<SEC-DOCUMENT>0001821268-23-000177.txt : 20230818
<SEC-HEADER>0001821268-23-000177.hdr.sgml : 20230818
<ACCEPTANCE-DATETIME>20230818160501
ACCESSION NUMBER:		0001821268-23-000177
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20230928
FILED AS OF DATE:		20230818
DATE AS OF CHANGE:		20230818

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21309
		FILM NUMBER:		231185869

	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>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>gug86243avkproxy.htm
<DESCRIPTION>AVK
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Proxy Statement
Pursuant to Section 14(a) of the<BR>
Securities Exchange Act of 1934<BR>
</B></FONT><B><FONT STYLE="font-size: 10pt">(Amendment No. )</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-top: 6pt; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 76%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    by the Registrant&#9;</FONT>[X]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;Filed by a Party other than
    the Registrant<B>&#9;</B></FONT>[_]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Check the appropriate box:</P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify">[_]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary
    Proxy Statement</FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify">[_]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confidential,
    for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify">[X]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive
    Proxy Statement</FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify">[_]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive
    Additional Materials</FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: justify">[_]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
    Material Pursuant to &sect;240.14a-12</FONT></P></TD>
    <TD STYLE="width: 12%; padding-top: 6pt; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>ADVENT CONVERTIBLE
AND INCOME FUND<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Exact Name of Registrant as Specified In Its Charter)</FONT></P>

<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 1.5in; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0">Payment of Filing Fee (Check the appropriate box):</P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 3pt 29.95pt; text-indent: -28.1pt">[X]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
    fee required.</FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 3pt 29.95pt; text-align: justify; text-indent: -28.1pt">[_]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee
    computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></P></TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 66%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total fee paid:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 3pt 29.95pt; text-indent: -46.85pt">[_]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee
    paid previously with preliminary materials:</FONT></P>
    <P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 3pt 0 3pt 29.95pt; text-indent: -46.85pt">[_]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
    box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
    was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount Previously Paid:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form, Schedule or Registration No.:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Party:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date Filed:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: left"><B><IMG SRC="avkproxy-1tosizex1x1.gif" ALT=""></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>ADVENT CONVERTIBLE AND INCOME FUND (NYSE:
AVK)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>888 SEVENTH AVENUE, 31st FLOOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>NEW YORK, NEW YORK 10019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>TO BE HELD ON SEPTEMBER 28, 2023</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Notice
is hereby given to the shareholders of Advent Convertible and Income Fund (the &ldquo;Fund&rdquo;), that the Annual Meeting of Shareholders
of the Fund (the &ldquo;Annual Meeting&rdquo;) will be held on Thursday, September 28, 2023 at 10:00&nbsp; a.m. (Eastern time). The Annual
Meeting is being held for the following purposes:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 10pt; width: 10%; text-align: right">1.</TD><TD STYLE="padding-left: 10pt; width: 1%"></TD><TD STYLE="padding-left: 10pt; width: 89%">To elect the following Trustee nominees named in the accompanying proxy statement: Mr. Daniel
L. Black, Mr. Michael A. Smart and Ms. Nancy E. Stuebe, as Class II Trustees, to serve until the Fund&rsquo;s 2026 annual meeting of
shareholders or until their respective successors shall have been elected and qualified.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 10pt; width: 10%; text-align: right">2.</TD><TD STYLE="padding-left: 10pt; width: 1%"></TD><TD STYLE="padding-left: 10pt; width: 89%">To transact such other business as may properly come before the Annual Meeting or any adjournments,
postponements or delays thereof.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B>THE
BOARD OF TRUSTEES (THE &ldquo;BOARD&rdquo;) OF THE FUND, INCLUDING THE INDEPENDENT TRUSTEES, UNANIMOUSLY RECOMMENDS THAT YOU VOTE &ldquo;FOR&rdquo;
THE NOMINEES OF THE BOARD OF THE FUND.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Board has fixed the close of business on August 4, 2023 (the &ldquo;Record Date&rdquo;) as the record date for the determination of shareholders
entitled to notice of, and to vote at, the Annual Meeting and any adjournments, postponements or delays thereof.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Annual Meeting will be held solely as a telephone conference call. Shareholders will not be able to attend the Annual Meeting in person
or vote at the Annual Meeting. In order to participate in the Annual Meeting, shareholders as of the Record Date must register for the
conference call&rsquo;s dial-in number before 5:00 p.m. (Eastern time) on September 26, 2023 by contacting the Fund&rsquo;s proxy services
provider, Broadridge, at (855) 742-8274. Shareholders should be prepared to provide their name, address, and control number in order for
Broadridge to</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"></FONT></P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">verify their status as shareholders. The control number is found
on your proxy card. Once verified, shareholders will receive instructions for joining the telephonic Annual Meeting. If you would like
to submit a question to be addressed during the question and comment session that will occur following the formal business of the Annual
Meeting, you will be able to do so when registering for the meeting. All shareholders are encouraged to submit their proxy voting instructions
prior to the Annual Meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">It
is important that your shares be represented at the Annual Meeting. Whether or not you plan to join the telephonic Annual Meeting, we
urge you to complete, sign, date, and return the enclosed proxy card in the postage-paid envelope provided or vote via telephone or the
Internet by following the instructions on the enclosed proxy card so you will be represented at the Annual Meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif;text-align: left">By order of the<BR>
Board of Trustees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">/s/ Stephen Ellwood</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Stephen Ellwood, Secretary of the Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">New York, New York<BR>
August 18, 2022</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B><U>YOUR VOTE IS IMPORTANT</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt"></FONT><FONT STYLE="font-size: 10pt"><B>PLEASE
COMPLETE, SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD IN THE POSTAGE-PAID ENVELOPE PROVIDED OR VOTE VIA TELEPHONE OR THE INTERNET BY
FOLLOWING THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD. IN ORDER TO SAVE THE FUND ANY ADDITIONAL EXPENSE OF FURTHER SOLICITATION, PLEASE
MAIL YOUR PROXY CARD OR VOTE VIA TELEPHONE OR THE INTERNET PROMPTLY.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>THE
ANNUAL MEETING WILL BE HELD SOLELY AS A TELEPHONE CONFERENCE CALL. SHAREHOLDERS WILL NOT BE ABLE TO ATTEND NOR VOTE AT THE ANNUAL MEETING
IN PERSON.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>SHAREHOLDERS ARE ENCOURAGED TO SUBMIT THEIR PROXY VOTING INSTRUCTIONS
PRIOR TO THE ANNUAL MEETING.</B></P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>ADVENT CONVERTIBLE AND INCOME FUND (NYSE:
AVK)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>FOR ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><B>TO BE HELD ON SEPTEMBER 28, 2023</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">This
proxy statement (&ldquo;Proxy Statement&rdquo;) is furnished to the holders of common shares of beneficial interest, par value $0.01 per
share (&ldquo;Shares&rdquo;) of Advent Convertible and Income Fund (the &ldquo;Fund&rdquo;) in connection with the solicitation by the
Board of Trustees (the &ldquo;Board&rdquo;) of the Fund of proxies to be voted at the annual meeting of shareholders of the Fund to be
held on Thursday, September 28, 2023 and any adjournments, postponements or delays thereof (the &ldquo;Annual Meeting&rdquo;). The Annual
Meeting will be held on Thursday, September 28, 2023 at 10:00 a.m. (Eastern time).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Annual Meeting will be held solely as a telephone conference call. You will not be able to attend nor vote at the Annual Meeting in person.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">This
document will give you the information you need to vote on the matters listed on the accompanying Notice of Annual Meeting of Shareholders
(&ldquo;Notice of Annual Meeting&rdquo;). Much of the information in this Proxy Statement is required under rules of the Securities and
Exchange Commission (&ldquo;SEC&rdquo;). If there is anything you don&rsquo;t understand, please contact the Fund at (800) 345-7999.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B>The
Fund will furnish to any shareholder, without charge, a copy of the Fund&rsquo;s most recent annual report and semi-annual report to shareholders
upon request. Requests should be directed to Guggenheim Funds Distributors, LLC, 227 West Monroe Street, 7th Floor, Chicago, Illinois
60606 (800) 345-7999.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Notice of Annual Meeting of Shareholders, this Proxy Statement and the enclosed proxy card(s) are first being sent to the Fund&rsquo;s
shareholders on or about August 18, 2023.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>Why is a shareholder meeting being held?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">The Shares are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;),
and the Fund&rsquo;s Agreement and Declaration of Trust and the rules of the NYSE require the Fund to hold an annual meeting of shareholders
to elect Trustees each fiscal year.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">1</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>What proposal will be voted on?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">To elect the following Trustee nominees named in this Proxy Statement:
Mr. Daniel L. Black, Mr. Michael A. Smart, and Ms. Nancy E. Stuebe, as Class II Trustees, to serve until the Fund&rsquo;s 2026 annual
meeting of shareholders or until their respective successors shall have been elected and qualified.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>Will your vote make a difference?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt"><B>Yes! </B>Your vote is important and could make a difference
in the governance of the Fund, no matter how many shares you own.</P>

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<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>Who is asking for your vote?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">The enclosed proxy card is solicited by the Board for use at the
Annual Meeting to be held on Thursday, September 28, 2023, and, if the Annual Meeting is adjourned, postponed or delayed, at any later
meetings, for the purposes stated in the Notice of Annual Meeting.</P>

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<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>How does the Board recommend that shareholders vote on the proposal?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">The Board unanimously recommends that you vote &ldquo;FOR&rdquo;
each of the nominees of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">The Board has reviewed the qualifications and backgrounds of the
Board&rsquo;s nominees for the Fund and believes that they are experienced in overseeing investment companies and are familiar with the
Fund, their investment strategies and operations and the investment advisor of the Fund. The Board has approved the nominees named in
this Proxy Statement and believes their election is in your best interests as shareholders.</P>

