<SEC-DOCUMENT>0001145549-19-016867.txt : 20190613
<SEC-HEADER>0001145549-19-016867.hdr.sgml : 20190613
<ACCEPTANCE-DATETIME>20190613065747
ACCESSION NUMBER:		0001145549-19-016867
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190331
FILED AS OF DATE:		20190613
DATE AS OF CHANGE:		20190613
EFFECTIVENESS DATE:		20190613

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delaware Investments National Municipal Income Fund
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		19894888

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	20020327

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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            <principalName>GOLDMAN SACHS &amp; CO. LLC</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5985253.000000000000</principalTotalPurchaseSale>
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        <principalAggregatePurchase>45705522.000000000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>64315464.000000000000</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.000000000000</dailyAvgNetAssets>
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        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Delaware Investments National Municipal Income Fund</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="VFL"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>Delaware Investments National Municipal Income Fund</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="VFL"/>
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      <rightsOfferingFunds isRightsOffering="Y">
        <rightsOfferingFund>
          <rightsOfferingTypes>
            <rightsOfferingType>Preferred stock</rightsOfferingType>
          </rightsOfferingTypes>
          <rightsOfferingParticipationPercent>45.870000000000</rightsOfferingParticipationPercent>
        </rightsOfferingFund>
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      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.400000000000</managementFee>
      <netOperatingExpenses>2.310000000000</netOperatingExpenses>
      <marketPricePerShare>12.690000000000</marketPricePerShare>
      <netAssetValuePerShare>14.440000000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
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      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isMaterialAmendments>true</isMaterialAmendments>
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    <signature registrantSignedName="Delaware Investments National Municipal Income Fund" signedDate="2019-06-13" signature="Brian Murray" title="Chief Compliance Officer"/>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Report of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Board of Trustees/Directors and Shareholders of Delaware Investments<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Colorado Municipal
Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments National Municipal Income Fund </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In planning and
performing our audits of the financial statements of Delaware Investments Colorado Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments National Municipal Income Fund (hereafter
collectively referred to as the &#147;Funds&#148;) as of and for the year ended March&nbsp;31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (&#147;PCAOB&#148;), we considered the Funds&#146;
internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of
Form <FONT STYLE="white-space:nowrap">N-CEN,</FONT> but not for the purpose of expressing an opinion on the effectiveness of the Funds&#146; internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of
the Funds&#146; internal control over financial reporting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The management of the Funds is responsible for establishing and maintaining effective internal
control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund&#146;s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A fund&#146;s internal
control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund;
(2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being
made only in accordance with authorizations of management and trustees of the fund; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&#146;s assets that could
have a material effect on the financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material misstatement of the funds&#146; annual or interim financial statements will not be prevented or detected on a timely basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our consideration of the Funds&#146; internal control over financial reporting was for the limited purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control over </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px dotted #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042
<FONT STYLE="white-space:nowrap">T:&nbsp;(267)&nbsp;330-3000,</FONT> F: (267) 330 3300, <U>www.pwc.com/us</U> </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted
no deficiencies in the Funds&#146; internal control over financial reporting and their operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of March&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This report is intended solely for the information and use of the Board of Trustees/Directors of Delaware Investments Colorado Municipal Income Fund, Inc.,
