Document:

Exhibit 10.2 

 

ADMINISTRATION AND FUND ACCOUNTING AGREEMENT

 

THIS ADMINISTRATION AND
FUND ACCOUNTING AGREEMENT (the “Agreement”) is made as of this 2nd day of May, 2022, by and between Wellings Real Estate
Income Fund, a Delaware statutory trust (the “Fund”), and UMB Fund Services, Inc., a Wisconsin corporation, its successors
and assigns (the “Administrator”).

 

WHEREAS, the Fund is
an externally managed, non-diversified closed-end management investment company treated as a business development company under the 1940
Act (as defined below) and is authorized to issue Shares; and

 

WHEREAS, the Fund and
the Administrator desire to enter into an agreement pursuant to which the Administrator shall provide Services (as defined below) to the
Fund.

 

NOW, THEREFORE, in consideration
of the mutual promises and agreements herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties hereto, intending to be legally bound, do hereby agree as follows:

 

1.           Definitions In addition
to any terms defined in the body of this Agreement, the following capitalized terms shall have the meanings set forth hereinafter whenever
they appear in this Agreement:

 

“1933 Act” shall mean
the Securities Act of 1933, as amended.

 

“1934 Act” shall mean
the Securities Exchange Act of 1934, as amended.

 

“1940 Act” shall mean
the Investment Company Act of 1940, as amended.

 

“Authorized Person” shall
mean any individual who is authorized to provide Administrator with Instructions and requests on behalf of the Fund, whose name shall
be certified to Administrator from time to time pursuant to this Agreement. Any officer of the Fund authorized by the Board to be an Authorized
Person shall be considered an Authorized Person (unless such authority is limited in a writing from the Fund and received by Administrator)
and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized
Person, and to certify to Administrator the names of the Authorized Persons from time to time.

 

“BDC” shall mean a business
development company, as defined in Section 2(a)(48) of the 1940 Act.

 

“Board”
shall mean the Board of Trustees of the Fund.

 

“By-Laws” shall mean
the Fund’s By-Laws, including any amendments made thereto.

 

“Commission” shall mean
the U.S. Securities and Exchange Commission.

 

     

     

    

 

“Declaration of
Trust” shall mean the Declaration of Trust or other similar operational document of the Trust, as the case may be, as the
same may be amended from time to time.

 

“Investment Adviser”
shall mean the investment adviser or investment advisers to the Funds and includes all sub-advisers or persons performing similar services.

 

“Instructions”
shall mean an oral communication from an Authorized Person or a written communication signed by an Authorized Person and actually received
by Administrator. Instructions shall include manually executed originals, telefacsimile transmissions of manually executed originals or
electronic communications.

 

“Prospectus”
shall mean the current confidential private placement memoranda with respect to the Fund (including any applicable amendments and supplements
thereto) actually received by Administrator from the Fund with respect to which the Fund has indicated a Registration Statement has become
effective under the 1940 Act.

 

“Registration Statement”
shall mean any registration statement at any time now or hereafter filed with the Commission with respect to any of the Shares and
any amendments and supplements thereto which at any time shall have been or will be filed with the Commission.

 

“Services” shall mean
the administration and fund accounting services described on Schedule B hereto and such additional services as may be agreed to by the
parties from time to time and set forth in an amendment to Schedule B.

 

“Shares”
shall mean such shares of beneficial interest, or class thereof, of the Fund as may be issued from time to time.

 

“Shareholder”
shall mean a record owner of Shares of the Fund.

 

	2.	Appointment and Services

 

(a)          The
Fund hereby appoints Administrator as administrator and fund accountant of the Funds and hereby authorizes Administrator to provide Services
during the term of this Agreement and on the terms set forth herein. Subject to the oversight of the Board and utilizing information provided
by the Fund and its current and prior agents and service providers, Administrator will provide the Services in accordance with the terms
of this Agreement. Notwithstanding anything herein to the contrary, Administrator shall not be required to provide any Services or information
that it believes, in its sole, reasonable discretion, to represent dishonest, unethical or illegal activity. In no event shall Administrator
provide any investment advice or recommendations to any party in connection with its Services hereunder.

 

(b)           Administrator
may from time to time, in its reasonable discretion and at its own expense, appoint one or more other parties to carry out some or all
of its responsibilities under this Agreement, provided that Administrator shall remain responsible to the Fund for all such delegated
responsibilities in accordance with the terms and conditions of this Agreement, in the same manner and to the same extent as if Administrator
were itself providing such Services.

 

    2

     

    

 

(c)          Administrator’s
duties shall be confined to those expressly set forth herein, and no implied duties are assumed by or may be asserted against Administrator
hereunder. The Services do not include correcting, verifying or addressing any prior actions or inactions of the Fund, any Fund or by
any other current or prior agent or service provider. To the extent Administrator agrees to take such actions, those actions taken shall
be deemed part of the Services.

 

(d)           It
is understood that in determining security valuations, Administrator employs one or more pricing services, as directed by the Fund, to
determine valuations of portfolio securities for purposes of calculating net asset values of the Funds. The Fund shall identify to Administrator
the pricing service(s) to be utilized. If requested by the Fund, the Administrator shall price the securities and other holdings of the
Funds for which market quotations or prices are available by the use of such pricing service(s).

 

For those securities where
prices are not provided by the pricing service(s) utilized by Administrator, the Fund shall approve, in good faith, the procedures for
determining the fair value of the securities. The Investment Adviser shall determine or obtain the valuation of the securities in accordance
with those procedures and shall deliver to Administrator the resulting prices for use in its calculation of net asset values. When security
valuations are so provided, the following provisions will also apply:

 

(i)          Valued securities
are typically complicated financial instruments. There are many methodologies (including computer-based analytical modeling and individual
security valuations) available to generate approximations of the market value of such securities and there is significant professional
disagreement about which method is best. No evaluation method, including those used by Administrator and its suppliers, may consistently
generate approximations that correspond to actual “Traded” prices of the securities.

 

(ii)          Methodologies
used to provide the pricing portion of certain data may rely on valuations, however, the Fund acknowledges that there may be errors or
defects in the software, databases, or methodologies generating the valuations that may cause resultant valuations to be inappropriate
for use in certain applications.

 

The Fund assumes all responsibility
for edit checking, external verification of valuations, and ultimately the appropriateness of using data containing valuations, regardless
of any efforts made by Administrator and its suppliers in this regard.

 

(e)            Subject
to the terms of Section 8, and where applicable, the Administrator further agrees to preserve for the periods prescribed by Rule 31a-2
under the 1940 Act the records described in Schedule B which are maintained by Administrator for the Fund. To the extent required by Rule
31a-3 under the 1940 Act, Administrator hereby agrees that all records which it maintains for the Fund hereunder are the property of the
Fund and further agrees to surrender promptly to the Fund any of such records upon the Fund’s request.

 

(f)           Any
resolution passed by the Board that affects accounting practices and procedures under this Agreement shall be effective upon written receipt
of notice and acceptance by Administrator.

 

    3

     

    

 

(g)           Nothing
in this Agreement shall be deemed to appoint Administrator and its officers, directors and employees as the Fund’s attorney, form
an attorney-client relationship or require the provision of legal advice. The Fund acknowledges that Administrator’s in-house attorneys
exclusively represent Administrator and the Fund’s legal counsel will provide independent judgment on the Fund’s behalf. Because
no attorney-client relationship exists between Administrator’s in-house attorneys and the Fund, any information provided to the
Administrator’s in-house attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances,
notwithstanding the provisions of Section 5. Administrator represents that it will maintain the confidentiality of information disclosed
to its in-house attorneys on a best efforts basis.

 

	3.	Representations and Deliveries

 

(a)            The
Fund shall deliver or cause the following documents to be delivered to Administrator:

 

(i)           A
copy of the Declaration of Trust and By-laws and all amendments thereto, certified by a duly authorized person of the Fund;

 

(ii)           Copies
of the Fund’s Registration Statement, as of the date of this Agreement, together with any applications filed in connection therewith;

 

(iii)           All
other documents, records and information that Administrator may reasonably request in order for Administrator to perform the Services
hereunder.

 

(b)           The
Fund represents and warrants to Administrator that:

 

(i)            It
is a statutory trust duly organized and existing under the laws of the State of Delaware; it is empowered under applicable laws and by
its Declaration of Trust and By-laws to enter into and perform this Agreement; and all requisite corporate proceedings have been taken
to authorize it to enter into and perform this Agreement.

 

(ii)            It
is an externally managed, closed-end, non-diversified management investment company treated as a BDC under the 1940 Act.

 

(iii)            A
Registration Statement on Form 10 under the 1934 Act will be filed with the SEC before the Fund will issue Shares. Additionally, appropriate
state securities laws filings will be made before Shares are issued in any jurisdiction and such filings will continue to be made, with
respect to Shares of the Funds being offered for sale.

 

(iv)           It
will conduct its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and
has obtained (or will timely obtain) all regulatory approvals necessary to carry on its business as now conducted; there is no statute,
rule, regulation, order or judgment binding on it and no provision of its Declaration of Trust, By-laws or any contract binding it or
affecting its property which would prohibit its execution or performance of this Agreement.

 

    4

     

    

 

(c)           The
Fund shall cause the Fund’s officers and trustees, and shall use its best efforts to cause the Fund’s Investment Adviser,
legal counsel, independent accountants, transfer agent, custodian, distributor and other service providers and agents, past or present,
to cooperate with Administrator and to provide Administrator with such information, documents and communications relating to the Funds
and the Fund as necessary and/or appropriate or as reasonably requested by Administrator, in order to enable Administrator to perform
the Services. In connection with the performance of the Services, Administrator shall (without investigation or verification) be entitled
and is hereby instructed to, rely upon any and all Instructions, communications, information or documents provided to Administrator by
a representative of the Funds or by any of the aforementioned persons. Administrator shall be entitled to rely on any document that it
reasonably believes to be genuine and to have been signed or presented by the proper party. Fees charged by such persons shall be an expense
of the Fund. Administrator shall not be held to have notice of any change of authority of any trustee, officer, agent, representative
or employee of the Fund, Investment Adviser or service provider until receipt of written notice thereof from the Fund.

 

(d)            The
Board and the Investment Adviser have and retain primary responsibility for all compliance matters relating to the Fund and the Funds
including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, as amended, the USA PATRIOT Act of 2001,
the Sarbanes-Oxley Act of 2002 and the policies and limitations of the Fund relating to the portfolio investments as set forth in the
Prospectus. Administrator’s monitoring and other functions hereunder shall not relieve the Board and the Investment Adviser of their
primary day-to-day responsibility for assuring such compliance. Notwithstanding the foregoing, the Administrator will be responsible for
its own compliance with such statutes insofar as such statutes are applicable to the Services it has agreed to provide hereunder, and
will promptly notify the Fund if it becomes aware of any non-compliance which relates to the Fund.  The Administrator shall provide
the Fund with quarterly and annual certifications (on a calendar basis) with respect to the design and operational effectiveness of its
compliance and procedures.

 

(e)           The
Fund will notify Administrator of any discrepancy between Administrator and the Fund, including, but not limited to, failing to account
for a security position in a Fund’s portfolio, upon the later to occur of: (i) three (3) business days after receipt of any reports
rendered by Administrator to the Fund; (ii) three (3) business days after discovery of any error or omission not covered in the balancing
or control procedure; or (iii) three (3) business days after receiving notice from any Shareholder regarding any such discrepancy.

 

(f)           The
Fund agrees that it shall advise Administrator in writing at least thirty (30) days prior to affecting any change in any Prospectus which
would increase or alter the duties and obligations of Administrator hereunder, and shall proceed with such change only if it shall have
received the written consent of Administrator thereto.

 

(g)           Administrator
represents and warrants to the Fund that:

 

(i)           It
is a corporation duly organized and existing under the laws of the State of Wisconsin; it is empowered under applicable law and by its
Articles of Incorporation and By-Laws to enter into and perform this Agreement; and all requisite proceedings have been taken to authorize
it to enter into and perform this Agreement.

 

    5

     

    

 

(ii)            It
is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and
has obtained (or will timely obtain) all regulatory approvals necessary to carry on its business as now conducted; there is no statute,
rule, regulation, order or judgment binding on it and no provision of its operating documents or any contract binding it or affecting
its property which would prohibit its execution or performance of this Agreement. Its execution, delivery or performance of this Agreement
will not conflict with or violate (a) any provision of the organizational or governance documents of Administrator or (b) any law applicable
to Administrator.

 

(iii)           Administrator
shall maintain a disaster recovery and business continuity plan and adequate and reliable computer and other equipment necessary and appropriate
to carry out its obligations under this Agreement. Upon the Fund’s reasonable request, Administrator shall provide supplemental
information concerning the aspects of its disaster recovery and business continuity plan that are relevant to the Services.

 

(iv)           It
has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under
this Agreement in accordance with industry standards.

 

(h)           The
Administrator shall act as liaison with a Fund’s independent public accountants and shall provide account analyses, fiscal year
summaries, and other audit-related schedules. The Administrator shall take all reasonable action in the performance of its duties under
this Agreement to assure that the necessary information is made available to such auditors and accountants in a timely fashion for the
expression of their opinion, as required by the Fund.

 

(i)           The
Administrator agrees to comply (and to the extent the Administrator takes or is required to take action on behalf of a Fund hereunder
shall cause the Fund to comply) with all applicable law, as well as all investment restrictions, policies and procedures adopted by the
Fund. Except as set forth in this Agreement, the Administrator assumes no responsibility for such compliance by a Fund. The Administrator
shall maintain at all times a program reasonably designed to prevent violations of the federal securities laws (as defined in Rule 38a-1
under the 1940 Act) with respect to the Services provided.

 

	4.	Fees and Expenses

 

(a)           As
compensation for the performance of the Services, the Fund agrees to pay Administrator the fees set forth on Schedule C hereto. Fees shall
be adjusted in accordance with Schedule C or as otherwise agreed to by the parties from time to time. Fees shall be earned and paid monthly
in an amount equal to at least 1/12th of the applicable annual fee. Basis point fees and minimum annual fees apply separately
to the Fund, and average net assets are not aggregated in calculating the applicable basis point fee per Fund or the applicable minimum.
The parties may amend this Agreement to include fees for any additional services requested by the Fund, enhancements to current Services,
or to add Funds. The Fund agrees to pay Administrator’s (as the parties may agree to in writing from time to time) rate for Services
added to, or for any enhancements to existing Services set forth on, Schedule B after the execution of this Agreement (as the parties
may agree to in writing from time to time). In addition, to the extent that Administrator corrects, verifies or addresses any prior actions
or inactions by any Fund or by any prior service provider, Administrator shall be entitled to additional fees as provided in Schedule
C. In the event of any disagreement between this Agreement and Schedule C related to fees, the terms of Schedule C shall control.

