<SEC-DOCUMENT>0001049169-18-000052.txt : 20180301
<SEC-HEADER>0001049169-18-000052.hdr.sgml : 20180301
<ACCEPTANCE-DATETIME>20180301093201
ACCESSION NUMBER:		0001049169-18-000052
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180301
DATE AS OF CHANGE:		20180301
EFFECTIVENESS DATE:		20180301

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-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		18654943

	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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020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
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020 A000005 GOLDMAN SACHS & CO.
020 B000005 13-5108880
020 C000005      21
020 A000006 STIFEL NICOLAUS
<PAGE>      PAGE  3
020 B000006 43-1273600
020 C000006      15
020 A000007 BARCLAYS CAPITAL, INC.
020 B000007 06-1031656
020 C000007      13
020 A000008 EVERCORE GROUP LLC
020 B000008 20-4553818
020 C000008      11
020 A000009 UBS SECURITIES LLC
020 B000009 13-3873456
020 C000009      10
020 A000010 CREDIT SUISSE SECURITIES (USA) LLC
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080 A000000 ST. PAUL FIRE & MARINE INSURANCE COMPANY
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SIGNATURE   Kim Storms
TITLE       Treasurer

</TEXT>
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<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>2
<FILENAME>ex77q1alibertyequityfundamen.htm
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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 align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">Amended and Restated</font></p>

<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;">&nbsp;</font></p>

<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;">BY-LAWS</font></p>

<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;">&nbsp;</font></p>

<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;">OF</font></p>

<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;">&nbsp;</font></p>

<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;">LIBERTY ALL-STAR
EQUITY FUND</font></p>

<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;">&nbsp;</font></p>

<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;">As amended through </font><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;text-decoration:none;">December
7, 2017</font></p>

<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;">&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;">&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
I</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;">DEFINITIONS</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;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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;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;">&#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;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;">&#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 color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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</font><sup><font color=black face="times new roman" lang=EN-US style="font-size:12.0pt;">1</font></sup><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
for cash, except as part of an offering in which the Principal Shareholder has
no special right to participate as compared to (a) other </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">holders
of the same class or series of shares, or (b) investors generally; (3) the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
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 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>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" style="font-size:8.0pt;">DC-9950050</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif style="text-underline:none;"><font style=""><font color=black face=Arial,sans-serif style="font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;text-transform:none;">301357024 v2</font></font></font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>

<hr align=left size=1 width="33%">
<div id=ftn1><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:.0001pt;"><font face="times new roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">1</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The term &#8220;Principal Shareholder&#8221; shall mean any corporation,
person or other entity which is the beneficial owner, directly or indirectly,
of more than five percent (5%) of the outstanding Shares of any class of the Trust
and shall include any affiliate or associate, as such terms are defined in
clause (ii) below, of a Principal Shareholder.&#160; For the purposes of this
Section, in addition to the Shares which a corporation, person or other entity
beneficially owns directly, (a) any corporation, person or other entity shall
be deemed to be the beneficial owner of any Shares (i) which it has the right
to acquire pursuant to any agreement or upon exercise of the conversion rights
or warrants, or otherwise (but excluding share options granted by the Trust) or
(ii) which are beneficially owned, directly or indirectly (including Shares
deemed owned through application of clause (i) above), by any other
corporation, person or entity with which it or its &#8220;affiliate&#8221; or &#8220;associate&#8221;
(as defined below) has any agreement, arrangement or understanding for the
purposes of acquiring, holding, voting or disposing of Shares, or which it or
its &#8220;affiliate&#8221; or &#8220;associate&#8221; as those terms are defined in Rule l2b-2 under
the Securities Exchange Act of 1934, and (b) the outstanding Shares shall
include Shares deemed owned through application of clauses (i) and (ii) above
but shall not include any other Shares which may be issuable pursuant to any
agreement, or upon exercise of conversion rights or warrants, or otherwise.</font></p><font lang=EN-US>

</font></div>
</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: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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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; The </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">Chairman</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of the special meeting shall, if
the facts warrant, determine and declare to the meeting that business was not
properly brought before the meeting or is not a proper subject for the meeting;
any such business shall not be considered or transacted.</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 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 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>