Delaware Investments Minnesota Municipal Income Fund II, Inc. and Delaware Investments National Municipal Income Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified
parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ PricewaterhouseCoopers LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;21, 2019
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>national.htm
<TEXT>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Amendment Dated January&nbsp;16, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>to the Amended and Restated <FONT STYLE="white-space:nowrap">By-Laws</FONT> of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delaware Investments National Municipal Income Fund </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dated October&nbsp;15, 2007 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, Article X, Section&nbsp;1 of the Amended and Restated <FONT STYLE="white-space:nowrap">By-Laws</FONT> provides that the Amended and Restated <FONT
STYLE="white-space:nowrap">By-Laws</FONT> may be amended by the Board of Trustees (the &#147;Board&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, by resolution dated
November&nbsp;15, 2018, the Board authorized the Amended and Restated <FONT STYLE="white-space:nowrap">By-Laws</FONT> to be amended as set forth below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE</B>, the Amended and Restated <FONT STYLE="white-space:nowrap">By-Laws</FONT> are hereby amended as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Article II, Section&nbsp;2 is replaced in its entirety as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>ANNUAL MEETINGS</U>. An &#147;annual meeting&#148; of shareholders means any meeting of shareholders called for the
purpose of electing trustees of the Trust and transacting any other business within the Trust&#146;s powers, provided that only one annual meeting may be held during a calendar year. An annual meeting of the shareholders may be called at any time by
the Board of Trustees, chairperson of the Board of Trustees, or president of the Trust (as defined under Section&nbsp;1 of Article V herein)<I>, </I>at a time and date fixed by such person calling the meeting. To be properly brought before an annual
meeting of shareholders, business must be specified in the notice of meeting (i)&nbsp;given by or at the direction of the Board of Trustees, or (ii)&nbsp;otherwise properly brought before the meeting by a shareholder pursuant to and in accordance
with Section&nbsp;12 of these <FONT STYLE="white-space:nowrap">By-Laws.</FONT> In the event an annual meeting is not held at the time fixed in accordance with these <FONT STYLE="white-space:nowrap">By-laws</FONT> or the time for an annual meeting is
not fixed in accordance with these <FONT STYLE="white-space:nowrap">By-laws</FONT> to be held within thirteen (13)&nbsp;months after the most recent annual meeting, the Trust may designate a special meeting held thereafter as a special meeting in
lieu of an annual meeting, and the meeting shall have the effect of an annual meeting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>SPECIAL MEETINGS</U>. A
&#147;special meeting&#148; of shareholders (<I>i.e.</I>, any meeting of shareholders that is not an annual meeting) may be called at any time (i)&nbsp;by the Board of Trustees, the chairperson of the Board of Trustees, or the President, for the
purpose of taking action upon any matter deemed by the Board of Trustees to be necessary or desirable; or (ii)&nbsp;upon the written request of the holders of at least 40% of the shares entitled to vote at such meeting or such lesser percentage as
shall constitute the maximum percentage required by law for this purpose at any time at which the Trust shall have a class of voting stock registered under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), or at which
the Trust is registered as an investment company under the Investment Company Act of 1940, as amended. A written shareholder request for a special meeting shall state the purpose of the meeting and the matters proposed to be acted on at the meeting.
Upon receipt of a written request from shareholders entitled to call a special meeting, the secretary of the Trust shall notify each shareholder entitled to notice of the meeting. The Board of Trustees shall have the sole power to fix: (i)&nbsp;the
record date for determining shareholders entitled to request a special meeting of the shareholders and the record date for determining shareholders entitled to notice of and to vote at the special meeting; and (ii)&nbsp;the date, time, and place, if
any, and the means of remote communication, if any, by which shareholders and proxy holders may be considered present in person and may vote at the </P>

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special meeting. No meeting shall be called upon the request of shareholders to consider any matter that is substantially the same as a matter voted upon at any meeting of the shareholders held
during the preceding twelve (12)&nbsp;months, unless requested by the holders of a majority of all shares entitled to be voted at such meeting. To be properly brought before a special meeting of shareholders, business must be specified in the notice
of meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">; and </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Article II, Section&nbsp;3 is replaced
