<SEC-DOCUMENT>0001049169-16-000058.txt : 20160825
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<ACCEPTANCE-DATETIME>20160825154928
ACCESSION NUMBER:		0001049169-16-000058
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160630
FILED AS OF DATE:		20160825
DATE AS OF CHANGE:		20160825
EFFECTIVENESS DATE:		20160825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR EQUITY FUND
		CENTRAL INDEX KEY:			0000799195
		IRS NUMBER:				042935840
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		161851559

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303.623.2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
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001 A000000 LIBERTY ALL STAR EQUITY FUND
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008 A000002 PZENA INVESTMENT MANAGEMENT LLC
008 B000002 S
008 C000002 801-50838
008 D010002 NEW YORK
008 D020002 NY
008 D030002 10036
008 A000003 ARISTOTLE CAPITAL MANAGEMENT LLC
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020 B000002 13-2624428
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020 A000005 WFG INVESTMENTS, INC.
020 B000005 75-2237860
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020 A000006 SANFORD C. BERNSTEIN & CO., LLC
<PAGE>      PAGE  3
020 B000006 12-4132953
020 C000006      15
020 A000007 CREDIT SUISSE SECURITIES (USA) LLC
020 B000007 05-0546650
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020 A000008 MERRILL LYNCH & CO., INC.
020 B000008 13-2740599
020 C000008      11
020 A000009 BARCLAYS CAPITAL, INC.
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022 A000007 DEUTSCHE BANK SECURITIES, INC.
022 B000007 13-2730828
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022 A000008 LIQUIDNET, INC.
022 B000008 13-4095933
022 C000008       2202
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025 A000001 JP MORGAN CHASE & CO.
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SIGNATURE   Kim Storms
TITLE       Treasurer

</TEXT>
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<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>2
<FILENAME>exhibit77q1a_equityfundbylaw.htm
<TEXT>

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   <TITLE>exhibit77q1a_equityfundbylaw.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<A name="page_1"></A>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman">Amended and Restated</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">BY-LAWS</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">OF</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">LIBERTY ALL-STAR EQUITY FUND</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">As amended through </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none; LETTER-SPACING: 0pt" color=windowtext face="Times New Roman">June 2, 2016</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">ARTICLE I</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">DEFINITIONS</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">The terms &#8220;Commission,&#8221; &#8220;Custodian,&#8221; &#8220;Declaration,&#8221; &#8220;Distributor,&#8221; &#8220;Investment Adviser,&#8221; &#8220;Majority Shareholder Vote,&#8221; &#8220;1940 Act,&#8221; &#8220;Shareholder,&#8221; &#8220;Shares,&#8221; &#8220;Transfer Agent,&#8221; &#8220;Trust,&#8221; &#8220;Trust Property,&#8221; and &#8220;Trustees&#8221; have the respective meanings given them in the Declaration of Trust of Liberty All-Star Equity Fund dated August 20, 1986, as amended from time to time.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&#8220;Continuing Trustee&#8221; shall mean any Trustee who (1) has been a Trustee for a period of at least eighteen months, during no part of which time he or she has been an Interested Party (as defined below) or an &#8220;affiliated person&#8221; (as defined in Section 2(a)(3) of the 1940 Act) of an Interested Party, (2) has been a Trustee since the Trust&#8217;s initial public offering of its Shares, or (3) is a successor to a Continuing Trustee who is not an affiliated person of an Interested Party and was elected or nominated to succeed the Continuing Trustee by a majority of the other Continuing Trustees then in office.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&#8220;Interested Party&#8221; shall mean any person, other than an investment company advised by the Trust&#8217;s investment adviser or any of its &#8220;affiliated persons&#8221; (as defined in Section 2(a)(3) of the 1940 Act), that enters, or proposes to enter, into with the Trus</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">t: (1) a merger, consolidation, or statutory share exchange of the Trust with or into any other corporation or entity; (2) the issuance of any securities of the Trust to any Principal Shareholder (as defined in Section 8.7 of Article VIII of the Declaration) for cash, except as part of an offering in which the Principal Shareholder has no special right to participate as compared to (a) other holders of the same class or series of shares, or (b) investors generally; (3) the</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> sale, lease, exchange, mortgage, pledge, transfer, or other disposition by the Trust (in one or a series of transactions in any 12-month period) to or with any Principal Shareholder of any assets of the Trust having an aggregate fair market value of $1,000,000 or more, except for portfolio transactions (including pledges of portfolio securities in connection with borrowings) effected by the Trust in the ordinary course of business, tender offers, and transactions effected in connection with leverage; (4) the issuance or transfer by the Trust of any securities of the Trust to any person or entity for cash, securities, or other property or assets (or combination thereof) having an aggregate fair market value of $1,000,000 or more, excluding (a) issuances or transfers of debt securities of the Trust, (b) sales of securities of the Trust in connection with a public offering, (c) issuances of securities of the Trust pursuant to a dividend or distribution reinvestment plan adopted by the Trust, (d) issuances of securities of the </FONT>

<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trust upon the exercise of any share subscription rights
distributed by the Trust, (e) issuances of securities of the Trust for the
purposes of leverage, and (f) portfolio transactions effected by the Trust in
the ordinary course of business.</font></P></DIV>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
II</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OFFICES</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Principal Office</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Until changed by the Trustees, the principal office of the Trust in the
Commonwealth of Massachusetts shall be in the City of Boston, County of
Suffolk.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other Offices</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Trust may have offices in such other places without, as well as within, the
Commonwealth of Massachusetts as the Trustees may from time to time determine.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:avoid;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE III</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:avoid;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:avoid;text-align:center;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SHAREHOLDERS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:avoid;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; An
annual meeting of Shareholders shall be held at such place within or without
the Commonwealth of Massachusetts on such date and at such time as at least a
majority of the Trustees and two-thirds of the Continuing Trustees shall
designate.&#160; Except as required by applicable law, the Declaration, these
By-Laws, or a resolution of at least a majority of the Trustees and two-thirds
of the Continuing Trustees, the holders of a majority of outstanding Shares
present in person or by proxy shall constitute a quorum at any meeting of the Shareholders.&#160;
A quorum, once established at a meeting, shall not be broken by the withdrawal
of enough votes to leave less than a quorum.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Special Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; At any
time in the interval between annual meetings, special meetings of Shareholders may
be called by at least a majority of the Trustees and two-thirds of the
Continuing Trustees and shall be called by any Trustee upon written request of
Shareholders holding in the aggregate no less than two-thirds of the
outstanding Shares having voting rights, provided that (1) such request shall
state the purposes of such meeting and the matters proposed to be acted on, and
(2) the Shareholders requesting such meeting shall have paid to the Trust the
reasonably estimated cost of preparing and mailing the notice thereof, which
the Secretary shall determine and specify to such Shareholders.&#160; Any such
meeting shall be held within or without the Commonwealth of Massachusetts on
such date and at such time as at least a majority of the Trustees and two-thirds
of the Continuing Trustees shall designate.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice of Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Notice of all meetings of Shareholders, stating the time, place, and purposes
of the meeting, shall be given by the Trustees by mail (or other method of
dissemination) to each Shareholder at his or her address as recorded on the
register of the Trust, mailed (or otherwise disseminated) at least 10 days and
not more than 90 days before the meeting.&#160; Except as otherwise required by law,
only the business stated in the notice of the meeting shall be considered at
such meeting; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided that</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, additional business may be brought before
the meeting by or at the direction of at least a majority of the Trustees and
two-thirds of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Continuing Trustees.&#160; No notice need
be given to any Shareholder who shall have failed to inform the Trust of his or
her current address or if a written waiver of notice, executed before or after
the meeting by the Shareholder or his or her attorney thereunto authorized, is
filed with the records of the meeting.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adjournment</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Any meeting of Shareholders may be adjourned from time to time, without notice,
other than by announcement at the meeting at which the adjournment is taken.&#160;
At any adjourned meeting at which a quorum shall be present, any action may be
taken that could have been taken at the meeting originally called.&#160; A meeting
of Shareholders may not be adjourned to a date more than 120 days after the
original record date.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Record Date for
Meeting</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; For the purpose of determining the Shareholders who are entitled
to notice of and to vote at any meeting, or to participate in any distribution,
or for the purpose of any other action, the Trustees may from time to time
close the transfer books for such period, not exceeding 30 days, as the
Trustees may determine; or, without closing the transfer books, the Trustees
may fix a date not more than 90 days prior to the date of any meeting of
Shareholders or distribution or other action as a record date for the
determination of the persons to be treated as Shareholders of record for such
purposes.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Proxies</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; At any
meeting of Shareholders, any holder of Shares entitled to vote thereat may vote
the Shares he or she owns of record in person, by written proxy, or by
electronic or telecommunications device if, as discussed below, provided by the
Board of Trustees, provided that no proxy shall be voted at any meeting unless
it shall have been placed on file with the Secretary, or with such other
officer or agent of the Trust as the Secretary may direct, for verification
prior to the time at which such vote shall be taken.&#160; Pursuant to a resolution
of a majority of the Trustees, proxies may be solicited in the name of one or
more Trustees or one or more of the officers of the Trust.&#160; Only Shareholders
of record shall be entitled to vote.&#160; Each full Share shall be entitled to one
vote and fractional Shares shall be entitled to a vote of such fraction.&#160; When
any Share is held jointly by several persons, any one of them may vote at any
meeting in person or by proxy in respect to such Share, but if more than one of
them shall be present at such meeting in person or proxy, and such joint owners
or their proxies so present disagree as to any vote to be cast, such vote shall
not be received in respect of such Share.&#160; A proxy purporting to be executed by
or on behalf of a Shareholder shall be deemed valid unless challenged at or
prior to its exercise, and the burden of proving invalidity shall rest on the
challenger.&#160; If the holder of any such Share is a minor or a person of unsound
mind, and subject to guardianship or to the legal control of any other person
as regards the charge or management of such Share, he or she may vote by his or
her guardian or such other person appointed or having such control, and such
vote may be given in person or by proxy.&#160; The placing of a Shareholder&#8217;s name
on a proxy pursuant to telephonic or electronically transmitted instructions
obtained pursuant to procedures reasonably designed to verify that such
instructions have been authorized by such Shareholder shall constitute
execution or signature of such proxy by or on behalf of such Shareholder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">To the maximum extent permitted by
law, the Board of Trustees may provide that proxies may be given by any
electronic or telecommunications device or in any other manner, but may also
provide that, if a proposal by anyone other than the officers or Trustees is
submitted to a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">vote of the Shareholders, or if there is
a proxy contest or proxy solicitation or proposal in opposition to any proposal
by the officers or Trustees, Shares may be voted only either in person or by
written proxy that is not given by any electronic or telecommunications means.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 7.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Organization</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; At every
meeting of Shareholders, an officer or a person designated by an officer of the
Trust shall act as Chairman of the meeting.&#160; The Secretary, or in the
Secretary&#8217;s absence or inability to act, a person appointed by the Chairman of
the meeting, shall act as secretary of the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 8.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Order of Business</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The order
of business at all meetings of Shareholders shall be as determined by the
Chairman of the meeting.&#160; The Chairman of the meeting may prescribe such rules,
regulations, and procedures and take such action as, in the discretion of such
Chairman, are appropriate for the proper conduct of the meeting, including,
without limitation, (a) restricting admission to the time set for the
commencement of the meeting; (b) limiting attendance at the meeting to
Shareholders of record of the Trust, their duly authorized proxies, or other
such persons as the Chairman of the meeting may determine; (c) limiting
participation at the meeting on any matter to Shareholders of record of the
Trust entitled to vote on such matter, their duly authorized proxies, or other
such persons as the Chairman of the meeting may determine; (d) limiting the
time allotted to questions or comments by participants; (e) maintaining order
and security at the meeting; and (f) recessing or adjourning the meeting to a
later date, time, and place announced by the Chairman of the meeting.&#160; Unless
otherwise determined by the Chairman of the meeting, meetings of Shareholders
shall not be required to be held in accordance with the rules of parliamentary
procedure.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advance Notice of
Shareholder Nominees for Trustee</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; For nominations to be properly brought
before a meeting by a Shareholder, the Shareholder must have given timely
notice thereof in writing to the Secretary of the Trust and must be entitled at