 

    6

     

    

 

(b)           For
the purpose of determining fees payable to Administrator, net asset value shall be computed in accordance with the Prospectus and resolutions
of the Board. The fee for the period from the day of the month this Agreement is entered into until the end of that month shall be pro-rated
according to the proportion that such period bears to the full monthly period. Upon any termination of this Agreement before the end of
any month, the fee for such part of a month shall be pro-rated according to the proportion which such period bears to the full monthly
period and shall be payable upon the date of termination of this Agreement. Should this Agreement be terminated (other than for cause
on the part of the Administrator) or the Fund or any Fund be liquidated, merged with or acquired by another fund or investment company,
any accrued fees shall be immediately payable.

 

(c)           Administrator
will bear all expenses incurred by it in connection with its performance of Services, except as otherwise provided herein. Administrator
shall not be required to pay or finance any costs and expenses incurred in the operation of the Funds, including, but not limited to:
taxes; interest; brokerage fees and commissions; salaries, fees and expenses of officers and trustees; Commission fees and state Blue
Sky fees; advisory fees; charges of custodians, transfer agents, dividend disbursing and accounting services agents and other service
providers; security pricing services; insurance premiums; outside auditing and legal expenses; costs of organization and maintenance of
corporate existence; taxes and fees payable to federal, state and other governmental agencies; preparation, typesetting, printing, proofing
and mailing of Prospectuses, statements of additional information, supplements, notices, forms and applications and proxy materials for
regulatory purposes and for distribution to current Shareholders; preparation, typesetting, printing, proofing and mailing and other costs
of Shareholder reports; expenses in connection with the electronic transmission of documents and information including electronic filings
with the Commission and the states; research and statistical data services; expenses incidental to holding meetings of the Fund’s
Shareholders and Trustees; fees and expenses associated with internet, e-mail and other related activities; and extraordinary expenses.
Expenses incurred for distribution of Shares, including the typesetting, printing, proofing and mailing of Prospectuses for persons who
are not Shareholders, will be borne by the Fund, except for such expenses permitted to be paid under a distribution plan adopted in accordance
with applicable laws. Administrator shall not be required to pay any Blue Sky fees or take any related Blue Sky actions unless and until
it has received the amount of such fees from the Fund.

 

(d)           The
Fund also agrees to promptly reimburse Administrator for all out-of-pocket expenses or disbursements reasonably incurred by Administrator
in connection with the performance of Services under this Agreement. Out-of-pocket expenses shall include, but not be limited to, those
items specified on Schedule C hereto. If reasonably requested by Administrator, out-of-pocket expenses are payable in advance. Payment
of postage expenses, if prepayment is reasonably requested, is due at least seven (7) days prior to the anticipated mail date. In the
event Administrator reasonably requests advance payment, Administrator shall not be obligated to incur such expenses or perform the related
Service(s) until payment is received.

 

    7

     

    

 

(e)           The
Fund agrees to pay all amounts due hereunder within thirty (30) days of receipt of each invoice (the “Due Date”). Except as
provided in Schedule C, Administrator shall bill Service fees monthly, and out-of-pocket expenses as incurred (unless prepayment is requested
by Administrator). Administrator may, at its option, arrange to have various service providers submit invoices directly to the Fund for
payment of reimbursable out-of-pocket expenses.

 

(f)           The
Fund is aware that its failure to remit to Administrator all amounts due on or before the Due Date may cause Administrator to incur costs
not contemplated by this Agreement, including, but not limited to carrying, processing and accounting charges. Accordingly, in the event
that Administrator does not receive any amounts due hereunder by the Due Date, the Fund agrees to pay a late charge on the overdue amount
equal to one and one-half percent (1.5%) per month or the maximum amount permitted by law, whichever is less. In addition, the Fund shall
pay Administrator’s reasonable attorney’s fees and court costs if any amounts due Administrator in the event that an attorney
is engaged to assist in the collection of amounts due. Acceptance of such late charge shall in no event constitute a waiver by Administrator
of the Fund’s default or prevent Administrator from exercising any other rights and remedies available to it.

 

(g)           In
the event that any charges are disputed, the Fund shall, on or before the Due Date, pay all undisputed amounts due hereunder and notify
the Administrator in writing of any disputed charges for out-of-pocket expenses which it is disputing in good faith. The Administrator
shall, upon receipt of such notice, provide the Fund with documentation that reasonably supports the disputed charges. Payment for such
disputed charges shall be due on or before the close of the fifth (5th) business day after the day on which the parties come
to an agreement with respect to such disputed charges (the “Revised Due Date”). Late charges shall not begin to accrue as
to charges disputed in good faith until the first day after the Revised Due Date.

 

(h)           The
Fund acknowledges that the fees charged by Administrator under this Agreement reflect the allocation of risk between the parties, including
the exclusion of remedies and limitations of liability in Section 6. Modifying the allocation of risk from what is stated herein would
affect the fees that Administrator charges. Accordingly, in consideration of those fees, the Fund agrees to the stated allocation of risk.

 

	5.	Confidential Information

 

(a)           The
Administrator agrees on behalf of itself and its employees to treat confidentially and as proprietary information of the Fund all records
relative to the Fund’s Investors, not to use such records and information for any purpose other than performance of the Services,
and not to disclose such information except where the Administrator may be exposed to civil or criminal proceedings for failure to comply,
when requested to divulge such information by duly constituted authorities or court process, when subject to governmental or regulatory
audit or investigation, or when so requested by the Fund. In case of any requests or demands for inspection of the records of the Fund,
the Administrator will endeavor to notify the Manager promptly and to secure instructions from a representative of the Manager as to such
inspection, unless prohibited by law from making such notification. Records and information which have become known to the public through
no wrongful act of the Administrator or any of its employees, agents or representatives, and information which was already in the possession
of the Administrator prior to the date hereof, shall not be subject to this Section.

 

    8

     

    

 

(b)           In
connection with Administrator’s provision of the Services, the Adviser and Fund may have access to and become acquainted with confidential
proprietary information of Administrator, including, but not limited to (a) client identities and relationships, compilations of information,
records and specifications; (b) data or information that is competitively sensitive material, and not generally by the public; (c) confidential
or proprietary concepts, documentation, reports, or data; (d) information regarding Administrator’s information security program;
and (e) anything designated as confidential (collectively, “Administrator Confidential Information”). Neither the Fund, the
Manger, the Investment Adviser, nor any of their officers, employees or agents shall disclose any of the Administrator Confidential Information,
directly or indirectly, or use the Administrator Confidential Information in any way, for its own benefit or for the benefit of others,
either during the term of this Agreement or at any time thereafter, except as required in the course of performing the duties of each
party under this Agreement. The term “Administrator Confidential Information” does not include information that (a) becomes
or has been generally available to the public other than as a result of disclosure by the Receiving Party; (b) was available to the Receiving
Party on a non-confidential basis prior to its disclosure by the Disclosing Party or any of its affiliates; or (c) independently developed
or becomes available to the Receiving Party on a non-confidential basis from a source other than the Disclosing Party or its affiliates.
The Fund represents and warrants that it shall take and maintain adequate physical, electronic and procedural safeguards in connection
with any use, storage, transmission, duplication or other process involving or derived from the Administrator Confidential Information
whether such storage, transmission, duplication or other process is by physical or electronic medium (including use of the Internet).

 

(c)           The
provisions of this Section 5 will survive termination of this Agreement and will inure to the benefit of the parties and their successors
and assigns.

 

	6.	Limitation of Liability

 

(a)        
The Administrator shall exercise due care and reasonable care in good faith and in accordance with reasonable commercial standards in
discharging its duties hereunder.  Notwithstanding anything to the contrary in this Agreement, the Administrator shall be liable
to a Fund for all losses, damages and reasonable costs and expenses suffered or incurred by such Fund resulting from the bad faith, gross
negligence, fraud, reckless disregard on the part of the Administrator in the performance of its duties and obligations under this Agreement,
uncured material breach of this Agreement or willful misconduct of the Administrator (the “Standard of Care”). Subject to
the foregoing, Administrator shall not be liable for: (i) any action reasonably taken or omitted to be taken in accordance with or in
reasonable reliance upon Instructions, communications, data, documents or information (without investigation or verification) received
by the Administrator from an officer or representative of the Fund, or from any Authorized Person; (ii) any action taken or omission by
a Fund, the Fund, Investment Adviser, any Authorized Person or any past or current service provider; or, (iii) its reliance on the security
valuations without investigation or verification provided by pricing service(s), the Investment Adviser or representatives of the Fund.

 

(b)            Notwithstanding
anything herein to the contrary, each party hereto will be excused from its obligation to perform any Service or obligation required of
it hereunder for the duration that such performance is prevented by events beyond its reasonable control and shall not be liable for any
default, damage, loss of data or documents, errors, delay or any other loss whatsoever caused thereby. Administrator will, however, take
all reasonable steps to minimize service interruptions for any period that such interruption continues beyond its reasonable control.

 

    9

     

    

 

(c)            In
no event and under no circumstances shall the Indemnified Parties (as defined below) be liable to anyone, including, without limitation,
the other party, under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, exemplary,
punitive, special, indirect or consequential damages for any act or failure to act under any provision of this Agreement regardless of
whether such damages were foreseeable and even if advised of the possibility thereof.

 

(d)           The
obligations of the parties under Section 6 shall indefinitely survive the termination of this Agreement.

 

	7.	Indemnification

 

(a)           The
Fund agrees to indemnify and hold harmless Administrator, and its nominees (collectively, the “Indemnified Parties”) from
and against any and all claims, demands, actions and suits, and from and against any and all judgments, liabilities, losses, damages,
costs, charges, fees, penalties, and other expenses (excluding attorney’s fees) of every nature and character (“Losses”)
which may be asserted against or incurred by any Indemnified Party or for which any Indemnified Party may be held liable (a “Claim”),
arising out of or in any way relating to any of the following, except, in each case, to the extent a Claim resulted from Administrator’s
breach of the Standard of Care:

 

(i)           any
action or omission of Administrator;

 

(ii)           Administrator’s
reasonable reliance on, implementation of or use of, Instructions, communications, data, documents or information (without investigation
or verification) received by Administrator from an officer or representative of the Fund, or from any Authorized Person;

 

(iii)           any
action taken, or omission by, a Fund, the Fund, Investment Adviser, any Authorized Person or any past or current service provider (not
including Administrator);

 

(iv)           any
Claim that arises out of the Fund’s gross negligence or willful misconduct or breach of any representation or warranty of the Fund
made herein; and

 

(v)           its
reliance on the security valuations without investigation or verification provided by pricing service(s), the Investment Adviser or representatives
of the Fund.

 

(b)            Promptly
after receipt by Administrator of notice of the commencement of an investigation, action, claim or proceeding, Administrator shall, if
a claim for indemnification in respect thereof is made under this Section, notify the Fund in writing of the commencement thereof, although
the failure to do so shall not prevent recovery by Administrator or any Indemnified Party. The Fund shall be entitled to participate at
its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Loss, but if the Fund
elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by Administrator, which approval
shall not be unreasonably withheld. In the event the Fund elects to assume the defense of any such suit and retain such counsel and notifies
Administrator of such election, the indemnified defendant or defendants in such suit shall bear the fees and expenses of any additional
counsel retained by them subsequent to the receipt of the Fund’s election. If the Fund does not elect to assume the defense of any
such suit, or in case Administrator does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund, or in case
there is a conflict of interest between the Fund and Administrator or any Indemnified Party, the Fund will reimburse the Indemnified Party
or Parties named as defendant or defendants in such suit, for the reasonable fees and expenses of any counsel retained by Administrator
and them. The Fund’s indemnification agreement contained in this Section 7 and the Fund’s representations and warranties in
this Agreement shall remain operative and in full force and effect regardless of any investigation made by or on behalf of Administrator
and each Indemnified Party, and shall survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity
will inure exclusively to Administrator’s benefit, to the benefit of each Indemnified Party and their estates and successors. The
Fund agrees to promptly notify Administrator of the commencement of any litigation or proceedings against the Fund or any of its officers
or directors in connection with the issue and sale of any of the Shares.

 

    10

     

    

 

(c)           The
obligations of the parties under this Section 7 shall indefinitely survive the termination of this Agreement.

 

	8.	Term

 

(a)            This
Agreement shall become effective with respect to the Fund as of the date hereof. This Agreement shall continue in effect with respect
to the Fund for a five-year period beginning on the date of this Agreement (the “Initial Term”). Thereafter, if not terminated
as provided herein, the Agreement shall continue automatically in effect as to the Fund for successive two-year periods (each a “Renewal
Term”).

 

(b)           In the event this Agreement
is terminated by the Fund prior to the end of the Initial Term or any subsequent Renewal Term, the Fund shall be obligated to pay Administrator
the remaining balance of the fees payable to Administrator under this Agreement through the end of the Initial Term or Renewal Term, as
applicable. Notwithstanding the foregoing, either party may terminate this Agreement at the end of the Initial Term or at the end of any
successive Renewal Term (the “Termination Date”) by giving the other party a written notice not less than ninety (90) days’
prior to the end of the respective term. Notwithstanding anything herein to the contrary, upon the termination of the Agreement as provided
herein or the liquidation, merger or acquisition of a Fund or the Fund, Administrator shall deliver the records of the Fund to the Fund
or its successor service provider at the expense of the Fund in a form that is consistent with Administrator’s applicable license
agreements, and thereafter the Fund or its designee shall be solely responsible for preserving the records for the periods required by
all applicable laws, rules and regulations. The Fund shall be responsible for all expenses associated with the movement (or duplication)
of records and materials and conversion thereof to a successor service provider, including all reasonable trailing expenses incurred by
Administrator. In addition, in the event of termination of this Agreement, or the proposed liquidation, merger or acquisition of the Fund
or a Fund(s), and Administrator’s agreement to provide additional Services in connection therewith, Administrator shall provide
such Services and be entitled to such compensation as the parties may mutually agree. Administrator shall not reduce the level of service
provided to the Fund prior to termination following notice of termination by the Fund.

 

	9.	Power of Attorney

 

The Fund hereby grants to
Administrator the limited power of attorney on behalf of the Funds to sign Blue Sky forms and related documents in connection with the
performance of Services under this Agreement.