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<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>Who is eligible to vote?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">Shareholders of record at the close of business on August 4, 2023
(the &ldquo;Record Date&rdquo;) are entitled to be present and to vote on the proposal at the Annual Meeting or any adjournments, postponements
or delays thereof. Each Share is entitled to one vote on the proposal on which holders of those Shares are entitled to vote. Shares represented
by duly executed proxies will be voted in accordance with your instructions.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>How do you vote your Shares?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">Whether or not you plan to attend the Annual Meeting, we urge
you to complete, sign, date, and return the enclosed proxy card in the postage-paid envelope provided or vote via telephone or the Internet
so your Shares will be represented at the Annual Meeting. Instructions regarding how to vote (via telephone or the Internet) are</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">2</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">included on the enclosed proxy card. The required control number
for Internet and telephone voting is printed on the enclosed proxy card. The control number is used to match proxy cards with shareholders&rsquo;
respective accounts and to ensure that, if multiple proxy cards are executed, Shares are voted in accordance with the proxy card bearing
the latest date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">The Annual Meeting will be held solely as a telephone conference
call. Shareholders will not be able to attend nor vote at the Annual Meeting in person. All shareholders are encouraged to submit their
proxy voting instructions prior to the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">All Shares represented by properly executed proxies received prior
to the Annual Meeting will be voted at the Annual Meeting in accordance with the instructions marked thereon or otherwise as provided
therein. If you sign the proxy card, but don&rsquo;t fill in a vote, your Shares will be voted in accordance with the Board&rsquo;s recommendation.
If any other business is brought before the Annual Meeting, your Shares will be voted at the proxies&rsquo; discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">Shareholders who execute proxy cards or record their voting instructions
via telephone or the Internet may revoke them at any time before they are voted by filing with the Secretary of the Fund a written notice
of revocation and delivering (including via telephone or the Internet) a duly executed proxy bearing a later date. Merely joining the
telephonic Annual Meeting, however, will not revoke any previously submitted proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">Broker-dealer firms holding Shares in &ldquo;street name&rdquo;
for the benefit of their customers and clients will request the instructions of such customers and clients on how to vote their Shares
on the proposal before the Annual Meeting. The Fund understands that, under the rules of the NYSE, such broker-dealer firms may for certain
&ldquo;routine&rdquo; matters, without instructions from their customers and clients, grant discretionary authority to the proxies designated
by the Board to vote if no instructions have been received prior to the date specified in the broker-dealer firm&rsquo;s request for voting
instructions. The proposal is a &ldquo;routine&rdquo; matter and beneficial owners who do not provide proxy instructions or who do not
return a proxy card may have their Shares voted by broker dealer firms in favor of the proposal. A properly executed proxy card or other
authorization by a beneficial owner of Shares that does not specify how the beneficial owner&rsquo;s Shares should be voted on the proposal
may be deemed an instruction to vote such Shares in favor of the proposal. Broker-dealers who are not members of the NYSE may be subject
to other rules, which may or may not</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">3</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">permit them to vote your Shares without instruction. We urge you
to provide instructions to your broker or nominee so that your votes may be counted.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>Why is the Annual Meeting being held by telephone conference call?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">Holding the Annual Meeting virtually by telephone conference call
provides expanded access, reduced environmental impact and cost savings for shareholders and the Fund. Holding a virtual meeting enables
increased opportunities for shareholder participation. In addition, The Fund intends for the telephone conference call meeting format
to provide shareholders a similar level of transparency to the traditional in person meeting format.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>What vote is required to elect a Trustee nominee?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">The affirmative vote of a majority of the Shares present in person
by virtual telephonic means or represented by proxy and entitled to vote on the matter at the Annual Meeting at which a quorum is present
is necessary to elect a Trustee nominee.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><B><I>&bull;</I></B></TD><TD STYLE="width: 5pt"></TD><TD><B><I>How many Shares were outstanding as of the record date?</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 20pt">At the close of business on August 4, 2023, 34,593,769 Shares
were outstanding.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">4</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>THE PROPOSAL: TO ELECT TRUSTEES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Fund&rsquo;s Agreement and Declaration of Trust and the rules of the NYSE require the Fund to hold an annual meeting of shareholders to
elect Trustees each fiscal year. Shareholders are being asked to elect the following Trustee nominees named in this Proxy Statement: Mr.
Daniel L. Black, Mr. Michael A. Smart and Ms. Nancy E. Stuebe, as Class II Trustees, to serve until the Fund&rsquo;s 2026 annual meeting
of shareholders or until their respective successors shall have been elected and qualified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Composition of the Board of Trustees</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Trustees are classified into three classes of Trustees. Set forth below are the current Class I Trustees, Class II Trustees and Class
III Trustees:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 32pt"><I>CLASS I TRUSTEES. </I>Mr. Randall C. Barnes, Mr. Derek Medina
and Mr. Gerald L. Seizert are the Class I Trustees of the Fund. The Class I Trustees were last elected at the 2022 annual meeting of shareholders.
The term of the Class I Trustees will continue until the 2025 annual meeting of shareholders or until successors shall have been elected
and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 32pt"><I>CLASS II TRUSTEES. </I>Mr. Daniel L. Black, Mr. Michael A.
Smart and Ms. Nancy E. Stuebe are the Class II Trustees of the Fund. The Class II Trustees were last elected at the 2020 annual meeting
of shareholders. Mr. Daniel L. Black, Mr. Michael A. Smart and Ms. Nancy E. Stuebe are standing for re-election at the Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 32pt"><I>CLASS III TRUSTEES. </I>Mr. Tracy V. Maitland and Mr. Ronald
A. Nyberg are the Class III Trustees of the Fund. The Class III Trustees were last elected at the 2021 annual meeting of shareholders.
The term of the Class III Trustees will continue until the 2024 annual meeting of shareholders or until successors shall have been elected
and qualified.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Trustee nominee, if elected at the Annual Meeting, will hold office for three years or until his successor shall have been elected and
qualified or until he resigns or is otherwise removed. The other Trustees will continue to serve under their current terms and will stand
for re-election at subsequent annual meetings of shareholders as indicated above.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Unless
authority is withheld or other instructions are provided, it is the intention of the persons named in the proxy card to vote &ldquo;FOR&rdquo;
the election of the Trustee nominees named above. Mr. Black, Mr. Smart and Ms. Stuebe have consented to serve as a Trustee for which they
are standing for re-election if elected at the Annual Meeting. If a designated Trustee nominee declines or otherwise becomes unavailable
for election, however, the proxy confers discretionary power on the persons named therein to vote in favor of a substitute Trustee nominee
or nominees.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">5</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Certain
information concerning the current Trustees, the Trustee nominees and the officers of the Fund is set forth in the table below. The sole
&ldquo;interested&rdquo; Trustee (as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;))
is identified in the table below. The &ldquo;Independent Trustees&rdquo; are those who are not interested persons of the Fund or Advent
Capital Management, LLC (&ldquo;Advent&rdquo;), the Fund&rsquo;s investment advisor, and who satisfy the requirements contained in the
definition of &ldquo;independent&rdquo; as defined in Rule 10A-3 under the Securities Exchange Act of 1934.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Board Leadership Structure</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
primary responsibility of the Board is to represent the interests of the shareholders and to provide oversight of the management of the
Fund. The Fund&rsquo;s day-to-day operations are managed by the Fund&rsquo;s investment advisor and other service providers who have been
approved by the Board. The Board is currently composed of eight Trustees, seven of whom are Independent Trustees and one of whom is classified
as an Interested Trustee. The Independent Trustees are represented by independent legal counsel at Board and committee meetings. Generally,
the Board acts by majority vote of all the Trustees, including a majority vote of the Independent Trustees if required by applicable law.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Board has appointed an Interested Trustee as chairperson and the Independent Trustees of the Board have designated Mr. Daniel L. Black
as lead Independent Trustee who chairs meetings or executive sessions of the Independent Trustees, reviews and comments on Board meeting
agendas, represents the views of the Independent Trustees to management and facilitates communication among the Independent Trustees and
their counsel.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Board has established two standing committees (as described below) and has delegated certain responsibilities to those committees, each
of which is composed solely of Independent Trustees. The Board and its committees meet periodically throughout the year to oversee the
Fund&rsquo;s activities, review contractual arrangements with service providers, review the Fund&rsquo;s financial statements, oversee
compliance with regulatory requirements, and review performance. The Board has determined that this leadership structure, including an
Interested Trustee as chairperson, a lead Independent Trustee, a supermajority of Independent Trustees on the Board, committee membership
limited to Independent Trustees, and the participation and advice of independent legal counsel, is appropriate because it allows the Board
to exercise informed and independent judgment over the matters under its purview and it allocates areas of responsibility among committees
of Trustees and the full Board in a manner that enhances effective oversight.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Board&rsquo;s Role in Risk Oversight</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
day-to-day management of various risks relating to the administration and operation of the Fund is the responsibility of the Fund&rsquo;s
investment advisor and other service providers retained by the Board or by management, most of whom employ professional personnel who
have risk management responsibilities. The</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">6</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Board oversees this risk management function consistent with and
as part of its oversight duties. The Board performs this risk management oversight function directly and, with respect to various matters,
through an Audit Committee and a Nominating and Governance Committee established by the Board. Each committee reports its activities to
the Board on a regular basis. The following description provides an overview of many, but not all, aspects of the Board&rsquo;s oversight
of risk management for the Fund. In this connection, the Board has been advised that it is not practicable to identify all of the risks
that may impact the Fund or to develop procedures or controls that are designed to eliminate all such risk exposures, and that applicable
securities law regulations do not contemplate that all such risks be identified and addressed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Board, working with personnel of the Fund&rsquo;s investment advisor and other service providers, has endeavored to identify the primary
risks that confront the Fund. In general, these risks include, among others, investment risks, credit risks, liquidity risks, valuation
risks, operational risks, reputational risks, regulatory risks, risks related to potential legislative changes and the risk of conflicts
of interest affecting affiliates of Advent and Guggenheim Funds in managing the Fund. The Board has adopted and periodically reviews various
policies and procedures that are designed to address these and other risks confronting the Fund. In addition, the officers of the Fund,
the Fund&rsquo;s investment advisor and other service providers to the Fund have also implemented a variety of processes, procedures and
controls designed to address particular risks to the Fund. The Board and persons retained to render advice and service to the Board periodically
review and/or monitor changes to and developments relating to the effectiveness of these policies and procedures.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Board requires officers of the Fund to report to the full Board on a variety of matters at regular and special meetings of the Board and
its committees, as applicable, including matters relating to risk management. The Audit Committee also receives reports from the Fund&rsquo;s
independent registered public accounting firm on internal control and financial reporting matters. On at least a quarterly basis, the
Board meets with the Fund&rsquo;s Chief Compliance Officer, including separate meetings with the Independent Trustees in executive session
periodically, to discuss compliance matters and, on a quarterly basis, receives a report from the Chief Compliance Officer regarding compliance
matters. The Board, with the assistance of the Fund&rsquo;s management, reviews investment policies and risks in connection with its review
of the Fund&rsquo;s performance. In addition, the Board receives reports from the Fund&rsquo;s investment advisor on the investments and
securities trading of the Fund. With respect to valuation, the Board has approved fair valuation procedures applicable to valuing the
Fund&rsquo;s securities, which the Board and the Audit Committee periodically review. The Board also requires the Fund&rsquo;s investment
advisor to report to the Board on other matters relating to risk management on a regular and as-needed basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">7</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Descriptions
of the primary risks of investing in the Fund are discussed in the Fund&rsquo;s annual report to shareholders.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other Public</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Portfolios in</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Company or</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name,</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Position(s)</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fund Complex<SUP>(5)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Investment</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Address<SUP>(1) </SUP>and</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Held with</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Principal Occupation(s)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Overseen by</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Year of Birth</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>During The Past Five Years</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Directorships Held</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>INDEPENDENT TRUSTEES:</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Randall C. Barnes</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee<SUP>(3)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Private Investor (2001-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Trustee, of</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1951</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 13%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 34%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">funds in the</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Senior Vice President and</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Guggenheim Funds fund</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Treasurer, PepsiCo, Inc. (1993-1997);</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">complex (2004-present);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">President, Pizza Hut International</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Purpose Investments</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1991-1993); Senior Vice President,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Funds (2013-present).</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Strategic Planning and New Business</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Development, PepsiCo, Inc. (1987-1990).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Daniel L. Black</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee<SUP>(3)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Managing Partner, the Wicks</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Dartmouth</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1960</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Group of Companies, LLC (2003-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">College (2019-present);</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sensata Technologies,</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Managing Director and Co-Head of</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Inc. (2021-present).</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">the Merchant Banking Group at BNY Capital</FONT></TD>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Markets, a division of BNY Mellon</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Antenna</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1998-2003); and Co-Head of U.S. Corporate</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">International, Inc. (2010-</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Banking at BNY Mellon (1995-1998).</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2020); Bendon Inc.</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2012-2016); Bonded</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Services, Ltd. (2011-</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2016); Sontiq, Inc.</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2016-2021).</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derek Medina</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee<SUP>(2)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Executive Vice President, ABC</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Oliver Scholars</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">News (2020-present).</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2011-2018);Young</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Scholar&rsquo;s Institute</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Senior Vice President, Business</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2005-2020).</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Affairs at ABC News (2008-2020); Vice</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">President, Business Affairs and News</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Planning at ABC News (2003-2008);</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Executive Director, Office of the President</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">at ABC News (2000-2003); Associate at</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Cleary Gottlieb Steen &amp; Hamilton (law firm)</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1995-1998); Associate in Corporate Finance</FONT></TD>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">at J.P. Morgan/Morgan Guaranty (1988-1990).</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ronald A. Nyberg</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee<SUP>(2)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Of Counsel, Momkus LLC</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Trustee, of</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1953</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2016-present).</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">funds in the</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Guggenheim Funds fund</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Partner, Nyberg &amp; Cassioppi, LLC</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">complex (2002-present);</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2000-2016); Executive Vice President,</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">PPM Funds (2) (2018 -</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">General Counsel, and Corporate Secretary,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">present); NorthShore</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Van Kampen Investments (1982-1999).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Edward-Elmhurst Health</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2012-present).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gerald L. Seizert</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee<SUP>(2)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Managing Partner of Heron Bay</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: University of</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1952</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital Management (2020-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Toledo Foundation</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2013-present);</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Managing Partner of Seizert Capital</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Beaumont Hospital</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Partners, LLC (2000-2019); Co-Chief</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2012-present).</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Executive (1998-1999) and a Managing</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Partner and Chief Investment Officer &ndash; Equities</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">of Munder Capital Management, LLC</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1995-1999); Vice President and Portfolio</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Manager of Loomis, Sayles &amp; Co., L.P. (asset</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">manager) (1984-1995); Vice President and</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Portfolio Manager at First of America Bank</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1978-1984).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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  </TABLE>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">8</P>