the time of giving notice and the time of the meeting to vote for each such
nominee.&#160; To be timely, a Shareholder&#8217;s notice shall set forth all information
required under this Section 9 and shall be received by the Secretary at the
principal offices of the Trust: (1) for an annual meeting, not earlier than the
150<sup>th</sup> day and not later than the 120<sup>th</sup> day prior to the
first anniversary of the date of public release of the notice for the preceding
year&#8217;s annual meeting; provided, however, that in the event that the date of
the annual meeting is advanced by more than 30 days or delayed by more than 60
days from the first anniversary of the date of the preceding year&#8217;s annual
meeting, notice by the Shareholder to be timely must be received by the
Secretary no earlier than the 120<sup>th</sup> day prior to the date of such
annual meeting and no later than the later of the 90<sup>th</sup> day prior to
the date of such annual meeting or the 10<sup>th</sup> day following the day on
which public announcement of the date of such meeting is first made; and (2)
for a special meeting, not later than the close of business on the seventh day
following the date on which notice of the date of such meeting is mailed or
otherwise disseminated to Shareholders or public disclosure of the date of the
special meeting is made, whichever occurs first.&#160; The public announcement of a
postponement or adjournment of a meeting shall not commence a new time period
for the giving of a Shareholder&#8217;s notice as described above.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A Shareholder&#8217;s notice of a
nomination for the election or reelection of a trustee shall set forth as to
each individual whom the Shareholder proposes to nominate as a trustee:</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the name, age, business address, and residence address of any
individual(s) being nominated;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">whether such Shareholder believes any such individual is, or is not, an
&#8220;interested person&#8221; of the Trust, as defined in Section 2(a)(19) of the 1940
Act, and information regarding such individual that is sufficient, in the
discretion of the Board of Trustees or any committee thereof or any authorized
officer of the Trust, to make such determination;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a representation that the Shareholder who intends to make the nomination
is a holder of record or beneficial owner of shares of the Trust entitled to
vote for each nominee at such meeting (together with proof thereof as would
meet the requirements for proposals that are to be included in the Trust&#8217;s
proxy statements pursuant to Rule 14a-8 under the Securities Exchange Act of
1934, as amended (&#8220;Exchange Act&#8221;), or any successor to such Rule) and intends
to appear in person or by proxy at the meeting to nominate the person or
persons specified in the notice;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">as to the Shareholder who intends to make the nomination and any
Shareholder Associated Person (as defined below), (A) the class and number of
shares that are owned by such Shareholder and any Shareholder Associated
Person, as of the date of such notice (which information shall be supplemented
by such Shareholder not later than five business days after the record date for
the meeting to disclose such information as of the record date); (B) the
nominee holder for, and number of shares owned beneficially but not of record
by such Shareholder and by any Shareholder Associated Person, as of the date of
such notice (which information shall be supplemented by such Shareholder not
later than five business days after the record date for the meeting to disclose
such information as of the record date); (C) the date shares identified in (A)
and (B) were acquired and the investment intent of such acquisition; and (D)
whether and the extent to which any hedging or other transaction or series of
transactions has been entered into by or on behalf of, or any other agreement,
arrangement, or understanding (including any short position or any borrowing or
lending of shares) has been made, the effect or intent of which is to mitigate
loss to or manage risk of share price changes for, or to increase or decrease
the voting power of, such Shareholder or any such Shareholder Associated Person
with respect to any shares of the Trust, including any such activity effected
by the use of securities or other instruments or any other issuer in effect as
of the date of such notice (which information shall be supplemented by such
Shareholder not later than five business days after the record date for the meeting
to disclose such information as of the record date); </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(v)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the name, age, business address, and residence address of the
Shareholder and Shareholder Associated Person giving notice, as they appear on
the Trust&#8217;s share ledger and current name and address, if different;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vi)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">to the extent known by the Shareholder giving the notice, the name and
address of any other Shareholder supporting the nomination of each individual
for trustee on the date of such Shareholder&#8217;s notice; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a representation whether the Shareholder or any Shareholder Associated
Person intends to deliver a proxy statement and/or form of proxy to holders of
at least the percentage of the outstanding shares required to approve the
nomination and/or otherwise to solicit proxies from Shareholders in support of
the nomination;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(viii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">all other information relating to individual(s) to be nominated that is
required to be disclosed in solicitations of proxies for election of trustees
in an election contest (even if an election contest is not involved), or is
otherwise required, in each case pursuant to Regulation 14A (or any successor
provision) under the Exchange Act and the rules thereunder (including such
individual&#8217;s written consent to being named in the proxy statement as a nominee
and to serving as a trustee if elected); </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ix)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a certificate executed by the individual(s) nominated certifying that
such individual (a) is not and will not become a party to any agreement,
arrangement, or understanding with any person or entity other than the Trust in
connection with service or action as a trustee that has not been disclosed to
the Trust; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(x)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a questionnaire completed and submitted by the individual(s) nominated,
a form of which shall be requested in advance in writing from the Secretary of
the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If information submitted pursuant
to this Section 9 by any Shareholder shall be inaccurate in any material
respect, such information may be deemed not to have been provided in accordance
with this Section 9. Any such Shareholder shall notify the Trust of any
inaccuracy or change (within two business days of becoming aware of such
inaccuracy or change) in any such information. Upon written request by the
secretary of the Trust or the Board of Trustees, any such Shareholder shall
provide, within five business days of delivery of such request (or such other
period as may be specified in such request), (A) written verification,
satisfactory, in the discretion of the Board of Trustees or any authorized
officer of the Trust, to demonstrate the accuracy of any information submitted by
the Shareholder pursuant to this Section 9, and (B) a written update of any
information (including, if requested by the Trust, written confirmation by such
Shareholder that it continues to intend to bring such nomination) submitted by
the Shareholder pursuant to this Section 9 as of an earlier date. If a
Shareholder fails to provide such written verification or written update within
such period, the information as to which written verification or a written
update was requested may be deemed not to have been provided in accordance with
this Section 9.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Chairman of the meeting may
refuse to acknowledge a nomination by any Shareholder that is not made in
compliance with the foregoing procedures.&#160; Any determination by the Chairman
that the Shareholder nomination is not in compliance shall be binding on all
parties absent manifest error.&#160; Notwithstanding the foregoing provisions of
this Section 9, a Shareholder shall also comply with all applicable
requirements of Massachusetts law and of the Exchange Act and the rules and
regulations thereunder with respect to matters set forth in herein.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">For
purposes of this Section 9 and Section 10 below, &#8220;Shareholder Associated
Person&#8221; of any Shareholder shall mean (i) any person controlling, controlled
by, or under common control with, directly or indirectly, or acting in concert
with, such Shareholder (including, without limitation, any person who is a
member of a &#8220;group&#8221; for purposes of Section 13(d) of the Exchange Act, or any
successor provision, that includes such Shareholder); (ii) any beneficial owner
of shares owned of record or beneficially by such Shareholder; and (iii) any
person controlling, controlled by, or under common control with any such person
named in (i) or (ii).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 10.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advance Notice of
Shareholder Proposals</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Any Shareholder who is entitled to vote in the
election of trustees and meets the requirements of the proxy rules under the
Exchange Act, may submit to the Board of Trustees proposals to be considered
for submission to the Shareholders of the Trust for their vote.&#160; For a proposal
to be considered at a meeting of Shareholders, the Shareholder must have given
timely notice thereof to the Secretary of the Trust and must be entitled, both
at the time of giving notice and the time of the meeting, to vote for each such
proposal.&#160; To be timely, a notice shall set forth all information required
under this Section 10 and shall be received by the Secretary at the principal
offices of the Trust: (1) for an annual meeting, not earlier than the 150<sup>th</sup>
day and not later than the 120<sup>th</sup> day prior to the first anniversary
of the date of public release of the notice for the preceding year&#8217;s annual
meeting; provided, however, that in the event that the date of the annual
meeting is advanced by more than 30 days or delayed by more than 60 days from
the first anniversary of the date of the preceding year&#8217;s annual meeting,
notice by the Shareholder to be timely must be received by the Secretary no
earlier than the 120<sup>th</sup> day prior to the date of such annual meeting and
no later than the later of the 90<sup>th</sup> day prior to the date of such
annual meeting or the 10<sup>th</sup> day following the day on which public
announcement of the date of such meeting is first made; and (2) for a special
meeting, not later than the close of business on the seventh day following the
date on which notice of the date of such meeting is mailed or otherwise
disseminated to Shareholders or public disclosure of the date of the special
meeting is made, whichever occurs first.&#160; The public announcement of a postponement
or adjournment of a meeting shall not commence a new time period for the giving
of a Shareholder&#8217;s notice as described above.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each such
notice shall set forth:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
proposal to be introduced, the reasons for proposing such business at the
meeting, and any material interest in such business of such Shareholder and any
Shareholder Associated Person (as defined in Section 9 above), individually or
in the aggregate, including any anticipated benefit to the Shareholder or any
Shareholder Associated Person therefrom;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
representation that the Shareholder is a holder of record or beneficial owner
of shares of the Trust entitled to vote at such meeting (together with proof
thereof as would meet the requirements for proposals that are to be included in
the Trust&#8217;s proxy statements pursuant to Rule 14a-8 under the Exchange Act or
any successor to such Rule) and intends to appear in person or by proxy at the
meeting to introduce the proposal specified in the notice;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; as to the Shareholder who intends to introduce
a proposal any Shareholder Associated Person (as defined below), (A) the class
and number of shares that are owned by such Shareholder and any Shareholder
Associated Person, as of the date of such notice (which information shall be supplemented
by such Shareholder not later than five business days after the record date for
the meeting to disclose such information as of the record date); (B) the
nominee holder for, and number of shares owned beneficially but not of record
by such Shareholder and by any Shareholder Associated Person, as of the date of
such notice (which information shall be supplemented by such Shareholder not
later than five business days after the record date for the meeting to disclose
such information as of the record date); (C) the date shares identified in (A)
and (B) were acquired and the investment intent of such acquisition; and (D)
whether and the extent to which any hedging or other transaction or series of
transactions has been entered into by or on behalf of, or any other agreement,
arrangement, or understanding (including any short position or any borrowing or
lending of shares) has been made, the effect or intent of which is to mitigate
loss to or manage risk of share price changes for, or to increase or decrease
the voting power of, such Shareholder or any such Shareholder Associated Person
with respect to any shares of the Trust, including any such activity effected
by the use of securities or other instruments of any other issuer in effect as
of the date of such notice (which information shall be supplemented by such
Shareholder not later than five business days after the record date for the
meeting to disclose such information as of the record date);</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; the
name, age, business address, and residence address of the Shareholder and the
Shareholder Associated Person as they appear on the Trust&#8217;s share ledger and
current name and address, if different;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
the extent known by the Shareholder giving the notice, the name and address of
any other Shareholder supporting the proposal on the date of such Shareholder&#8217;s
notice; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160; a
representation whether the Shareholder or any Shareholder Associated Person
intends to deliver a proxy statement and/or form of proxy to holders of at
least the percentage of the outstanding shares required to approve the proposal
and/or otherwise to solicit proxies from Shareholders in support of the
proposal; and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vii)&#160;&#160;&#160;&#160;&#160; all
other information relating to the proposal that is required to be disclosed in
connection with the proposal, or is otherwise required, in each case pursuant
to Regulation 14A (or any successor provision) under the Exchange Act and the
rules thereunder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If information submitted pursuant
to this Section 10 by any Shareholder shall be inaccurate in any material respect,
such information may be deemed not to have been provided in accordance with
this Section 10. Any such Shareholder shall notify the Trust of any inaccuracy
or change (within two business days of becoming aware of such inaccuracy or
change) in any such information.&#160; Upon written request by the Secretary of the
Trust or the Board of Trustees, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any such Shareholder
shall provide, within five business days of delivery of such request (or such
other period as may be specified in such request), (A) written verification,
satisfactory, in the discretion of the Board of Trustees or any authorized
officer of the Trust, to demonstrate the accuracy of any information submitted