 

    11

     

    

 

 

	10.	Miscellaneous

 

(a)           Any
notice required or permitted to be given by either party to the other under this Agreement shall be in writing and shall be deemed to
have been given when received by the other party as set forth below. Such notices shall be sent to the addresses listed below, or to such
other location as either party may from time to time designate in writing:

 

	 	If to Administrator:	UMB Fund Services, Inc.
	 	 	235 West Galena Street
	 	 	Milwaukee, Wisconsin 53212
	 	 	Attention:  Legal Department
	 	 	 
	 	If to the Fund:	Wellings Real Estate Income Fund
	 	 	c/o Wellings Capital Management, LLC
	 	 	14805 Forest Road
	 	 	Suite 203
	 	 	Forest, Virginia 24551
	 	 	Attention:  Benjamin Kahle

 

If notice is sent by electronic delivery or facsimile,
it shall be deemed to have been given immediately (contingent upon confirmed receipt by the intended recipient). If notice is sent by
first-class mail, it shall be deemed to have been given five days after it has been mailed. If notice is sent by messenger, it shall be
deemed to have been given on the day it is delivered.

 

(b)            Except
as provided to the contrary herein, this Agreement may not be amended or modified in any manner except by a written agreement executed
by both parties with the formality of this Agreement.

 

(c)           This
Agreement shall be governed by Wisconsin law, excluding the laws on conflicts of laws. To the extent that the applicable laws of the State
of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing
herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the Commission thereunder. Any provision
of this Agreement which is determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

 

    12

     

    

 

(d)           This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original agreement but such counterparts
shall together constitute but one and the same instrument. The facsimile signature of any party to this Agreement shall constitute the
valid and binding execution hereof by such party.

 

(e)           The
services of Administrator hereunder are not deemed to be exclusive. Administrator may render administration and fund accounting services
and any other services to others, including other investment companies.

 

(f)            The
captions in the Agreement are included for convenience of reference only, and in no way define or limit any of the provisions hereof or
otherwise affect their construction or effect.

 

(g)           This
Agreement is executed by the Fund with respect to the Funds and the obligations hereunder are not binding upon any of the trustees, officers
or Shareholders individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such
Fund. All obligations of the Fund under this Agreement shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not
be liable for the obligations of another Fund. The Fund’s Certificate of Trust is on file with the Secretary of State of Delaware.

 

(h)           This
Agreement and the Schedules incorporated herein constitute the full and complete understanding and agreement of Administrator and the
Fund and supersedes all prior negotiations, understandings and agreements with respect to fund accounting and administration services.

 

(i)           Except
as specifically provided herein, this Agreement does not in any way affect any other agreements entered into among the parties hereto
and any actions taken or omitted by any party hereunder shall not affect any rights or obligations of any other party hereunder.

 

(j)            Administrator
shall retain all right, title and interest in any and all computer programs, screen formats, report formats, procedures, data bases, interactive
design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, trade secrets,
trademarks and other related legal rights provided, developed or utilized by Administrator in connection with the Services provided by
Administrator to the Fund hereunder.

 

(k)            This
Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns. This Agreement shall
not be assignable by either party without the written consent of the other party.

 

(l)            The
person signing below represents and warrants that he/she is duly authorized to execute this Agreement on behalf of the party on whose
behalf such person is signing.

 

[Signature page to follow.]

 

    13

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by a duly authorized person as of the day, month and year first above written.

 

	 	WELLINGS REAL ESTATE INCOME FUND

 (the “Fund”)
	 	 	 
	 	By:	                                
	 	 	 
	 	Title: 	
	 	 	 
	 	Date:	
	 	 	 
	 	UMB FUND SERVICES, INC.

 (“Administrator”)
	 	 	 
	 	 	 
	 	By:	
	 	 	 
	 	Title:	
	 	 	 
	 	Date:	

 

     

     

    

 

Schedule A

to the

Administration and Fund Accounting Agreement

by and between

Wellings Real Estate Income Fund

and 

UMB Fund Services, Inc.

 

 

[RESERVED]

 

    Sch A-1

     

    

 

Schedule B

to the

Administration and Fund Accounting Agreement

by and between

Wellings Real Estate Income Fund

and 

UMB Fund Services, Inc.

 

SERVICES

 

Subject to the oversight of, and utilizing information
provided by the Fund, Investment Adviser, and the Fund’s agents, the Administrator will provide the following services:

 

Fund Accounting

 

		1.	Establish, maintain and review the administrative and procedural processes.

 

		2.	Establish, maintain and review the general ledgers.

 

		3.	Establish, maintain and review the investors’ capital accounts and record all transactions including
subscriptions and redemptions.

 

		4.	Establish, maintain and review the investors’ capital accounts and record all transactions, including
capital commitments, capital calls, draw downs and distributions.

 

		5.	Assess management and incentive fees, calculate net asset values and effect all appropriate allocations,
including new issue carve-outs, in accordance with the Fund’s operating documents as provided to the Administrator.

 

		6.	Receive and record all underlying investment transactions and reconcile to all bank accounts monthly.

 

		7.	Interface with the investment to determine and reconcile monthly valuations, long/short information,
AUM and all other pertinent information.

 

		8.	Receive and record all underlying investment transactions, including capital commitments, capital calls,
draw-downs and distributions, and reconcile to all bank accounts monthly.

 

		9.	Receive and record all underlying investment valuations and other pertinent information.

 

		10.	Determine and periodically monitor the Fund’s income and expense accruals.

 

		11.	Generate the financial reporting package as of each period-end including the Statements of Financial
Position, Profit and Loss, Changes in Capital and Changes in Investor’s Capital.

 

		12.	Create and maintain UMB Website portal for the Fund. Includes access to details of investment and investor subscription and
                                                            redemption activity, month-end balances, financial packages, investor capital statements, tax information, and fund-level
                                                            information such as fund documents, fund annual audit reports, and fund communication letters.

 

    Sch B-1

     

    

 

Regulatory Administration

 

Subject to the direction of and utilizing information provided
by the Fund, the Investment Adviser, and the Fund’s agents, the Administrator will provide the services listed below. The Administrator’s
provision of these services shall not relieve the Fund and the Fund’s Investment Adviser of their primary day-to-day responsibility
for assuring such compliance. The Administrator’s ability to provide information regarding compliance with respect to applicable
rules and regulations may be limited by the characteristics of the Fund’s investments. The Administrator shall perform the following
duties on behalf of the Funds:

 

		1.	General Fund Management

 

		a.	Provide appropriate personnel, office facilities, information technology, record keeping and other
resources as necessary for the Administrator to perform its duties and responsibilities under this agreement;

 

		b.	Act as liaison among all Fund service providers.

 

		2.	Coordinate Board activities

 

		a.	Develop with legal counsel and the secretary of the Fund an agenda and draft resolutions for each quarterly
Board meeting;

 

		b.	Prepare Board reports based on financial and administrative data as requested by the Board. Coordinate
the preparation of electronic board books for quarterly Board meetings;

 

		c.	Attend quarterly Board meetings, either in person or telephonically, and prepare a first draft of the
quarterly meeting minutes, as requested by the Board.

 

		3.	Financial Reporting and Audits

 

		a.	Prepare quarterly, semi-annual and annual schedules and financial statements including schedule of investments
and the related statements of operations, assets and liabilities, changes in net assets and cash flow (if required), and financial highlights
to each financial statement;

 

		b.	Draft footnotes to financial statements for approval by the Funds’ officers and independent accountants;

 

		c.	Provide facilities, information and personnel as necessary to accommodate annual audits with the Funds’
independent accountants or examinations by the SEC or other regulatory authorities.

 

		4.	Compliance

 

		a.	From time to time as the Administrator deems appropriate (but no less frequently than quarterly), check
the Fund’s compliance with the policies and limitations of the Fund relating to the portfolio investments as set forth in the Fund’s
Offering Memorandum and Statement of Additional Information (but these functions shall not relieve the Fund’s Portfolio Managers,
if any, of their primary day-to-day responsibility for assuring such compliance);

 

		b.	Monitor Fund activity for compliance with subchapter M under the Internal Revenue Code (but these functions
shall not relieve the Fund’s Portfolio Managers, if any, of their primary day-to-day responsibility for assuring such compliance).
Compliance testing is dependent on receiving necessary information from any underlying investment.

 

		5.	Expenses

 

		a.	Prepare annual Fund-level and class-level budgets and update on a periodic basis;

		b.	Coordinate the payment of expenses;

		c.	Establish accruals and provide to the Funds’ Fund Accountant;

		d.	Provide expense summary reporting as reasonably requested by the Fund.

 

		6.	Filings

 

		a.	Provide the following for Form N-1A or Form N-2 filings and required updates:
	 	 	 

		i.	Preparation of expense table;

		ii.	Performance information;

		iii.	Preparation of shareholder expense transaction and annual fund operating expense examples; and

		iv.	Investment Advisor and trustee fee data.

 

    Sch B-2

     

    

 

		b.	Subject to having received all relevant information from the Fund and upon the advice and direction
of Fund counsel, prepare Form N-PX and provide to Fund counsel for its review; upon the advice and direction of Fund counsel, file Form
N-PX with the Commission as required;

		c.	Assist in compiling exhibits and disclosures for Form N-CEN and Form N-CSR and file when approved by
the principal officers of the Funds;

		d.	Compile data, prepare timely notices and file with SEC pursuant to Rule 24f-2;

		e.	Prepare and file Form N-Q until the Fund is required to begin filing reports on Form N-PORT;

		f.	File Rule 17g-1 fidelity bond filing when received from the Funds or broker.

 

		7.	Other

 

		a.	Calculate dividend and capital gain distributions, subject to review and approval by the Funds’
officers and independent accountants;

		b.	Calculate standard performance, as defined by Rule 482 of the Investment Company Act of 1940, as requested
by the Fund;

		c.	Report performance and other portfolio information to outside reporting agencies as directed by the
Investment Adviser;

		d.	Assist in securing and monitoring the directors and officers liability coverage and fidelity bond for
the Funds;

		e.	Provide periodic updates on recent accounting, tax and regulatory events affecting the Funds and/or
Investment Adviser;

		f.	Assist the Funds during SEC audits, including providing applicable documents from the SEC’s document
request list;

		g.	Maintain a regulatory compliance calendar (initially provided by the Fund’s CCO) listing various
Board approval and SEC filing dates.

 

Additional services available but not included in the above
are (specific charges to be agreed to by the parties):

 

		1.	Daily compliance testing and reporting;

		2.	Electronic board book portal;

		3.	FIN 48 documentation and review;

		4.	Multi-manager reporting;

		5.	Assisting the Fund in preparing and filing reports that need to be filed in XBRL format;

		6.	Regulatory Administration

		a.	Update annual amendments to the Funds’ registration statement;

		b.	Coordinate filing of Form 485a/485b and XBRL as agreed to with the Funds;

		c.	Assist in completing fidelity bond and D&O/E&O insurance applications.

		7.	Prepare draft minutes for additional Board meetings (beyond standard quarterly Board meetings);

		8.	Other special projects as agreed to by the parties.

 

    Sch B-3

     

    

 

Transfer Agency

 

		1.	Generate investor statements and confirmations.

		2.	File IRS Forms 1099, 5498, 1042, 1042-S, and 945 with shareholders and/or
the IRS.

		3.	Performing Investor shareholder record keeping

		4.	Accepting approved valid transactional data from client portal for financial
and non-financial transactions into UMB transfer agency platform 

		5.	Providing account activity and positional data files for external platform
presentation.

 

Tax Preparation, Compliance
and Reporting – K-1

 

		1.	Calculate estimated taxable income and provide estimates through October 31.

		2.	Calculate 1042/8804 withholding. Prepare 1042/8804 filings. Prepare and provide 1042-S/8805 to partners
as needed. Prepare forms W-9, W-8IMY, and W-8BEN as needed.

		3.	Prepare forms 1099-MISC and forms 1099-INT as needed.

	4.	Gather all Schedules K-1 and/or Annual PFIC Statements from underlying investments.
	 	 

		5.	Prepare a schedule of book/tax adjustments.

		6.	Prepare and file tax extensions as needed.

	7.	Calculate taxable income, prepare and provide Schedules K-1.
	 	 

		8.	Prepare form 1065 and state tax filings as needed.

		9.	Track tax basis of investments.

		10.	Calculate any federal or state annual/quarterly estimated tax payments as needed.

		11.	Annually review tax efficiency and provide suggestions and solutions for tax planning.

		12.	Provide initial and ongoing periodic review of legal documents for completeness and conformity with
U.S. tax law and provide suggestions and solutions.

		13.	(ERISA funds only) Prepare Form 5500 for submission to the Department of Labor.

		14.	Prepare ASC-740 analysis as needed.

		15.	Prepare Foreign Bank and Financial Accounts Report (FBAR) as needed.

 

    Sch B-4

     

    

 

Schedule C

to the

Administration and Fund Accounting Agreement

by and between

Wellings Real Estate Income Fund

and 

UMB Fund Services, Inc.

 

FEES

Fund Accounting

 

		n	Per master/stand-alone fund, per year:

		q	First $100 million in assets	6 basis points, plus

		q	Next $100 million in assets	5 basis points, plus

		q	Next $100 million in assets	4 basis points, plus

		q	Assets over $300 million	3 basis points
	 	Subject to a minimum annual fee	$25,000*

 

*50% off minimum fees during first 6 months of funds’
operations

 

Regulatory Administration 

Regulatory Administration

 

		n	Per master/stand-alone fund, per year:

		q	First $100 million in assets	3 basis points, plus

		q	Next $100 million in assets	2.5 basis points, plus

		q	Next $100 million in assets	2 basis points, plus

		q	Assets over $300 million	1 basis point

 

		n	Base fee for master/stand-alone fund, per year$36,000*

 

*50% off minimum fees during first 6 months of funds’
operations

 

Tax Preparation, Compliance &
Reporting (K1)

 

		n	Per master/stand-alone fund, per year	2.0 basis points
	 	 	Subject to a minimum annual fee	$15,000
                                            *

 

*50% off minimum fees during first 6 months of funds’
operations

 

    Sch C-1

     

    

 

Blue Sky Fees

 

	Per Permit	$150

 

Programming and Special Project Fees

 

Additional fees at $175 per hour, or as quoted by project,
may apply for special programming or projects to meet your servicing requirements or to create custom reports or data extracts.

 

Out-of-Pocket Expenses 

 

Out-of-pocket expenses include but are not limited to normal
recurring expenses such as pricing services; security master set-up services; corporate action services; factor services; EDGAR filing
fees; design, typesetting and printing of shareholder reports and prospectuses; customized reporting; third-party data provider/research
services costs (including but not limited to Gainskeeper, E&Y PFIC Analyzer, Bloomberg, GICS, MSCI, CUSIP, SEDOL); assistance in preparation
of responses to IRS correspondence; statement paper; tax forms; envelopes; postage; express delivery charges; courier services; telephone
charges; printing of reports; photocopying; binders; dividers; stationery; record retention/storage/retrieval; travel on behalf and request
of the fund; bank account service fees and any other bank charges; DTCC/NSCC participant billing; customer identity check fees; and expenses,
including but not limited to attorney’s fees, incurred in connection with responding to and complying with SEC or other regulatory
investigations, inquiries or subpoenas, excluding routine examinations of UMB in its capacity as a service provider to the funds. Customized
reports or excessive reporting requests may be charged in accordance with the current pricing schedule.