<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:12.0pt;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;">Requirement
to Appear at Meeting</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Notwithstanding anything
to the contrary in the provisions set forth in this Article III, unless
otherwise required by law, if the Shareholder (or a qualified representative of
the Shareholder) wishing to submit a proposal does not appear at the annual or
special meeting of Shareholders of the Trust to present proposed business, such
proposed business shall not be transacted, notwithstanding that proxies in
respect of such vote may have been received by the Trust.&#160; For purposes hereof,
to be considered a qualified representative of the Shareholder, an individual
must be a duly authorized officer, manager or partner of such Shareholder or
must be authorized by a writing executed by such Shareholder delivered by such
Shareholder to the Secretary of the Trust in writing at least ten business days
in advance of the Shareholder meeting to act for such Shareholder as proxy at
the meeting of Shareholders.</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;">Required Compliance
with Exchange Act</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; A Shareholder shall also
comply with all applicable requirements of the Exchange Act and the rules and
regulations thereunder with respect to the matters set forth in this Article
III; provided however, that any references in these By-Laws to the Exchange Act
or the rules promulgated thereunder are not intended to and shall not limit any
requirements applicable to proposals as to any business to be considered
pursuant to this Article III, and compliance with these By-Laws shall be the
exclusive means for a shareholder to submit business (other than matters
brought properly under and in compliance with Rule 14a-8 under the Exchange Act
(or any successor provision of law)).</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;">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>

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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 7.&#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 8.&#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 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>

<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 9.&#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 align=left style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
10.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Order of Business</font></u><font color=black 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">Chairman</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
of the meeting.&#160; The </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">Chairman</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of the
meeting may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">prescribe such rules, regulations, and
procedures and take such action as, in the discretion of such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">Chairman</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, are appropriate for the proper
conduct of the meeting, including, without limitation, (a) restricting entry to
the meeting to only persons present at the commencement of the meeting; (b)
limiting attendance at the meeting to Shareholders of record of the Trust,
their duly authorized proxies and other such individuals as the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">Chairman</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> 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 and
other such individuals as the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">Chairman</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
of the meeting may determine; (d) limiting the time allotted to questions or
comments by participants; (e) determining when and for how long the polls
should be open and when the polls should be closed; (f) maintaining order and
security at the meeting; (g) removing any Shareholder or any other individual
who refuses to comply with meeting procedures, rules or guidelines as set forth
by the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">Chairman</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of the meeting; (h)
concluding a meeting or&#160; recessing or adjourning the meeting to a later date
and time and at a place announced at the meeting; and (i) complying with any
state and local laws and other regulations concerning safety and security.&#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>
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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 11.&#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 11 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>

<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, residence address, and principal
occupation of any individual(s) being nominated (a &#8220;Proposed Nominee&#8221;) and each
individual who has a Disclosable Relationship with such Proposed Nominee
(&#8220;Proposed Nominee Associate&#8221;);</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;">a description of all agreements, arrangements, or understandings
(whether written or oral) between such Proposed Nominee and any Proposed </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Nominee Associate of such Proposed Nominee related to, and
any material interest of such Proposed Nominee Associate in, such nomination,
including any anticipated benefit therefrom to such Proposed Nominee Associate;
</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)</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 description of all commercial and professional relationships and
transactions between or among such Proposed Nominee or any Proposed Nominee
Associate, and any other person or persons known to such Proposed Nominee or
Proposed Nominee Associate to have a material interest in such nomination,
including the nominating Shareholder and any Shareholder Associated Person (as
defined below);</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;">a representation as to whether such Proposed Nominee is believed to be
an &#8220;interested person&#8221; of the Trust, as defined in Section 2(a)(19) of the 1940
Act, and meets the other legal requirements to serve as a Trustee, including
the rules adopted by the principal listing exchange upon which Shares are
listed, the rules adopted pursuant to Rule 10A-3, and information regarding
such individual that is sufficient, in the discretion of the Board of Trustees
or any committee thereof, to examine such determinations;</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;">a representation that the Proposed Nominee satisfies the Trustee
Qualifications as set out in Article IV of these By-Laws, and information
regarding such individual that is sufficient, in the discretion of the Board of
Trustees or any committee thereof, to examine such representation;</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)</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;">(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;">as to the Shareholder who intends to make the nomination and any
Shareholder Associated Person, (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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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>
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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;">(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;">the name, age, business address, residence address, and principal
occupation 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>

