forth all information required by Section 1.6(a)(iv).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Shareholder providing notice of any nomination to be brought before a special meeting of Shareholders at which Trustees are to
be elected pursuant to the Trust&rsquo;s notice of meeting shall further update and supplement such notice, if necessary, so that
the information provided or required to be provided in such notice pursuant to Section 1.6(b)(vi) shall be true and correct as
of the record date for determining the Shareholders entitled to receive notice of the special meeting of Shareholders 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 seven (7) calendar days after the record date for determining the Shareholders entitled to receive notice
of the special meeting of Shareholders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
such individuals who are nominated in accordance with the procedures set forth in this Section 1.6 shall be eligible to be elected
at an annual or special meeting of Shareholders of the Trust to serve as Trustees and only such business shall be conducted at
a meeting of Shareholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section
1.6.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Shareholders of any class or series of Shares are entitled separately to elect one or more Trustees, only such Persons who
are holders of record of such class or series of Shares at the time notice is provided pursuant to this Section 1.6 and on the
record date for the determination of Shareholders entitled to notice of and to vote at such annual meeting or special meeting of
Shareholders shall be entitled to nominate individuals for election as a Trustee by such class or series of Shares voting separately.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing provisions of this Section 1.6, unless otherwise required by law, if the Shareholder (or a qualified representative
of the Shareholder) does not appear at the annual or special meeting of Shareholders of the Trust to present a nomination or proposed
business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding that proxies
in respect of such vote may have been received by the Trust. For purposes of this Section 1.6, to be considered a qualified representative
of the Shareholder, a Person must be a duly authorized officer, manager or partner of such Shareholder or must be authorized by
a writing executed by such Shareholder delivered by such Shareholder to act for such Shareholder as proxy at the meeting of Shareholders
and such Person must produce such writing at the meeting of Shareholders.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing provisions of this Section 1.6, a Shareholder shall also comply with all applicable requirements of the Exchange
Act and the rules and regulations thereunder with respect to the matters set forth in this Section 1.6; provided however, that
any references in these By-laws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit
any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 1.6,
and compliance with Sections 1.6(a) and 1.6(b) shall be the exclusive means for a Shareholder to make nominations or submit other
business (other than, as provided in Section 1.6(a)(v), matters brought properly under and in compliance with Rule 14a-8 of the
Exchange Act (or any successor provision of law)).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Section 1.6 or otherwise in these By-laws, except with respect to nominations of individuals for
election as a Trustee of the Trust or as required by federal law, no proposal of other business may be considered or brought at
a meeting of Shareholders unless such matter has been approved for these purposes by a majority of the Trustees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1.5in">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
notice of one or more Shareholders making a nomination pursuant to Section 1.6(a)(i)(C)(i) or 1.6(b)(iii)(C)(i), as applicable,
shall be accompanied by a:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;signed
statement of each Shareholder giving the notice certifying that (1) all information contained in the notice is true and complete
in all respects, (2) the notice complies with this Section 1.6, and (3) such Shareholder will continue to hold all Shares referenced
in Section 1.6(a)(i)(C)(i) or 1.6(b)(iii)(C)(i), as applicable, through and including the time of the annual meeting (including
any adjournment or postponement thereof);</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
a signed certificate of each Proposed Nominee (1) certifying that the information contained in the notice regarding such Proposed
Nominee and any Proposed Nominee Associated Person is true and complete and complies with this Section 1.6 and (2) consenting to
being named in the Shareholder&rsquo;s proxy statement as a nominee and to serving as a Trustee if elected.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
judgments and determinations made by the Board of Trustees or the chairman of the meeting, as applicable, under this Section 1.6
(including, without limitation, judgments as to whether any matter or thing is satisfactory to the Board of Trustees and determinations
as to the propriety of a proposed nomination or a proposal of other business for consideration by Shareholders) shall be final
and binding unless determined by a court of competent jurisdiction to have been made in bad faith.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 1.5in">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in these By-Laws to the contrary, no business, including nominations, shall be conducted at any annual or special meeting
except in accordance with the procedures set forth in this Section 1.6. The chairman of the annual or special meeting shall, if
the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance
with the provisions of this Section 1.6, and, if the chairman should determine, the chairman shall so declare to the meeting that