by the Shareholder pursuant to this Section 10, and (B) a written update of any
information (including, if requested by the Trust, written confirmation by such
Shareholder that it continues to intend to bring such nomination) submitted by
the Shareholder pursuant to this Section 10 as of an earlier date.&#160; If a
Shareholder fails to provide such written verification or written update within
such period, the information as to which written verification or a written
update was requested may be deemed not to have been provided in accordance with
this Section 10.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Chairman of the meeting may
refuse to acknowledge the introduction of any Shareholder proposal not made in
compliance with the foregoing procedure.&#160; Any determination by the Chairman
that the Shareholder proposal is not in compliance shall be binding on all
parties absent manifest error. &#160;Notwithstanding the foregoing provisions of
this Section 10, a Shareholder shall also comply with all applicable
requirements of Massachusetts law and of the Exchange Act and the rules and
regulations thereunder with respect to matters set forth in herein.&#160; Nothing in
this Section 10 shall be deemed to affect any right of a Shareholder to request
inclusion of a proposal in, nor the right of the Trust to omit a proposal from,
the Trust&#8217;s proxy statement pursuant to Rule 14a-8 (or any successor provision)
under the Exchange Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 11.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Inspection of
Records</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; No Shareholder shall have any right to inspect any records of the
Trust, except as conferred by law or authorized by resolution of the Board of
Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 12.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Required Vote</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Except as otherwise
provided by applicable law or by the Declaration, these By-Laws, or a
resolution of a majority of the Trustees and at least three-fourths of the
Continuing Trustees specifying a greater or lesser vote requirement for the
transaction of any item of business that properly comes before a meeting of
Shareholders, the affirmative vote of a majority of the shares outstanding and
entitled to vote shall be required to approve any matter that properly comes
before the meeting.&#160; However, at all times, the affirmative vote of a majority
of the total number of votes entitled to be cast thereon shall be required to
approve the election of a trustee.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
IV</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">TRUSTEES</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Meetings of the
Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Trustees may in their discretion provide for regular or
stated meetings of the Trustees.&#160; Notice of regular or stated meetings need not
be given.&#160; Unless statute, these By-Laws, or a resolution of the Trustees
provides otherwise, any such notice need not state the business to be
transacted at or the purposes of any regular or special meeting of the Trustees.&#160;
Meetings of the Trustees other than regular or stated meetings shall be held
whenever called by the President, or by any one of the Trustees, at the time
being in office.&#160; Notice of the time and place of each meeting other than
regular or stated meetings shall be given by the Secretary or an Assistant
Secretary or by the officer or Trustee calling the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">meeting
and shall be mailed to each Trustee at least two days before the meeting, or
shall be emailed or sent via other electronic means to each Trustee at his or
her business address or personally delivered to him or her at least one day
before the meeting.&#160; Such notice may, however, be waived by any Trustee.&#160;
Notice of a meeting need not be given to any Trustee if a written waiver of
notice or a waiver of notice by electronic transmission, executed by him or her
before or after the meeting, is filed with the records of the meeting, or to
any Trustee who attends the meeting without protesting prior thereto or at its
commencement the lack of notice to him or her.&#160; A waiver of notice need not
specify the purpose of any meeting.&#160; The Trustees may meet by means of a
telephone conference circuit or similar communications equipment by means of
which all persons participating in the meeting can hear each other, which
telephone conference meeting shall be deemed to have been held at a place
designated by the Trustees at the meeting.&#160; Unless provided otherwise by
statute or regulation, participation in a telephone conference meeting shall
constitute presence in person at such meeting.&#160; Any action required or
permitted to be taken at any meeting of the Trustees may be taken by the
Trustees without a meeting if a majority of the Trustees consent to the action
in writing and the written consents are filed with the records of the Trustees&#8217;
meetings.&#160; Such consents shall be treated as a vote for all purposes.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Quorum and Manner of
Acting</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; One-third of the Trustees shall be present in person at any
regular or special meeting of the Trustees in order to constitute a quorum for
the transaction of business at such meeting and (except as otherwise required
by law, the Declaration, or these By-Laws) the act of a majority of the
Trustees present at any such meeting, at which a quorum is present, shall be
the act of the Trustees.&#160; In the absence of a quorum, a majority of the
Trustees present may adjourn the meeting from time to time until a quorum shall
be present.&#160; Notice of an adjourned meeting need not be given.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Chairman of the
Board</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Board of Trustees shall appoint a Chairman of the Board from
among the Trustees who are not &#8220;interested persons&#8221; of the Trust (as defined in
Section 2(a)(19) of the 1940 Act).&#160; The Chairman of the Board shall have no greater
liability, nor be held to any higher standard, by reason of being Chairman of
the Board.&#160; The Chairman of the Board shall preside at all meetings of the
Board of Trustees at which he or she is present.&#160; The Chairman of the Board
shall have and may exercise such powers as are, from time to time, assigned to
him or her by the Board of Trustees or as may be required by law.&#160; The Chairman
of the Board shall serve (a) until his or her successor has been duly appointed
and qualified by the Board of Trustees, or (b) until his or her death, or until
he or she shall have resigned or have been removed, as herein provided in these
By-Laws.&#160; The Chairman of the Board may resign at any time by giving written
notice to the Board of Trustees.&#160; Any such resignation shall take effect at the
time specified therein or, if the time when it shall become effective is not
specified therein, immediately upon its receipt or as otherwise determined by
the Board of Trustees.&#160; The Chairman of the Board may be removed by the Board
of Trustees with or without cause at any time.&#160; A vacancy in the office of
Chairman of the Board may be filled by the vote of the Board of Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Qualification</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Subject to the provisions of the Declaration, these By-Laws, and except as otherwise
required by applicable law, only persons satisfying the following qualification
requirements applicable to all trustees may be nominated, elected, appointed,
qualified, or seated (&#8220;nominated or seated&#8221;) to serve as a trustee unless at
least a majority of the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board of Trustees and
two-thirds of the Continuing Trustees shall have determined by resolution that
failure to satisfy a particular qualification requirement will not present
undue conflicts or impede the ability of the individual to discharge the duties
of a trustee or the free flow of information among trustees or between the
Trust&#8217;s service providers and the Board of Trustees:</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i) An individual nominated or
seated as a trustee shall, at the time the individual is nominated or seated,
serve as a trustee or director of no more than five companies having securities
registered under the Exchange Act (investment companies having the same
investment adviser shall all be counted as a single company for this purpose);</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii) Except as provided herein and
by applicable law, an individual nominated or seated as a trustee shall not be
an employee, officer, partner, member, director, or record or beneficial owner
of 5% or more of any class of securities of (A) any investment adviser or
person in a control relationship with such investment adviser (other than the
investment adviser to the Trust or any investment adviser in a control
relationship with the Trust&#8217;s investment adviser), or (B) an entity controlling
or controlled by any investment adviser (other than the Trust&#8217;s investment
adviser or any investment adviser in a control relationship with the Trust&#8217;s
investment adviser or any person in a control relationship with any of the
foregoing);</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii) An individual nominated or
seated as a trustee shall not have been charged (unless such charges were
dismissed or the individual was otherwise exonerated) with a criminal offense
involving moral turpitude, dishonesty or breach of trust, or have been
convicted or have pled guilty or nolo contendere with respect to a felony under
the laws of the United States or any state thereof;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv) An individual nominated or
seated as a trustee shall not be and shall not have been subject to any
censure, order, consent decree (including consent decrees in which the
respondent has neither admitted nor denied the findings), or adverse final
action of any federal, state, or foreign governmental or regulatory authority
(including self-regulatory organizations), barring or suspending such
individual from participation in or association with any investment-related
business or restricting such individual&#8217;s activities with respect to any
investment-related business, nor shall an individual nominated or seated as a
trustee be the subject of any investigation or proceeding that could reasonably
be expected to result in such individual failing to satisfy the requirements of
this paragraph, nor shall any individual nominated or seated as a trustee be or
have engaged in any conduct which has resulted in, or could have reasonably
been expected or would reasonably be expected to result in, the U.S. Securities
and Exchange Commission (&#8220;SEC&#8221;) censuring; placing limitations on the
activities, functions, or operations of; suspending, or revoking the
registration of any investment adviser under Section 203(e) or (f) of the
Investment Advisers Act of 1940;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(v) An individual nominated or
seated as a trustee shall not be and shall not have been the subject of any of
the ineligibility provisions contained in Section 9(a) of the 1940 Act that
would result in, or could have reasonably been expected or would reasonably be
expected to result in, such individual or a company of which such individual is
an affiliated person (as defined in Section 2(a)(3) of the 1940 Act) being
ineligible, in the absence of an exemptive order under Section 9(c) of the 1940
Act, to serve or act in the capacity of employee, officer, director, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">member of an advisory board, investment adviser, or
depositor of any registered investment company, or principal underwriter for
any registered investment company, registered unit investment trust, or
registered face amount certificate company;</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vi) An individual nominated or
seated as a trustee shall not be and shall not have been the subject of any of
the ineligibility provisions contained in Section 9(b) of the 1940 Act that, in
the absence of an exemptive order under Section 9(c) of the 1940 Act, would
permit, or could reasonably have been expected or would reasonably be expected
to permit, the SEC by order to prohibit, conditionally or unconditionally,
either permanently or for a period of time, such individual from serving or
acting as an employee, officer, director, member of an advisory board,
investment adviser, or depositor of, or principal underwriter for, a registered
investment company or affiliated person (as defined in Section 2(a)(3) of the
1940 Act) of such investment adviser, depositor, or principal underwriter;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vii) An individual nominated or
seated as a trustee shall not be the beneficial owner of, or be a person party
to an agreement, arrangement, understanding, or practice for sharing
information or decisions concerning Shareholder actions or the acquisition,
disposition, or voting of Shares with, any person(s) who in the aggregate is or
are the beneficial owners of 5% or more of the outstanding shares of any class
of Shares (each such person other than the Fund&#8217;s investment adviser, any
investment adviser in a control relationship with the Fund&#8217;s investment
adviser, or any person in a control relationship with any of the foregoing, a
&#8220;5% Holder&#8221;) and shall not have a disclosure relationship with a 5% Holder;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(viii) An individual nominated or
seated as a trustee shall not, and any immediate family member of such nominee
shall not, be employed or have been employed within the last two full calendar
years and current year by, or have, or have had within the last two full
calendar years and current year any material commercial or professional
relationship with, any 5% Holder or any person who controls, is controlled by,
or is under common control or acts in concert with any 5% Holder;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ix) An individual nominated or
seated as a trustee shall not, and any immediate family member of such nominee
shall not, have accepted directly or indirectly, during the calendar year of
the election for which such individual is nominated or seated or during the
immediately preceding calendar year, any consulting, advisory, or other
compensatory fee from any 5% Holder or from any person who controls, is
controlled by, or is under common control or acts in concert with any 5%
Holder; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(x) An individual nominated or
seated as a trustee shall not, and any immediate family member of such nominee
shall not, be an officer, director, general partner, or managing member (or
person performing similar functions) of any 5% Holder or of any person who
controls, is controlled by, or is under common control or acts in concert with
any 5% Holder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Removal of Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
As provided by the Declaration, any Trustee may be removed (provided the
aggregate number of Trustees after such removal shall not be less than the
number required by the Declaration) with cause, at any time by written
instrument, signed by at least two-thirds of the remaining Trustees, specifying
the date when such removal shall </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">become effective.&#160;
For the purpose of this paragraph, &#8220;cause&#8221; shall mean, with respect to any
particular Trustee, conviction of a felony, a final judgment of a court of
competent jurisdiction holding that such Trustee caused demonstrable, material
harm to the Trust through bad faith or active and deliberate dishonesty, or any
other act or omission of willful misfeasance, bad faith, gross negligence, or
reckless disregard of the duties involved in the conduct of his or her office.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">No Fiduciary Duty</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Except to the extent required by applicable law or expressly stated herein,
nothing in these By-Laws shall be deemed to create any fiduciary duty or other
legal duty or obligation (a) on the part of the Trustees or Trust officers to
the Trust, the Shareholders, or any other person; or (b) on the part of the