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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number of</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Other Public</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Portfolios in</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Company or</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name,</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Position(s)</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fund Complex<SUP>(5)</SUP></B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Investment</B></FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Address<SUP>(1) </SUP>and</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Held with</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Principal Occupation(s)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Overseen by</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Year of Birth</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>During The Past Five Years</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trustee</B></FONT></TD>
    <TD STYLE="text-align: left; border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Directorships Held</B></FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>INDEPENDENT TRUSTEES continued:</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Michael A. Smart</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee<SUP>(2)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Partner, Dominus Capital</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Investment</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1960</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 13%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2003-present).</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 11%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Advisory Board, Autism</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Impact Fund (2020-</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Managing Partner, CSW</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">present); Sprint</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Private Equity (2003-2021);</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Industrial Holdings</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Principal, First Atlantic Capital Ltd</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2007-present).</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2001-2004); Managing Director,</FONT></TD>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investment Banking Merrill Lynch &amp;</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Country Pure</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Co (1992-2001); Founding Partner, of</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Foods (2001-2006);</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">The Carpediem Group, (1990-1992);</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Berkshire Blanket,</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Associate at Dillon, Read and Co.</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Holdings, Inc. (2006-</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(investment bank) (1988-1990).</FONT></TD>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2016); Sqwincher</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Holdings (2006-2015);</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">H2O Plus Holdings</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2008-2011); The Mead</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">School (2012-2016);</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">The Wharton School</FONT></TD></TR>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2000-2004).</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Nancy E. Stuebe</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee<SUP>(4)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: Director of Investor Relations,</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">None.</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1964</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interactive Brokers Group, Inc.</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2016-present).</FONT></TD>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: Senior Equity Analyst &amp; Senior</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Portfolio Manager, Gabelli Asset</FONT></TD>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Management (2015-2016); Senior Research</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Analyst &amp; Portfolio Manager, AIS Capital</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Management, LLC (2008-2015); Senior</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity Analyst &amp; Portfolio Manager,</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gabelli Asset Management (2005-2008).</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>INTERESTED TRUSTEE:</B></FONT></TD>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tracy V. Maitland*</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee<SUP>(2)</SUP>,</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Current: President and Founder, Advent</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">None.</FONT></TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1960</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chairman,</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital Management, LLC (2001-present).</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">President</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">and Chief</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Former: President, Advent Capital</FONT></TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Executive</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Management, a division of Utendahl Capital.</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 3%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT><BR>
</TD>
  <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mr.
  Maitland is an interested person of the Fund because of his position as an officer of the Adviser and certain of its
  affiliates.</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT><BR>
</TD>
  <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">The
business address of each current Trustee is c/o Advent Capital Management, LLC, 888 Seventh Avenue, 31st Floor, New York, New York 10019.</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee since commencement of operation of the Fund.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee of the Fund since September 20, 2005.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Trustee of the Fund since December 3, 2020.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">The Fund is the only fund in the &ldquo;Fund Complex.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Trustee Experiences, Qualifications, and Skills</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Board believes that, collectively, the Trustees have balanced and diverse experiences, skills, attributes and qualifications, which allow
the Board to operate effectively in governing the Fund and protecting the interests of shareholders.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">9</P>






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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Trustees were selected to serve and continue on the Board based upon their skills, experience, judgment, analytical ability, diligence,
ability to work effectively with other Trustees, the Fund&rsquo;s investment advisor, other service providers, counsel and independent
auditors, availability and commitment to attend meetings and perform the responsibilities of a Trustee and to exercise effective business
judgment in the performance of their responsibilities as a Trustee and, for each Independent Trustee, a demonstrated willingness to take
an independent and questioning view of management. Each Trustee also now has considerable familiarity with the Fund, the Fund&rsquo;s
investment advisor and other service providers, and their operations, as well as the special regulatory requirements governing regulated
investment companies and the special responsibilities of investment company trustees as a result of his substantial prior service as a
Trustee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Trustee&rsquo;s ability to perform his duties effectively is evidenced by his educational background or professional training; business
positions; experience from service as a Trustee, other investment funds, public companies or non-profit entities or other organizations;
ongoing commitment and participation in Board and committee meetings throughout the years; or other relevant life experiences.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
following is a summary of the experience, qualifications, attributes and skills of each Trustee that support the conclusion, as of the
date of this proxy statement, that each Trustee should serve as a Trustee in light of the Fund&rsquo;s business and structure. References
to the qualifications, attributes and skills of Trustees are pursuant to requirements of the SEC, do not constitute holding out of the
Board or any Trustee as having any special expertise and shall not impose any greater responsibility or liability on any such person or
on the Board by reason thereof.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Experiences, Qualifications and Skills</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tracy
V. Maitland</FONT></TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mr.
Maitland&rsquo;s service as a Trustee and his experience as President and Chief Investment Officer of Advent Capital Management, LLC
provides him with experience in financial, accounting, regulatory, governance and investment matters, with particular experience and
practical business knowledge in the investment management industry.</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derek
Medina</FONT></TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mr.
Medina&rsquo;s service as a Trustee his experience as Senior Vice President at ABC News, and his professional training and prior experience
as an attorney at a law firm and a financial services firm provides him with experience in financial, regulatory, investment, legal and
governance matters.</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ronald
A. Nyberg</FONT></TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mr.
Nyberg&rsquo;s service as a Trustee and his professional training and experience as an attorney and partner of a law firm and at an asset
management firm provides him with experience in financial, regulatory, legal, investment management and governance matters.</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gerald
L. Seizert</FONT></TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mr.
Seizert&rsquo;s service as a Trustee and his service at various asset management firms, including serving as CEO and as a board member,
provides him with experience in financial, accounting, regulatory, governance, capital markets and investment matters.</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Michael
A. Smart</FONT></TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mr.
Smart&rsquo;s service as a Trustee and as a board member, managing partner and employee of various financial and operating companies
provides him with experience in financial, accounting, regulatory, governance, investment banking, private equity and investment matters.</FONT></TD>
</TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">10</P>





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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left; width: 79%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Experiences, Qualifications and Skills</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Daniel
L. Black</FONT></TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mr.
Black&rsquo;s service as a Trustee and as a past board member for a variety of organizations including information, education and media
businesses and his long career of holding leadership positions in general management, commercial banking and credit, investment banking,
private equity and mezzanine investing provides him with experience in financial, accounting, regulatory, governance and investment matters.</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Randall C. Barnes</FONT><BR>
</TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Mr.
Barnes&rsquo;s service as a Trustee, his executive employment experience at various global food and beverage companies, and his personal
investment experience, provides him with experience in financial, accounting, regulatory, governance and investment matters.</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Nancy
E. Stuebe</FONT><BR>
</TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ms.
Stuebe&rsquo;s service as a Trustee, her experience as a Director or Investor Relations at Interactive Brokers Group, Inc. and her service
as senior analyst &amp; portfolio manager at various asset management firms, provide her with experience in financial, accounting, regulatory,
governance and investment matters.</FONT></TD>
</TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Executive Officers</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Fund&rsquo;s officers receive no compensation from the Fund, but may also be officers or employees of the investment advisor or affiliates
of the investment advisor of the Fund and may receive compensation in such capacities.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 19%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 13%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Term of</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 53%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name,</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Position</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Office<SUP>(2) </SUP>and</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Business Address<SUP>(1) </SUP></B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Held</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Length</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>and Year</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>with</B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>of Time</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Principal Occupation(s)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>of Birth</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>the Fund</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Served</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>During the Past Five Years</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Stephen Ellwood</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chief</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chief Compliance Officer, Arrowgrass Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1970</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Compliance</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">since 2023</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Partners (US) LP (2011-2015); General Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer and</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">and Chief Compliance Officer, Quattro Global</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Secretary</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital, LLC (2007-2011); Chief Compliance</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer, Greywolf Capital Management, LP (2006-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2007); Chief Compliance Officer and Counsel,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Forest Investment Management LLC (2004-2006);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Director and Counsel, MacKay Shields LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1999-2003); Compliance Associate, Goldman</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Sachs &amp; Co. (Asset Management Division) (1998-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1999); Compliance Officer, Societe Generale Asset</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Management (1997-1998).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tony Huang</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vice</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Director, Co-Portfolio Manager, Advent Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1976</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">President</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">since 2014</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Management, LLC (2007-present). Formerly,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">and</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Senior Vice President, Portfolio Manager and</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Assistant</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Analyst, Essex Investment Management (2001-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Secretary</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5.2pt"></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2006); Vice President, Analyst, Abacus</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investments (2001); Vice President, Portfolio</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Manager, M/C Venture Partners (2000-2001);</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Associate, Fidelity Investments (1996-2000).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Robert White</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chief</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chief Financial Officer, Advent Capital</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Year of Birth: 1967</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Financial</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 5.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">since 2005</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Management, LLC (2005-present). Formerly, Vice</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officer and</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">President, Client Service Manager, Goldman Sachs</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 3.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Treasurer</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Prime Brokerage (1997-2005).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 2%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(1)</SUP></FONT><BR>
</TD>
  <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 98%; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">The
business address of each officer is c/o Advent Capital Management, LLC, 888 Seventh Avenue, 31st Floor, New York, New York 10019.</FONT></TD>
</TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.05pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Officers serve at the pleasure of the Board and until his or her successor is appointed and qualified or</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">until his or her earlier resignation or removal.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">11</P>