<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;">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;">(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 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;">(xi)</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;">any other information relating to such Proposed Nominee that would be
required to be disclosed in a proxy statement or other filings required to be
made in connection with solicitations of proxies for election of trustees in a
solicitation subject to Rule 14a-12(c) of the Exchange Act, whether or not the
shareholder submitting the notice intends to deliver a proxy statement or
solicit proxies and whether or not an election contest is involved, and any
other information reasonably necessary to ensure the completeness and accuracy
of the information provided; </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;">(xii)</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;">such Proposed Nominee&#8217;s written consent to being named 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;">(xiii)</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;">a certificate executed by the Proposed Nominee certifying that such
Proposed Nominee (a) is not, and will not become a party to, any agreement,
arrangement, or understanding&#160; (whether written or oral) with any person or
entity other than the Trust in connection with service or action as a Trustee
of the Trust if elected that has not been disclosed to the Trust, (b) will
serve as a Trustee of the Trust if elected, and (c) satisfies the Trustee
Qualifications of these By-Laws; 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;">(xiv)</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;">a Trustee questionnaire completed and submitted by the Proposed Nominee
within 5 business days of such a request from the Trust and in such form as the
Board of Trustees deems appropriate, and a background check or such information
as the Trustees may reasonably require to determine the eligibility of such
Proposed Nominee to serve as a Trustee 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 11 by any Shareholder shall be inaccurate in any material
respect, such information may be deemed not to have been provided in </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">accordance with this Section 11. 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 11, 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 11 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 11.</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;">&#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 11, 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>

<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 11 and Section 12 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 12.&#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 12 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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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>
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</DIV>
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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;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 11 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>

<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 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 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>


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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;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; the name, age, business address, residence
address, and principal occupation 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; </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; a
description of any agreement, arrangement or understanding (whether written or
oral) with respect to the proposal between or among such Shareholder and such
beneficial owner, any of their respective Shareholder Associated Persons, and any
other person or persons (including their names) in connection with the proposal
of such business and any material interest of such person or any Shareholder
Associated Person of such person, in such business, including any anticipated
benefit therefrom to such person, or any Shareholder Associated Person of such
person;</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)&#160;&#160;&#160;&#160; a
description of all commercial and professional relationships and transactions
between or among such Shareholder and such beneficial owners or their
respective Shareholder Associated Persons, and any other person or persons
known to such Shareholder and such beneficial owners or their respective
Shareholder Associated Persons to have a material interest in the matter that
is the subject of such notice; 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;">(ix)&#160;&#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 12 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 12. 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, 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 12, 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 12 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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">written
verification or a written update was requested may be deemed not to have been
provided in accordance with this Section 12.</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 12, 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 12 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 13.&#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 14.&#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 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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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:12.0pt;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;">Non-Disclosure
Agreement</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; If directed by 2/3 of the Continuing
Trustees, a Trustee shall be required as a condition to his or her service as a
Trustee to execute and deliver to the Trust an agreement (in such form and with
such content as the Board of Trustees shall approve) requiring all information
received in an individual&#8217;s capacity as a Trustee of the Trust to be held
confidential.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;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;">Requirement
to Adhere to Trust Policies</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; If directed by 2/3
of the Continuing Trustees, a Trustee shall be required as a condition to his
or her service as a Trustee to execute and deliver to the Trust an
acknowledgement of the policies of the Trust upon taking office as a Trustee
and after any change in such policies of the Trust.&#160; Failure to adhere to any policies
shall constitute grounds for the removal of the Trustee for &#8220;Cause&#8221; as provided
in Section 2.2 of the Declaration. </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;">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, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">elected, appointed, qualified, or seated (&#8220;nominated or
seated&#8221;) to serve as a trustee unless at least a majority of the 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 public companies having
securities registered under the Exchange Act (investment companies having the
same investment adviser or administrator 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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2(a)(3) of
the 1940 Act) being ineligible, in the absence of an exemptive order under
Section 9(c) of the 1940 Act, to serve or act in the capacity of employee,
officer, director, member of an advisory board, investment adviser, or
depositor of any registered investment company, or principal underwriter for
any registered investment company, registered unit investment trust, or
registered face amount certificate company;</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 7.&#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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 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 8.&#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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 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 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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<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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</DIV>
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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>

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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;">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>

<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 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>

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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
XIV</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;">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>