in its entirety as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <U>NOTICE OF SHAREHOLDERS</U><U>&#146;</U><U> MEETING</U>. All notices of meetings of
shareholders shall be sent or otherwise given, in accordance with Section&nbsp;4 of this Article, not less than seven (7)&nbsp;nor more than sixty (60)&nbsp;days before the date of the meeting. The notice shall specify (i)&nbsp;the place, date and
time of the meeting, and (ii)&nbsp;the general nature of the business to be transacted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">; and </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Article II is amended to include Sections 12 and 13 as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <U>SHAREHOLDER PROPOSALS</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Proponents</U>. The nominations of individuals for election to the Board of Trustees and other lawfully permissible
proposals to be considered by shareholders may be presented at an annual meeting of the shareholders by properly being brought before the meeting by a Person who: (i)&nbsp;is either (<I>x</I>)&nbsp;a shareholder at each of the time of the giving of
notice provided for in this Section&nbsp;12, on the record date for the annual meeting, and at the time of the annual meeting, or (<I>y</I>)&nbsp;a Person (a &#147;Nominee Holder&#148;) that holds shares entitled to vote at meetings of shareholders
through a nominee or &#147;street name&#148; holder of record and demonstrates to the Trust such indirect ownership and entitlement to vote such shares, and is a Nominee Holder at each of the time of the giving of notice provided for in this
Section&nbsp;12, on the record date for the annual meeting, and at the time of the meeting (such shareholder or Nominee Holder to be referred to as a &#147;Proponent&#148;); and (ii)&nbsp;complies with the applicable notice procedures set forth in
this Section&nbsp;12. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Shareholder Notice</U>. For nominations or a proposal to be properly brought before an annual
meeting by a Proponent: (i)&nbsp;the Proponent must have given timely notice thereof in writing to the secretary of the Trust at the principal executive offices of the Trust (the &#147;Shareholder Notice&#148;); and (ii)&nbsp;the Proponent or its
representative (the &#147;Proponent Representative&#148;) must attend the annual meeting in person and present the nominations or the proposal to be considered. To be timely, a Shareholder Notice must be made in writing and received by the secretary
of the Trust by close of business not more than 150 days and not less than 120 days before the first anniversary of the date that the Trust&#146;s proxy statement was released to shareholders in connection with the previous year&#146;s annual
meeting (the &#147;Prior Mailing Date&#148;). In no event shall the adjournment of an annual meeting, or any announcement thereof, commence a new period for the giving of notice as provided in this Section. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Other Annual Meeting Date</U>. If and only if the annual meeting is not scheduled to be held within a period that
commences thirty (30)&nbsp;days before the first anniversary of the prior year&#146;s annual meeting (the &#147;Prior Annual Meeting Date&#148;) and ends thirty (30)&nbsp;days after the first anniversary of the Prior Annual Meeting Date (an annual
meeting date outside such period being referred to as an &#147;Other Annual Meeting Date&#148;), such Shareholder Notice shall be considered timely hereunder if given in the manner provided herein by the later of the close of business on
</P>

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(i) the date 120 days before the first anniversary of the Prior Mailing Date, or (ii)&nbsp;the 10th day following the date such Other Annual Meeting Date is first publicly announced or disclosed;
<U>provided</U>, <U>however</U>, that if the Other Annual Meeting Date was disclosed in the proxy statement for the prior year&#146;s annual meeting, then the dates for receipt of the Shareholder Notice shall be calculated in accordance with
Section&nbsp;12(b) above based on such Other Annual Meeting Date and disclosed in the proxy statement for the prior year&#146;s annual meeting. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Change in Board Seats</U>. Notwithstanding anything in these <FONT STYLE="white-space:nowrap">By-laws</FONT> to the
contrary, in the event that the number of Trustees to be elected to the Board of Trustees of the Trust is increased, and either all of the nominees for Trustee or the size of the increased Board of Trustees are not publicly announced or disclosed by
the Trust at least 150 days prior to the first anniversary of the Prior Mailing Date, a Shareholder Notice shall be considered timely hereunder, but only with respect to nominees for any new positions created by such increase, if given in the manner
provided herein by the later of the close of business on (i)&nbsp;the date 120 days before the first anniversary of the Prior Mailing Date, or (ii)&nbsp;the 10th day following the date that all of such nominees or the size of the increased Board of
Trustees shall have been publicly announced or disclosed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Nominations</U>. An individual may be nominated by a
Proponent for election as a Trustee of the Trust only by a holder of a class of shares entitled to vote on the election of such nominee. The Shareholder Notice given by a Proponent to the secretary of the Trust with respect to nominations for the