Trust to the Shareholders or any other person except the Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
V</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">COMMITTEES
AND ADVISORY BOARD</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Executive and Other
Committees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Trustees by vote of a majority of all the Trustees may
elect from their own number an Executive Committee to consist of not less than
three (3) to hold office at the pleasure of the Trustees, which shall have the
power to conduct the current and ordinary business of the Trust while the
Trustees are not in session, including the purchase and sale of securities and
such other powers of the Trustees as the Trustees may, from time to time,
delegate to them except those powers which by law, the Declaration, or these
By-Laws they are prohibited from delegating.&#160; The Trustees may also elect from
their own number other Committees from time to time, the number composing such
Committees, the powers conferred upon the same (subject to the same limitations
as with respect to the Executive Committee) and the term of membership on such
Committees to be determined by the Trustees.&#160; The Trustees may designate a
Chairman of any such Committee.&#160; In the absence of such designation the
Committee may elect its own Chairman.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Meeting, Quorum, and
Manner of Acting</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Trustees may (1) provide for stated meetings of any
Committees, (2) specify the manner of calling and notice required for special
meetings of any Committee, (3) specify the number of members of a Committee
required to constitute a quorum and the number of members of a Committee
required to exercise specified powers delegated to such Committee, (4)
authorize the making of decisions to exercise specified powers by written
assent of the requisite number of members of a Committee without a meeting, and
(5) authorize the members of a Committee to meet by means of a telephone
conference circuit.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Executive Committee shall keep
regular minutes of its meetings and records of decisions taken without a
meeting and cause them to be recorded in a book designated for that purpose and
kept in the office of the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advisory Board</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
The Trustees may appoint an Advisory Board to consist in the first instance of
not less than three (3) members.&#160; Members of such Advisory Board shall not be
Trustees or officers and need not be Shareholders.&#160; Members of this Board shall
hold office for such period as the Trustees may by resolution provide.&#160; Any
member of such Board may </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">resign therefrom by a written
instrument signed by him or her, which shall take effect upon delivery to the
Trustees.&#160; The Advisory Board shall have no legal powers and shall not perform
the functions of Trustees in any manner, said Board being intended merely to
act in an advisory capacity.&#160; Such Advisory Board shall meet at such times and
upon such notice as the Trustees may by resolution provide.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
VI</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OFFICERS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Number and
Qualifications</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Trust shall have a President, a Treasurer, and a
Secretary, each of whom shall be elected by the Board of Trustees.&#160; The Board
of Trustees may also elect or appoint any other officers and agents it deems
necessary or proper.&#160; Any two or more offices may be held by the same person,
except the office of President and Vice President, but no officer shall
execute, acknowledge, or verify in more than one capacity any instrument
required by law to be executed, acknowledged, or verified in more than one
capacity.&#160; The President, the Treasurer, and the Secretary shall be elected by
the Board of Trustees each year at its first meeting held after the annual
meeting of Shareholders, each to hold office until the meeting of the Board
following the next annual meeting of Shareholders and until his or her
successor shall have been duly elected and shall have qualified, or until his
or her death, or until he or she shall have resigned or have been removed, as
provided in these By-Laws.&#160; Other elected officers are elected by the
Trustees.&#160; Assistant officers may be appointed by the elected officers.&#160; Such
other officers and agents shall have such duties and shall hold their offices
for such terms as may be prescribed by the Board or by the appointing
authority.&#160; Any officer other than the Chairman of the Board may be, but none
need be, a Trustee, and any officer may be, but none need be a Shareholder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Resignations</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Any officer of the Trust may resign at any time by giving written notice of his
or her resignation to the Board of Trustees, the Chairman of the Board, the
President, or the Secretary.&#160; Any resignation shall take effect at the time
specified therein or, if the time when it shall become effective is not
specified therein, immediately upon its receipt.&#160; The acceptance of a
resignation shall not be necessary to make it effective unless otherwise stated
in the resignation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Removal of Officer,
Agent or Employee</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Any officer, agent or employee of the Trust may be
removed by the Board of Trustees with or without cause at any time, and the
Board may delegate the power of removal as to agents and employees not elected
or appointed by the Board of Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Vacancies</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; A
vacancy in any office, whether arising from death, resignation, removal, or any
other cause, may be filled for the unexpired portion of the term of the office
that shall be vacant, in the manner prescribed in these By-Laws for the regular
election or appointment to that office.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
5.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Compensation</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The compensation, if any, of the officers of the
Trust shall be fixed by the Board of Trustees, but this power may be delegated
to any officer with respect to other officers under his or her control.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Bonds or Other
Security</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; If required by the Board, any officer of the Trust shall give a
bond or other security for the faithful performance of his or her duties, in an
amount and with any surety or sureties as the Board may require.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">President</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The
President shall be the chief executive officer of the Trust and shall have,
subject to the control of the Board of Trustees, general charge of the business
and affairs of the Trust, and may employ and discharge employees and agents of
the Trust, except those elected or appointed by the Board, and he or she may
delegate these powers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Vice President</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Each Vice President shall have the powers and perform the duties that the
President or the Board of Trustees may from time to time prescribe.&#160; In the
absence or disability of the President, the Vice President or, if there be more
than one Vice President, any Vice President designated by the Board of
Trustees, shall perform all the duties and may exercise any of the powers of
the President, subject to the control of the Board of Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Treasurer</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The
Treasurer shall be the principal financial and accounting officer of the
Trust.&#160; He or she shall deliver all funds of the Trust that may come into his
or her hands to such Custodian as the Trustees may employ pursuant to Article X
of these By-Laws.&#160; He or she shall render a statement of condition of the
finances of the Trust to the Trustees as often as they shall require the same,
and he or she shall in general perform all the duties incident to the office of
Treasurer and such other duties as from time to time may be assigned to him or
her by the Board of Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 10.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Assistant
Treasurers</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; In the absence or disability of the Treasurer, the Assistant
Treasurer, or, if there be more than one, any Assistant Treasurer designated by
the Board of Trustees, shall perform all the duties, and may exercise all the
powers, of the Treasurer.&#160; The Assistant Treasurers, if any, shall perform such
other duties as from time to time may be assigned to them by the Treasurer or
the Board of Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 11.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Secretary</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The
Secretary shall keep the minutes of all meetings of the Board of Trustees and
of all meetings of Shareholders in proper books provided for that purpose; he
or she shall have custody of the seal of the Trust; he or she shall have charge
of the share transfer books, lists, and records unless the same are in the
charge of the Transfer Agent.&#160; He or she shall attend to the giving and serving
of all notices by the Trust in accordance with the provisions of these By-Laws
and as required by law; and subject to these By-Laws, he or she shall in
general perform all duties incident to the office of Secretary and such other
duties as from time to time may be assigned to him or her by the Board of
Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 12.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Assistant
Secretaries</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; In the absence or disability of the Secretary, the Assistant
Secretary, or, if there be more than one, any Assistant Secretary designated by
the Board of Trustees, shall perform all of the duties, and may exercise all of
the powers, of the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Secretary.&#160; The Assistant
Secretaries, if any, shall perform such other duties as from time to time may
be assigned to them by the Secretary or the Board of Trustees.</font></p>
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</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 13.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Delegation of
Duties</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; In case of the absence or disability of any officer of the Trust,
or for any other reason that the Board of Trustees may deem sufficient, the
Board may confer for the time being the powers or duties, or any of them, of
such officer upon any other officer or upon any Trustee.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
VII</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FISCAL
YEAR</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The fiscal year of the Trust shall
begin on the 1<sup>st</sup> day of January in each year and shall end on the
last day of December in each year, provided, however, that the Trustees may
from time to time change the fiscal year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
VIII</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SEAL</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Trustees shall adopt a seal
that shall be in such form and shall have such inscription thereon as the
Trustee may from time to time prescribe.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
IX</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WAIVERS
OF NOTICE</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Whenever any notice whatever is
required to be given by law, the Declaration, or these By-Laws, a waiver
thereof in writing (which includes email and other similar forms of electronic
communication), signed by the person or persons entitled to said notice,
whether before or after the time stated therein, shall be deemed equivalent
thereto.&#160; A notice shall be deemed to have been given for the purpose of these
By-Laws when it has been successfully transmitted by email or other similar
forms of electronic communication.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
X</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CUSTODIAN</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Appointment and
Duties</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Trustees shall at all times employ a bank or trust company
having a capital, surplus, and undivided profits of at least five million
dollars ($5,000,000) as Custodian with authority as its agent, but subject to
such restrictions, limitations, and other requirements, if any, as may be
contained in the Declaration, these By-Laws, and the 1940 Act:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; to hold the securities
owned by the Trust and deliver the same upon written order;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" style="font-size:12.0pt;"></font></font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;letter-spacing:0pt;">16</font><font style="display:none;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;letter-spacing:0pt;"></font></font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
receive and receipt for any monies due to the Trust and deposit the same in its
own banking department or elsewhere as the Trustees may direct;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; to disburse such funds
upon orders or vouchers;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160; if authorized by the
Trustees, to keep the books and accounts of the Trust and furnish clerical and
accounting services; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160; if authorized to do so
by the Trustees, to compute the net income of the Trust, all upon such basis of
compensation as may be agreed upon between the Trustees and the Custodian.&#160; If
so directed by a Majority Shareholder Vote, the Custodian shall deliver and pay
over all property of the Trust held by it as specified in such vote.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Trustees may also authorize the
Custodian to employ one or more sub-Custodians from time to time to perform
such of the acts and services of the Custodian and upon such terms and
conditions as may be agreed upon between the Custodian and such sub-Custodian
and approved by the Trustees, provided that in every case such sub-Custodian
shall be a bank or trust company organized under the laws of the United States
or one of the states thereof and having capital, surplus, and undivided profits
of at least five million dollars ($5,000,000).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Central Certificate
System</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Subject to such rules, regulations, and orders as the Commission
may adopt, the Trustees may direct the Custodian to deposit all or any part of
the securities owned by the Trust in a system for the central handling of
securities established by a national securities exchange or a national
securities association registered with the Commission under the Exchange Act,
or such other person as may be permitted by the Commission, or otherwise in
accordance with the 1940 Act, pursuant to which system all securities of any
particular class or series of any issuer deposited within the system are
treated as fungible and may be transferred or pledged by bookkeeping entry
without physical delivery of such securities, provided that all such deposits
shall be subject to withdrawal only upon the order of the Trust or its
Custodian.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Acceptance of
Receipts in Lieu of Certificates</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Subject to such rules, regulations, and
orders as the Commission may adopt, the Trustees may direct the Custodian to
accept written receipts or other written evidence indicating purchases of
securities held in book-entry form in the Federal Reserve System in accordance
with regulations promulgated by the Board of Governors of the Federal Reserve
System and the local Federal Reserve Banks in lieu of receipt of certificates
representing such securities.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Provisions of