any such business not properly brought before the meeting shall not be considered or transacted.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Section 1.7 <U>Special Shareholders Meetings</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
meetings of Shareholders may be called only by the Board of Trustees (or any duly authorized committee), except a special meeting
shall be called by the Trustees upon the timely receipt by the Secretary of a request in proper written form from one or more Shareholders
acting pursuant to and in accordance with Section 10.1 of the Declaration. Only such business shall be conducted at a special meeting
as shall be specified in the notice of meeting (or any supplement thereto). In fixing a date for any special meeting, the Board
of Trustees (or any duly authorized committee thereof) may consider such factors as it deems relevant, including, without limitation,
the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of
the Board of Trustees to call an annual meeting or a special meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Shareholder(s) seeking to request a special meeting shall send written notice to the Secretary (the &ldquo;<U>Special Meeting Request</U>&rdquo;)
by registered mail, return receipt requested, requesting the Secretary to call a special meeting. Proof of the requesting Shareholder&rsquo;s
ownership of Shares at the time of giving the Special Meeting Request must accompany the requesting Shareholder&rsquo;s Special
Meeting Request. The Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on
at the meeting, shall be signed by one or more Shareholders (or their duly authorized agents), shall bear the date of signature
of each requesting Shareholder (or its duly authorized agent) signing the Special Meeting Request and shall set forth all information
that each such Shareholder and, with respect to the beneficial owners of Shares on whose behalf such request is being made, each
such beneficial owner of Shares would be required to disclose in a proxy statement or other filings required to be made in connection
with solicitations of proxies with respect to the proposed business to be brought before the meeting pursuant to Section 14 of
the Exchange Act, whether or not such Person intends to deliver a proxy statement or solicit proxies, as well as all additional
information required by Section 1.6(a)(iv) of these By-Laws. Upon receiving the Special Meeting Request, the Trustees may in their
discretion fix a date for the special meeting, which need not be the same date as that requested in the Special Meeting Request.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholder(s) providing notice of business proposed to be brought before a special meeting shall 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
1.7 shall be true and correct as of the record date for determining the Shareholders entitled to receive notice of the special
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 (5) business days after the record date for determining the Shareholders entitled to receive
notice of the special meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Trustees shall determine the validity of any purported Special Meeting Request received by the Secretary.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
business shall be conducted at a special meeting of Shareholders except business brought before any such meeting in accordance
with the procedures set forth in this Section 1.7 and in compliance with Section 10.1 of the Declaration. If the chairman of a
special meeting determines that business was not properly brought before such meeting in accordance with the foregoing procedures,
the chair shall declare to the meeting that the business was not properly brought before the meeting and such business shall not
be transacted.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this Section 1.7 shall be deemed to affect any rights of Shareholders to request inclusion of proposals in the Trust&rsquo;s
proxy statement pursuant to Rule 14a-8 under the Exchange Act (or any successor provision of law).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Section 1.8&#9;<U>Conduct of Meetings.</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every
meeting of Shareholders shall be conducted by an individual appointed by the Board of Trustees to be chairman of the meeting or,
in the absence of such appointment or appointed individual, by the chairman of the Board of Trustees, by one of the officers present
at the meeting, and if no officer is present, by Shareholders by the vote of a majority of the votes cast by Shareholders present
in person or by proxy. The Secretary, or, in the Secretary&rsquo;s absence, an Assistant Secretary, or, in the absence of both
the Secretary and Assistant Secretaries, an individual appointed by the Board of Trustees or, in the absence of such appointment,
an individual appointed by the chairman of the meeting shall act as secretary of the meeting.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided by law, the chairman of any meeting of Shareholders shall have the power and duty:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may
be, in accordance with the procedures set forth in Section 1.6 (including whether the Shareholder or beneficial owner, if any,
on whose behalf the nomination or proposal is made solicited (or is part of a group which solicited) or did not so solicit, as
the case may be, proxies in support of such Shareholder&rsquo;s nominee or proposal in compliance with such Shareholder&rsquo;s
representation as required by Section 1.6(a)(iv)(B)(8)), and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
any proposed nomination or business was not made or proposed in compliance with Section 1.6, to declare that such nomination shall
be disregarded or that such proposed business shall not be transacted; provided, however, that such nomination or such proposed