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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: left"><B>Board Committees</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in; text-align: left"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Trustees have determined that the efficient conduct of the Fund&rsquo;s affairs makes it desirable to delegate responsibility for certain
specific matters to committees of the Board. The committees meet as often as necessary, either in conjunction with regular meetings of
the Trustees or otherwise. The standing committees of the Board are the Audit Committee and the Nominating and Governance Committee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in; text-align: left"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Audit
Committee. </I>The Audit Committee, which is composed of all of the Independent Trustees, is charged with selecting a firm of independent
registered public accountants for the Fund and reviewing accounting matters with the accountants. The members of the Audit Committee are
Messrs. Seizert, Smart, Barnes, Black, Medina and Nyberg and Ms. Stuebe, all of whom are Independent Trustees. A majority of the members
of the Audit Committee are audit committee financial experts and are independent for the purpose of the definition of audit committee
financial expert as applicable to the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 32pt; text-align: left">The Audit Committee presents the following
report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt 32pt; text-align: left">The Audit Committee performed the following
functions: (i) the Audit Committee reviewed and discussed the audited financial statements of the Fund with management of the Fund; (ii)
the Audit Committee discussed with the independent registered public accounting firm the matters required to be discussed by the Statement
on Auditing Standards No. 114, (iii) the Audit Committee received the written disclosures and the letter from the independent registered
public accounting firm required by Public Company Accounting Oversight Board Rule 3526 and has discussed with the independent registered
public accounting firm the auditors&rsquo; independence and (iv) the Audit Committee recommended to the Board that the financial statements
be included in the Fund&rsquo;s Annual Report for the past fiscal year.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in; text-align: left"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Audit Committee is governed by a written Audit Committee charter, the most recent version of which was approved by the Board on December
6, 2018. The Audit Committee charter is not available on the Fund&rsquo;s website. In accordance with proxy rules promulgated by the SEC,
a fund&rsquo;s audit committee charter is required to be filed at least once every three years as an exhibit to a fund&rsquo;s proxy statement.
The Audit Committee Charter is attached hereto as <U>Appendix A</U>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in; text-align: left"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><I>Nominating
and Governance Committee. </I>The Nominating and Governance Committee, which is composed of all of the Independent Trustees, performs
the functions set forth in the Nominating and Governance Committee charter. The Independent Trustees meet regularly as a group in executive
session as the Nominating and Governance Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">12</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">As
part of its duties, the Nominating and Governance Committee makes recommendations to the full Board with respect to candidates for election
to the Board. The Nominating and Governance Committee will consider trustee candidates recommended by shareholders for their consideration.
In considering candidates recommended to the Nominating and Governance Committee by shareholders, the Nominating and Governance Committee
will take into consideration the needs of the Board and the qualifications of the candidate. The Nominating and Governance Committee may
also take into consideration the number of shares held by the recommending shareholder and the length of time that such shares have been
held. To have a candidate recommendation considered by the Nominating and Governance Committee, a shareholder must submit the recommendation
in writing and must include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 10pt; width: 15pt; text-align: right">&bull;</TD><TD STYLE="padding-left: 10pt; width: 5pt"></TD><TD STYLE="padding-left: 10pt">The name of the shareholder and evidence of the person&rsquo;s ownership of shares of the
Fund, including the number of shares owned and the length of time of ownership; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 10pt; width: 15pt; text-align: right">&bull;</TD><TD STYLE="padding-left: 10pt; width: 5pt"></TD><TD STYLE="padding-left: 10pt">The name of the recommended candidate, the candidate&rsquo;s resume or a listing of his or
her qualifications to be a Trustee and the person&rsquo;s consent to be named as a Trustee if selected by the Nominating and Governance
Committee and nominated by the Board.</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">In
order for a shareholder&rsquo;s recommended candidate to be considered by the Nominating and Governance Committee, the information described
above must be sent to the Fund&rsquo;s Secretary, c/o Advent Capital Management, LLC, 888 Seventh Avenue, 31st Floor, New York, New York
10019.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Nominating and Governance Committee believes that the minimum qualifications for serving as a Trustee are that a candidate demonstrate,
by significant accomplishment in his or her field, an ability to make a meaningful contribution to the Board&rsquo;s oversight of the
business and affairs of the Fund and have an impeccable record and reputation for honest and ethical conduct in both his or her professional
and personal activities. In addition, the Nominating and Governance Committee examines a candidate&rsquo;s specific experiences and skills,
time availability in light of other commitments, potential conflicts of interest and independence from management and the Fund. The Nominating
and Governance Committee has a policy to consider diversity of backgrounds and experience when identifying Trustee nominee candidates.
The Nominating and Governance Committee believes the Board generally benefits from diversity of background, experience and views among
its members, and considers how a particular candidate could be expected to contribute to such overall diversity and thereby enhance the
effectiveness of the Board.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Nominating and Governance Committee is governed by a written Nominating and Governance Committee charter, the most recent version of which
was approved by the Board on December 6, 2018. The Nominating and Governance</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">13</P>




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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Committee charter is not available on the Fund&rsquo;s website.
In accordance with proxy rules promulgated by the SEC, a fund&rsquo;s nominating committee charter is required to be filed at least once
every three years as an exhibit to a fund&rsquo;s proxy statement. The Nominating and Governance Committee Charter was attached as Appendix
A to the Fund&rsquo;s 2022 proxy statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Trustee Communications</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Shareholders
and other interested parties may contact the Board or any member of the Board by mail. To communicate with the Board or any member of
the Board, correspondence should be addressed to the Board or the Board members with whom you wish to communicate by either name or title.
All such correspondence should be sent c/o the Secretary of the Fund at 888 Seventh Avenue, 31st Floor, New York, New York 10019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Trustee and Officer Beneficial Ownership of Securities</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">As
of August 4, 2023, the Trustees beneficially owned equity securities of the Fund in the aggregate in the following amounts. The Fund is
the only fund in the &ldquo;Fund Complex.&rdquo;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 55%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Dollar Range</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name of Trustee</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>of Equity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>or Trustee Nominee</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Securities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Independent Trustees:</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Randall C. Barnes</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Daniel Black</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derek Medina</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$50,001-$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ronald A. Nyberg</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gerald L. Seizert</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Michael A. Smart</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$50,001-$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Nancy E. Stuebe</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$10,001-$50,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Interested Trustee:</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tracy
V. Maitland<SUP></SUP></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Over $100,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">As
of August 4, 2023, each Trustee and officer individually, and the Trustees and officers as a group, owned less than 1% of the outstanding
Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Board Meetings</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Seven
meetings of the Board were held during the Fund&rsquo;s last fiscal year ended October 31, 2022.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Four
meetings of the Audit Committee were held during the Fund&rsquo;s last fiscal year ended October 31, 2022.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Four
meetings of the Nominating and Governance Committee were held during the Fund&rsquo;s last fiscal year ended October 31, 2022.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Each
Trustee attended at least 75% of the aggregate of: (i) all regular meetings of the Board held during its last fiscal year ended October
31, 2022; and (ii) all meetings of all committees of the Board on which the Trustee served held during its fiscal year ended October 31,
2022.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">14</P>





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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">It
is the Fund&rsquo;s policy to invite Trustees to attend joint annual meetings of shareholders of the Fund. The annual meeting of shareholders
of the Fund held on September 26, 2022 was held via teleconference and each Trustee participated in the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Trustee Compensation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
following table sets forth the compensation paid to each Trustee by the Fund for the fiscal year ended October 31, 2022. The Fund is the
only fund in the &ldquo;Fund Complex.&rdquo;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 52%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Aggregate Compensation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>from the Fund</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Independent Trustees:</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Randall C. Barnes</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$85,500</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Daniel Black</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$88,500</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Derek Medina</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$85,500</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ronald A. Nyberg</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$83,500</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Gerald L. Seizert</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$83,500</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Michael A. Smart</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$83,500</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Nancy E. Stuebe</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$83,500</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Interested Trustee:</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tracy V. Maitland</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$0</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder Approval</B></FONT> &nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
affirmative vote of a majority of the Shares present in person by virtual telephonic means or represented by proxy and entitled to vote
on the matter at the Annual Meeting at which a quorum is present is necessary to elect a Trustee nominee with respect to the Fund. The
holders of Shares will have equal voting rights (i.e., one vote per Share). Abstentions will have the same effect as votes against the
proposal. &ldquo;Broker non-votes&rdquo; (i.e., Shares held by brokers or nominees as to which (i) instructions have not been received
from the beneficial owner or the persons entitled to vote and (ii) the broker does not have discretionary voting power on a particular
matter) will have no effect on the outcome of the vote on the proposal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Board Recommendation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Board, including the Independent Trustees, unanimously recommends that shareholders of the Fund vote <B>&ldquo;FOR&rdquo; </B>each nominee
of the Board.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">15</P>