Custodian Contract</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The following provisions shall apply to the employment
of a Custodian pursuant to this Article X and to any contract entered into with
the Custodian so employed:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160; The Trustees shall cause to be
delivered to the Custodian all securities owned by the Trust or to which it may
become entitled, and shall order the same to be delivered by the Custodian only
upon completion of a sale, exchange, transfer, pledge, loan of portfolio
securities to another person or other disposition thereof, and upon receipt by
the Custodian of the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">consideration therefor or a
certificate of deposit or a receipt of an issuer or of its Transfer Agent, all
as the Trustees may generally or from time to time require or approve, or to a
successor Custodian; and the Trustees shall cause all funds owned by the Trust
or to which it may become entitled to be paid to the Custodian, and shall order
the same disbursed only for investment against delivery of the securities
acquired, or the return of cash held as collateral for loans of portfolio
securities, or in payment of expenses, including management compensation, and
liabilities of the Trust, including distributions to Shareholders, or to a
successor Custodian; provided, however, that nothing herein shall prevent
delivery of securities for examination to the broker selling the same in accord
with the &#8220;street delivery&#8221; custom whereby such securities are delivered to such
broker in exchange for a delivery receipt exchanged for a delivery receipt
exchanged on the same day for an uncertified check of such broker to be
presented on the same day for certification.&#160; Notwithstanding anything to the
contrary in these By-Laws, upon receipt of proper instructions, which may be
standing instructions, the Custodian may delivery funds in the following
cases.&#160; In connection with repurchase agreements, the Custodian may transmit,
prior to receipt on behalf of the Fund of any securities or other property,
funds from the Fund&#8217;s custodian account to a special custodian approved by the
Trustees of the Fund, which funds shall be used to pay for securities to be
purchased by the Fund subject to the Fund&#8217;s obligation to sell and the seller&#8217;s
obligation to repurchase such securities.&#160; In such case, the securities shall
be held in the custody of the special custodian.&#160; In connection with the
Trust&#8217;s purchase or sale of financial futures contracts, the Custodian shall
transmit, prior to receipt on behalf of the Fund of any securities or other
property, funds from the Trust&#8217;s custodian account in order to furnish to and
maintain funds with brokers as margin to guarantee the performance of the
Trust&#8217;s futures obligations in accordance with the applicable requirements of
commodities exchanges and brokers.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160; In case of the resignation,
removal, or inability to serve of any such Custodian, the Trust shall promptly
appoint another bank or trust company meeting the requirements of this Article
X as successor Custodian.&#160; The agreement with the Custodian shall provide that
the retiring Custodian shall, upon receipt of notice of such appointment,
deliver the funds and property of the Trust in its possession to and only to
such successor, and that pending appointment of a successor Custodian, or a
vote of the Shareholders to function without a Custodian, the Custodian shall
not delivery funds and property of the Trust to the Trust, but may deliver them
to a bank or trust company doing business in Boston, Massachusetts, of its own
selection, having an aggregate capital, surplus, and undivided profits (as
shown in its last published report) of at least $5,000,000, as the property of
the Trust to be held under terms similar to those on which they were held by
the retiring Custodian.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
XI</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SALES
OF SHARES OF THE TRUST</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">Section 1.&#160; </font><u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;">Sales of Shares</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">.&#160;
(a) </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Trustees may from time to time issue and sell or cause to
be issued and sold Shares for cash or other property, which shall in every case
be paid or delivered to the Custodian as agent of the Trust before the delivery
of any certificate for such shares.&#160; The Shares, including additional Shares
that may have been purchased by the Trust (herein sometimes referred to as
&#8220;treasury shares&#8221;), may not be sold at less than the net asset </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">value thereof determined by or on behalf of the Trustees
as of a time within 48 hours, excluding Sundays and holidays, next preceding
the time of such determination, except (1) in connection with an offering to
the holders of Shares, (2) with the consent of a majority of the holders of
Shares, (3) upon conversion of a convertible security in accordance with its
terms, (4) upon the exercise of any warrant issued in accordance with the
provisions of section 18(d) of the 1940 Act, or (5) under such other
circumstances as the Commission may permit by rules and regulations or orders
for the protection of investors.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">(b)&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">No Shares need
be offered to existing Shareholders before being offered to others.&#160; No Shares
shall be sold by the Trust (although Shares previously contracted to be sold
may be issued upon payment therefor) during any period when the determination
of net asset value is suspended by declaration of the Trustees.&#160; In connection
with the acquisition by merger or otherwise of all or substantially all the
assets of an investment company (whether a regulated or private investment
company or a personal holding company), the Trustees may issue or cause to be
issued Shares and accept in payment therefor such assets at not more than
market value in lieu of cash, notwithstanding that the federal income tax basis
to the Trust of any assets so acquired may be less than the market value,
provided that such assets are of the character in which the Trustees are
permitted to invest the funds of the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2.&#160; </font><u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;">Share Certificates</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">.&#160;
Unless otherwise provided by the Board of Trustees and permitted by law, each
holder of Shares of the Trust shall be entitled upon specific written request
to such person as may be designated by the Trust to have a certificate or
certificates, in a form approved by the Board, representing the number of
Shares of the Trust owned by him or her; provided, however, that certificates
for fractional Shares will not be delivered in any case.&#160; If Share certificates
are issued, the Board of Trustees may make any additional rules and
regulations, not inconsistent with these By-Laws, as it may deem expedient
concerning the issue, transfer, and registration of certificates for Shares of
the Trust.&#160; The Board may appoint, or authorize any officer or officers to
appoint, one or more transfer agents or one or more transfer clerks and one or
more registrars and may require all certificates for Shares to bear the
signature or signatures of any of them.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 3.&#160; </font><u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;">Uncertificated Shares</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">.&#160;
The Board of Trustees may authorize the issuance of uncertificated securities
if permitted by law.&#160; In the event that the Board of Trustees authorizes the
issuance of uncertificated securities, the Board of Trustees may, in its
discretion, and at any time, discontinue the issuance of Share certificates and
may, by written notice to the registered owners of each certificated Share,
require the surrender of Share certificates to the Trust for cancellation.&#160;
Such surrender and cancellation shall not affect the ownership of Shares of the
Trust. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
XII</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">DIVIDENDS
AND DISTRIBUTIONS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Limitations on
Distributions</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The total of distributions to Shareholders paid in respect
of any one fiscal year, subject to the exceptions noted below, shall, when and
as declared by the Trustees be approximately equal to the sum of (A) the net
income, exclusive of the profits </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or losses realized
upon the sale of securities or other property, for such fiscal year, determined
in accordance with generally accepted accounting principles (which, if the
Trustees so determine, may be adjusted for net amounts included as such accrued
net income in the price of Shares issued or repurchased), but if the net income
exceeds the amount distributed by less than one cent per share outstanding at
the record date for the final dividend, the excess shall be treated as
distributable income of the following year; and (B) in the discretion of the
Trustees, an additional amount which shall not substantially exceed the excess
of profits over losses on sales of securities or other property for such fiscal
year.&#160; The decision of the Trustees as to what, in accordance with generally
accepted accounting principles, is income and what is principal shall be final,
and except as specifically provided herein the decision of the Trustees as to
what expenses and charges of the Trust shall be charged against principal and
what against income shall be final, all subject to any applicable provisions of
the 1940 Act and rules, regulations, and orders of the Commission promulgated
thereunder.&#160; For the purposes of the limitation imposed by this Section 1,
Shares issued pursuant to Section 2 of this Article XII shall be valued at the
amount of cash that the Shareholders would have received if they had elected to
receive cash in lieu of such Shares.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Inasmuch as the computation of net
income and gains for federal income tax purposes may vary from the computation
thereof on the books, the above provisions shall be interpreted to give to the
Trustees the power in their discretion to distribute for any fiscal year as
ordinary dividends and as capital gains distributions, respectively, additional
amounts sufficient to enable the Trust to avoid or reduce liability for taxes.&#160;
Any payment made to Shareholders pursuant to clause (B) of this Section 1 shall
be accompanied by a written statement showing the source or sources of such
payment, and the basis of computation thereof.&#160; The Trustees may, in their
discretion, elect to retain the amounts referred to in Clause B of this Section
1 and pay any federal income taxes thereon.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Distributions
Payable in Cash or Shares</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Trustees may adopt and offer to
Shareholders such dividend reinvestment plans, cash dividend payout plans, or
related plans as the Trustees shall deem appropriate.&#160; The Trustees shall have
power, to the fullest extent permitted by the laws of Massachusetts but subject
to the limitation as to cash distributions imposed by Section 1 of this Article
XII, at any time or from time to time to declare and cause to be paid
distributions payable at the election of any of the Shareholders (whether
exercised before or after the declaration of the distribution) either in cash
or in Shares, provided that the sum of (i) the cash distribution actually paid
to any Shareholder and (ii) the net asset value of the Shares which that
Shareholder elects to receive, in effect at such time as the Trustees may
specify, shall not exceed the full amount of cash to which that Shareholder
would be entitled if he elected to receive only cash.&#160; In the case of a
distribution payable in cash or Shares, a Shareholder failing to express his or
her election before a given time shall be deemed to have elected to take Shares
rather than cash.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Stock Dividends</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Anything in these By-Laws to the contrary notwithstanding, the Trustees may at
any time declare and distribute pro rata among the Shareholders a &#8220;stock
dividend&#8221; out of either authorized but unissued Shares or treasury Shares or
both.</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE XIII</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CLAIMS</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
1.&#160; </font><u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;">Direct
Claims</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">.&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">As used herein, a &#8220;direct&#8221; Shareholder
claim shall refer to (i) a claim based upon alleged violations of a
Shareholder&#8217;s individual rights independent of any harm to the Trust or the
Shareholders generally, including a Shareholder&#8217;s voting rights under Article
III, rights to receive a dividend payment as may be declared from time to time,
rights to inspect books and records, or other similar rights personal to the
Shareholder and independent of any harm to the Trust or the Shareholders
generally&#894; and (ii) a claim for which a direct Shareholder action is
expressly provided under the U.S. federal securities laws.&#160; Any other claim
asserted by a Shareholder, including without limitation any claims purporting
to be brought on behalf of the Trust or involving any alleged harm to the
Trust, shall be considered a &#8220;derivative&#8221; claim as used herein. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
2.&#160; </font><u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;">Derivative
Claims</font></u><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160; Any
decision by the Trustees to reject a demand or to bring, maintain or settle (or
not to bring, maintain or settle) a proceeding, or to vindicate (or not
vindicate) any claim on behalf, or for the benefit, of the Trust, or to submit
the matter to a vote of Shareholders, shall be made by majority vote of the
Trustees in their sole business judgment and such decision shall be binding
upon the Shareholders. In their sole discretion, the Trustees may submit the
decision of whether to proceed with such a claim or reject such claim to a vote
of Shareholders of the Trust or any series or class, as appropriate.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color=red face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160; No
Shareholder shall commence any proceeding asserting or relating to a derivative
claim unless and until (i) a written demand has been made upon the Trust to
take action on such claim, and (ii) subject to further extension as provided
below, (a) 180 days have elapsed from the date the demand was made, or (b) if
the decision whether to reject such demand has been duly submitted to a vote of
the Shareholders, 180 days have elapsed from the date the demand was made.&#160;
Notwithstanding the period prescribed for consideration by the Trustees of any
demand, the Trust shall advise the Shareholder submitting such demand if the
Trust requires additional time within which to conduct an inquiry into the
allegations made in the demand, and such notification shall extend the time
periods provided for in numbered clause (ii) above, and no claim, suit or
proceeding shall be commenced during the pendency of the inquiry.&#160;
Additionally, upon any decision to reject a demand relating to any claim by the
Board of Trustees in accordance with Section 2(a) above or by a vote of
Shareholders, no suit, proceeding or other action shall be commenced or
maintained by that Shareholder based upon or substantially related or similar
to such claim.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color=red face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)&#160; Any written
demand shall be mailed to the Secretary of the Trust at the Trust&#8217;s principal
office and shall set forth with particularity the nature of the proposed
proceeding or claim and the essential facts relied upon by the Shareholder to