election of Trustees shall set forth in writing: (i)&nbsp;the name, age, business address and, if known, residence address of each nominee proposed in such Shareholder Notice; (ii)&nbsp;the principal occupation or employment of each such nominee;
(iii)&nbsp;the number of shares which are beneficially owned by each such nominee; (iv)&nbsp;whether the Proponent believes each nominee is or will be an &#147;interested person&#148; of the Trust (as defined in the Investment Company Act of 1940,
as amended (the &#147;1940 Act&#148;)); (v) the written and signed consent of each person to be nominated, to be named as a nominee and to serve as a Trustee if elected; and (vi)&nbsp;all other information regarding each nominee as would have been
required to be included in a proxy statement filed pursuant to the proxy rules of the Commission had each such nominee been nominated by the Board of Trustees of the Trust. In addition, the Proponent shall promptly provide any other information
reasonably requested by the Trust to determine the eligibility of such proposed nominee to serve as a Trustee of the Trust. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Proposals</U>. To be in proper written form, a Shareholder Notice given by a Proponent to the secretary of the Trust
with respect to a proposal to be brought before an annual meeting shall set forth in writing: (a)&nbsp;as to the matter the Proponent proposes to bring before the annual meeting, a brief description of the business desired to be brought before the
annual meeting (including the text of any resolutions proposed for consideration) and the reasons for conducting such business at the annual meeting; and (b)&nbsp;as to the Proponent and the beneficial owner, if any, on whose behalf the proposal is
being made: (i)&nbsp;the name and address of each such person, and of any holder of record of the Proponent&#146;s shares as they appear on the Trust&#146;s books; (ii)&nbsp;the class and number of all shares of the Trust that are owned by each such
person (beneficially and of record) and owned by any holder of record of each such person&#146;s shares, as of the date of the Shareholder Notice, and a representation that the Proponent will notify the Trust in writing of the class and number of
such shares owned of record and beneficially by each such person as of the record date for the meeting not later than five business days following the later of the record date or the date notice of the record date is first publicly disclosed;
(iii)&nbsp;any material interest of each such person, or any affiliates or associates of each such person, in such business; (iv)&nbsp;a description of any agreement, arrangement or understanding with respect to such business between or among each
such person and any of its affiliates or associates, and any others </P>

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(including their names) acting in concert with any of the foregoing, and a representation that the Proponent will notify the Trust in writing of any such agreement, arrangement or understanding
in effect as of the record date for the meeting not later than five business days following the later of the record date or the date notice of the record date is first publicly disclosed; (v)&nbsp;a description of any agreement, arrangement or
understanding (including any derivative instruments, swaps, warrants, short positions, profit interests, options, hedging transactions, borrowed or loaned shares or other transactions) that has been entered into as of the date of the Shareholder
Notice by, or on behalf of, each such person or any of its affiliates or associates, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of each such
person or any of its affiliates or associates with respect to shares of the Trust, and a representation that the Proponent will notify the Trust in writing of any such agreement, arrangement or understanding in effect as of the record date for the
meeting not later than five business days following the later of the record date or the date notice of the record date is first publicly disclosed; (vi)&nbsp;a representation that the Proponent is a holder of record or beneficial owner of shares of
the Trust entitled to vote at the annual meeting and intends to appear in person or by proxy at the meeting to propose such business; (vii)&nbsp;a representation whether the Proponent intends to deliver a proxy statement and/or form of proxy to
holders of at least the percentage of the Trust&#146;s outstanding shares required to approve the proposal and/or otherwise to solicit proxies from shareholders in support of the proposal; and (viii)&nbsp;any other information relating to each such
person or the proposal that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies by each such person with respect to the proposed business to be brought by each
such person before the annual meeting pursuant to Section&nbsp;14 of the Exchange Act, and the rules and regulations promulgated thereunder, had the proposal been proposed by the Board of Trustees of the Trust and included in the Trust&#146;s proxy
statement for the annual meeting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Presence at Meeting; Proponent Representative</U>. Notwithstanding the foregoing