 

Complex tax vehicles such as MLPs, straddles, or other unique
structures may require additional charges for review or systems.

 

All fees, other than basis point fees, are subject to an
annual escalation equal to the increase in the Consumer Price Index–Urban Wage Earners (CPI). Such escalations shall be effective
commencing one year from the effective date of each Fund and the corresponding date each year thereafter. No amendment of this fee schedule
shall be required with each escalation. CPI will be determined by reference to the Consumer Price Index News Release issued by the Bureau
of Labor Statistics, U.S. Department of Labor.

 

Fees for services not contemplated by this schedule will be negotiated
on a case-by-case basis.

 

 

Sch C-2Exhibit 10.3

 

 

 

CUSTODY AGREEMENT

 

Dated March 22, 2022

 

Between

 

UMB BANK, N.A.

 

and

 

WELLINGS REAL ESTATE INCOME FUND

 

 

 

    1

     

    

 

CUSTODY AGREEMENT

 

This agreement made as of the date first set forth
above between UMB Bank, n.a., a national banking association with its principal place of business located in Kansas City, Missouri (hereinafter
“Custodian”) and Wellings Real Estate Income Fund, a Delaware statutory trust (the “Fund”).

 

WITNESSETH:

 

WHEREAS, the Fund is an externally managed,
non-diversified closed-end management investment company treated as a business development company under the 1940 Act (as defined below);

 

WHEREAS, the Fund desires to appoint Custodian
as its custodian for the custody of Assets (as hereinafter defined) owned by such Fund, which Assets are to be held in such accounts as
such Fund may establish from time to time; and

 

WHEREAS, Custodian is willing to accept
such appointment on the terms and conditions hereof.

 

NOW, THEREFORE, in consideration of the
mutual promises contained herein, the parties hereto, intending to be legally bound, mutually covenant and agree as follows:

 

1. APPOINTMENT OF CUSTODIAN.

 

The Fund hereby constitutes and appoints the Custodian
as custodian of Assets belonging to each such Fund which have been or may be from time to time delivered to and accepted by the Custodian.
Custodian accepts such appointment as a custodian and agrees to perform the duties and responsibilities of Custodian as set forth herein
on the conditions set forth herein. For purposes of this Agreement, the term “Assets” shall include Securities, Underlying
Shares, monies, and other property held by the Custodian for the benefit of a Fund. “Security” or “Securities”
shall mean stocks, bonds, rights, warrants, certificates, instruments, obligations and all other negotiable or non-negotiable paper commonly
known as Securities which have been or may from time to time be delivered to and accepted by the Custodian. The term “Securities”,
as used in this Agreement, shall not include Underlying Shares. “Underlying Share or “Underlying Shares” shall mean
uncertificated shares of, or other interests in, other investment funds, accounts or vehicles, including, but not limited to, mutual funds.

 

2. INSTRUCTIONS.

 

(a) An “Instruction,” as used herein,
shall mean a request, direction, instruction or certification initiated by a Fund and conforming to the terms of this paragraph. An Instruction
may be transmitted to the Custodian by any of the following means:

 

(i) a writing manually signed on behalf of a Fund
by an Authorized Person (as hereinafter defined);

 

(ii) a telephonic or other oral communication from
a person the Custodian reasonably believes to be an Authorized Person;

 

(iii) a facsimile transmission that the Custodian
reasonably believes has been signed or otherwise originated by an Authorized Person;

 

    2

     

    

 

(iv)   a communication effected through
the internet or web-based functionality (including without limitation, emails, data files and other communications) on behalf of a Fund
(“Electronic Communication”); or

 

(v)
other means reasonably acceptable to both parties.

 

Instructions in the form of oral communications shall be confirmed
by the appropriate Fund by either a writing (as set forth in (i) above), a facsimile (as set forth in (iii) above), or an Electronic Communication
(as set forth in (iv) above), but the lack of such confirmation shall in no way affect any action taken by the Custodian in reliance upon
such oral Instructions prior to the Custodian’s receipt of such confirmation. The Fund authorizes the Custodian to record any and
all telephonic or other oral Instructions communicated to the Custodian. The parties acknowledge and agree that, with respect to Instructions
transmitted by facsimile, the Custodian cannot verify that the signature of an Authorized Person has been properly affixed and, with respect
to Instructions transmitted by an Electronic Communication, the Custodian cannot verify that the Electronic Communication has been initiated
by an Authorized Person; accordingly, the Custodian shall have no liability as a result of actions taken in reliance on unauthorized facsimile
or Electronic Communication Instructions. The Custodian recommends that any Instructions transmitted by a Fund via email be done so through
a secure system or process.

 

(b) “Special Instructions,” as used
herein, shall mean Instructions countersigned or confirmed in writing by the Treasurer or any other officer of a Fund , which countersignature
or confirmation shall be on the same instrument containing the Instructions or on a separate instrument relating thereto.

 

(c) Instructions and Special Instructions shall
be delivered to the Custodian at the address and/or telephone, facsimile transmission or email address agreed upon from time to time by
the Custodian and the Fund.

 

(d) Where appropriate, Instructions and Special
Instructions shall be continuing Instructions.

 

(e) An Authorized Person shall be responsible for
assuring the accuracy and completeness of Instructions. If the Custodian reasonably determines that an Instruction is unclear or incomplete,
the Custodian may notify a Fund of such determination, in which case the Fund shall be responsible for delivering to the Custodian an
amended Instruction. The Custodian shall have no obligation to take any action until the Fund re-delivers to the Custodian an Instruction
that is clear and complete.

 

(f) The Fund shall be responsible for delivering
to the Custodian Instructions or Special Instructions in a timely manner, after considering such factors as the involvement of subcustodians,
brokers or agents in a transaction, time zone differences, reasonable industry standards, etc. The Custodian shall have no liability if
a Fund delivers Instructions or Special Instructions to the Custodian after any deadline established by the Custodian.

 

(g) By providing Instructions to acquire or hold
Foreign Assets (as defined in Rule 17f-5(a)(2) under the 1940 Act), the Fund shall be deemed to have confirmed to the Custodian that the
Fund has (i) considered and accepted responsibility for all Sovereign Risks and Country Risks (as hereinafter defined) associated with
investing in a particular country or jurisdiction, and (ii) made all determinations and provided to shareholders and other investors all
disclosures required of registered investment companies by the 1940 Act. The term “Foreign Assets”, as used herein, shall
mean any Asset (including foreign currencies) for which the primary market is outside the United States, and any cash or cash equivalents
that are reasonably necessary to effect a Fund’s transactions in those Assets.

 

    3

     

    

 

(h) The Fund acknowledges that where Instructions
or Special Instructions require the Custodian to prepare and submit forms, letters or other writings to third parties on behalf of the
Fund, including but not limited to subscription agreements (or any document, however titled, that performs the same function as a subscription
agreement, which shall be defined herein as a “Subscription Agreement”), redemption requests, stock transfers and exchanges
of cash for Underlying Shares (“Writings”), the Custodian will prepare but not submit such Writings unless and until all required
information necessary to complete a Writing has been submitted by an Authorized Person. The Fund agrees to make available Authorized Persons
during normal business hours to work with the Custodian and its affiliates to complete such Writings. The Fund acknowledges that the Custodian
shall not be liable for its obligations with respect to Writings if such failure results from any delay, error, unavailability or inaccuracy
in an Instruction or Special Instruction provided by the Fund or an Authorized Person.

 

Without limiting the foregoing, the parties agree
that the accuracy and completeness of all information provided in a Subscription Agreement, investor questionnaire or other similar document
for an Underlying Share is the sole responsibility of the Fund, and not the Custodian or its affiliates, regardless of whether the Custodian
or its affiliates assist in the completion of the Subscription Agreement, investor questionnaire or similar document. In the event that
the investment fund rejects a Subscription Agreement, the Fund will be solely responsible for completing a new Subscription Agreement
for the Underlying Share.

 

By providing an Instruction or Special Instruction
to complete a Subscription Agreement or other such Writing, the Fund certifies that it has read and approved the relevant offering documents
and the Subscription Agreement or other Writing required to be submitted to invest in the foregoing investment. The Fund takes full responsibility
for any representations in Subscription Agreements or to any other person or entity regarding the Fund’s qualifications to invest
in underlying funds, the Fund’s status under any anti-money laundering or similar statutes, the Fund’s financial status or
condition, or any other information relating to the Fund and hereby represents that any such representations are accurate and complete.
Representations regarding such matters in any Subscription Agreement or similar document are representations of the Fund and not of the
Custodian.

 

3. DELIVERY OF CORPORATE DOCUMENTS.

 

Each of the parties to this Agreement represents
that its execution does not violate any of the provisions of its respective charter, articles of incorporation, partnership agreement,
declaration of trust, articles of association or bylaws, that all required corporate or organizational action to authorize the execution
and delivery of this Agreement has been taken, and that the person signing this Agreement is authorized to bind such party.

 

The Fund agrees to provide the Custodian, upon
request, documentation regarding the Fund, including, by way of example: certificates of incorporation or trust, by-laws, resolutions,
registration statements, W-9s and other tax-related documentation, compliance policies and procedures and other compliance documents,
etc.

 

    4

     

    

 

In addition, the Fund has delivered or will promptly
deliver to the Custodian, copies of the Resolution(s) of its Board of Directors or Trustees and all amendments or supplements thereto,
properly certified or authenticated, designating certain officers or employees of each such Fund who will have continuing authority to
certify to the Custodian: (a) the names, titles, signatures and scope of authority of all persons authorized to give Instructions or any
other notice, request, direction, instruction, certificate or instrument on behalf of the Fund, and (b) the names, titles and signatures
of those persons authorized to countersign or confirm Special Instructions on behalf of the Fund (in both cases collectively, the “Authorized
Persons” and individually, an “Authorized Person”). Such Resolutions and certificates may be accepted and relied upon by
the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until delivery
to the Custodian of a similar Resolution or certificate to the contrary; provided, however, that the Custodian may rely upon any written
designation furnished by the Treasurer or other officer of the Fund designating persons authorized to countersign or confirm Special Instructions
(as provided in Section 2(b)). Upon delivery of a certificate which deletes or does not include the name(s) of a person previously authorized
to give Instructions or to countersign or confirm Special Instructions, such person shall no longer be considered an Authorized Person
authorized to give Instructions or to countersign or confirm Special Instructions. Unless the certificate specifically requires that the
approval of anyone else will first have been obtained, the Custodian will be under no obligation to inquire into the right of the person
giving such Instructions or Special Instructions to do so. Notwithstanding any of the foregoing, no Instructions or Special Instructions
received by the Custodian from a Fund will be deemed to authorize or permit any director, trustee, officer, employee, or agent of such
Fund to withdraw any of the Assets of such Fund upon the mere receipt of such authorization, Special Instructions or Instructions from
such director, trustee, officer, employee or agent.

 

4. POWERS AND DUTIES OF CUSTODIAN AND DOMESTIC SUBCUSTODIAN.

 

Except for Assets held by any Foreign Subcustodian,
Special Subcustodian or Eligible Securities Depository appointed pursuant to Sections 5(b), (c), or (f) of this Agreement, the Custodian
shall have and perform the powers and duties hereinafter set forth in this Section 4. For purposes of this Section 4 all references to
powers and duties of the “Custodian” shall also refer to any Domestic Subcustodian appointed pursuant to Section 5(a).

 

(a) Safekeeping.

 

The Custodian will keep safely the Assets of the
Fund which are delivered to and accepted by it from time to time. The Custodian shall notify a Fund if it is unwilling or unable to accept
custody of any asset of such Fund. The Custodian shall not be responsible for any property of a Fund held by a Fund and not delivered
to the Custodian or for any pre-existing faults or defects in Assets that are delivered to the Custodian.

 

(b) Manner of Holding Securities.

 

(1) The Custodian shall at all times hold Securities
of the Fund either: (i) by physical possession of the share certificates or other instruments representing such Securities, in registered
or bearer form; in the vault of the Custodian, Domestic Subcustodian, a Special Custodian, depository or agent of the Custodian; or in
an account maintained by the Custodian or agent at a Securities System (as hereinafter defined); or (ii) in book-entry form by a Securities
System in accordance with the provisions of sub-paragraph (3) below.

 

(2) The Custodian may hold registrable portfolio
Securities which have been delivered to it in physical form, by registering the same in the name of the appropriate Fund or its nominee,
or in the name of the Custodian or its nominee, for whose actions such Fund and Custodian, respectively, shall be fully responsible. Upon
the receipt of Instructions, the Custodian shall hold such Securities in street certificate form, so called, with or without any indication
of representative capacity. However, unless it receives Instructions to the contrary, the Custodian will register all such portfolio Securities
in the name of the Custodian’s authorized nominee. All such Securities shall be held in an account of the Custodian containing only assets
of the appropriate Fund or only assets held by the Custodian for the benefit of customers, provided that the records of the Custodian
shall indicate at all times the Fund or other customer for which such Securities are held in such accounts and the respective interests
therein.

 

    5

     

    

 

(3) The Custodian may deposit and/or maintain domestic
Securities owned by a Fund in, and the Fund hereby approves use of: (a) The Depository Trust & Clearing Corporation; (b) any other
clearing agency registered with the Securities and Exchange Commission (“SEC”) under section 17A of the Securities Exchange
Act of 1934, which acts as a securities depository; and (c) a Federal Reserve Bank or other entity authorized to operate the federal book-entry
system described in the regulations of the Department of the Treasury or book-entry systems operated pursuant to comparable regulations
of other federal agencies. Upon the receipt of Special Instructions, the Custodian may deposit and/or maintain domestic Securities owned
by a Fund in any other domestic clearing agency that may otherwise be authorized by the SEC to serve in the capacity of depository or
clearing agent for the Securities or other assets of investment companies and that acts as a Securities depository. Each of the foregoing
shall be referred to in this Agreement as a “Securities System”, and all such Securities Systems shall be listed on the attached
Appendix A. Use of a Securities System shall be in accordance with applicable Federal Reserve Board and SEC rules and regulations, if
any, and subject to the following provisions:

 

(i) The Custodian may deposit the Securities directly
or through one or more agents or Subcustodians which are also qualified to act as custodians for investment companies.

 

(ii) Securities held in a Securities System shall
be subject to any agreements or rules effective between the Securities System and the Custodian or a Subcustodian, as the case may be.