support the allegations made in the demand. &nbsp;&nbsp; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font color=red face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(d)&#160; Any Trustee acting in connection with any demand or
any proceeding relating to a claim on behalf or for the benefit of the Trust
who is not an &#8220;interested person&#8221; of the Trust within the meaning of the 1940
Act shall be deemed to be independent and disinterested with respect to such
demand, proceeding or claim. </font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
XIV</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AMENDMENTS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">These By-Laws, or any of them, may
be altered, amended, or repealed, or new By-Laws may be adopted (a) by Majority
Shareholder Vote, or (b) by the Trustees; provided, however, that no By-Law may
be amended, adopted, or repealed by the Trustees if such amendment, adoption,
or repeal requires, pursuant to law, the Declaration or these By-Laws, a vote
of the Shareholders or if such amendment, adoption, or repeal changes or affects
the provisions of Sections 1 and 4 of Article X or the provisions of this
Article XIII. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
XV</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">MISCELLANEOUS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Trust shall not impose any
restrictions upon the transfer of the Shares of the Trust except as provided in
the Declaration, but this requirement shall not prevent the charging of
customary transfer agent fees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Trust shall not permit any officer or Trustee of the
Trust, or any partner, officer, or director of the Investment Adviser or
underwriter of the Trust to deal for or on behalf of the Trust with himself or
herself as principal or agent, or with any partnership, association, or
corporation in which he or she has a financial interest; provided, however,
that the foregoing provisions shall not prevent (a)&nbsp;officers and Trustees
of the Trust or partners, officers, or directors of the Investment Adviser or
underwriter of the Trust from buying, holding, or selling shares in the Trust,
or from being partners, officers, or directors or otherwise financially
interested in the Investment Adviser or underwriter of the Trust or any
affiliate thereof; (b)&nbsp;purchases or sales of securities or other property
by the Trust from or to an affiliated person or to the Investment Adviser or
underwriters of the Trust if such transaction is exempt from the applicable
provisions of the 1940 Act; (c)&nbsp;purchases of investments for the portfolio
of the Trust or sales of investments owned by the Trust through a security
dealer who is, or one or more of whose partners, shareholders, officers, or
directors is, an officer or Trustee of the Trust, or a partner, officer, or
director of the Investment Adviser or underwriter of the Trust, if such
transactions are handled in the capacity of broker only and commissions charged
do not exceed customary brokerage charges for such services;
(d)&nbsp;employment of legal counsel, registrar, Transfer Agent, dividend
disbursing agent, or Custodian who is, or has a partner, shareholder, officer,
or director who is, an officer or Trustee of the Trust, or a partner, officer, or
director of the Investment Adviser or underwriter of the Trust, if only
customary fees are charged for services to the Trust; (e)&nbsp;sharing
statistical research, legal and management expenses, and office hire and
expenses with any other investment company in which an officer or Trustee of
the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trust, or a partner, officer, or director of the
Investment Adviser or underwriter of the Trust, is an officer or director or
otherwise financially interested.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The provisions of these By-Laws are
severable, and if the Board of Trustees shall determine, with the advice of
legal counsel, that any of such provisions is in conflict with applicable law,
the conflicting provision shall be deemed never to have constituted a part of
these By-Laws; provided, however, that such determination shall not affect any
of the remaining provisions of these By-Laws or render invalid or improper any
action taken or omitted prior to such determination.&#160; If any provision of these
By-Laws shall be held invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall attach only to such provision in such
jurisdiction and shall not in any manner affect such provision in any other
jurisdiction or any other provision of these By-Laws in any jurisdiction.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Any suit, action, or proceeding
brought by or in the right of any holder of Shares or any person claiming any
interest in any Shares seeking to enforce any provision of, or based on any
matter arising out of, related to, or in connection with, these By-Laws or the
Trust, any series or class of any Shares, including, without limitation, any
claim of any nature against the Trust, any series or class, the Trustees or
officers of the Trust, or the Investment Adviser shall be brought exclusively
in the United States District Court for the District of Massachusetts to the
extent that court has subject matter jurisdiction over the action and/or claims
asserted and otherwise in the courts of the Commonwealth of Massachusetts to
the extent there is subject matter jurisdiction in those courts for the claims
asserted.</font></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">END OF BY-LAWS</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">LIBERTY ALL-STAR</font></b><sup><b><font face="times new roman bold" lang=EN-US style="font-size:10.0pt;">&#174;</font></b></sup><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> EQUITY FUND</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">PORTFOLIO MANAGEMENT AGREEMENT</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">SUSTAINABLE GROWTH ADVISERS, LP</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">June 3, 2016</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Re:
</font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Portfolio Management Agreement</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Ladies
and Gentlemen:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Liberty All-Star Equity Fund (the &#8220;Fund&#8221;)
is a diversified closed-end investment company registered under the Investment
Company Act of 1940, as amended&#160; (the &#8220;Act&#8221;), and is subject to the rules and
regulations promulgated thereunder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ALPS Advisors, Inc. (the &#8220;Fund Manager&#8221;)
evaluates and recommends portfolio managers for the assets of the Fund, and the
Fund Manager or an affiliate of the Fund Manager is responsible for the
day-to-day Fund administration of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">1. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Employment as a Portfolio Manager.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;
The Fund, being duly authorized, hereby employs Sustainable Growth Advisers, LP
(&#8220;Portfolio Manager&#8221;) as a discretionary portfolio manager, on the terms and
conditions set forth herein, of that portion of the Fund&#8217;s assets which the
Fund Manager determines to assign to the Portfolio Manager (those assets being
referred to as the &#8220;Portfolio Manager Account&#8221;). </font><b><font face="times new roman bold" lang=EN-US style="font-size:10.0pt;">&#160;</font></b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Fund Manager may, from time to time, allocate and
reallocate the Fund&#8217;s assets among the Portfolio Manager and the other
portfolio managers of the Fund&#8217;s assets.&#160; </font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">The Portfolio Manager will be an
independent contractor and will have no authority to act for or represent the
Fund or the Fund Manager in any way or otherwise be deemed to be an agent of
the Fund or the Fund Manager except as expressly authorized in this Agreement
or in another writing by the Fund Manager and the Portfolio Manager.</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:20.0pt;letter-spacing:0pt;text-decoration:none;">&#160; </font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">The Portfolio Manager&#8217;s responsibilities for providing portfolio management services to the Fund shall be limited
to the Portfolio Manager Account.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">2. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Acceptance of Employment; Standard
of Performance.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; The Portfolio Manager accepts its employment as a
discretionary portfolio manager and agrees to use its best professional
judgment to make timely investment decisions for the Portfolio Manager Account
in accordance with the provisions of this Agreement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">3. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Portfolio Management Services of
Portfolio Manager.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">A.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">In providing portfolio management
services to the Portfolio Manager Account, the Portfolio Manager shall be
subject to the Fund&#8217;s Declaration of Trust and By-Laws, as amended from time to
time, investment objectives, policies and restrictions of the Fund as set forth
in its Prospectus and Statement of Additional Information, as the same may be
modified from time to time (together, the &#8220;Prospectus&#8221;), the investment
objectives, policies and restrictions of the Fund as determined from time to time
by the Board of Trustees, and the investment and other restrictions set forth
in the Act and the rules and regulations thereunder, to the supervision and
control of the Board of Trustees of the Fund, and to instructions from the Fund
Manager. The Portfolio Manager shall not, without the prior approval of the
Fund or the Fund Manager, effect any transactions that would cause the
Portfolio Manager Account, treated as a separate fund, to be out of compliance
with any of such restrictions or policies.&#160; The Portfolio Manager shall not
consult with any other portfolio manager of the Fund concerning transactions
for the Fund in securities or other assets.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">B.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">As part of the services it will provide
hereunder, the Portfolio Manager will:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; formulate and implement a continuous
investment program for the Portfolio Manager Account;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; take whatever steps are necessary to
implement the investment program for the Portfolio Manager Account by arranging
for the purchase and sale of securities and other investments;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; keep the Fund Manager and the Board of Trustees
of the Fund fully informed in writing on an ongoing basis, as agreed by the
Fund Manager and the Portfolio Manager, of all material facts concerning the
investment and reinvestment of the assets in the Portfolio Manager Account, the
</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">Portfolio Manager and its key investment personnel and
operations; make regular and periodic special written reports of such
additional information concerning the same as may reasonably be requested from
time to time by the Fund Manager or the Trustees of the Fund; attend meetings
with the Fund Manager and/or Trustees, as reasonably requested, to discuss the
foregoing and such other matters as may be requested by the Fund Manager or Trustees;<br>
<br>
</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in
accordance with procedures and methods established by the Trustees of the Fund,
which may be amended from time to time, provide assistance in determining the
fair value of all securities and other investments/assets in the Portfolio
Manager Account, as necessary, and use reasonable efforts to arrange for the
provision of valuation information or a price(s) from a party(ies) independent
of the Portfolio Manager for each security or other investment/asset in the
Portfolio Manager Account for which market prices are not readily available;
and</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; cooperate
with and provide reasonable assistance to the Fund Manager, the Fund&#8217;s administrator,
custodian, transfer agent and pricing agents and all other agents and
representatives of the Fund and the Fund Manager; keep all such persons fully
informed as to such matters as they may reasonably deem necessary to the
performance of their obligations to the Fund and the Fund Manager; provide
prompt responses to reasonable requests made by such persons; and maintain any
appropriate interfaces with each so as to promote the efficient exchange of
information.</font></p>

<p style="margin-bottom:0in;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">4. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Transaction Procedures.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; All portfolio
transactions for the Portfolio Manager Account will be consummated by payment
to or delivery by the custodian of the Fund (the &#8220;Custodian&#8221;), or such depositories
or agents as may be designated by the Custodian in writing, as custodian for
the Fund, of all cash and/or securities due to or from the Portfolio Manager
Account, and the Portfolio Manager shall not have possession or custody thereof
or any responsibility or liability with respect to such custody. The Portfolio
Manager shall advise and confirm in writing to the Custodian all investment
orders for the Portfolio Manager Account placed by it with brokers and dealers
at the time. The Fund shall issue to the Custodian such instructions as may be
appropriate in connection with the settlement of any transaction initiated by
the Portfolio Manager. The Fund shall be responsible for all custodial
arrangements and the payment of all custodial charges and fees, and, upon
giving proper instructions to the Custodian, the Portfolio Manager shall have
no responsibility or liability with respect to custodial arrangements or the
acts, omissions or other conduct of the Custodian.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">5. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Allocation of Brokerage.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; The Portfolio Manager
shall have authority and discretion to select brokers and dealers to execute
portfolio transactions initiated by the Portfolio Manager for the Portfolio
Manager Account, and to select the markets on or in which the transaction will
be executed.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">A. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
doing so, the Portfolio Manager&#8217;s primary responsibility shall be to seek to
obtain best net price and execution for the Fund. However, this responsibility
shall not obligate the Portfolio Manager to solicit competitive bids for each
transaction or to seek the lowest available commission cost to the Fund, so
long as the Portfolio Manager reasonably believes that the broker or dealer
selected by it can be expected to obtain a &#8220;best execution&#8221; market price on the
particular transaction and determines in good faith that the commission cost is
reasonable in relation to the value of the brokerage and research services (as
defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by
such broker or dealer to the Portfolio Manager viewed in terms of either that
particular transaction or of the Portfolio Manager&#8217;s overall responsibilities
with respect to its clients, including the Fund, as to which the Portfolio
Manager exercises investment discretion, notwithstanding that the Fund may not
be the direct or exclusive beneficiary of any such services or that another
broker may be willing to charge the Fund a lower commission on the particular
transaction.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">B. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject
to the requirements of paragraph A above, the Fund Manager shall have the right
to request that transactions giving rise to brokerage commissions, in an amount
to be agreed upon by the Fund Manager and the Portfolio Manager, shall be
executed by brokers and dealers that provide brokerage or research services to
the Fund Manager, or as to which an on-going relationship will be of value to
the Fund in the management of its assets, which services and relationship may,
but need not, be of direct benefit to the Portfolio Manager Account.