business shall not be presumed to be valid in the absence of such a declaration.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Trustees may adopt by resolution such rules and regulations for the conduct of any meeting of the Shareholders as it shall
deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Trustees, the chairman
of any meeting of Shareholders 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 appropriate for the proper conduct of the meeting. Such rules, regulations
or procedures, whether adopted by the Board of Trustees or prescribed by the chairman of the meeting, may include, without limitation,
the following: (a) the establishment of an agenda or order of business for the meeting; (b) the determination of when the polls
shall open and close for any given matter to be voted on at the meeting; (c) rules and procedures for maintaining order at the
meeting and the safety of those present; (d) limitations on attendance at and participation in the meeting to Shareholders, their
duly authorized and constituted proxies or such other Persons as the chair of the meeting shall determine; (e) restrictions on
entry to the meeting after the time fixed for the commencement thereof; (f) limitations on the time allotted to questions or comments
by Shareholders; and (g) the extent to which, if any, other participants are permitted to speak.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 1.9 <U>Adjourned
Meeting</U>. Subject to the requirements of Section 10.3 of the Declaration, any meeting of Shareholders, whether or not a
quorum is present, may be adjourned from time to time by: (a) the vote of the majority of the Shares represented at that
meeting, either in person or by proxy; or (b) by the chairman of the meeting, in his or her discretion. At any adjourned
meeting, any business may be transacted which might have been transacted at the original meeting.</P>

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

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Trustees</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 2.1 <U>Annual and
Regular Meetings</U>. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly.
Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice
or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 2.2 <U>Chairman</U>.
The Board of Trustees may elect from among its members a Chairman of the Board. The Chairman of the Board, if any, shall
preside over all meetings of the Board of Trustees. In absence of a Chairman, the Trustees present shall elect one of their
number to act as temporary chairman. The Chairman shall have such other responsibilities in furthering the Board&rsquo;s
functions as may be prescribed from time to time by resolution of the Board. The Chairman of the Board, if any, shall be
elected by the Board of Trustees to hold office until his successor shall have been duly elected and shall have qualified, or
until his death, or until he shall have resigned, or have been removed, as herein provided in these by-laws. The Chairman of
the Board, if any, may resign at any time by giving written notice of resignation to the Board of Trustees. Any such
resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be
specified therein, immediately upon its receipt; and, unless otherwise specified therein, the acceptance of such resignation
shall not be necessary to make it effective. The Chairman of the Board, if any, may be removed by the Board of Trustees with
or without cause at any time.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 2.3 <U>Qualifications</U>.
After Shares have been publicly offered, only individuals satisfying the following qualification requirements applicable to all
Trustees may be nominated, elected, appointed, qualified or seated (&ldquo;<U>nominated or seated</U>&rdquo;) to serve as a Trustee
unless a majority of the Trustees then in office shall have determined by resolution that failure to satisfy a particular qualification
requirement will not present undue conflicts or impede the ability of the individual to discharge the duties of a Trustee or the
free flow of information among Trustees or between the Trust&rsquo;s investment adviser, servicing agent and the Board of Trustees:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall be at least thirty-five (35) years of age and not older than sixty-five (65)
years of age and not under legal disability,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall, at the time the individual is nominated or seated, serve as a director of no
more than 5 companies having securities registered under the Exchange Act or treated as public reporting companies under any comparable
regulatory regime (investment companies having the same investment adviser or investment advisers in a control relationship with
each other shall all be counted as a single company for this purpose),</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not be or have been within the last five full calendar years and the current
year an employee, officer, partner, member, manager, managing member, trustee or director (or Person performing similar functions)
of (A) any investment adviser or Person in a control relationship with such investment adviser (other than the Trust&rsquo;s investment
adviser or servicing agent or any investment adviser in a control relationship with the Trust&rsquo;s investment adviser or servicing
agent) or (B) any investment fund or Person in a control relationship with such investment fund (other than the Trust or any investment
fund managed by the Trust&rsquo;s investment adviser or servicing agent or an investment adviser in a control relationship with
the Trust&rsquo;s investment adviser or servicing agent),</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not have been nominated or seated as a trustee, manager or director of an investment
fund (other than the Trust or any investment fund managed by the Trust&rsquo;s investment adviser or servicing agent or an investment