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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Further Information About Voting and the Annual Meeting</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
holders of a majority of the Shares entitled to vote on any matter at a meeting present in person by virtual telephonic means or by proxy
shall constitute a quorum at such meeting of the shareholders for purposes of conducting business on such matter. Abstentions and broker
non-votes will be counted as Shares present at the Annual Meeting for quorum purposes.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Board has fixed the close of business on August 4, 2023, as the Record Date for the determination of shareholders of the Fund entitled
to notice of, and to vote at, the Annual Meeting. Shareholders as of the close of business on the Record Date will be entitled to one
vote on each matter to be voted on for each Share held and a fractional vote with respect to fractional Shares with no cumulative voting
rights.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Whether
or not you plan to join the telephonic Annual Meeting, we urge you to complete, sign, date, and return the enclosed proxy card in the
postage-paid envelope provided or vote via telephone or the Internet so your Shares will be represented at the Annual Meeting. Instructions
regarding how to vote via telephone or the Internet are included on the enclosed proxy card. The required control number for Internet
and telephone voting is printed on the enclosed proxy card. The control number is used to match proxy cards with shareholders&rsquo; respective
accounts and to ensure that, if multiple proxy cards are executed, Shares are voted in accordance with the proxy card bearing the latest
date.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Annual Meeting will be held solely as a telephone conference call. Shareholders will not be able to attend nor vote at the Annual Meeting
in person.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">In
order to participate in the Annual Meeting, shareholders as of the Record Date must register for the conference call&rsquo;s dial-in number
before 5:00 p.m. (Eastern time) on September 26, 2023 by contacting the Fund&rsquo;s proxy services provider, Broadridge, at (855) 742-8274.
Shareholders should be prepared to provide their name, address, and control number in order for Broadridge to verify their status as shareholders.
The control number is found on your proxy card. Once verified, shareholders will receive instructions for joining the telephonic Annual
Meeting. If you would like to submit a question to addressed during the question and comment session that will occur following the formal
business of the Annual Meeting, you will be able to do so when registering for the meeting. All shareholders are encouraged to submit
their proxy voting instructions prior to the Annual Meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">All
Shares represented by properly executed proxies received prior to the Annual Meeting will be voted at the Annual Meeting in accordance
with the instructions marked thereon or otherwise as provided therein. <B>If you sign the proxy card, but don&rsquo;t fill in a vote,
your Shares will be voted in accordance with the Board&rsquo;s recommendation. </B>If any other business is brought before the Annual
Meeting, your Shares will be voted at the proxies&rsquo; discretion.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">16</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Shareholders
who execute proxy cards or record voting instructions via telephone or the Internet may revoke them at any time before they are voted
by filing with the Secretary of the Fund a written notice of revocation and delivering (including via telephone or the Internet) a duly
executed proxy bearing a later date. Merely joining the telephonic Annual Meeting, however, will not revoke any previously submitted proxy.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Broker-dealer
firms holding Shares in &ldquo;street name&rdquo; for the benefit of their customers and clients will request the instructions of such
customers and clients on how to vote their Shares on the proposal before the Annual Meeting. The Fund understands that, under the rules
of the NYSE, such broker-dealer firms may for certain &ldquo;routine&rdquo; matters, without instructions from their customers and clients,
grant discretionary authority to the proxies designated by the Board to vote if no instructions have been received prior to the date specified
in the broker-dealer firm&rsquo;s request for voting instructions. The proposal is a &ldquo;routine&rdquo; matter and beneficial owners
who do not provide proxy instructions or who do not return a proxy card may have their Shares voted by broker dealer firms in favor of
the proposal. A properly executed proxy card or other authorization by a beneficial owner of Shares that does not specify how the beneficial
owner&rsquo;s Shares should be voted on the proposal may be deemed an instruction to vote such Shares in favor of the proposal. Broker-dealers
who are not members of the NYSE may be subject to other rules, which may or may not permit them to vote your Shares without instruction.
We urge you to provide instructions to your broker or nominee so that your votes may be counted.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><B>Important
Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be Held on September 28, 2023</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">This Proxy Statement is available on the Internet at www.proxyvote.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Investment Advisor</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Advent
Capital Management, LLC acts as the Fund&rsquo;s investment advisor. Advent is responsible for making investment decisions with respect
to the investment of the Fund&rsquo;s assets. Advent is located at 888 Seventh Avenue, 31st Floor, New York, New York 10019. As of July
31, 2023 Advent managed more than $9 billion in assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Servicing Agent</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Guggenheim
Funds Distributors, LLC (the &ldquo;Servicing Agent&rdquo;) acts as servicing agent to the Fund. The Servicing Agent is located at 227
West Monroe Street, Chicago, IL 60606. Pursuant to a servicing agreement with the Fund, the Servicing Agent provides the Fund a variety
of services, including (i) replying to requests for information concerning the Fund from shareholders or prospective shareholders, brokers
or the public; (ii) aiding in the secondary market support of the Fund through regular written and oral communications with the Fund&rsquo;s
NYSE</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">17</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">designated market maker, the closed-end fund analyst community
and various information providers specializing in the dissemination of closed-end fund information; (iii) coordinating and overseeing
activities of the Fund&rsquo;s administrator; (iv) developing and maintaining a website for the Fund and (v) overseeing, in consultation
with, and as agreed by, Advent matters relating to the conduct and administration of meetings of the Board and committees thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Administrator</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">MUFG
Investor Services (US), LLC (&ldquo;MUFG&rdquo;) serves as the Fund&rsquo;s administrator. MUFG is located at 805 King Farm Boulevard,
Rockville, Maryland 20850. Pursuant to an administration agreement with the Fund, MUFG provides certain administrative, bookkeeping and
accounting services to the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Independent Auditors</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">PricewaterhouseCoopers
LLP (&ldquo;PWC&rdquo;) has been selected as the Fund&rsquo;s independent registered public accounting firm by the Audit Committee and
ratified by a majority of the Board, including a majority of the Independent Trustees, by vote cast in person, to audit the accounts of
the Fund for and during the current fiscal year of the Fund. The Fund does not know of any direct or indirect financial interest of PWC
in the Fund.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Representatives
of PWC will be available to attend the Annual Meeting either in person or telephonically, will have the opportunity to make a statement
if they desire to do so and will be available to answer questions if necessary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Audit Fees</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
aggregate fees billed to the Fund by PWC for professional services rendered for the audit of the Fund&rsquo;s annual financial statements
for the Fund&rsquo;s fiscal year ended October 31, 2021 were $100,000. The aggregate fees billed to the Fund by PWC for professional services
rendered for the audit of the Fund&rsquo;s financial statements for the Fund&rsquo;s fiscal year ended October 31, 2022 were $120,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Audit-Related Fees</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
aggregate fees billed by PWC and approved by the Audit Committee for the Fund&rsquo;s fiscal year ended October 31, 2021 for assurance
and related services reasonably related to the performance of the audit of the Fund&rsquo;s annual financial statements were $0. The aggregate
fees billed by PWC and approved by the Audit Committee for the Fund&rsquo;s fiscal year ended October 31, 2022 for assurance and related
services reasonably related to the performance of the audit of the Fund&rsquo;s financial statements were $0.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">PWC
did not perform any other assurance and related services that were required to be approved by the Audit Committees for such period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">18</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Tax Fees</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
aggregate fees billed by PWC and approved by the Audit Committee for the Fund&rsquo;s fiscal year ended October 31, 2021 for professional
services rendered for tax compliance, tax advice, and tax planning were $17,510 (such fees relate to tax services provided by PWC in connection
with the Fund&rsquo;s excise tax calculations and review of the Fund&rsquo;s tax returns). The aggregate fees billed by PWC and approved
by the Audit Committee for the Fund&rsquo;s fiscal year ended October 31, 2022 for professional services rendered for tax compliance,
tax advice, and tax planning were $19,260 (such fees relate to tax services provided by PWC in connection with the Fund&rsquo;s excise
tax calculations and review of the Fund&rsquo;s tax returns).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">PWC
did not perform any other tax compliance or tax planning services or render any tax advice that were required to be approved by the Audit
Committee for such period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>All Other Fees</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
aggregate fees billed for products and services provided by PWC, other than the services reported above in Audit Fees, Audit-Related Fees,
and Tax Fees were $0 for the Fund&rsquo;s fiscal year ended October 31, 2021 and $0 for the Fund&rsquo;s fiscal year ended October 31,
2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Aggregate Non-Audit Fees</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
aggregate non-audit fees billed by PWC for the Fund&rsquo;s fiscal year ended October 31, 2021 for services rendered to the Fund were
$17,510. The aggregate non-audit fees billed by PWC for the Fund&rsquo;s fiscal year ended October&nbsp;31, 2022 for services rendered
to the Fund were $19,260.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">No
non-audit fees were billed by PWC for the Fund&rsquo;s fiscal years ended October 31, 2021 and October 31, 2022 for services rendered
to Advent, or any entity controlling, controlled by, or under common control with Advent that provides ongoing services to the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Audit Committee&rsquo;s Pre-Approval Policies and Procedures</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Audit Committee adopted Pre-Approved Policies and Procedures as part of the Audit Committee Charter. The Audit Committee has pre-approved
all audit and non-audit services provided by PWC to the Fund, and all non-audit services provided by PWC to Advent, or any entity controlling,
controlled by, or under common control with Advent that provides ongoing services to the Fund which are related to the operations of the
Fund. The Audit Committee has considered whether the provision of non-audit services that were rendered by PWC for the Fund&rsquo;s fiscal
years ended October 31, 2021 and October 31, 2022 to Advent or any entity controlling, controlled by, or under common control with Advent
that were not pre-approved pursuant to 17 CFR 210.2-01(c)(7)(ii) is compatible with</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">19</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">maintaining PWC&rsquo;s independence. Pursuant to such consideration,
the Audit Committee has made a determination that such non-audit services are compatible with maintaining PWC&rsquo;s independence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Advent
and affiliates of Advent performing services for the Fund paid no fees to PWC in the Fund&rsquo;s most recent fiscal year for services
other than those described above or for any other services, including for information systems design and implementation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Principal Shareholders</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">As
of August 4, 2023 to the knowledge of the Fund, no person beneficially owned more than 5% of the voting securities of any class of securities
of any of the Fund, except as set forth below:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 29%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Shareholder Name</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 23%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 24%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 24%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>and Address</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Class of Shares</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Share Holdings</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Percentage Owned</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Morgan Stanley<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 2.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Common Shares</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 6.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,587,416</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 27.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1585 Broadway</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">New York, NY 10036</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Parametric Portfolio</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Associates LLC</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">800 Fifth Avenue</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-indent: 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Seattle, WA 98104</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"></P>

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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><SUP>(1)</SUP> Based on Schedule 13G/A filed by Morgan Stanley
and Parametric Portfolio Associates LLC on February 8, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Additional Information Regarding the Solicitation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Because
the Fund is organized as a Delaware statutory trust, it is subject to the control share acquisition statute (the &ldquo;Control Share
Statute&rdquo;) contained in Subchapter III of the Delaware Statutory Trust Act (the &ldquo;DSTA&rdquo;), which became automatically applicable
to listed closed-end funds, such as the Fund, upon its effective date of August 1, 2022 (the &ldquo;Effective Date&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. The first such
threshold is 10% or more, but less than 15%, of all voting power. Voting power is defined by the Control Share Statute as the power to
directly or indirectly exercise or direct the exercise of the voting power of Fund shares in the election of trustees. Whether a voting
power threshold is met is determined by aggregating the holdings of the acquirer as well as those of its &ldquo;associates,&rdquo; as
defined by the Control Share Statute.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Once
a threshold is reached, an acquirer has no voting rights under the DSTA or the governing documents of the Fund with respect to shares
acquired in excess of that threshold (i.e., the &ldquo;control shares&rdquo;) unless approved by shareholders or exempted by the Board.
Approval by shareholders requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding shares
held by the acquirer and its associates as well as shares held by certain insiders of the Fund. The Control Share Statute provides procedures
for an acquirer to request a shareholder meeting for the purpose of considering whether voting rights shall be</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">20</P>