 

(iii) Any Securities deposited or maintained in
a Securities System shall be held in an account (“Account”) of the Custodian or a Subcustodian in the Securities System that
includes only assets held by the Custodian or a Subcustodian as a custodian or otherwise for customers.

 

(iv) The books and records of the Custodian shall
at all times identify those Securities belonging to the Fund which are maintained in a Securities System.

 

(v) The Custodian shall pay for Securities purchased
for the account of a Fund only upon (a) receipt of advice from the Securities System that such Securities have been transferred to the
Account of the Custodian in accordance with the rules of the Securities System, and (b) the making of an entry on the records of the Custodian
to reflect such payment and transfer for the account of such Fund. The Custodian shall transfer Securities sold for the account of a Fund
only upon (a) receipt of advice from the Securities System that payment for such Securities has been transferred to the Account of the
Custodian in accordance with the rules of the Securities System, and (b) the making of an entry on the records of the Custodian to reflect
such transfer and payment for the account of such Fund. Copies of all advices from the Securities System relating to transfers of Securities
for the account of a Fund shall be maintained for such Fund by the Custodian. Such copies may be maintained by the Custodian in electronic
form. The Custodian shall make available to the Fund or its agent on the next business day, by Electronic Communication, facsimile, or
other means reasonably acceptable to both parties, daily transaction activity that shall include each day’s transactions for the
account of such Fund.

 

(vi) The Custodian shall, if requested by a Fund
pursuant to Instructions, provide such Fund with reports obtained by the Custodian or any Subcustodian with respect to a Securities System’s
accounting system, internal accounting control and procedures for safeguarding Securities deposited in the Securities System.

 

    6

     

    

 

(c) Underlying Shares.

 

(1) The provisions of this Section 4(c) shall govern
the custody of the Underlying Shares and, to the extent there is a conflict between such provisions and the provisions of any other section
of this Agreement with respect to Underlying Shares, the terms of this Section 4(c) shall control.

 

(2) The Underlying Shares are beneficially owned
by the Fund and not the Custodian and shall be deposited and/or held in an account or accounts maintained by a transfer agent, registrar,
recordkeeper, general partner, corporate secretary or other relevant third party (each a “Transfer Agent”) pursuant to Instructions
to the Custodian. The Custodian has no liability for the payment for any obligations or liabilities related to the Underlying Shares.
The Fund and the Custodian agree that the Custodian’s only responsibilities in connection with Underlying Shares shall be limited
to the following:

 

(i) Upon receipt of a confirmation or statement
from a Transfer Agent that such Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee
of the Custodian) for the benefit of the Fund, the Custodian shall (A) mark such holdings on its books and records and (B) identify by
book-entry that the relevant Underlying Shares are being held by the Custodian as custodian for the benefit of the Fund;

 

(ii) In accordance with Instructions, the Custodian
shall (A) pay out monies from Fund Assets for the purchase of Underlying Shares for the account of the Fund and (B) record such purchase
on the books and records of the Custodian;

 

(iii) In accordance with Instructions, the Custodian
shall (A) transfer Underlying Shares redeemed for the account of the Fund in accordance with such Instructions and (B) record such transfer
on the books and records of the Custodian and, upon receipt of related proceeds, record the related payment for the account of the Fund
on said books and records; and

 

(iv) Custodian will not be deemed to have received
any distribution or other asset of the Fund until that distribution or other asset of the Fund has in fact been received by the Custodian
at the address and in the manner directed in the applicable Subscription Agreement.

 

(d) Free Delivery of Assets.

 

Notwithstanding any other provision of this Agreement
and except as provided in Section 3 hereof, the Custodian, upon receipt of Special Instructions, will undertake to make free delivery
of Assets, provided such Assets are on hand and available, in connection with a Fund’s transactions and to transfer such Assets to such
broker, dealer, Subcustodian, bank, agent, Securities System or otherwise as specified in such Special Instructions.

 

(e) Exchange of Securities.

 

Upon receipt of Instructions, the Custodian will
exchange Securities held by it for a Fund for other Securities or cash paid in connection with any reorganization, recapitalization, merger,
consolidation, conversion, or similar event, and will deposit any such Securities in accordance with the terms of any reorganization or
protective plan.

 

Unless otherwise directed by Instructions, the
Custodian is authorized to exchange Securities held by it in temporary form for Securities in definitive form, to surrender Securities
for transfer into a name or nominee name as permitted in Section 4(b)(2), to effect an exchange of shares in a stock split or when the
par value of the stock is changed, to sell any fractional shares, and, upon receiving payment therefor, to surrender bonds or other Securities
held by it at maturity or call.

 

    7

     

    

 

(f) Purchases of Assets.

 

(1) Securities Purchases. In accordance
with Instructions, the Custodian shall, with respect to a purchase of Securities, pay for such Securities out of monies held for a Fund’s
account for which the purchase was made, but only insofar as monies are available therein for such purpose, and receive the Securities
so purchased. Unless the Custodian has received Special Instructions to the contrary, such payment will be made only upon delivery of
such Securities to the Custodian, a clearing corporation of a national securities exchange of which the Custodian is a member, or a Securities
System in accordance with the provisions of Section 4(b)(3) hereof. Notwithstanding the foregoing, (i) in connection with a repurchase
agreement, the Custodian may release funds to a Securities System prior to the receipt of advice from the Securities System that the Securities
underlying such repurchase agreement have been transferred by book-entry into the Account maintained with such Securities System by
the Custodian, provided that the Custodian’s instructions to the Securities System require that the Securities System may make payment
of such funds to the other party to the repurchase agreement only upon transfer by book-entry of the Securities underlying the repurchase
agreement into such Account; (ii) in the case of options, Interest Bearing Deposits, currency deposits and other deposits, and foreign
exchange transactions, pursuant to Sections 4(h), 4(l), and 4(m) hereof, the Custodian may make payment therefor before receipt of an
advice of transaction; and (iii) the Custodian may make payment for Securities or other Assets prior to delivery thereof in accordance
with Instructions, applicable laws, generally accepted trade practices, or the terms of the instrument representing such Security or other
Asset, including, but not limited to, Securities and other Assets as to which payment for the Security and receipt of the instrument evidencing
the Security are under generally accepted trade practices or the terms of the instrument representing the Security expected to take place
in different locations or through separate parties.

 

(2) Other Assets Purchased. Upon receipt
of Instructions and except as otherwise provided herein, the Custodian shall pay for and receive other Assets for the account of a Fund
as provided in Instructions.

 

(g) Sales of Assets.

 

(1) Securities Sold. In accordance with
Instructions, the Custodian shall, with respect to a sale, deliver or cause to be delivered the Securities thus designated as sold to
the broker or other person specified in the Instructions relating to such sale. Unless the Custodian has received Special Instructions
to the contrary, such delivery shall be made only upon receipt of payment therefor in the form of: (a) cash, certified check, bank cashier’s
check, bank credit, or bank wire transfer; (b) credit to the account of the Custodian with a clearing corporation of a national securities
exchange of which the Custodian is a member; or (c) credit to the Account of the Custodian with a Securities System, in accordance with
the provisions of Section 4(b)(3) hereof. Notwithstanding the foregoing, the Custodian may deliver Securities and other Assets prior to
receipt of payment for such Securities in accordance with Instructions, applicable laws, generally accepted trade practices, or the terms
of the instrument representing such Security or other Asset. For example, Securities held in physical form may be delivered and paid for
in accordance with “street delivery custom” to a broker or its clearing agent, against delivery to the Custodian of a receipt
for such Securities, provided that the Custodian shall have taken reasonable steps to ensure prompt collection of the payment for, or
return of, such Securities by the broker or its clearing agent, and provided further that the Custodian shall not be responsible for the
selection of or the failure or inability to perform of such broker or its clearing agent or for any related loss arising from delivery
or custody of such Securities prior to receiving payment therefor.

 

(2) Other Assets Sold. Upon receipt of Instructions
and except as otherwise provided herein, the Custodian shall receive payment for and deliver other Assets for the account of a Fund as
provided in Instructions.

 

    8

     

    

 

(h) Options.

 

(1) Upon receipt of Instructions relating to the
purchase of an option or sale of a covered call option, the Custodian shall: (a) receive and retain Instructions or other documents, to
the extent they are provided to the Custodian, evidencing the purchase or writing of the option by a Fund; (b) if the transaction involves
the sale of a covered call option, deposit and maintain in a segregated account the Securities (either physically or by book-entry
in a Securities System) subject to the covered call option written on behalf of such Fund; and (c) pay, release and/or transfer such Securities,
cash or other Assets in accordance with any notices or other communications evidencing the expiration, termination or exercise of such
options which are furnished to the Custodian by the Options Clearing Corporation (the “OCC”), the securities or options exchanges
on which such options were traded, or such other organization as may be responsible for handling such option transactions.

 

(2) Upon receipt of Instructions relating to the
sale of a naked option (including stock index and commodity options), the Custodian, the appropriate Fund and the broker-dealer shall
enter into an agreement to comply with the rules of the OCC or of any registered national securities exchange or similar organizations(s).
Pursuant to that agreement and such Fund’s Instructions, the Custodian shall: (a) receive and retain Instructions or other documents,
if any, evidencing the writing of the option; (b) deposit and maintain in a segregated account, Securities (either physically or by book-entry
in a Securities System), cash and/or other Assets; and (c) pay, release and/or transfer such Securities, cash or other Assets in accordance
with any such agreement and with any notices or other communications evidencing the expiration, termination or exercise of such option
which are furnished to the Custodian by the OCC, the securities or options exchanges on which such options were traded, or such other
organization as may be responsible for handling such option transactions. The appropriate Fund and the broker-dealer shall be responsible
for determining the quality and quantity of assets held in any segregated account established in compliance with applicable margin maintenance
requirements and the performance of other terms of any option contract.

 

(i) Segregated Accounts.

 

Upon receipt of Instructions, the Custodian shall
establish and maintain on its books a segregated account or accounts for and on behalf of a Fund, into which account or accounts may be
transferred Assets of such Fund, including Securities maintained by the Custodian in a Securities System pursuant to Paragraph (b)(3)
of this Section 4, said account or accounts to be maintained (i) for the purposes set forth in Sections 4(h) and 4(n); and (ii) for the
purpose of compliance by such Fund with the procedures required by SEC Investment Company Act Release Number 10666 or any subsequent release
or releases relating to the maintenance of segregated accounts by registered investment companies, or (iii) for such other purposes as
may be set forth, from time to time, in Special Instructions. The Custodian shall not be responsible for the determination of the type
or amount of Assets to be held in any segregated account referred to in this paragraph, or for compliance by the Fund with required procedures
noted in (ii) above.

 

(j) Depositary Receipts.

 

Upon receipt of Instructions, the Custodian shall
surrender or cause to be surrendered Securities to the depository used for such Securities by an issuer of American Depositary Receipts
or International Depositary Receipts (hereinafter referred to, collectively, as “ADRs”), against a written receipt therefor
adequately describing such Securities and written evidence satisfactory to the organization surrendering the same that the depository
has acknowledged receipt of instructions to issue ADRs with respect to such Securities in the name of the Custodian or a nominee of the
Custodian, for delivery in accordance with such instructions.

 

    9

     

    

 

Upon receipt of Instructions, the Custodian shall
surrender or cause to be surrendered ADRs to the issuer thereof, against a written receipt therefor adequately describing the ADRs surrendered
and written evidence satisfactory to the organization surrendering the same that the issuer of the ADRs has acknowledged receipt of instructions
to cause its depository to deliver the Securities underlying such ADRs in accordance with such instructions.

 

(k) Corporate Actions, Put Bonds, Called Bonds,
Etc.

 

Upon receipt of Instructions, the Custodian shall:
(a) deliver warrants, puts, calls, rights or similar Securities to the issuer or trustee thereof (or to the agent of such issuer or trustee)
for the purpose of exercise or sale, provided that the new Securities, cash or other Assets, if any, acquired as a result of such actions
are to be delivered to the Custodian; and (b) deposit Securities upon invitations for tenders thereof, provided that the consideration
for such Securities is to be paid or delivered to the Custodian, or the tendered Securities are to be returned to the Custodian.

 

Unless otherwise directed to the contrary in Instructions,
the Custodian shall comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions, or similar rights of
security ownership of which the Custodian receives notice through data services or publications to which it normally subscribes, and shall
promptly notify the appropriate Fund of such action.

 

The Fund agrees that if it gives an Instruction
for the performance of an act on the last permissible date of a period established by the Custodian or any optional offer or on the last
permissible date for the performance of such act, the Fund shall hold the Custodian harmless from any adverse consequences in connection
with acting upon or failing to act upon such Instructions.

 

If a Fund wishes to receive periodic corporate
action notices of exchanges, calls, tenders, redemptions and other similar notices pertaining to Securities and to provide Instructions
with respect to such Securities via the internet, the Custodian and such Fund may enter into a Supplement to this Agreement whereby such
Fund will be able to participate in the Custodian’s Electronic Corporate Action Notification Service.

 

(k) Interest Bearing Deposits.

 

Upon receipt of Instructions directing the Custodian
to purchase interest bearing fixed-term certificates of deposit or call deposits (hereinafter referred to, collectively, as “Interest
Bearing Deposits”) for the account of a Fund, the Custodian shall purchase such Interest Bearing Deposits with such banks or trust
companies, including the Custodian, any Subcustodian or any subsidiary or affiliate of the Custodian (hereinafter referred to as “Banking
Institutions”), and in such amounts as such Fund may direct pursuant to Instructions. Such Interest Bearing Deposits shall be denominated
in U.S. dollars. Interest Bearing Deposits issued by the Custodian shall be in the name of the Fund. Interest Bearing Deposits issued
by another Banking Institution may be in the name of the Fund or the Custodian or in the name of the Custodian for its customers generally.
The responsibilities of the Custodian to a Fund for Interest Bearing Deposits issued by the Custodian shall be that of a U.S. bank for
a similar deposit. With respect to Interest Bearing Deposits issued by any other Banking Institution, (a) the Custodian shall be responsible
for the collection of income and the transmission of cash to and from such accounts; and (b) the Custodian shall have no duty with respect
to the selection of the Banking Institution or for the failure of such Banking Institution to pay upon demand.

 

    10

     

    

 

(m) Foreign Exchange Transactions.

 

(l) The Fund may appoint the Custodian as its agent
in the execution of all currency exchange transactions. If requested, the Custodian agrees to provide exchange rate and U.S. Dollar information,
in writing, or by other means agreeable to both parties, to the Fund.