adviser in a control relationship with the Trust&rsquo;s investment adviser or servicing agent) within the last five full calendar
years and the current year,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not have been charged (unless such charges were dismissed 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 <I>nolo contendere</I> with respect to a felony under the laws of the United States or any state thereof,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not (A) be and shall not have been subject to any censure, order, consent decree
(including consent decrees in which the respondent has neither admitted nor denied the findings) or adverse final action of any
federal, state or foreign governmental or regulatory authority (including self-regulatory organizations), barring or suspending
such individual from participation in or association with any investment-related business or restricting such individual&rsquo;s
activities with respect to any investment-related business, (B) be the subject of any investigation or proceeding that if decided
adversely could reasonably be expected to result in an individual nominated or seated as a Trustee failing to satisfy the requirements
of clause (A) of this paragraph, nor (C) 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 Commission 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,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not be and shall not have been the subject of any of the ineligibility provisions
contained in Section 9(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 person (as defined in Section 2(a)(3) of the
1940 Act) being ineligible, in the absence of an exemptive order under Section 9(c) of the 1940 Act, 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 principal underwriter for any registered investment company, registered unit investment trust, or registered face-amount certificate
company,</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not be and shall not have been the subject of any of the ineligibility provisions
contained in Section 9(b) of the 1940 Act that, in the absence of an exemptive order under Section 9(c) of the 1940 Act, would
permit, or could reasonably have been expected or would reasonably be expected to permit the Commission by order to prohibit, conditionally
or unconditionally, either permanently or for a period of time, such individual from serving or acting as an employee, officer,
director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment
company or affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of such investment adviser, depositor, or principal
underwriter,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as an Independent Trustee shall not be an &ldquo;interested person,&rdquo; as defined under Section
2(a)(19) of the 1940 Act, of the Trust,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not fail to comply with any other criteria established by the 1940 Act related
to service as a director/trustee of a management investment company and shall not cause (in the case of a nomination, if seated)
the Trust&rsquo;s Board of Trustees to fail to comply with any criteria established by the 1940 Act governing the permitted composition
of the board of directors/trustees of a management investment company,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not, and any immediate family member of such nominee shall not, be employed
or have been employed within the last five full calendar years and the current year by a 12(d) Holder, or by any Person who controls,
is controlled by, under common control with or acts in concert with a 12(d) Holder,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not, and any immediate family member of such nominee shall not, have accepted
directly or indirectly, during the calendar year of the election for which such individual is nominated or seated, or during the
immediately preceding five calendar years, any consulting, advisory, or other compensatory fee from any 12(d) Holder or from any
Person who controls, is controlled by, is under common control with or acts in concert with any 12(d) Holder,</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee shall not, and any immediate family member of such nominee shall not, be, or have been
within the last five full calendar years and the current year, an officer, trustee, director, partner, manager or managing 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 is acting in concert with a 12(d) Holder; and</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
individual nominated or seated as a Trustee, and any immediate family member of such nominee, shall not, and shall not have within
the last five full calendar years and the current year, control or act in concert with any 12(d) Holder or any Person who controls,
is controlled by, is under common control with or is acting in concert with a 12(d) Holder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 2.4 <U>Standard of
Care</U>. It shall be understood that each Trustee, including the Chairman of the Board or any chairman or member of any committee
of the Board created herein or by the Board of Trustees shall have the same level of responsibility to the Trust required of his
or her being a Trustee, regardless of (a) any other position held with the Trust, (b) the Trustee&rsquo;s individual training
or expertise and (c) the role performed by the Trustee on behalf of the Trust in his or her capacity as Trustee even if such role
requires the Trustee to possess specific or unique qualifications under applicable binding law or regulation. The Chairman of
the Board or any chairman or member of any committee of the Board created herein or by the Board of Trustees shall serve in such
capacity for the Board of Trustees and does not serve in such capacity as an officer of the Trust.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 2.5 <U>Governance</U>.