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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">accorded to control shares. Further approval by the Fund&rsquo;s
shareholders would be required with respect to additional acquisitions of control shares above the next applicable threshold level.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Control Share Statute effectively allows non-interested shareholders to evaluate the intentions and plans of an acquiring person above
each threshold level.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Alternatively,
the Board is permitted, but not obligated, to exempt specific acquisitions or classes of acquisitions of control shares, either in advance
or retroactively. As of the date hereof, the Board has not exempted, and has no present intention to exempt, any acquisition or class
of acquisitions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Control Share Statute does not retroactively apply to acquisitions of shares that occurred prior to the Effective Date. However, such
shares will be aggregated with any shares acquired after the Effective Date for purposes of determining whether a voting power threshold
is exceeded, resulting in the newly acquired shares constituting control shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition and,
upon request, to provide any information that the Board reasonably believes is necessary or desirable to determine whether a control share
acquisition has occurred.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
foregoing is only a summary of certain aspects of the Control Share Statute. Shareholders should consult their own legal counsel to determine
the application of the Control Share Statute with respect to their shares of the Fund and any subsequent acquisitions of shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Delinquent Section 16(a) Reports</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Section
16(a) of the Securities Exchange Act of 1934 and Section 30(h) of the 1940 Act require the Fund&rsquo;s officers and Trustees, certain
officers of the Fund&rsquo;s investment advisor, affiliated persons of the investment advisor, and persons who beneficially own more than
ten percent of the Fund&rsquo;s shares to file certain reports of ownership (&ldquo;Section 16 filings&rdquo;) with the SEC and the NYSE.
Based upon the Fund&rsquo;s review of the copies of such forms effecting the Section 16 filings received by it, the Fund believes that
for its fiscal year ended October 31, 2022, all filings applicable to such persons were completed and filed in a timely manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Privacy Principles of the Fund</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Fund is committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following
information is provided to help you understand what personal information the Fund collects, how the Fund protects that information and
why, in certain cases, the Fund may share information with select other parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">21</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Generally,
the Fund does not receive any non-public personal information relating to their shareholders, although certain non-public personal information
of their shareholders may become available to the Fund. The Fund does not disclose any non-public personal information about their shareholders
or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example,
to a transfer agent or third-party administrator).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Fund restricts access to non-public personal information about their shareholders to employees of Advent and the Servicing Agent with
a legitimate business need for the information. The Fund maintains physical, electronic and procedural safeguards designed to protect
the non-public personal information of their shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Deadline for Shareholder Proposals</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
Fund&rsquo;s Amended and Restated By-Laws (the &ldquo;By-Laws&rdquo;) require compliance with certain procedures for a shareholder to
properly make a nomination for election as a Trustee or to propose other business for the Fund. If a shareholder who is entitled to do
so under the By-Laws wishes to nominate a person or persons for election as a Trustee or propose other business for the Fund, that shareholder
must provide a written notice to the Secretary of the Fund at the Fund&rsquo;s principal executive offices. Such notice must include certain
information about the proponent and the proposal, or in the case of a nomination, the nominee. A copy of the By-Laws, which includes the
provisions regarding the requirements for shareholder nominations and proposals, may be obtained by writing to the Secretary of the Fund
c/o Advent Capital Management, LLC, 888 Seventh Avenue, 31st Floor, New York, New York 10019. Any shareholder considering making a nomination
or other proposal should carefully review and comply with those provisions of the By-Laws.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Shareholder
proposals intended for inclusion in the Fund&rsquo;s proxy statement in connection with the Fund&rsquo;s 2024 annual meeting of shareholders
pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) must be received by the Fund at the
Fund&rsquo;s principal executive offices by April 20, 2024 in order to be considered for inclusion in the Fund&rsquo;s proxy statement.
Timely submission of a proposal does not necessarily mean that such proposal will be included in the Fund&rsquo;s proxy statement.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">A
proposal, other than a proposal submitted pursuant to Rule 14a-8, to be presented at the Fund&rsquo;s 2024 annual meeting of shareholders
must be received by the Fund&rsquo;s Secretary at the Fund&rsquo;s principal executive offices not earlier than May&nbsp; 1, 2024 and
not later than May 31, 2024 (which is also the date after which shareholder nominations and proposals made outside of Rule 14a-8 under
the Exchange Act would not be considered &ldquo;timely&rdquo; within the meaning of Rule 14a-4(c) under the Exchange Act). If a proposal
is not &ldquo;timely&rdquo; within the meaning of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">22</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Rule 14a-4(c), then the persons named as proxies in the proxies
solicited by the Board for the 2024 annual meeting of shareholders may exercise discretionary voting power with respect to any such proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Expenses of Proxy Solicitation</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
cost of soliciting proxies will be borne by the Fund. Certain officers of the Fund and certain officers and employees of Advent, the Servicing
Agent or their respective affiliates (none of whom will receive additional compensation therefore), may solicit proxies by telephone,
mail, e-mail and personal interviews. Brokerage houses, banks and other fiduciaries may be requested to forward proxy solicitation material
to their principals to obtain authorization for the execution of proxies, and will be reimbursed by the Fund for such out-of-pocket expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Other Matters</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">The
management of the Fund knows of no other matters which are to be brought before the Annual Meeting. However, if any other matters not
now known properly come before the Annual Meeting, it is the intention of the persons named in the enclosed form of proxy to vote such
proxy in accordance with their judgment on such matters.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Failure
of a quorum to be present at the Annual Meeting may result in an adjournment. The chairman of the Annual Meeting may also move for an
adjournment of any meeting, in his or her discretion, including to permit further solicitation of proxies with respect to a proposal if
they determine that adjournment and further solicitation are reasonable and in the best interests of shareholders. Any adjourned meeting
or meetings may be held without the necessity of another notice. The persons named in the enclosed proxy card will vote in favor of any
such adjournment if they believe the adjournment and additional proxy solicitation are reasonable and in the best interests of the Fund&rsquo;s
shareholders. For purposes of determining the presence of a quorum, abstentions and broker non-votes will be treated as shares that are
present at the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Please
vote promptly by signing and dating the enclosed proxy card and returning it in the accompanying postage-paid return envelope or by following
the enclosed instructions to vote by telephone or over the Internet.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">August 18, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">23</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: right"><B>Appendix A</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt"><B>ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND (&ldquo;AVK&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>AUDIT COMMITTEE CHARTER<SUP>1</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: right"><B><I>Rev. 12/6/18<SUP>2</SUP></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>I. PURPOSE OF THE AUDIT COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The purpose of the Audit Committee (the &ldquo;<U>Audit Committee</U>&rdquo;)
of the Board of Trustees (the &ldquo;<U>Board</U>&rdquo;) of Advent Claymore Convertible Securities and Income Fund (the &ldquo;<U>Trust</U>&rdquo;)
is to provide assistance to the Board in fulfilling its legal and fiduciary obligations with respect to matters involving the accounting,
auditing, financial reporting and internal control functions of the Trust, including, without limitation, (a) assisting the Board&rsquo;s
oversight of (i) the integrity of the Trust&rsquo;s financial statements, (ii) the Trust&rsquo;s compliance with legal and regulatory
requirements, and (iii) the qualifications and independence of the Trust&rsquo;s independent auditor (the &ldquo;<U>Independent Auditor</U>&rdquo;),
and (b) preparing the report required to be prepared by the Audit Committee pursuant to the rules of the Securities and Exchange Commission
(the &ldquo;<U>SEC</U>&rdquo;) for inclusion in the Trust&rsquo;s annual proxy statement, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>II. COMPOSITION OF THE AUDIT COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Audit Committee shall be comprised of three or more trustees
as determined from time to time by resolution of the Board. Each member of the Audit Committee shall be qualified to serve on the Audit
Committee pursuant to the requirements of the Sarbanes - Oxley Act of 2002 (the &ldquo;<U>Act</U>&rdquo;) and the rules and regulations
promulgated by the SEC pursuant to the Act and by the New York Stock Exchange (the &ldquo;<U>NYSE</U>&rdquo;). Each member of the Audit
Committee shall be &ldquo;independent&rdquo; as defined by the rules promulgated by the SEC pursuant to the Act and the NYSE listing standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">According to the rules and regulations promulgated by the SEC
pursuant to the Act, a member is independent if he or she, other than in his or her capacity as a member of the Board, the Audit Committee
or any other board committee, (a) does not accept directly or indirectly any consulting, advisory or other compensatory fee from the Trust,
other than receipt of pension or other forms of deferred compensation from the Trust for prior service, so long as such compensation is
not contingent in any way on continued service, and (b) is not an &ldquo;interested person&rdquo; of the Trust (an &ldquo;<U>Independent
Trustee</U>&rdquo;) as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the &ldquo;<U>1940 Act</U>&rdquo;).</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: left"><SUP>1</SUP></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">This Audit Committee Charter supersedes and replaces all prior versions that may have been
adopted from time to time.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: left"><SUP>2</SUP></TD><TD STYLE="text-align: left; width: 5pt"></TD><TD STYLE="text-align: left">This revision was solely for the purpose of incorporating necessary revisions following the
completion of the mergers of each of Advent Claymore Convertible Securities and Income Fund II (&ldquo;AGC&rdquo;) and Advent/Claymore
Enhanced Growth &amp; Income Fund (&ldquo;LCM&rdquo;) with and into AVK, which occurred on August 27, 2018.</TD>
</TR></TABLE>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">A&ndash;1</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">According to the NYSE listing standards, a member is independent
if he or she has no relationship with the Trust that may interfere with the exercise of his or her independence from the Trust and Advent
Capital Management, LLC (the &ldquo;<U>Investment Manager</U>&rdquo;) and (a) is not an employee of the Trust or the Investment Manager,
(b) is not a partner, controlling shareholder or executive officer of an organization that has a business relationship with the Trust
or has a direct business relationship with such Trust, (c) is not employed as an executive of another company for which an executive of
the Trust serves on that company&rsquo;s compensation committee, and (d) does not have an immediate family member who is an executive
officer of any Trust or the Investment Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">No member of the Board may serve as a member of the Audit Committee
if the member serves on the audit committee of more than two other public companies, unless the Board determines that such simultaneous
service would not impair the ability of the member to effectively serve on the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Each member of the Audit Committee must be &ldquo;financially
literate&rdquo; (as such term is defined from time-to-time by the NYSE rules) as such qualification is interpreted by the Board in its
business judgment, or must become financially literate within a reasonable period of time after his or her appointment to the Audit Committee.
In addition, at least one member of the Audit Committee must have &ldquo;accounting or related financial management expertise&rdquo; (as
such term is defined by the NYSE rules) as the Board interprets such qualification in its business judgment. Further, either (a) at least
one member of the Audit Committee must be determined to be an &ldquo;audit committee financial expert&rdquo; (as such term is defined
in the rules and regulations promulgated by the SEC pursuant to the Act) by the Board, or (b) if no member of the Audit Committee is an
&ldquo;audit committee financial expert,&rdquo; such fact must be disclosed in the Trust&rsquo;s annual report filed with the SEC. The
Audit Committee shall recommend to the Board whether one or more of its members should be deemed to be an &ldquo;audit committee financial
expert&rdquo; or, if not, why not, and the Board shall make the final determinations in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The chairperson of the Audit Committee shall be designated by
the Board upon recommendation from the Audit Committee, provided that if the Board does not designate a chairperson, the members of the
Audit Committee, by a majority vote, may designate a chairperson.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Any vacancy on the Audit Committee shall be filled by the affirmative
vote of a majority of the members of the Board at the next meeting of the Board following the occurrence of the vacancy. No member of
the Audit Committee shall be removed except by the affirmative vote of a majority of the members of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>III. MEETINGS OF THE AUDIT COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Audit Committee shall fix its own rules of procedure, which
shall be consistent with the Declaration of Trust of the Trust, the By-Laws of the Trust and this Audit Committee Charter. The Audit Committee
shall meet on a regular basis and special meetings shall be called as circumstances require. The Audit Committee, in its</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">A&ndash;2</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">discretion, may ask members of management or others to attend
its meetings (or portions thereof) and to provide pertinent information as necessary. The Audit Committee shall meet separately on a periodic
basis with (a) the chief financial officer of the Trust, (b) management of the Investment Manager responsible for the Trust&rsquo;s internal
audit function and for assisting with the preparation of the Trust&rsquo;s financial statements and (c) the Independent Auditor, in each
case to discuss any matters that the Audit Committee or any of the above persons or firms believe should be discussed privately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">A majority of the members of the Audit Committee present in person
or by means of a conference telephone or other communication equipment by means of which all persons participating in the meeting can
communicate with each other shall constitute a quorum, provided that, once annually, at the meeting for selecting the Independent Auditor,
a majority of the members of the Audit Committee meeting in person shall constitute a quorum. The Audit Committee may also take action
by the written consent of a majority of its members, except to the extent an in-person meeting is required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Audit Committee shall cause to be maintained minutes of all
meetings and records relating to those meetings and provide copies of such minutes to the Board and the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>IV. AUTHORITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Audit Committee shall have the authority to carry out its
duties and responsibilities as set forth in this Audit Committee Charter, to institute investigations of suspected improprieties and to
retain independent counsel or seek assistance from experts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>V. DUTIES AND RESPONSIBILITIES OF THE AUDIT COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">In carrying out its duties and responsibilities, the Audit Committee&rsquo;s
policies and procedures will remain flexible, so that it may be in a position to best react or respond to changing circumstances or conditions.
The following are the duties and responsibilities of the Audit Committee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><I>A. Oversight of the Auditor&rsquo;s Engagement/Independence</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)
Approve the selection and retention (subject to ratification by a majority of the Independent Trustees), termination and compensation
of the Independent Auditor to audit the books and accounts of the Trust and its subsidiaries, if any, for each fiscal year;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(ii)
Review and, in its sole discretion, approve in advance the Independent Auditor&rsquo;s annual engagement letter, including the proposed
fees contained therein;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(iii)
Pre-approve (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements
for non-audit services to be provided by the Independent Auditor (1) to the Investment Manager or (2) to any entity controlling, controlled
by or under common control</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">A&ndash;3</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">with the Investment Manager that provides ongoing services to
the Trust; but in the case of the services described in subsection (B)(1) or (2), only if the engagement relates directly to the operations
and financial reporting of the Trust (clauses (A) and (B), collectively, the &ldquo;<U>Covered Services</U>&rdquo; and the entities referred
to in clause (B), collectively, the &ldquo;<U>Covered Entities</U>&rdquo;); provided that pre-approval by the Audit Committee of Covered
Services may be effected pursuant to the procedures described below in Section VI captioned &ldquo;PRE-APPROVAL PROCEDURES&rdquo;; provided
that this Audit Committee Charter shall not be violated if pre-approval of any non-audit Covered Service is not obtained in circumstances
in which the pre-approval requirement is waived under rules promulgated by the SEC under the Act or the NYSE listing standards;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(iv)
Obtain at least annually from the Independent Auditor and review a report describing:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 60pt; text-align: left">(a) the Independent Auditor&rsquo;s internal
quality-control procedures; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 60pt; text-align: left">(b) any material issues raised by the most
recent internal quality-control review of the Independent Auditor, or by any inquiry or investigation by any governmental or professional
authority, within the preceding five years, respecting one or more independent audits carried out by the Independent Auditor, and any
steps taken to deal with any such issues;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(v)
Obtain quarterly &ldquo;notice reports&rdquo; for the Trust (and, if the quarterly communication is not within 90 days prior to the filing
of an audit report with the SEC for the Trust, provide an update with any changes to the previously reported information) from the Independent
Auditor and review a report notifying the Audit Committee of all audit and non-audit services that were not pre-approved by the Trust&rsquo;s
Audit Committee provided (A) to the Investment Manager, (B) to any entity controlling, controlled by or under common control with the
Investment Manager, and (C) to any registered or unregistered investment company advised by an investment advisor included in subsection
(A) or (B) of this paragraph. In the interval between scheduled meetings of the Audit Committee, the Independent Auditor shall provide
such &ldquo;notice reports&rdquo; or updates to the Chairman of the Audit Committee. Such disclosure shall include the fees associated
with any services described in this paragraph;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(vi)
Review at least annually the qualifications, performance and independence of the Independent Auditor, including the performance of the
lead partner of the Independent Auditor, and, in its discretion, make decisions regarding the replacement or termination of the Independent
Auditor when circumstances warrant;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">A&ndash;4</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(vii)Oversee
the independence of the Independent Auditor by, among other things:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(a)
actively engaging in a dialogue with the Independent Auditor with respect to any disclosed relationships or services that may impact the
objectivity and independence of the Independent Auditor, and taking appropriate action to satisfy itself of the auditor&rsquo;s independence;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(b)
monitoring compliance by the Independent Auditor with the audit partner rotation requirements contained in the Act and the rules and regulations
promulgated by the SEC thereunder;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(c)
monitoring compliance by the Trust, the Investment Manager and the Independent Auditor with the employee conflict of interest requirements
contained in the Act and the rules and regulations promulgated by the SEC thereunder; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(d)
considering whether there should be a regular rotation of the Independent Auditor; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(viii)
Instruct the Independent Auditor that it is ultimately accountable to the Audit Committee, and that the Audit Committee is responsible
for the appointment (subject to ratification by the Independent Trustees), retention, compensation, evaluation and termination of the
Independent Auditor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><I>B. Oversight of the Audit</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)
Review the annual audit plan of the Independent Auditor, including the scope of audit activities, monitor such plan&rsquo;s progress,
changes thereto and results periodically during the year and review the results of the year-end audit of the Trust, including any comments
or recommendations of the Independent Auditor;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(ii)
Obtain at least annually for the Trust from the Independent Auditor and review a report describing:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(a) all critical accounting policies and practices used;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(b)
all alternative treatments within United States Generally Accepted Accounting Principles for policies and practices related to material
items that have been discussed with management of the Trust, including (1) ramifications of the use of such alternative disclosures and
treatments, and (2) the treatment preferred by the Independent Auditor; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(c)
other material written communications between the Independent Auditor and management of the Trust, such as any management letter or schedule
of unadjusted differences;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(iii)
Review with the chief financial officer of the Trust and management of the Investment Manager responsible for assisting with the preparation
of the Trust&rsquo;s financial statements and the Independent Auditor, the following:</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">A&ndash;5</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(a)
the Trust&rsquo;s annual audited financial statements and interim financial statements, and any major issues related thereto;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(b)
critical accounting policies and such other accounting policies of the Trust as are deemed appropriate for review by the Audit Committee
prior to any interim or year-end filings with the SEC or other regulatory body, including any financial reporting issues which could have
a material impact on the Trust&rsquo;s financial statements; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(c)
the effect of regulatory, accounting and financial reporting initiatives on the financial statements of the Trust;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(iv)
Review on a regular basis with the Independent Auditor any problems or difficulties encountered by the Independent Auditor in the course
of any audit work, including management&rsquo;s response with respect thereto, any restrictions on the scope of the Independent Auditor&rsquo;s
activities or on access to requested information, and any significant disagreements with management. In connection therewith, the Audit
Committee will review with the Independent Auditor the following:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(a)
any accounting adjustments that were noted or proposed by the Independent Auditor but were rejected by management (as immaterial or otherwise);</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(b)
any communications between the audit team and the Independent Auditor&rsquo;s national office respecting auditing or accounting issues
presented by the engagement; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(c)
any &ldquo;management&rdquo; or &ldquo;internal control&rdquo; letter issued, or proposed to be issued, by the Independent Auditor to
the Trust;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(v)
Attempt to resolve all disagreements between the Independent Auditor and management regarding financial reporting; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(vi)
Review information obtained from the Independent Auditor pursuant to Section 10A of the Securities Exchange Act of 1934.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><I>C. Oversight of Controls and Procedures</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)
Review periodically a report from the Trust&rsquo;s chief executive officer, chief financial officer and Independent Auditor, at least
annually, regarding the following:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(a)
all significant deficiencies in the design or operation of internal controls of the Trust, any entity in the investment company complex
(as such term is defined in Regulation S-X promulgated by the SEC) that is responsible for the financial reporting or operations of the
Trust (the &ldquo;<U>Related Entities</U>&rdquo;), or, to the knowledge of such persons, other service providers, which could adversely
affect the Trust&rsquo;s ability to record, process, summarize, and report financial data, including any material weaknesses in internal
controls identified by the Independent Auditor;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">A&ndash;6</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(b)
any fraud, whether or not material, that involves management or other employees of the Trust, the Related Entities, or, to the knowledge
of such persons, other service providers to the Trust who have a significant role in the Trust&rsquo;s internal controls; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 40pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(c)
any significant changes in internal controls or in other factors that could significantly affect internal controls, including any corrective
actions with regard to significant deficiencies and material weaknesses related to the Trust, the Related Entities, or, to the knowledge
of such persons, other service providers to the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><I>D. Compliance</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)
Establish and maintain free and open means of communication between and among the Board, the Audit Committee, the Independent Auditor,
the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Trust&rsquo;s management, including the chief financial officer,
management of the Investment Manager and management of those service providers of the Trust deemed appropriate by the Audit Committee,
including providing such parties with appropriate opportunities to meet separately and privately with the Audit Committee on a periodic
basis as the Audit Committee may deem necessary or appropriate;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(ii)
Establish procedures for (A) the receipt, retention and treatment of complaints received by the Trust regarding accounting, internal accounting
controls or auditing matters, and (B) the confidential, anonymous submission by employees of the Related Entities, other service providers
responsible for such services, including the custodian and transfer agent or other persons of concerns regarding questionable accounting
or auditing matters; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(iii)
Secure independent expert advice to the extent the Audit Committee determines it to be appropriate, including retaining, with or without
approval of the Board, independent counsel, accountants, consultants or others, to assist the Audit Committee in fulfilling its duties
and responsibilities, the cost of such independent expert advisors to be borne by the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><I>E. Miscellaneous</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(i)
Prepare an annual performance evaluation of the Audit Committee, which evaluation must compare the performance of the Audit Committee
with the requirements of this Audit Committee Charter, and set forth the goals and objectives of the Audit Committee for the upcoming
year. The evaluation will include a review and assessment of the adequacy of this Audit Committee Charter. The performance evaluation
by the Audit Committee shall be conducted in such manner as the Audit Committee deems appropriate;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(ii) Report regularly to the Board on its
activities, as appropriate; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-indent: 0.25in"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">(iii) Perform such additional activities,
and consider such other matters, within the scope of its duties and responsibilities, as the Audit Committee or the Board deems
necessary or appropriate.</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">A&ndash;7</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>VI. PRE-APPROVAL PROCEDURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Audit Committee shall prepare written pre-approval procedures
pursuant to which it may pre-approve Covered Services. The Audit Committee, in its discretion, may elect to delegate to one or more of
its members authority to pre-approve Covered Services between regularly scheduled meetings of the Audit Committee. The pre-approval procedures
in effect from time-to-time shall be attached to this Audit Committee Charter as Annex A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>VII. REPORTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Audit Committee shall report its activities to the Board on
a regular basis, so that the Board is kept informed of its activities on a current basis. In connection therewith, the Audit Committee
will review with the Board any issues that arise with respect to the quality or integrity of the Trust&rsquo;s financial statements, the
Trust&rsquo;s compliance with legal or regulatory requirements, the performance and independence of the Independent Auditors. In particular,
the Audit Committee will also report to the Board its conclusions with respect to matters the Audit Committee considers to be of interest
or the Board requests. Reports to the Board may take the form of an oral report by the chairperson of the Audit Committee or any other
member of the Audit Committee designed by the Audit Committee to make this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Audit Committee shall prepare the report required by the rules
of the SEC to be included in the Trust&rsquo;s annual proxy statement and determine to its satisfaction that the Audit Committee has:
(a) reviewed and discussed the audited financial statements with management of the Trust; (b) discussed with the Independent Auditor the
matters required to be discussed by the Statements on Auditing Standards No. 61, as amended; (c) received the written disclosures and
the letter from the Independent Auditor required by ISB Standard No. 1 and have discussed with the Independent Auditor the auditor&rsquo;s
independence; and (d) made a recommendation to the Board as to whether the financial statements be included in the Trust&rsquo;s annual
report for the past fiscal year, as filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>VIII. RESOURCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Board shall ensure that the Audit Committee has adequate resources,
as determined by the Audit Committee, with which to discharge its responsibilities, including for the payment of (a) compensation (i)
to any firm of independent auditors engaged for the purpose of preparing or issuing an audit report or performing other audit, review
or attest services for the Trust, and (ii) to any advisors employed by the Audit Committee, including independent counsel, consultants
or other advisors, as the Audit Committee determines necessary to carry out its duties, and (b) ordinary administrative expenses of the
Audit Committee that are necessary or appropriate in carrying out its duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>IX. LIMITS ON ROLE OF AUDIT COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">While the Audit Committee has the duties and responsibilities
set forth in this Audit Committee Charter, the Audit Committee is not responsible for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">A&ndash;8</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>planning or conducting the audit or for determining whether the Trust&rsquo;s financial statements
are complete and accurate and are in accordance with generally accepted accounting principles;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>determining whether the Form N-CSR filed by the Trust with the SEC contains any untrue statement
of a material fact or omits to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by the report;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>determining whether the Trust&rsquo;s financial statements and other financial information
included in the Form N-CSR fairly present in all material respects the financial condition, results of operations, changes in net assets
and cash flows of the Trust as of, and for, the periods presented in the Form N-CSR; or</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">&bull;</TD><TD STYLE="width: 5pt"></TD><TD>establishing, designing or maintaining disclosure controls and procedures for the Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">In fulfilling its responsibilities hereunder, it is recognized
that members of the Audit Committee are not full-time employees of the Trust or the Investment Manager. The Audit Committee and its members
do not have a duty or responsibility to conduct &ldquo;field work&rdquo; or other types of auditing or accounting reviews or procedures
or to set auditor independence standards, and each member of the Audit Committee shall be entitled to rely on (a) the integrity of those
persons and organizations within and outside the Trust, the Investment Manager and service providers to the Trust from which it receives
information, (b) the accuracy of the financial and other information provided to the Audit Committee absent actual knowledge to the contrary
(which shall be promptly reported to the Board) and (c) statements made by management or third parties as to any information technology,
internal audit and other non-audit services provided by the Independent Auditor to the Trust.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">A&ndash;9</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>ANNEX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>AUDIT COMMITTEE PRE-APPROVAL POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><B>AS ADOPTED BY THE AUDIT COMMITTEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Statement of Principles</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Audit Committee (the &ldquo;<U>Audit Committee</U>&rdquo;)
of the Board of Trustees (the &ldquo;<U>Board</U>&rdquo;) of Advent Claymore Convertible Securities and Income Fund (the &ldquo;<U>Trust</U>&rdquo;)
is required to pre-approve all Covered Services (as defined in the Audit Committee Charter) in order to assure that the provision of the
Covered Services does not impair the auditors&rsquo; independence. Unless a type of service to be provided by the Independent Auditor
(as defined in the Audit Committee Charter) is pre-approved in accordance with the terms of this Audit Committee Pre-Approval Policy (the
&ldquo;<U>Policy</U>&rdquo;), it will require specific pre-approval by the Audit Committee or by any member of the Audit Committee to
which pre-approval authority has been delegated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">This Policy and the appendices to this Policy describe the Audit,
Audit-Related, Tax and All Other services that are Covered Services and that have been pre-approved under this Policy. The appendices
hereto sometimes are referred to herein as the &ldquo;<U>Service Pre-Approval Documents</U>&rdquo;. The term of any such pre-approval
is 12&nbsp;months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. At its June
meeting of each calendar year, the Audit Committee will review and re-approve this Policy and approve or re-approve the Service Pre-Approval
Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from
time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both. The Audit Committee hereby
directs that each version of this Policy and the Service Pre-Approval Documents approved, re-approved or amended from time to time be
maintained with the books and records of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Delegation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">In the intervals between the scheduled meetings of the Audit Committee,
the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the &ldquo;<U>Chairman</U>&rdquo;).
The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled
meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated
authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval
originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the
aggregate level of fees approved, or both. The Audit Committee expects pre-approval of Covered Services by the Chairman pursuant to this
delegated authority to be the exception rather than the rule and may modify or withdraw this delegated authority at any time the Audit
Committee determines that it is appropriate to do so.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt">A&ndash;A&ndash;1</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Pre-Approved Fee Levels</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Fee levels for all Covered Services to be provided by the Independent
Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval
Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant
to delegated authority).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Audit Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The terms and fees of the annual Audit services engagement for
the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee will approve, if necessary, any changes
in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">In addition to the annual Audit services engagement specifically
approved by the Audit Committee, any other Audit services for the Trust not listed in the Service Pre-Approval Document for the respective
period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Audit-Related Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Audit-Related services are assurance and related services that
are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the
Trust and, to the extent they are Covered Services, the other Covered Entities (as defined in the Audit Committee Charter) or that are
traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service
Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to
delegated authority).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Tax Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">The Audit Committee believes that the Independent Auditor can
provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor&rsquo;s
independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction initially
recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not
be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service
Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to
delegated authority).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>All Other Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">All Other services that are Covered Services and are not listed
in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman
pursuant to delegated authority).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">A&ndash;A&ndash;2</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><B>Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt">Requests or applications to provide Covered Services that require
approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman,
as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must include
a joint statement as to whether, in their view, (a) the request or application is consistent with the SEC&rsquo;s rules on auditor independence
and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman
between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly
scheduled meeting of the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">A&ndash;A&ndash;3</P>