<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;">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" style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><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;">24</font><font style="display:none;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;letter-spacing:0pt;"></font></font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;letter-spacing:0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial,sans-serif style="text-underline:none;"><font style=""><font color=black face=Arial,sans-serif style="font-size:7.5pt;font-style:normal;font-weight:normal;text-decoration:none;text-transform:none;">301357024 v2</font></font></font><font style=""></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>

<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;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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<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>3
<FILENAME>exhibit77cliberty2017shareho.htm
<TEXT>

<HTML>
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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:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">Item 77C: Submission of Matters to a Vote of Security Holders</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">Shareholder Meeting Results</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">On August 24, 2017, the Annual Meeting of Shareholders of the Fund
was held to elect two Trustees and</font><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;"> </font><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">to consider a shareholder proposal.&#160; On June 12, 2017, the record
date for the meeting, the Fund had outstanding 190,661,201shares 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:0in;text-align:justify;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="width:100.0%;">
 <tr>
  <td colspan=2 valign=top width=82% style="padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">Proposal
  1 &#8211; To elect two Trustees:</font></b></p>
  </td>
 <td valign=top width=18% style="padding:1.5pt 1.5pt 1.5pt 1.5pt;">&nbsp;</td>
 </tr>
<tr>
  <td valign=top width=65% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">Nominee</font></b></p>
  </td>
 <td valign=top width=17% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">For</font></b></p>
  </td>
 <td valign=top width=18% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">Against/Withheld</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=65% style="background:gainsboro;border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:9.0pt;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">Thomas W. Brock</font></p>
  </td>
 <td valign=top width=17% style="background:gainsboro;border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:115%;">143,884,004.146</font></p>
  </td>
 <td valign=top width=18% style="background:gainsboro;border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:115%;">&#160;&#160;&#160; 26,818,202.466</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=65% style="background:white;border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:9.0pt;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">George Gaspari</font></p>
  </td>
 <td valign=bottom width=17% style="background:white;border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">143,727,688.298</font></p>
  </td>
 <td valign=bottom width=18% style="background:white;border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:10.85pt;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">26,974,518.314</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">Proposal 3 &#8211; Shareholder Proposal:</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="width:100.0%;">
 <tr>
  <td valign=top width=25% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">For</font></b></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">Against/Withheld</font></b></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">Abstain</font></b></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">Broker Non-Votes</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="background:gainsboro;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">34,712,284.341</font></p>
  </td>
 <td valign=top width=25% style="background:gainsboro;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">67,547,452.608</font></p>
  </td>
 <td valign=top width=25% style="background:gainsboro;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">4,627,432.663</font></p>
  </td>
 <td valign=top width=25% style="background:gainsboro;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">63,815,037.000</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>4
<FILENAME>libertyequity77b.htm
<TEXT>

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<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=verdana,sans-serif lang=EN-US style="font-size:8.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=verdana,sans-serif lang=EN-US style="font-size:8.0pt;">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=verdana,sans-serif lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">To
the Shareholders and Board of Directors of Liberty All-Star&#174; Equity Fund</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">In planning and performing our audits of the financial statements of Liberty All-Star&#174; Equity Fund (the &#8220;Fund&#8221;), as of and for the year ended December 31, 2017, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund&#8217;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">The
management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. A fund&#8217;s internal control
over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles. A fund&#8217;s internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the fund; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the fund are
being made only in accordance with authorizations of management and directors
of the fund; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of a fund&#8217;s assets
that could have a material effect on the financial statements.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">A
deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the fund&#8217;s
annual or interim financial statements will not be prevented or detected on a
timely basis.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">Our
consideration of the Fund&#8217;s internal control over financial reporting was for
the limited purpose described in the first paragraph and would not necessarily
disclose all deficiencies in internal control that might be material weaknesses
under standards established by the PCAOB. However, we noted no deficiencies in
the Fund&#8217;s internal control over financial reporting and its operation,
including controls for safeguarding securities, that we consider to be a
material weakness, as defined above, as of December 31, 2017. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">This
report is intended solely for the information and use of management and the
Board of Directors of Liberty All-Star&#174; Equity Fund and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">DELOITTE &amp; TOUCHE LLP</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">Denver, Colorado</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">February 15, 2018</font></font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial,sans-serif style="display:none;"><font face=verdana,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></font></p>




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