Notwithstanding any other provision of this Agreement, the Portfolio Manager
shall not be responsible under paragraph A above with respect to transactions
executed through any such broker or dealer.</font></p>

<p style="margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">C. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Portfolio Manager shall not execute any portfolio transactions for the
Portfolio Manager Account with a broker or dealer which is an &#8220;affiliated
person&#8221; (as defined in the Act) of the Fund, the Portfolio Manager or any other
portfolio manager of the Fund without the prior written approval of the Fund.
The Fund </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Manager will provide the Portfolio Manager
with a list of brokers and dealers which are &#8220;affiliated persons&#8221; of the Fund
or its portfolio managers.</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">6. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Proxies.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;
The Fund Manager will vote all proxies solicited by or with respect to the
issuers of securities in which assets of the Portfolio Manager Account may be
invested from time to time in accordance with such policies as shall be
determined by the Fund Manager, and reviewed and approved by the Board of Trustees.&#160;
</font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;text-decoration:none;">Upon the written request of the Fund Manager, the Portfolio Manager will
vote all proxies solicited by or with respect to the issuers of securities in
which assets of the Portfolio Manager Account may be invested from time to time
in accordance with such policies as shall be determined by the Fund Manager,
and reviewed and approved by the Board of Trustees.</font><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:0pt;">&#160; </font></u></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">7. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Fees for
Services.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> The compensation of the Portfolio Manager for its services under
this Agreement shall be calculated and paid by the Fund Manager in accordance
with the attached Schedule A. Pursuant to the Fund Management Agreement between
the Fund and the Fund Manager, the Fund Manager is solely responsible for the
payment of fees to the Portfolio Manager, and the Portfolio Manager agrees to
seek payment of its fees solely from the Fund Manager.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">8. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Other
Investment Activities of Portfolio Manager.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> The Fund acknowledges that the
Portfolio Manager or one or more of its affiliates has investment
responsibilities, renders investment advice to and performs other investment
advisory services for other individuals or entities (&#8220;Client Accounts&#8221;), and
that the Portfolio Manager, its affiliates or any of its or their directors,
officers, agents or employees may buy, sell or trade in any securities for its
or their respective accounts (&#8220;Affiliated Accounts&#8221;). Subject to the provisions
of paragraph 2 hereof, the Fund agrees that the Portfolio Manager or its
affiliates may give advice or exercise investment responsibility and take such
other action with respect to other Client Accounts and Affiliated Accounts
which may differ from the advice given or the timing or nature of action taken
with respect to the Portfolio Manager Account, provided that the Portfolio
Manager acts in good faith, and provided further, that it is the Portfolio
Manager&#8217;s policy to allocate, within its reasonable discretion, investment
opportunities to the Portfolio Manager Account over a period of time on a fair
and equitable basis relative to the Client Accounts and the Affiliated
Accounts, taking into account the cash position and the investment objectives
and policies of the Fund and any specific investment restrictions applicable
thereto. The Fund acknowledges that one or more Client Accounts and Affiliated
Accounts may at any time hold, acquire, increase, decrease, dispose of or
otherwise deal with positions in investments in which the Portfolio Manager
Account may have an interest from time to time, whether in transactions which
involve the Portfolio Manager Account or otherwise. The Portfolio Manager shall
have no obligation to acquire for the Portfolio Manager Account a position in
any investment which any Client Account or Affiliated Account may acquire, and
the Fund shall have no first refusal, co-investment or other rights in respect
of any such investment, either for the Portfolio Manager Account or otherwise.</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">9. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Limitation
of Liability.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; The Portfolio Manager shall not be liable for any action
taken, omitted or suffered to be taken by it in its reasonable judgment, in
good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Agreement, or in
accordance with (or in the absence of) specific directions or instructions from
the Fund, provided, however, that such acts or omissions shall not have
resulted from the Portfolio Manager&#8217;s willful misfeasance, bad faith or gross
negligence, a violation of the standard of care established by and applicable
to the Portfolio Manager in its actions under this Agreement or breach of its
duty or of its obligations hereunder (provided, however, that the foregoing
shall not be construed to protect the Portfolio Manager from liability in
violation of Section 17(i) of the Act).&#160; Except as may otherwise be provided by
the Act or any other federal securities law, the Portfolio Manager shall
indemnify and hold harmless the Fund Manager and the Fund, and their officers
and employees, consultants, all affiliated persons thereof (within the meaning
of Section 2(a)(3) of the Act) and all controlling persons (as described in
Section 15 of the Securities Act of 1933, as amended) (collectively, the &#8220;Fund
Indemnitees&#8221;) against any and all losses, claims, damages, liabilities, or
litigation (including reasonable legal and other expenses) to which any of the
Fund Indemnitees may become subject at common law or otherwise, arising out of
the Portfolio Manager&#8217;s action or inaction or based on this Agreement; provided
however, the Portfolio Manager shall not indemnify or hold harmless the Fund Indemnitees
for any losses, claims, damages, liabilities or litigation (including
reasonable legal and other expenses) due to (i) any breach by the Fund or the
Trust of a Fund representation or warranty made herein, or (ii) any willful
misconduct, fraud, reckless disregard or gross negligence of the Fund or the
Trust in the performance of any of their duties or obligations hereunder.&#160; </font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">10. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Confidentiality.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;
Subject to the duty of the Portfolio Manager, the Fund Manager and the Fund to
comply with applicable law, including any demand of any regulatory or taxing
authority having jurisdiction, the parties hereto shall treat as confidential
all information pertaining to the Portfolio Manager Account and the actions of
the Portfolio Manager and the Fund in respect thereof.</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">11.
</font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Assignment.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; This Agreement shall terminate automatically in the event
of its assignment, as that term is defined in Section 2(a)(4) of the Act. The
Portfolio Manager shall notify the Fund in writing sufficiently in advance of
any proposed change of control, as defined in Section 2(a)(9) of the Act, as
will enable the Fund to consider whether an assignment as defined in Section
2(a)(4) of the Act will occur, and whether to take the steps necessary to enter
into a new contract with the Portfolio Manager.&#160; Should the Fund enter into a
new contract with the Portfolio Manager in connection with an assignment, the
Portfolio Manager agrees to pay all costs and expenses incurred by the Fund to
obtain shareholder approval of the new contract, including costs associated
with the preparation and mailing of the Fund&#8217;s proxy statement and shareholder
meeting and proxy solicitation fees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">12. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Representations, Warranties and
Agreements of the Fund.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; The Fund represents, warrants and agrees that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">A. The Portfolio
Manager has been duly appointed to provide investment services to the Portfolio
Manager Account as contemplated hereby.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">B. The Fund
will deliver to the Portfolio Manager a true and complete copy of its then
current Prospectus as effective from time to time and such other documents
governing the investment of the Portfolio Manager Account and such other
information as is necessary for the Portfolio Manager to carry out its
obligations under this Agreement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">13. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Representations, Warranties and
Agreements of the Portfolio Manager.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; The Portfolio Manager represents,
warrants and agrees that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">A. It is
registered as an &#8220;investment adviser&#8221; under the Investment Advisers Act of
1940, as amended (&#8220;Advisers Act&#8221;) and will continue to be so registered for as
long as this Agreement remains in effect.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">B. It will
maintain, keep current and preserve on behalf of the Fund, in the manner
required or permitted by the Act and the rules and regulations thereunder, the
records required to be so kept by an investment adviser of the Fund in
accordance with applicable law. The Portfolio Manager agrees that such records
are the property of the Fund, and will be surrendered to the Fund promptly upon
request.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">C. It has
adopted a written code of ethics complying with the requirements of Rule 204A-1
under the Advisers Act and Rule 17j-1 under the Act and will provide the Fund
Manager and the Board of Trustees with a copy of its code of ethics and
evidence of its adoption. Within 45 days of the end of each year while this
Agreement is in effect, or at any other time requested by the Fund Manager, an
officer, director or general partner of the Portfolio Manager shall certify to
the Fund that the Portfolio Manager has complied with the requirements of Rule
17j-1 and Rule 204A-1 during the previous year and that there has been no material
violation of its code of ethics or, if such a violation has occurred, that
appropriate action was taken in response to such violation.&#160; It will promptly
notify the Fund Manager of any material change to its code of ethics or
material violation of its code of ethics.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">D. Upon request,
the Portfolio Manager will promptly supply the Fund with any information
concerning the Portfolio Manager and its stockholders, partners, employees and
affiliates that the Fund may reasonably request in connection with the
preparation of its registration statement (as amended from time to time),
prospectus and statement of additional information (as supplemented and
modified from time to time), proxy material, reports and other documents
required to be filed under the Act, the Securities Act of 1933, or other applicable
securities laws.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">E. Reference is hereby made to the Declaration of Trust dated August 20,
1986 establishing the Fund, a copy of which has been filed with the Secretary
of the Commonwealth of Massachusetts and elsewhere as required by law, and to
any and all amendments thereto so filed or hereafter filed. The name Liberty
All-Star Equity Fund refers to the Board of Trustees under said Declaration of
Trust, as Trustees and not to the Trustees personally, and no Trustee,
shareholder, officer, agent or employee of the Fund shall be held to any
personal liability hereunder or in connection with the affairs of the Fund, but
only the trust estate under said Declaration of Trust is liable under this
Agreement. Without limiting the generality of the foregoing, neither the
Portfolio Manager nor any of its officers, directors, partners, shareholders,
agents or employees shall, under any circumstances, have recourse or cause or
willingly permit recourse to be had directly or indirectly to any personal,
statutory, or other liability of any shareholder, Trustee, officer, agent or
employee of the Fund or of any successor of the Fund, whether such liability
now exists or is hereafter incurred for claims against the trust estate, but
shall look for payment solely to said trust estate, or the assets of such
successor of the Fund. </font></p>


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<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">F.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The
Portfolio Manager shall maintain and implement compliance procedures that are
reasonably designed to ensure its compliance with Rule 206(4)-7 of the Advisers
Act and to prevent violations of the Federal Securities Laws (as defined in
Rule 38a-1 under the Act).</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:.25in;margin-right:0in;margin-top:0in;page-break-after:auto;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">G.&#160; The Portfolio Manager will: (i) on the cover page of each Form 13F
that the Portfolio Manager files with the Securities and Exchange Commission
(the &#8220;SEC&#8221;), check the &#8220;13F Combination Report&#8221; box and on the Form 13F Summary
Page identify &#8220;ALPS Advisors, Inc.&#8221; as another manager for which the Portfolio
Manager is filing the Form 13F report; (ii) within 60 days after the end of
each calendar year, provide the Fund Manager with a certification that the
Portfolio Manager&#8217;s Form 13F was filed with the SEC on a timely basis and
included all of the securities required to be reported by the SEC; (iii) within
60 days after the end of each calendar year, provide to the Fund Manager a copy
of each Form 13F, or amendment to a Form 13F filed by it during the prior four
quarters; and (iv) promptly notify the Fund Manager in the event the Portfolio
Manager determines that it has failed to comply with Section 13(f) in a
material respect, or receives a comment letter from the SEC raising a question
with respect to compliance.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">H.&#160; The Portfolio Manager has adopted