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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 35%"><P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>PROXY TABULATOR<BR>
P.O. BOX 9112<BR>
FARMINGDALE, NY 11735</I></P>
</TD>
  <TD STYLE="text-align: right; width: 18%">&nbsp;<IMG SRC="proxycard1.gif" ALT=""></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
  <TD STYLE="width: 46%"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 13.5pt"><B>SCAN
                         TO</B></FONT><B><FONT STYLE="font-size: 12pt"><BR></FONT> <FONT STYLE="font-size: 7.5pt">VIEW MATERIALS &amp;
                         VOTE </FONT><FONT STYLE="font-size: 16pt">&gt;</FONT></B></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD><P STYLE="text-align: center; font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><B>IT IS IMPORTANT THAT PROXIES BE VOTED PROMPTLY.<BR>
EVERY SHAREHOLDER'S VOTE IS IMPORTANT.</B></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right">&nbsp;<IMG SRC="proxycard2.gif" ALT=""></TD>
    <TD>&nbsp;</TD>
  <TD><P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>To vote by Internet</B><BR>
1) Read the Proxy Statement and have the proxy card below at hand.<BR>
2) Go to website <B>www.proxyvote.com or scan the</B><BR>
<B>QR Barcode above.</B><BR>
3) Follow the instructions provided on the website.</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right">&nbsp;<IMG SRC="proxycard3.gif" ALT=""></TD>
    <TD>&nbsp;</TD>
  <TD><P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>To vote by Telephone</B><BR>
1) Read the Proxy Statement and have the proxy card below at hand.<BR>
2) Call <B>1-800-690-6903</B><BR>
3) Follow the instructions.</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="text-align: right">&nbsp;<IMG SRC="proxycard4.gif" ALT=""></TD>
    <TD>&nbsp;</TD>
  <TD><P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>To vote by Mail</B><BR>
1) Read the Proxy Statement.<BR>
2) Check the appropriate boxes on the proxy card below.<BR>
3) Sign and date the proxy card.<BR>
4) Return the proxy card in the envelope provided.</P>
</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 9in; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 49%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 24%">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 27%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">V21799-P96885</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DETACH AND RETURN THIS PORTION ONLY</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1. </FONT></TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Election of Trustees:</FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Class II Nominees:</B></FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>For </B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Against </B></FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Abstain</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.75pt; width: 5%">&nbsp;</TD>
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 43%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mr. Daniel L. Black</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><FONT STYLE="font-family: Webdings; font-size: 8pt">&#99;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><FONT STYLE="font-family: Webdings; font-size: 8pt">&#99;</FONT></TD>
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  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1b. </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mr. Michael A. Smart</FONT></TD>
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    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><FONT STYLE="font-family: Webdings; font-size: 8pt">&#99;</FONT></TD></TR>
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    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1c. </FONT></TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ms. Nancy E. Stuebe</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><FONT STYLE="font-family: Webdings; font-size: 8pt">&#99;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><FONT STYLE="font-family: Webdings; font-size: 8pt">&#99;</FONT></TD>
    <TD STYLE="text-align: left; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 15%"><FONT STYLE="font-family: Webdings; font-size: 8pt">&#99;</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To transact such other business as may properly come before
the Annual Meeting or any adjournments, postponements, or delays thereof.</P>