 

(2) Upon receipt of Instructions, the Custodian
shall settle foreign exchange contracts or options to purchase and sell foreign currencies for spot and future delivery on behalf of and
for the account of a Fund with such currency brokers or Banking Institutions as such Fund may determine and direct pursuant to Instructions.
If, in its Instructions, a Fund does not direct the Custodian to utilize a particular currency broker or Banking Institution, the Custodian
is authorized to select such currency broker or Banking Institution as it deems appropriate to execute the Fund’s foreign currency transaction.
It is understood that all such transactions shall be undertaken by the Custodian as agent for the Fund.

 

(3) The Fund accepts full responsibility for its
use of third party foreign exchange brokers and for execution of said foreign exchange contracts and understands that the Fund shall be
responsible for any and all costs and interest charges which may be incurred as a result of the failure or delay of its third party broker
to deliver foreign exchange. The Custodian shall have no responsibility or liability with respect to the selection of the currency brokers
or Banking Institutions with which a Fund deals or the performance or non-performance of such brokers or Banking Institutions.

 

(4) Notwithstanding anything to the contrary contained
herein, upon receipt of Instructions the Custodian may, in connection with a foreign exchange contract, make free outgoing payments of
cash in the form of U.S. Dollars or foreign currency prior to receipt of confirmation of such foreign exchange contract or confirmation
that the countervalue currency completing such contract has been delivered or received.

 

(n) Pledges or Loans of Securities.

 

(1) Upon receipt of Instructions from a Fund, the
Custodian will release or cause to be released Securities held in custody to the pledgees designated in such Instructions by way of pledge
or hypothecation to secure loans incurred by such Fund with various lenders including but not limited to UMB Bank, n.a.; provided, however,
that the Securities shall be released only upon payment to the Custodian of the monies borrowed, except that in cases where additional
collateral is required to secure existing borrowings, further Securities may be released or delivered, or caused to be released or delivered
for that purpose upon receipt of Instructions. Upon receipt of Instructions, the Custodian will pay, but only from funds available for
such purpose, any such loan upon re-delivery to it of the Securities pledged or hypothecated therefor and upon surrender of the note
or notes evidencing such loan. In lieu of delivering collateral to a pledgee, the Custodian, on the receipt of Instructions, shall transfer
the pledged Securities to a segregated account for the benefit of the pledgee.

 

(2) Upon receipt of Instructions, the Custodian
will release securities to a securities lending agent appointed by the Fund and designated in such Instructions. The Custodian shall act
upon Instructions from the Fund and/or such agent in order to effect securities lending transactions on behalf of the Fund. For its services
in facilitating a Fund’s securities lending activities through such agent, the Custodian may receive from the agent a portion of
the agent’s securities lending revenue or a fee directly from the Fund. The Custodian shall have no responsibility or liability
for any losses arising in connection with the agent’s actions or omissions, including but not limited to the delivery of Securities
prior to the receipt of collateral, in the absence of negligence or willful misconduct on the part of the Custodian.

 

    11

     

    

 

(o) Stock Dividends, Rights, Etc.

 

The Custodian shall receive and collect all stock
dividends, rights, and other items of like nature and, upon receipt of Instructions, take action with respect to the same as directed
in such Instructions.

 

(p) Routine Dealings.

 

The Custodian will, in general, attend to all routine
and operational matters in accordance with industry standards in connection with the sale, exchange, substitution, purchase, transfer,
or other dealings with Securities or other property of the Fund, except as may be otherwise provided in this Agreement or directed from
time to time by Instructions from any particular Fund. The Custodian may also make payments to itself or others from the Assets for disbursements
and out-of-pocket expenses incidental to handling Securities or other similar items relating to its duties under this Agreement,
provided that all such payments shall be accounted for to the appropriate Fund.

 

(q) Collections.

 

The Custodian shall (a) collect amounts due and payable to the
Fund with respect to Securities and other Assets; (b) promptly credit to the account of the Fund all income and other payments relating
to Securities and other Assets held by the Custodian hereunder upon Custodian’s receipt of such income or payments or as otherwise agreed
in writing by the Custodian and any particular Fund; (c) promptly endorse and deliver any instruments required to effect such collection;
and (d) promptly execute ownership and other certificates, affidavits and other documents for all federal, state, local and foreign tax
purposes in connection with receipt of income or other payments with respect to Securities and other Assets, or in connection with the
transfer of such Securities or other Assets; provided, however, that with respect to Securities registered in so-called street name,
or physical Securities with variable interest rates, the Custodian shall use its best efforts to collect amounts due and payable to any
such Fund. The Custodian shall not be responsible for the collection of amounts due and payable with respect to Securities or other Assets
that are in default.

 

Any advance credit of cash or Securities or other
Assets expected to be received shall be subject to actual collection and may, when the Custodian determines collection unlikely, be reversed
by the Custodian.

 

(r) Dividends, Distributions and Redemptions.

 

To enable the Fund to pay dividends or other distributions
to shareholders of each such Fund and to make payment to shareholders who have requested repurchase or redemption of their shares of each
such Fund (collectively, the “Shares”), the Custodian shall release cash or Securities insofar as available. In the case of
cash, the Custodian shall, upon the receipt of Instructions, transfer such funds by check or wire transfer to any account at any bank
or trust company designated by each such Fund in such Instructions. In the case of Securities, the Custodian shall, upon the receipt of
Special Instructions, make such transfer to any entity or account designated by each such Fund in such Special Instructions.

 

(s) Proceeds from Shares Sold.

 

The Custodian shall receive funds representing
cash payments received for shares issued or sold from time to time by the Fund, and shall credit such funds to the account of the appropriate
Fund. The Custodian shall notify the appropriate Fund of Custodian’s receipt of cash in payment for shares issued by such Fund by facsimile
transmission or in such other manner as such Fund and the Custodian shall agree. Upon receipt of Instructions, the Custodian shall: (a)
deliver all federal funds received by the Custodian in payment for shares as may be set forth in such Instructions and at a time agreed
upon between the Custodian and such Fund; and (b) make federal funds available to a Fund as of specified times agreed upon from time to
time by such Fund and the Custodian, in the amount of checks received in payment for shares which are deposited to the accounts of such
Fund.

 

    12

     

    

 

(t) Proxies and Notices; Compliance with the
Shareholder Communications Act of 1985.

 

The Custodian shall deliver or cause to be delivered
to the appropriate Fund, or its designated agent or proxy service provider, all forms of proxies, all notices of meetings, and any other
notices or announcements affecting or relating to Securities or Underlying Shares owned by such Fund that are received by the Custodian
and, upon receipt of Instructions, the Custodian shall execute and deliver, or cause a Subcustodian or nominee to execute and deliver
such proxies or other authorizations as may be required. Except as directed pursuant to Instructions, the Custodian shall not vote upon
any such Securities or Underlying Shares, or execute any proxy to vote thereon, or give any consent or take any other action with respect
thereto.

 

The Custodian will not release the identity of
any Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose
of direct communications between such issuer and any such Fund unless a particular Fund directs the Custodian otherwise pursuant to Instructions.

 

(u) Books and Records.

 

The Custodian shall maintain such records relating
to its activities under this Agreement as are required to be maintained by Rule 31a-1 under the 1940 Act and to preserve them for
the periods prescribed in Rule 31a-2 under the 1940 Act. These records shall be open for inspection by duly authorized officers, employees
or agents (including independent public accountants) of the appropriate Fund during normal business hours of the Custodian.

 

The Custodian shall provide accountings relating
to its activities under this Agreement as shall be agreed upon by the Fund and the Custodian.

 

(v) Opinion of Fund’s Independent Certified
Public Accountants.

 

The Custodian shall take all reasonable action
as the Fund may request to obtain from year to year favorable opinions from each such Fund’s independent certified public accountants
with respect to the Custodian’s activities hereunder and in connection with the preparation of each such Fund’s periodic reports to the
SEC and with respect to any other requirements of the SEC.

 

(w) Reports by Independent Certified Public
Accountants.

 

At the request of a Fund, the Custodian shall deliver
to such Fund a written report, which may be in electronic form, prepared by the Custodian’s independent certified public accountants with
respect to the services provided by the Custodian under this Agreement, including, without limitation, the Custodian’s accounting system,
internal accounting control, financial strength and procedures for safeguarding cash, Securities and other Assets, including cash, Securities
and other Assets deposited and/or maintained in a Securities System or with a Subcustodian. Such report shall be of sufficient scope and
in sufficient detail as may reasonably be required by such Fund and as may reasonably be obtained by the Custodian.

 

    13

     

    

 

(x) Bills and Other Disbursements.

 

Upon receipt of Instructions, the Custodian
shall pay, or cause to be paid, all bills, statements, or other obligations of a Fund.

 

(y) Sweep or Automated Cash Management.

 

Upon receipt of Instructions, the Custodian shall
invest any otherwise uninvested cash of any Fund held by the Custodian in a money market mutual fund, a cash deposit product, or other
cash investment vehicle made available by the Custodian from time to time, in accordance with the directions contained in such Instructions.
A fee may be charged or a spread may be received by the Custodian for investing the Fund’s otherwise uninvested cash in the available
cash investment vehicles or products.

 

The Custodian shall have no responsibility to determine
whether any purchases of money market mutual fund shares or any other cash investment vehicle or cash deposit product by or on behalf
of the Fund under the terms of this section will cause any Fund to exceed the limitations contained in the 1940 Act on ownership of shares
of another registered investment company or any other asset or portfolio restrictions or limitations contained in applicable laws or regulations
or the Fund’s prospectus. The Fund agrees to indemnify and hold harmless the Custodian from all losses, damages and expenses (including
attorney’s fees) suffered or incurred by the Custodian as a result of a violation by such Fund of the limitations on ownership of
shares of another registered investment company or any other cash investment vehicle or cash deposit product.

 

5. SUBCUSTODIANS.

 

From time to time, in accordance with
the relevant provisions of this Agreement, (i) the Custodian may appoint one or more Domestic Subcustodians, Foreign Subcustodians, Special
Subcustodians or Interim Subcustodians (each as hereinafter defined) to act on behalf of the Fund; and (ii) the Custodian may be directed,
pursuant to an agreement between a Fund and the Custodian (“Delegation Agreement”), to appoint a Domestic Subcustodian to
perform the duties of the Foreign Custody Manager (as such term is defined in Rule 17f-5 under the 1940 Act) (“Approved Foreign
Custody Manager”) for such Fund so long as such Domestic Subcustodian is so eligible under the 1940 Act. Such Delegation Agreement
shall provide that the appointment of any Domestic Subcustodian as the Approved Foreign Custody Manager must be governed by a written
agreement between the Custodian and the Domestic Subcustodian, which provides for compliance with Rule 17f-5. The Approved Foreign Custody
Manager may then appoint a Foreign Subcustodian or Interim Subcustodian in accordance with this Section 5. For purposes of this Agreement,
all Domestic Subcustodians, Special Subcustodians, Foreign Subcustodians and Interim Subcustodians shall be referred to collectively as
“Subcustodians.”

 

(a) Domestic Subcustodians.

 

The Custodian may, at any time
and from time to time, appoint any bank as defined in Section 2(a)(5) of the 1940 Act or any trust company or other entity, any of which
meets the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act for the Custodian
on behalf of the Fund as a subcustodian for purposes of holding Assets of such Fund(s) and performing other functions of the Custodian
within the United States (a “Domestic Subcustodian”). The Fund shall approve in writing the appointment of the proposed Domestic
Subcustodian; and the Custodian’s appointment of any such Domestic Subcustodian shall not be effective without such prior written approval
of the Fund(s). Each such duly approved Domestic Subcustodian shall be reflected on Appendix A hereto.

 

    14

     

    

 

(b)
Foreign Subcustodians.

 

(1) Foreign
Subcustodians. The Approved Foreign Custody Manager may appoint any entity meeting the requirements of an Eligible Foreign Custodian,
as such term is defined in Rule 17f-5(a)(1) under the 1940 Act, and which term shall also include a bank that qualifies to serve as a
custodian of assets of investment companies under Section 17(f) of the 1940 Act or by SEC order is exempt therefrom (each a “Foreign
Subcustodian” in the context of either a subcustodian or a sub-subcustodian), provided that the Approved Foreign Custody Manager’s
appointments of such Foreign Subcustodians shall at all times be governed by an agreement that complies with Rule 17f-5.

 

(2) Notwithstanding
the foregoing, in the event that the Approved Foreign Custody Manager determines that it will not provide delegation services (i) in a
country in which a Fund has directed that the Fund invest in a security or other Asset or (ii) with respect to a specific Foreign Subcustodian
which the Fund has directed be used, the Custodian shall, or shall cause the Approved Foreign Custody Manager to, promptly notify the
Fund in writing by facsimile transmission, Electronic Communication, or otherwise of the unavailability of the approved Foreign Custody
Manager’s delegation services in such country. The Custodian and the Approved Foreign Custody Manager (or Domestic Subcustodian)
as applicable, shall be entitled to rely on and shall have no liability or responsibility for following such direction from the Fund as
a Special Instruction and shall have no duties or liabilities under this Agreement save those that it may undertake specifically in writing
with respect to each particular instance. Upon the receipt of such Special Instructions, the Custodian may, in it absolute discretion,
designate, or cause the Approved Foreign Custody Manager to designate, an entity (defined herein as “Interim Subcustodian”)
designated by the Fund in such Special Instructions, to hold such security or other Asset. In such event, the Fund represents and warrants
that it has made a determination that the arrangement with such Interim Subcustodian satisfies the requirements of the 1940 Act and the
rules and regulations thereunder (including Rule 17f-5, if applicable). It is further understood that where the Approved Foreign Custody
Manager and the Custodian do not agree to provide fully to the Fund the services under this Agreement and the Delegation Agreement with
respect to a particular country or specific Foreign Subcustodian, the Fund may delegate such services to another delegate pursuant to
Rule 17f-5.

 

(c) Special Subcustodians.

 

Upon receipt of Special Instructions, the Custodian
shall, on behalf of a Fund, appoint one or more banks, trust companies or other entities designated in such Special Instructions to act
for the Custodian on behalf of such Fund as a subcustodian for purposes of: (i) effecting third-party repurchase transactions with
banks, brokers, dealers or other entities through the use of a common custodian or subcustodian; (ii) providing depository and clearing
agency services with respect to certain variable rate demand note Securities, (iii) providing depository and clearing agency services
with respect to dollar denominated Securities; and (iv) effecting any other transactions designated by such Fund in such Special Instructions.
Each such designated subcustodian (hereinafter referred to as a “Special Subcustodian”) shall be listed on Appendix A attached
hereto, as it may be amended from time to time. In connection with the appointment of any Special Subcustodian, the Custodian may enter
into a subcustodian agreement with the Special Subcustodian.

 

(d) Termination of a Subcustodian.