provisions of this Section, unless otherwise required by law, if the Proponent or a Proponent Representative does not appear at the annual meeting of shareholders of the Trust to present the nomination or proposal, then the nomination or proposal
shall be disregarded and shall not be brought before the meeting, notwithstanding that proxies in respect of the nomination or proposal may have been received by the Trust. For purposes of this Section, a Proponent Representative must be either
(i)&nbsp;a duly authorized officer, manager or partner of the Proponent, and the Proponent Representative must deliver an incumbency certificate evidencing such position to the acting secretary at the meeting, or (ii)&nbsp;authorized by a writing
executed by the Proponent to act as proxy for the Proponent at the meeting, and the Proponent Representative must deliver a copy of such writing to the acting secretary at the meeting. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Definition of &#147;Beneficially Owned&#148;</U>. As used herein, shares &#147;beneficially owned&#148; shall mean all
shares which a Person is deemed to beneficially own pursuant to Rules <FONT STYLE="white-space:nowrap">13d-3</FONT> and <FONT STYLE="white-space:nowrap">13d-5</FONT> under the Exchange Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Definition of &#147;Publicly Announced or Disclosed&#148;</U>. For purposes of this Section, a matter shall be deemed to
have been &#147;publicly announced or disclosed&#148; if such matter is disclosed in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, or comparable national news service, or in a document publicly filed by the
Trust with the Commission. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;13. <U>CONDUCT OF SHAREHOLDER MEETINGS</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Chairperson and Secretary of the Meeting</U>. The president, any vice president, or other officer of the Trust so
designated by the president or any vice president, shall act as chairperson and preside over a meeting of shareholders. The secretary or an assistant secretary of the Trust, or an individual appointed by the chairperson of the meeting, shall act as
secretary of the meeting. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Powers of the Chairperson</U>. The order of business, the time of opening and closing the
polls for each matter upon which shareholders will vote, and all other matters of conduct or procedure at any meeting of shareholders shall be determined by the chairperson of the meeting, and any such determination shall be conclusive and binding
upon the meeting for all purposes. The chairperson shall have the power and duty to determine whether notice of nominees and other proposals to be brought before a meeting has been duly given in the manner provided in this Article, or whether any
such nomination or proposal has properly come before the meeting in accordance with the Trust&#146;s governing instruments and/or applicable law, and if not so given or brought, shall direct and declare at the meeting that such nominees or other
proposals are out of order and/or shall not be considered. Unless otherwise determined by the chairperson, meetings of shareholders shall not be required to be held in accordance with any rules of parliamentary procedure. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Rules of Conduct</U>. Except to the extent inconsistent with any resolutions, rules, regulations or procedures adopted
by the Board of Trustees, the chairperson of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairperson, are necessary, desirable or appropriate for the proper conduct of the
meeting, including, without limitation: (i)&nbsp;restricting admission to the time set for the commencement of the meeting; (ii)&nbsp;limiting attendance at the meeting to shareholders of record or Nominee Holders as of the record date of the
meeting, their duly authorized proxies, Proponent Representatives<I>,</I> and other such individuals as the chairperson of the meeting may determine; (iii)&nbsp;limiting participation at the meeting on any matter to shareholders or Nominee Holders
entitled to vote on such matter, their duly authorized proxies, Proponent Representatives, and other such individuals as the chairperson of the meeting may determine; (iv)&nbsp;limiting the time allotted to questions or comments by participants;
(v)&nbsp;determining when the polls should be opened and closed; (vi)&nbsp;maintaining order and security at the meeting; (vii)&nbsp;removing any shareholder, Nominee Holders, Proponent Representatives, or any other individual who refuses to comply
with meeting procedures, rules or guidelines as set forth by the chairperson of the meeting; and (viii)&nbsp;concluding, recessing, or adjourning the meeting. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Except as otherwise required by law, nothing in this Section&nbsp;13 shall obligate the Trust or the Board of Trustees to
include in any proxy statement or other shareholder communication distributed on behalf of the Trust or the Board of Trustees information with respect to any nominee for Trustee submitted by a shareholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Adopted and approved as of January&nbsp;16, 2019 pursuant to authority delegated by the Board. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David F. Connor </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Secretary </P>
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