<P STYLE="text-align: center; font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><B>Please complete, sign and date hereon and promptly return the
proxy in the enclosed envelope.</B></P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Please date and sign here exactly as your name appears in the
records of the Fund. If the shares are held jointly, each holder should sign. When signing as an attorney, executor, administrator, trustee,
guardian, officer of a corporation or other entity or in any other representative capacity, please give the full title under signature(s).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 7.5pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border: Black 1pt solid; width: 30%">&nbsp;</TD>
  <TD STYLE="border-top: Black 1pt solid; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
  <TD STYLE="width: 20%">&nbsp;</TD>
  <TD STYLE="border: Black 1pt solid; width: 30%">&nbsp;</TD>
  <TD STYLE="border-top: Black 1pt solid; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>Signature [PLEASE SIGN WITHIN BOX]</TD>
  <TD>Date</TD>
  <TD>&nbsp;</TD>
  <TD>Signature [Joint Owners]</TD>
  <TD>Date</TD></TR>
</TABLE>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"></P>






<!-- Field: Page; Sequence: 43 -->
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center">The Notice and Proxy Statement is available
at www.proxyvote.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has elected to hold the Annual Meeting of Shareholders
as a conference call. The details on how to participate are included in the Fund&rsquo;s Proxy Statement and are also posted on www.proxyvote.com.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right">&nbsp;</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt dashed">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: right">V21800-P96885</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Solicited
by the Board of Trustees</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Advent Convertible and Income Fund</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Annual Meeting of Shareholders</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>September 28, 2023</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The annual meeting of shareholders of Advent Convertible and Income
Fund (the &quot;Fund&quot;) will be held on Thursday, September 28, 2023 at 10:00 a.m. Eastern time (the &quot;Annual Meeting&quot;).
The Annual Meeting will be held as a conference call. The undersigned hereby appoints each of Stephen Ellwood and Robert White and each
of them or their respective designees, with full power of substitution and revocation, as proxies to represent and to vote all shares
of the undersigned at the Annual Meeting and all adjournments, postponements, or delays thereof, with all powers the undersigned would
possess if personally present, upon the matters specified on the reverse side.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AS DIRECTED.
IF NO DIRECTION IS INDICATED AS TO THE PROPOSAL, THE PROXIES SHALL VOTE FOR SUCH PROPOSAL. THE PROXIES MAY VOTE AT THEIR DISCRETION ON
ANY OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS, OR DELAYS THEREOF.</B></P>

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 12pt"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE.</B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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