The Board of Trustees may from time to time require all its members and any Proposed Nominee to agree in writing as to
matters of corporate governance, business ethics and confidentiality while such Persons serve as a Trustee, such agreement to
be on the terms and in a form determined satisfactory by the Board of Trustees, as amended and supplemented from time to time
in the discretion of the Board of Trustees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 2.6 <U>Records</U>.
The results of all actions taken at a meeting of the Trustees, or by the written consent of the number of Trustees required
to take such action, shall be recorded by the person appointed by the Board of Trustees as the meeting secretary.</P>

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Officers</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 3.1 <U>Officers
of the Trust</U>. The officers of the Trust shall consist of a President, a Secretary, a Treasurer and such other officers or
assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same
Person, except that the same person may not be both President and Secretary. No officer of the Trust need be a Trustee.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 3.2 <U>Election
and Tenure</U>. At the initial organization meeting, the Trustees shall elect the President, Secretary, Treasurer and such
other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such
officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The
Trustees may fill any vacancy in office or add any additional officers at any time.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 3.3 <U>Removal
of Officers</U>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This
provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no
effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any
officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the President or
Secretary, and such resignation shall take effect immediately upon receipt by the President or Secretary, or at a later date
according to the terms of such notice in writing.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 3.4 <U>Bonds
and Surety</U>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer&rsquo;s
duties in such amount and with such sureties as the Trustees may determine.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 3.5 <U>President,
and Vice Presidents</U>. Subject to such supervisory powers, if any, as may be given by the Trustees to the Chairman, if any,
the President shall be the chief executive officer of the Trust and, subject to the control of the Trustees, shall have
general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general
powers of management as are usually vested in the office of President of a corporation. Subject to direction of the Trustees,
the President shall each have power in the name and on behalf of the Trust to execute any and all loans, documents,
contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in
writing, and to employ and discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the
President shall each have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on
behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers
upon any other persons, by executing any proxies duly authorizing such persons. The President shall have such further
authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the President, the
Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President
designated by the Trustees, shall perform all of the duties of the President, and when so acting shall have all the powers of
and be subject to all of the restrictions upon the President. Subject to the direction of the Trustees, and of the President,
each Vice-President shall have the power in the name and on behalf of the Trust to execute any and all instruments in
writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees
or by the President.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 3.6 <U>Secretary</U>.
The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and the
Executive Committee, if any. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any
other person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument
executed by the Trust which would be sealed by a Delaware business corporation executing the same or a similar instrument and
shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the
Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation,
and shall have such other authorities and duties as the Trustees shall from time to time determine.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 3.7 <U>Treasurer</U>.
Except as otherwise directed by the Trustees, the Treasurer shall have the general supervision of the monies, funds,
securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise under the
supervision of the Trustees and of the President all powers and duties normally incident to the office. The Treasurer may
endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Treasurer
shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Treasurer shall be responsible
for such disbursement of the funds of the Trust as may be ordered by the Trustees or the President. The Treasurer shall keep
accurate account of the books of the Trust&rsquo;s transactions which shall be the property of the Trust, and which together
with all other property of the Trust in the Treasurer&rsquo;s possession, shall be subject at all times to the inspection and
control of the Trustees. Unless the Trustees shall otherwise determine, the Treasurer shall be the principal accounting
officer of the Trust and shall also be the principal financial officer of the Trust. The Treasurer shall have such other
duties and authorities as the Trustees shall from time to time determine.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 3.8 <U>Other Officers
and Duties</U>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to
be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence
of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of
the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such
person by the President.</P>

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Miscellaneous</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 4.1 <U>Depositories</U>.
In accordance with Section 7.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the
Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or
agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 4.2 <U>Signatures</U>.
All contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or
agents, as provided in the Declaration or By-laws or as the Trustees may from time to time by resolution provide.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 4.3 <U>Seal</U>.