 

The Custodian may, at any time in its discretion
upon notification to the appropriate Fund(s), terminate any Subcustodian of such Fund(s) in accordance with the termination provisions
under the applicable subcustodian agreement, and upon the receipt of Special Instructions, the Custodian shall terminate any Subcustodian
in accordance with the termination provisions under the applicable subcustodian agreement.

 

    15

     

    

 

(e) Information Regarding Foreign Subcustodians.

 

Upon request of a Fund, the Custodian shall deliver,
or cause any Approved Foreign Custody Manager to deliver, to the Fund a letter or list stating: (i) the identity of each Foreign Subcustodian
then acting on behalf of the Custodian; (ii) the Eligible Securities Depositories (as defined in Section 5(f)) in each foreign market
through which each Foreign Subcustodian is then holding cash, securities and other Assets of the Fund; and (iii) such other information
as may be requested by the Fund to ensure compliance with rules and regulations under the 1940 Act.

 

(f) Eligible Securities Depositories.

 

(1) The Custodian or the Domestic Subcustodian
may place and maintain a Fund’s Foreign Assets with an Eligible Securities Depository (as defined in Rule 17f-7, which term shall
include any other securities depository for which the SEC by exemptive order has permitted registered investment companies to maintain
their assets).

 

(2) Upon the request of a Fund, the Custodian
shall direct the Domestic Subcustodian to provide to the Fund (including the Fund’s board of directors or trustees) and/or the Fund’s
adviser or other agent an analysis of the custody risks associated with maintaining the Fund’s Foreign Assets with such Eligible
Securities Depository utilized directly or indirectly by the Custodian or the Domestic Subcustodian as of the date hereof (or, in the
case of an Eligible Securities Depository not so utilized as of the date hereof, prior to the placement of the Fund’s Foreign Assets
at such depository) and at which any Foreign Assets of the Fund are held or are expected to be held. The Custodian shall direct the Domestic
Subcustodian to monitor the custody risks associated with maintaining the Fund’s Foreign Assets at each such Eligible Securities
Depository on a continuing basis and shall promptly notify the Fund or its adviser of any material changes in such risks through the Approved
Foreign Custody Manager’s letter, market alerts or other periodic correspondence.

 

(3) The Custodian shall direct the Domestic
Subcustodian to determine the eligibility under Rule 17f-7 of each foreign securities depository before maintaining the Fund’s Foreign
Assets therewith and shall promptly advise the Fund if any Eligible Securities Depository ceases to be so eligible. Notwithstanding Subsection
17(c) hereof, Eligible Securities Depositories may, subject to Rule 17f-7, be added to or deleted from such list from time to time.

 

(4) Withdrawal of Assets. If an arrangement
with an Eligible Securities Depository no longer meets the requirements of Rule 17f-7, the Custodian shall direct the Domestic Subcustodian
to withdraw the Fund’s Foreign Assets from such depository as soon as reasonably practicable.

 

(5) Standard of Care. In fulfilling its
responsibilities under this Section 5(f), the Custodian will exercise reasonable care, prudence and diligence.

 

6. STANDARD OF CARE.

 

(a) General Standard of Care.

 

The Custodian shall exercise due care in accordance
with reasonable commercial standards in discharging its duties hereunder. The Custodian shall be liable to a Fund for all losses, damages
and reasonable costs and expenses suffered or incurred by such Fund resulting from the negligence or willful misconduct of the Custodian;
provided, however, in no event shall the Custodian be liable for attorneys’ fees or for special, indirect, consequential or punitive
damages arising under or in connection with this Agreement.

 

    16

     

    

 

(b) Actions
Prohibited by Applicable Law, Etc.

 

In no event shall the Custodian incur
liability hereunder if the Custodian or any Subcustodian or Securities System, or any Subcustodian, Eligible Securities Depository utilized
by any such Subcustodian, or any nominee of the Custodian or any Subcustodian (individually, a “Person”) is prevented, forbidden
or delayed from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted to be performed,
by reason of: (i) any provision of any present or future law or regulation or order of the United States of America, or any state thereof,
or of any foreign country, or political subdivision thereof or of any court of competent jurisdiction (and neither the Custodian nor any
other Person shall be obligated to take any action contrary thereto); or (ii) any “Force Majeure,” which for purposes of this
Agreement, shall mean any circumstance or event which is beyond the reasonable control of the Custodian, a Subcustodian or any agent of
the Custodian or a Subcustodian and which adversely affects the performance by the Custodian of its obligations hereunder, by the Subcustodian
of its obligations under its subcustodian agreement or by any other agent of the Custodian or the Subcustodian, unless in each case, such
delay or nonperformance is caused by the negligence or willful misconduct of the Custodian. Such Force Majeure events may include any
event caused by, arising out of or involving (a) an act of God, (b) accident, fire, water damage or explosion, (c) any computer, system
outage or downtime or other equipment failure or malfunction caused by any computer virus or any other reason or the malfunction or failure
of any communications medium, (d) any interruption of the power supply or other utility service, (e) any strike or other work stoppage,
whether partial or total, (f) any delay or disruption resulting from or reflecting the occurrence of any Sovereign Risk (as defined below),
(g) any disruption of, or suspension of trading in, the securities, commodities or foreign exchange markets, whether or not resulting
from or reflecting the occurrence of any Sovereign Risk, (h) any encumbrance on the transferability of cash, currency or a currency position
on the actual settlement date of a foreign exchange transaction, whether or not resulting from or reflecting the occurrence of any Sovereign
Risk, or (i) any other cause similarly beyond the reasonable control of the Custodian.

 

Subject to the Custodian’s general
standard of care set forth in Subsection 6(a) hereof and the requirements of Section 17(f) of the 1940 Act and Rules 17f-5 and 17f-7 thereunder,
the Custodian shall not incur liability hereunder if any Person is prevented, forbidden or delayed from performing, or omits to perform,
any act or thing which this Agreement provides shall be performed or omitted to be performed by reason of any (i) “Sovereign Risk,”
which for the purpose of this Agreement shall mean, in respect of any jurisdiction, including but not limited to the United States of
America, where investments are acquired or held under this Agreement, (a) any act of war, terrorism, riot, insurrection or civil commotion,
(b) the imposition of any investment, repatriation or exchange control restrictions by any governmental authority, (c) the confiscation,
expropriation or nationalization of any investments by any governmental authority, whether de facto or de jure, (d) any devaluation or
revaluation of the currency, (e) the imposition of taxes, levies or other charges affecting investments, (f) any change in the applicable
law, or (g) any other economic, systemic or political risk incurred or experienced that is not directly related to the economic or financial
conditions of the Eligible Foreign Custodian, except as otherwise provided in this Agreement or the Delegation Agreement, or (ii) “Country
Risk,” which for the purpose of this Agreement shall mean, with respect to the acquisition, ownership, settlement or custody of
investments in a jurisdiction, all risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition,
payment for or ownership of investments, including (a) the prevalence of crime and corruption in such jurisdiction, (b) the inaccuracy
or unreliability of business and financial information (unrelated to the Approved Foreign Custody Manager’s duties imposed by Rule
17f-5(c) under the 1940 Act or to the duties imposed on the Custodian by Rule 17f-7 under the 1940 Act), (c) the instability or volatility
of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d) custody and settlement
infrastructure of the market in which such investments are transacted and held, (e) the acts, omissions and operation of any Eligible
Securities Depository, it being understood that this provision shall not excuse the Custodian’s performance under the express terms
of this Agreement, (f) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions,
registrars or transfer agents, (g) the existence of market conditions which prevent the orderly execution or settlement of transactions
or which affect the value of assets, and (h) the laws relating to the safekeeping and recovery of a Fund’s Foreign Assets held in
custody pursuant to the terms of this Agreement; provided, however, that, in compliance with Rule 17f-5, neither Sovereign Risk nor Country
Risk shall include the custody risk of a particular Eligible Foreign Custodian of a Fund’s Foreign Assets.

 

    17

     

    

 

(c) Liability for Past Records.

 

Neither the Custodian nor any Domestic Subcustodian
shall have any liability in respect of any loss, damage or expense suffered by a Fund, insofar as such loss, damage or expense arises
from the performance of the Custodian or any Domestic Subcustodian in reliance upon records that were maintained for such Fund by entities
other than the Custodian or any Domestic Subcustodian prior to the Custodian’s employment hereunder.

 

(d) Advice of Counsel.

 

The Custodian and all Domestic Subcustodians shall
be entitled to receive and act upon advice of counsel of its own choosing on all matters. The Custodian and all Domestic Subcustodians
shall be without liability for any actions taken or omitted in good faith pursuant to the advice of counsel.

 

(e) Advice of the Fund and Others.

 

The Custodian and any Domestic Subcustodian may
rely upon the advice of any Fund and upon statements of such Fund’s accountants and other persons believed by it in good faith to be expert
in matters upon which they are consulted, and neither the Custodian nor any Domestic Subcustodian shall be liable for any actions taken
or omitted, in good faith, pursuant to such advice or statements.

 

(f) Information Services.

 

The Custodian may rely upon information received
from issuers of Securities or other Assets or agents of such issuers, information received from Subcustodians or depositories, information
from data reporting services that provide detail on corporate actions and other securities information, and other commercially reasonable
industry sources; and, provided the Custodian has acted in accordance with the standard of care set forth in Section 6(a), the Custodian
shall have no liability as a result of relying upon such information sources, including but not limited to errors in any such information.

 

(g) Instructions Appearing to be Genuine.

 

The Custodian and all Domestic Subcustodians shall,
subject to Section 8 hereof, be fully protected and indemnified in acting as a custodian hereunder upon any Resolutions of the Board of
Directors or Trustees, Instructions, Special Instructions, advice, notice, request, consent, certificate, instrument or paper appearing
to it to be genuine and to have been properly executed and shall, unless otherwise specifically provided herein, be entitled to receive
as conclusive proof of any fact or matter required to be ascertained from any Fund hereunder a certificate signed by any officer of such
Fund authorized to countersign or confirm Special Instructions. The Custodian shall have no liability for any losses, damages or expenses
incurred by a Fund arising from the use of a non-secure form of email or other non-secure electronic system or process.

 

    18

     

    

 

(h) No Investment Advice.

 

The Custodian shall have no duty to assess the
risks inherent in Securities or other Assets or to provide investment advice, accounting or other valuation services regarding any such
Securities or other Assets.

 

(i) Exceptions from Liability.

 

Without limiting the generality of any other provisions
hereof, neither the Custodian nor any Domestic Subcustodian shall be under any duty or obligation to inquire into, nor be liable for:

 

(i) the validity of the issue of any Securities
purchased by or for any Fund, the legality of the purchase thereof or evidence of ownership required to be received by any such Fund,
or the propriety of the decision to purchase or amount paid therefor;

 

(ii) the legality of the sale, transfer or movement
of any Securities by or for any Fund, or the propriety of the amount for which the same were sold; or

 

(iii) any other expenditures, encumbrances of Securities,
borrowings or similar actions with respect to any Fund’s Assets;

 

and may, until notified to the contrary, presume that all Instructions
or Special Instructions received by it are not in conflict with or in any way contrary to any provisions of any such Fund’s Declaration
of Trust, Partnership Agreement, Articles of Incorporation or By-Laws or votes or proceedings of the shareholders, trustees, partners
or directors of any such Fund, or any such Fund’s currently effective Registration Statement on file with the SEC.

 

7. LIABILITY OF THE CUSTODIAN FOR ACTIONS OF OTHERS.

 

(a) Domestic Subcustodians

 

Except as provided in Section 7(d), the Custodian
shall be liable for the acts or omissions of any Domestic Subcustodian to the same extent as if such actions or omissions were performed
by the Custodian itself.

 

(b) Liability for Acts and Omissions of Foreign
Subcustodians.

 

The Custodian shall be liable to a Fund for any
loss or damage to such Fund caused by or resulting from the acts or omissions of any Foreign Subcustodian to the extent that, under the
terms set forth in the subcustodian agreement between the Custodian or a Domestic Subcustodian and such Foreign Subcustodian, the Foreign
Subcustodian has failed to perform in accordance with the standard of conduct imposed under such subcustodian agreement and the Custodian
or Domestic Subcustodian recovers from the Foreign Subcustodian under the applicable subcustodian agreement.

 

    19

     

    

 

(c) Securities Systems, Interim
Subcustodians, Special Subcustodians, Eligible Securities Depositories.

 

The Custodian shall not be liable to any Fund for
any loss, damage or expense suffered or incurred by such Fund resulting from or occasioned by the actions or omissions of a Securities
System, Interim Subcustodian, Special Subcustodian, or Eligible Securities Depository unless such loss, damage or expense is caused by,
or results from, the negligence or willful misconduct of the Custodian.

 

(d) Failure of Third Parties.

 

The Custodian shall not be liable for any loss,
damage or expense suffered or incurred by any Fund resulting from or occasioned by the actions, omissions, neglects, defaults, insolvency
or other failure of any (i) issuer of any Securities or Underlying Shares or of any agent of such issuer; (ii) any counterparty with respect
to any Security or other Asset, including any issuer of any option, futures, derivatives or commodities contract; (iii) investment adviser
or other agent of a Fund; or (iv) any broker, bank, trust company or any other person with whom the Custodian may deal (other than any
of such entities acting as a Subcustodian, Securities System or Eligible Securities Depository, for whose actions the liability of the
Custodian is set out elsewhere in this Agreement); or (v) any agent or depository (including but not limited to a securities lending agent
or precious metals depository) with whom the Custodian may deal at the direction of, and behalf of, a Fund; unless such loss, damage or
expense is caused by, or results from, the negligence or willful misconduct of the Custodian or the Custodian’s breach of the terms
of any contract between the Fund and the Custodian.

 

(e) Transfer Agents.

 

The Custodian shall not be liable to the Fund for
any loss or damage to the Fund resulting from the maintenance of Underlying Shares with a Transfer Agent except for losses resulting directly
from the negligence or willful misconduct of the Custodian.

 

8. INDEMNIFICATION.

 

(a) Indemnification by Fund.

 

Subject to the limitations set forth in this Agreement,
the Fund agrees to indemnify and hold harmless the Custodian and its nominees from all losses, damages and expenses (including attorneys’
fees) suffered or incurred by the Custodian or its nominee caused by or arising from actions taken by the Custodian, its employees or
agents in the performance of its duties and obligations under this Agreement, including, but not limited to, any indemnification obligations
undertaken by the Custodian under any relevant subcustodian agreement; provided, however, that such indemnity shall not apply to the extent
the Custodian is liable under Sections 6 or 7 hereof.