written compliance policies and procedures reasonably designed to prevent
violations of the Advisers Act and the rules promulgated thereunder and the
Portfolio Manager agrees to provide: (a) from time to time, a copy and/or
summary of such compliance policies and procedures and an accompanying
certification certifying that the Portfolio Manager&#8217;s compliance policies and
procedures comply with the Advisers Act; (b) a report of the annual review
determining the adequacy and effectiveness of the Portfolio Manager&#8217;s
compliance policies and procedures; and (c) the name of the Portfolio Manager&#8217;s
Chief Compliance Officer to act as a liaison for compliance matters that may
arise between the Fund and the Portfolio Manager.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">I. The Portfolio Manager will notify the
Fund and the Fund Manager of any assignment of this Agreement or change of
control of the Portfolio Manager, as applicable, and any changes in the key
personnel who are either the portfolio manager(s) of the Portfolio Manager
Account or senior management of the Portfolio Manager, in each case prior to or
promptly after, such change.&#160; The Portfolio Manager agrees to bear all costs
and expenses of the Fund, if any, arising out of an assignment or change in
control.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">J. The Portfolio Manager agrees to
maintain an appropriate level of errors and omissions or professional liability
insurance coverage.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">14. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Amendment.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; This Agreement may be amended
at any time, but only by written agreement among the Portfolio Manager, the
Fund Manager and the Fund, which amendment, other than amendments to Schedule
A, is subject to the approval of the Board of Trustees</font><font face="Times New Roman" lang=EN-US style="font-size:20.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">and the shareholders of the Fund as and to the extent
required by the Act, the rules thereunder or exemptive relief granted by the
SEC, provided that Schedule A may be amended by the Fund Manager without the
written agreement of the Fund or the Portfolio Manager.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">15. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Effective Date; Term.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; This Agreement shall
become effective on the date first above written, provided that this Agreement
shall not take effect unless it has first been approved: (1) by a vote of a
majority of the Trustees who are not &#8220;interested persons&#8221; (as defined in the
Act) of any party to this Agreement (&#8220;Independent Trustees&#8221;), cast in person at
a meeting called for the purpose of voting on such approval, and (ii) by vote
of &#8220;a majority of the outstanding voting securities&#8221; (as defined in the Act) of
the Fund.&#160; This Agreement shall continue for
two years from the date of this Agreement
and from year to year thereafter provided such continuance is specifically
approved at least annually by (i) the Fund&#8217;s Board of Trustees or (ii) a vote
of a majority of the outstanding voting securities of the Fund, provided that
in either event such continuance is also approved by a majority of the
Independent Trustees, by vote cast in person at a meeting called for the
purpose of voting on such approval.&#160; If the SEC issues an order to the Fund and
the Fund Manager for an exemption from Section 15(a) of the Act, then, in
accordance with the application of the Fund and the Fund Manager, the
continuance of this Agreement after initial approval by the Trustees as set
forth above, shall be subject to approval by a majority of the outstanding
voting securities of the Fund at the regularly scheduled annual meeting of the
Fund&#8217;s shareholders next following the date of this Agreement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">16. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Termination.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; This Agreement may be
terminated at any time by any party, without penalty, immediately upon written
notice to the other parties in the event of a breach of any provision thereof
by a party so notified, or otherwise upon not less than thirty (30) days&#8217;
written notice to the Portfolio Manager in the case of termination by the Fund
or the Fund Manager, or ninety (90) days&#8217; written notice to the Fund and the
Fund Manager in the case of </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">termination by the
Portfolio Manager, but any such termination shall not affect the status,
obligations or liabilities of any party hereto to the other parties.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">17. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Applicable Law.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; To the extent that state
law is not preempted by the provisions of any law of the United States
heretofore or hereafter enacted, as the same may be amended from time to time,
this Agreement shall be administered, construed and enforced according to the
laws of the Commonwealth of Massachusetts.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">18. </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Severability; Counterparts.</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160; If any term or
condition of this Agreement shall be invalid or unenforceable to any extent or
in any application, then the remainder of this Agreement, and such term or
condition except to such extent or in such application, shall not be affected
thereby, and each and every term and condition of this Agreement shall be valid
and enforced to the fullest extent and in the broadest application permitted by
law.&#160; This Agreement may be executed in counterparts, each of which will be
deemed an original and all of which together will be deemed to be one and the
same agreement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">19.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Use of Name</font></u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">.&#160; The Portfolio Manager agrees
and acknowledges that the Fund Manager is the sole owner of the names and marks
&#8220;Liberty All-Star&#8221; and &#8220;All-Star&#8221;, and that all use of any designation
comprised in whole or in part of these names and marks shall inure to the
benefit of the Fund Manager.&#160; Except as used to identify the Fund to third
parties as a client, the use by the Portfolio Manager on its own behalf of such
marks in any advertisement or sales literature or other materials promoting the
Portfolio Manager shall be with the prior written consent of the Fund Manager.&#160;
The Portfolio Manager shall not, without the consent of the Fund Manager, make
representations regarding the Fund or the Fund Manager in any disclosure
document, advertisement or sales literature or other materials promoting the
Portfolio Manager.&#160; Consent by the Fund Manager shall not be unreasonably
withheld.&#160; Upon termination of this Agreement for any reason, the Portfolio
Manager shall cease any and all use of these marks as soon as reasonably
practicable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;">20.</font><u><font face="times new roman" lang=EN-US style="font-size:10.0pt;">&#160; Notices</font></u><font face="times new roman" lang=EN-US style="font-size:10.0pt;">.
All notices and other communications hereunder shall be in writing, shall be
deemed to have been given when received or when sent by U.S. mail, overnight
carrier or facsimile, and shall be given to the following addresses (or such
other addresses as to which notice is given):</font></p>

<p style="margin-bottom:11.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">To
Fund Manager:</font></p>

<p align=left style="margin-bottom:11.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:left;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">ALPS Advisors, Inc.<br>
1290 Broadway, Suite 1100<br>
Denver, Colorado 80203<br>
Attn: General Counsel<br>
Phone:&#160; (303) 623-2577<br>
Fax: (303) 623-7850</font></p>

<p align=left style="margin-bottom:11.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:left;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">To the Portfolio Manager: </font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:left;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">Name: Sustainable Growth
Advisers, LP</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:left;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">Address: 301 Tresser Blvd., Suite
1310</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:left;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:left;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">Attn:&#160; George Fraise, Portfolio
Manager</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:left;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">Phone: 203-348-4742, x101</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:left;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">Fax: 203-348-4732</font></p>

<p align=left style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:left;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">LIBERTY ALL-STAR<sup>&#174;</sup> EQUITY FUND</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">/s/ William Parmentier</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Name: William
Parmentier</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Title:&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ALPS ADVISORS, INC.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">/s/ Thomas A. Carter</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Name:&#160; Thomas Carter</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Title:&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ACCEPTED:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">SUSTAINABLE
GROWTH ADVISERS, LP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">By:
</font><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">/s/ George Fraise</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Name:
George Fraise</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Title:
Founding Principal</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>





</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.1pt;">LIBERTY ALL-STAR</font></b><sup><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#174;</font></sup><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.1pt;"> EQUITY FUND</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.1pt;">PORTFOLIO MANAGEMENT AGREEMENT<br>
SCHEDULE A</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.1pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:.1pt;">PORTFOLIO MANAGER FEE</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.1in;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">For services provided to the Portfolio
Manager Account, the Fund Manager will pay to the Portfolio Manager, on or
before the 10<sup>th</sup> day of each calendar month, a fee calculated and
accrued daily and payable monthly by the Fund Manager for the previous calendar
month at the annual rate </font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">of:&#160; 0.40% of the amount obtained by multiplying the Portfolio Manager&#8217;s
Percentage (as hereinafter defined) times the Average Total Fund Net Assets (as
hereinafter defined) up to $400 million; 0.36% of the amount obtained by
multiplying the Portfolio Manager&#8217;s Percentage times the Average Total Fund Net
Assets exceeding $400 million up to and including $800 million; 0.324% of the
amount obtained by multiplying the Portfolio Manager&#8217;s Percentage times the
Average Total Fund Net Assets exceeding $800 million up to and including $1.2
billion; 0.292% of the amount obtained by multiplying the Portfolio Manager&#8217;s
Percentage times the Average Total Fund Net Assets exceeding $1.2 billion.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.1in;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Portfolio Manager&#8217;s Percentage&#8221;
means the percentage obtained by dividing (i) the average daily net asset values of
the Portfolio Manager Account during the preceding calendar month, by (ii) the Average Total Fund Net Assets.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Average Total Fund Net Assets&#8221; means the
average daily net asset values of the Fund as a whole during the preceding
calendar month.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The fee shall be pro-rated for any month
during which this Agreement is in effect for only a portion of the month.</font></p>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" style="font-size:10.0pt;font-weight:normal;letter-spacing:-.1pt;">&nbsp;</font></h3>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:.1in;text-align:center;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>




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<DOCUMENT>
<TYPE>EX-99.77E LEGAL
<SEQUENCE>4
<FILENAME>exhibit77q3_usaspecialmeetin.htm
<TEXT>

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<HEAD>
   <TITLE>exhibit77q3_usaspecialmeetin.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=arial,sans-serif lang=EN-US style="font-size:10.0pt;">Item 77C: Submission
of Matters to a Vote of Security Holders</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">On February 25, 2016, the Special
Meeting of Shareholders of the Fund was held to approve a new Portfolio
Management Agreement with Aristotle Capital Management, LLC (&#8220;Aristotle&#8221;). On December
14, 2015, the record date for the meeting, the Fund had outstanding 182,754,403
shares of beneficial interest. The votes cast at the meeting were as follows: </font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:13.5pt;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">Proposal - To approve a new
Portfolio Management Agreement with Aristotle:</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;margin-left:5.4pt;width:76.22%;">
 <tr>
  <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif style="font-size:11.0pt;">For</font></b></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif style="font-size:11.0pt;">Against</font></b></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif style="font-size:11.0pt;">Abstain</font></b></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face=Calibri,sans-serif style="font-size:11.0pt;">Broker Non-Votes</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif style="font-size:11.0pt;">91,128,734.389</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif style="font-size:11.0pt;">13,082,250.005</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif style="font-size:11.0pt;">2,723,433.274</font></p>
  </td>
 <td valign=top width=33% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif style="font-size:11.0pt;">0.000</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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