The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal
effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be
lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and
affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The
presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or
instrument that is otherwise duly authorized, executed and delivered.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 4.4 <U>Disclosure
of Holdings</U>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing
such information with respect to direct and indirect ownership, control over, holding with power to vote or other beneficial
ownership of Shares or other securities of the Trust as the Trustees deem necessary or appropriate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 4.5 <U>Governing
Law</U>. These By-Laws and the rights of all parties and the validity and construction of every provision hereof shall be subject
to and construed according to the laws of the state of Delaware, although such law shall not be viewed as limiting the powers
otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">Section 4.6 <U>Provisions in Conflict with
Law or Regulations</U>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provisions of these By-Laws are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions
is in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable binding laws
and regulations, the conflicting provision shall be deemed never to have constituted a part of these By-Laws; provided, however,
that such determination shall not affect any of the remaining provisions of these By-Laws or render invalid or improper any action
taken or omitted prior to such determination.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any provision of these By-Laws shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction
or any other provision of these By-Laws in any jurisdiction.</P>

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Stock Transfers</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 5.1 <U>Transfer
Agents, Registrars and the Like</U>. As provided in Section 6.7 of the Declaration, the Trustees shall have authority to
employ and compensate such transfer agents and registrars with respect to the Shares of the Trust as the Trustees shall deem
necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents,
warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents
shall have such power and authority as is delegated to any of them by the Trustees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 5.2 <U>Transfer of
Shares</U>. The Shares of the Trust shall be transferable on the books of the Trust only upon delivery to the Trustees or a transfer
agent of the Trust of proper documentation as provided in Section 6.8 of the Declaration. The Trust, or its transfer agents, shall
be authorized to refuse any transfer unless and until presentation of such evidence as may be reasonably required to show that
the requested transfer is proper.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 5.3 <U>Registered
Shareholders</U>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all
purposes and shall not be required to take any notice of any right or claim of right of any other Person.</P>

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Amendment of By-Laws</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 6.1 <U>Amendment
and Repeal of By-Laws</U>. In accordance with Section 3.9 of the Declaration, the Trustees shall have the power to amend or repeal
the By-Laws or adopt new By-Laws at any time. Action by the Trustees with respect to the By-Laws shall be taken by an affirmative
vote of a majority of the Trustees. The Trustees shall in no event adopt By-Laws which are in conflict with the Declaration, and
any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.</P>

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>CHOICE OF FORUM PROVISION</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Section 7.1 <U>Forum for
Adjudication of Certain Disputes</U>. Pursuant to Section 3804(e) of the Delaware Act, unless the Trust consents in writing to
the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for
(i) any derivative action or proceeding brought on behalf of the Trust, (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 its Shareholders, (iii) any action asserting a claim
against the Trust or any trustee, officer, or employee of the Trust arising pursuant to any provision of the Delaware Statutory
Trust Act or the Trust&rsquo;s Declaration or these By-Laws, or (iv) any action asserting a claim against the Trust or any trustee,
officer, or employee of the Trust governed by the internal affairs doctrine of the State of Delaware; provided, however, that,
in the event that the Court of Chancery of the State of Delaware lacks jurisdiction over any such action or proceeding, the sole
and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware.
Failure to enforce the foregoing provisions would cause the Trust irreparable harm and the Trust shall be entitled to equitable
relief, including injunctive relief and specific performance, to enforce the foregoing provisions.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Report of Independent Registered Public
Accounting Firm</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">In planning and performing our audit of the financial statements
of Advent Convertible and Income Fund (the &ldquo;Fund&rdquo;) as of and for the year ended October 31, 2020, in accordance with
the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund&rsquo;s internal
control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not
for the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly,
we do not express an opinion on the effectiveness of the Fund's internal control over financial reporting.</P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Our consideration of the Fund&rsquo;s internal control over financial
reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal
control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted
no deficiencies in the Fund&rsquo;s internal control over financial reporting and its operation, including controls over safeguarding
securities, that we consider to be a material weakness as defined above as of October 31, 2020.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/ PricewaterhouseCoopers LLP</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">December 23, 2020</P>

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

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