 

If any Fund requires the Custodian to take any
action with respect to Securities, Underlying Shares or other Assets, which action involves the payment of money or which may, in the
opinion of the Custodian, result in the Custodian or its nominee assigned to such Fund being liable for the payment of money or incurring
liability of some other form, such Fund, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to
the Custodian in an amount and form satisfactory to it.

 

Each Fund agrees to indemnify and hold harmless
the Custodian for any action the Custodian takes or does not take in reliance upon directions, Instructions or Special Instructions, including
but not limited to Instructions or Special Instructions to prepare, sign and submit Subscription Agreements or other Writings on behalf
of the Manager or the Fund, except for such action or inaction resulting from the Custodian’s negligence or willful misconduct or
if the Custodian follows an Instruction or Written Instruction expressly forbidden by this Agreement. Each Fund agrees to indemnify and
hold harmless the Custodian for any claim against the Custodian arising out of the investment by the Fund in an underlying fund for which
Subscription Agreements are prepared, signed or submitted by Custodian.

 

    20

     

    

 

(b) Indemnification by Custodian.

 

Subject to the limitations set forth in this Agreement,
the Custodian agrees to indemnify and hold harmless the Fund from all losses, damages and expenses (with the exception of those damages
and expenses referenced in Section 6(a)) suffered or incurred by each such Fund caused by the negligence or willful misconduct of the
Custodian.

 

9. ADVANCES.

 

In the event that the Custodian or any Subcustodian,
Securities System, or Eligible Securities Depository acting either directly or indirectly under agreement with the Custodian (each of
which for purposes of this Section 9 shall be referred to as “Custodian”), makes any payment or transfer of funds on behalf
of any Fund as to which there would be, at the close of business on the date of such payment or transfer, insufficient funds held by the
Custodian on behalf of any such Fund, the Custodian may, in its discretion without further Instructions, provide an advance (“Advance”)
to any such Fund in an amount sufficient to allow the completion of the transaction by reason of which such payment or transfer of funds
is to be made. In addition, in the event the Custodian is directed by Instructions to make any payment or transfer of funds on behalf
of any Fund as to which it is subsequently determined that such Fund has overdrawn its cash account with the Custodian as of the close
of business on the date of such payment or transfer, said overdraft shall constitute an Advance. Any Advance shall be payable by the Fund
on behalf of which the Advance was made on demand by Custodian, unless otherwise agreed by such Fund and the Custodian, and shall accrue
interest from the date of the Advance to the date of payment by such Fund to the Custodian at a rate determined from time to time by the
Custodian. It is understood that any transaction in respect of which the Custodian shall have made an Advance, including but not limited
to a foreign exchange contract or transaction in respect of which the Custodian is not acting as a principal, is for the account of and
at the risk of the Fund on behalf of which the Advance was made, and not, by reason of such Advance, deemed to be a transaction undertaken
by the Custodian for its own account and risk. The Custodian and the Fund which are parties to this Agreement acknowledge that the purpose
of Advances is to finance temporarily the purchase or sale of Securities for prompt delivery in accordance with the settlement terms of
such transactions or to meet emergency expenses not reasonably foreseeable by a Fund. The Custodian shall promptly notify the appropriate
Fund of any Advance. Such notification may be communicated by telephone, Electronic Communication or facsimile transmission or in such
other manner as the Custodian may choose. Nothing herein shall be deemed to create an obligation on the part of the Custodian to advance
monies to a Fund.

 

10. SECURITY INTEREST.

 

To secure the due and prompt payment of all Advances,
together with any taxes, charges, fees, expenses, assessments, obligations, claims or liabilities incurred by the Custodian in connection
with its or their performance of any duties under this Agreement (collectively, “Liabilities”), except for any Liabilities
arising from or the Custodian’s negligence or willful misconduct, the Fund grants to the Custodian a security interest in all of
the Fund’s Securities and other Assets now or hereafter in the possession of the Custodian and all proceeds thereof (collectively,
the “Collateral”). A Fund shall promptly reimburse the Custodian for any and all such Liabilities. In the event that a Fund
fails to satisfy any of the Liabilities as and when due and payable, the Custodian shall have in respect of the Collateral, in addition
to all other rights and remedies arising hereunder or under local law, the rights and remedies of a secured party under the Uniform Commercial
Code. Without prejudice to the Custodian’s rights under applicable law, the Custodian shall be entitled, without notice to the
Fund, to withhold delivery of any Collateral, sell, set-off, or otherwise realize upon or dispose of any such Collateral and to apply
the money or other proceeds and any other monies credited to the Fund in satisfaction of the Liabilities. This includes, but is not limited
to, any interest on any such unpaid Liability as the Custodian deems reasonable, and all costs and expenses (including reasonable attorney’s
fees) incurred by the Custodian in connection with the sale, set-off or other disposition of such Collateral.

 

11. COMPENSATION.

 

The Fund will pay to the Custodian such compensation
as is set forth on Schedule A hereto, or as otherwise agreed to in writing by the Custodian and each such Fund from time to time. In addition,
the Fund shall reimburse the Custodian for all out-of-pocket expenses incurred by the Custodian in connection with this Agreement, but
excluding salaries and usual overhead expenses. Such compensation, and expenses shall be billed to each such Fund and paid in cash to
the Custodian.

 

12. POWERS OF ATTORNEY.

 

Upon request, the Fund shall deliver to the Custodian
such proxies, powers of attorney or other instruments as may be reasonable and necessary or desirable in connection with the performance
by the Custodian or any Subcustodian of their respective obligations under this Agreement or any applicable subcustodian agreement.

 

    21

     

    

 

13. TAX LAWS.

 

The Custodian shall have no responsibility or liability
for any obligations now or hereafter imposed on a Fund or on the Custodian as custodian for such Fund by the tax law of any country or
of any state or political subdivision thereof. The Fund agrees to indemnify the Custodian for and against any such obligations including
taxes, tax reclaims, withholding and reporting requirements, claims for exemption or refund, additions for late payment, interest, penalties
and other expenses (including legal expenses) that may be assessed against the Fund or the Custodian as custodian of a Fund.

 

14. TERM AND ASSIGNMENT.

 

This Agreement shall continue in effect with respect
to each Fund for a five-year period beginning on the date of this Agreement (the “Initial Term”). Thereafter, if not terminated
as provided herein, the Agreement shall continue automatically in effect as to each Fund for successive two-year periods (each a “Renewal
Term”).

 

In the event this Agreement is terminated by the
Fund prior to the end of the Initial Term of any subsequent Renewal Term, the Fund shall be obligated to pay the Custodian the remaining
balance of the fees payable to the Custodian under this Agreement through the end of the Initial Term or Renewal Term, as applicable.
Either party may terminate this Agreement at the end of the Initial Term or at the end of any successive Renewal Term (the “Termination
Date”) by giving the other party a written notice not less than ninety (90) days’ prior to the end of the respective term.
Upon termination of this Agreement, the appropriate Fund shall pay to the Custodian such fees as may be due the Custodian hereunder as
well as its reimbursable disbursements, costs and expenses paid or incurred. Upon termination of this Agreement, the Custodian shall deliver,
at the terminating party’s expense, all Assets held by it hereunder to a successor custodian designated by the Fund or, if a successor
custodian is not designated, then to the appropriate Fund or as otherwise designated by such Fund by Special Instructions. Upon such delivery,
the Custodian shall have no further obligations or liabilities under this Agreement except as to the final resolution of matters relating
to activity occurring prior to the effective date of termination. In the event that for any reason Securities or other Assets remain in
the possession of the Custodian after the date such termination shall take effect, the Custodian shall be entitled to compensation at
the same rates as agreed to by the Custodian and the Fund during the term of this Agreement as set forth in Section 11.

 

This Agreement may not be assigned by the Custodian
or any Fund without the respective consent of the other.

 

15. ADDITIONAL FUNDS.

 

[RESERVED]

 

16. NOTICES.

 

As to the Fund, notices, requests, instructions
and other writings delivered to Wellings Real Estate Income Fund, c/o Wellings Capital Management, LLC, 114 Tradewynd Drive, Suite 206,
Lynchburg, Virginia 24502, Attn: Benjamin Kahle, postage prepaid, or to such other address as the Fund may have designated to the Custodian
in writing, shall be deemed to have been properly delivered or given to a Fund.

 

Notices, requests, instructions and other writings
delivered to the Custodian at its office at 928 Grand Blvd., 10th Floor, Attn: Amy Small, Kansas City, Missouri 64106, postage prepaid,
or to such other addresses as the Custodian may have designated to the Fund in writing, shall be deemed to have been properly delivered
or given to the Custodian hereunder; provided, however, that procedures for the delivery of Instructions and Special Instructions shall
be governed by Section 2(c) hereof.

 

17. CONFIDENTIALITY.

 

The parties agree that all Information, books and
records provided by the Custodian or the Fund to each other in connection with this Agreement, and all information provided by either
party pertaining to its business or operations, is “Confidential Information.” All Confidential Information shall be used
by the party receiving such information only for the purpose of providing or obtaining services under this Agreement and, except as may
be required to carry out the terms of this Agreement, shall not be disclosed to any other party without the express consent of the party
providing such Confidential Information. The foregoing limitations shall not apply to any information that is available to the general
public other than as a result of a breach of this Agreement, or that is required to be disclosed by or to any entity having regulatory
authority over a party hereto or any auditor of a party hereto or that is required to be disclosed as a result of a subpoena or other
judicial process, or otherwise by applicable laws.

 

    22

     

    

 

18. ANTI-MONEY LAUNDERING COMPLIANCE.

 

The Fund represents and warrants that it has established
and maintain policies and procedures designed to meet the requirements imposed by the USA PATRIOT Act, including policies and procedures
designed to detect and prevent money laundering, including those required by the USA PATRIOT Act. The Fund agrees to provide to the Custodian,
from time to time upon the request of the Custodian, certifications regarding its compliance with the USA PATRIOT Act and other anti-money
laundering laws. The Fund acknowledges that, because the Custodian will not have information regarding the shareholders of the Fund, the
Fund will assume responsibility for customer identification and verification and other CIP requirements in regard to such shareholders.

 

19. MISCELLANEOUS.

 

(a) This Agreement is executed and delivered in
the State of Missouri and shall be governed by the laws of such state.

 

(b) All of the terms and provisions of this Agreement
shall be binding upon, and inure to the benefit of, and be enforceable by the respective successors and assigns of the parties hereto.

 

(c) No provisions of this Agreement may be amended,
modified or waived in any manner except in writing, properly executed by both parties hereto; provided, however, Appendix A may be amended
from time to time as Domestic Subcustodians, Securities Systems, and Special Subcustodians are approved or terminated according to the
terms of this Agreement.

 

(d) The captions in this Agreement are included
for convenience of reference only, and in no way define or delimit any of the provisions hereof or otherwise affect their construction
or effect.

 

(e) This Agreement shall be effective as of the
date of execution hereof.

 

(f) This Agreement may be executed simultaneously
in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 

(g) If any part, term or provision of this Agreement
is held to be illegal, in conflict with any law or otherwise invalid by any court of competent jurisdiction, the remaining portion or
portions shall be considered severable and shall not be affected, and the rights and obligations of the parties shall be construed and
enforced as if this Agreement did not contain the particular part, term or provision held to be illegal or invalid.

 

(h) Entire Agreement.
This Agreement and the Delegation Agreement (if applicable), as amended from time to time, constitute the entire understanding and agreement
of the parties thereto with respect to the subject matter therein and accordingly, supersedes as of the effective date of this Agreement
any custodian agreement heretofore in effect between the Fund and the Custodian.

 

(i) The rights and
obligations contained in Sections 6, 7, 8, 9, 10, 11 and 17 of this Agreement shall continue, notwithstanding the termination of this
Agreement, in order to fulfill the intention of the parties as described in such Sections.

 

[Signature page
to follow.]

 

 

    23

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Custody
Agreement to be executed by their respective duly authorized officers.

 

	 	 	WELLINGS REAL ESTATE INCOME FUND
	
     

    Attest: /s/ Michael Niederer
	 	
     

    By: /s/ Benjamin Kahle

	 	 	
     

    Name: Ben Kahle

	 	 	
     

    Title: Partner and COO

	 	 	
     

    Date: Mar 22, 2022

	 	 	
     

    UMB BANK, N.A.

	
     

    Attest:
	 	
     

    By: /s/ Amy Small

	 	 	
     

    Name: Amy Small

	 	 	
     

    Title: Senior Vice President

	 	 	
     

    Date: 03/22/2022

 

    24

     

    

 

Schedule A

to the

Custody Agreement

by and between

Wellings Real Estate Income Fund

and

UMB Bank, N.A.

 

Fees

 

[CONFIDENTIAL]

 

Out-of-Pocket Expenses

 

Out-of-pocket expenses include but
are not limited to security transfer fees, certificate fees, shipping/courier fees or charges, bank DDA service charges, proxy fees/charges,
legal review/processing of restricted and private placement securities, custom programming charges, and expenses, including but not limited
to attorney’s fees, incurred in connection with responding to and complying with SEC or other regulatory investigations, inquiries
or subpoenas, excluding routine examinations of UMB in its capacity as a service provider.

 

All fees, other than basis point fees, are subject to an
annual escalation equal to the increase in the Consumer Price Index–Urban Wage Earners (CPI). Such escalations shall be effective
commencing one year from the effective date of the Agreement and the corresponding date each year thereafter. No amendment of this fee
schedule shall be required with each escalation. CPI will be determined by reference to the Consumer Price Index News Release issued by
the Bureau of Labor Statistics, U.S. Department of Labor.

 

This fee schedule pertains to custody
of U.S. domestic assets only. We will provide our fee schedule for Euroclear and global custody upon request.

 

Fees for services not contemplated by this schedule will be negotiated
on a case-by-case basis.

 

    25

     

    

 

APPENDIX A

 

CUSTODY AGREEMENT

 

The following Subcustodians and Securities Systems
are approved for use in connection with the Custody Agreement dated March 22, 2022.

 

SECURITIES SYSTEMS:

 

Depository Trust Company

Federal Book Entry

 

SPECIAL SUBCUSTODIANS:

 

DOMESTIC SUBCUSTODIANS:

 

Brown Brothers Harriman & Co. (Foreign Securities
Only)

 

	WELLINGS REAL ESTATE INCOME FUND	 	UMB BANK, N.A.
	
     

    By: /s/ Benjamin Kahle
	 	
     

    By: /s/ Amy Small

	
     

    Name: Ben Kahle
	 	
     

    Name: Amy Small

	
     

    Title: Partner and COO
	 	
     

    Title: Senior Vice President

	
     

    Date: Mar 22, 2022
	 	
     

    Date: 03/22/2022

	 	 	 

 

    26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00344-of-00352.parquet"}]]