<SEC-DOCUMENT>0001752724-21-049950.txt : 20210312
<SEC-HEADER>0001752724-21-049950.hdr.sgml : 20210312
<ACCEPTANCE-DATETIME>20210312112356
ACCESSION NUMBER:		0001752724-21-049950
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210312
DATE AS OF CHANGE:		20210312
EFFECTIVENESS DATE:		20210312

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:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		21736016

	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>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <investmentCompFileNo>811-04809</investmentCompFileNo>
      <registrantCik>0000799195</registrantCik>
      <registrantLei>549300DLV755RNHI1N92</registrantLei>
      <registrantstreet1>1290 Broadway</registrantstreet1>
      <registrantstreet2>Suite 1000</registrantstreet2>
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      <registrantzipCode>80203</registrantzipCode>
      <registrantstate>US-CO</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>303-623-2577</registrantphoneNumber>
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        <website webpage="www.all-starfunds.com"/>
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          <officeName>ALPS Fund Services, Inc.</officeName>
          <officeAddress1>1290 Broadway</officeAddress1>
          <officeAddress2>Suite 1000</officeAddress2>
          <officeCity>Denver</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CO"/>
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        <chiefComplianceOfficer>
          <ccoName>Matthew Sutula</ccoName>
          <crdNumber>000016853</crdNumber>
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          <ccoZipCode>80203</ccoZipCode>
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      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y">
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        <releaseNumberInfo releaseNumber="IC-27769"/>
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      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
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        <publicAccountant>
          <publicAccountantName>Deloitte &amp; Touche, LLP</publicAccountantName>
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      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <paymentDividendSeries isPaymentDividend="Y"/>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Liberty All Star Equity fund</mgmtInvFundName>
        <mgmtInvLei>549300DLV755RNHI1N92</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
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        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>State Street Bank &amp; Trust Company</securitiesAgentName>
            <securitiesAgentLei>571474TGEMMWANRLN572</securitiesAgentLei>
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            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
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        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
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        <netIncomeSecuritiesLending>182775.68</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
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          <investmentAdviser>
            <investmentAdviserName>ALPS Advisors, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-67135</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000134340</investmentAdviserCrdNo>
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            <principalName>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</principalName>
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          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>274885</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1357837062.79</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Common Stock</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="USA"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.5989</managementFee>
      <netOperatingExpenses>0.8689</netOperatingExpenses>
      <marketPricePerShare>6.90</marketPricePerShare>
      <netAssetValuePerShare>7.37</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
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      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
      <isMaterialAmendments>true</isMaterialAmendments>
      <isInstDefiningRights>false</isInstDefiningRights>
      <isNewOrAmendedInvAdvContracts>true</isNewOrAmendedInvAdvContracts>
      <isInfoItem405>true</isInfoItem405>
    </attachmentsTab>
    <signature registrantSignedName="Liberty All Star Equity Fund" signedDate="2020-12-31" signature="Jill Kerschen" title="Treasurer"/>
  </formData>
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</DOCUMENT>
<DOCUMENT>
<TYPE>ITEM 405 REG S-K
<SEQUENCE>2
<FILENAME>fp0063265_g1biv.htm
<DESCRIPTION>ITEM 405
<TEXT>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit to G.1b.iv Information called for by Item 405 of Regulation
S-K</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Section 16(a) Beneficial Ownership Reporting Compliance</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 16(a) of the 1934 Act and Section 30(h)
of the 1940 Act, and the rules thereunder, require the Fund&rsquo;s officers and Trustees, ALPS Advisors&rsquo; officers and directors,
affiliated persons of ALPS Advisors, and persons who beneficially own more than 10% of a registered class of the Fund&rsquo;s Common
Shares to file reports of ownership and changes in ownership with the SEC and the NYSE and to furnish the Fund with copies of all
Section 16(a) forms they file. Based solely on a review of the reports filed, the Fund believes that during fiscal year end on
December 31, 2020, all Section 16(a) filing requirements applicable to the Fund&rsquo;s officers, Trustees, ALPS Advisors&rsquo;
officers and directors, affiliated persons of ALPS Advisors and persons who beneficially own more than 10% of the Fund&rsquo;s
Common Shares were complied with, except for a statement of changes in beneficial ownership on Form 4 that was filed late for Mr.
Thomas Brock, a Trustee of the Fund.</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>fp0063265_g1aiii-usa.htm
<DESCRIPTION>INTERNAL CONTROL REPORT
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">To the Shareholders and Board of Trustees of Liberty All-Star<SUP>&reg;</SUP>
Equity Fund</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">In planning and performing our audit of the financial statements
of Liberty All-Star<SUP>&reg;</SUP> Equity Fund (the &ldquo;Fund&rdquo;), as of and for the year ended December 31, 2020, in accordance
with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund&rsquo;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-CEN, but not
for the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly,
we express no such opinion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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&rsquo;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&rsquo;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 trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of a fund&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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&rsquo;s
annual or interim financial statements will not be prevented or detected on a timely basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Our consideration of the Fund&rsquo;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&rsquo;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, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This report is intended solely for the information and use of management
and the Board of Trustees of Liberty All-Star<SUP>&reg;</SUP> 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">DELOITTE &amp; TOUCHE LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Denver, Colorado</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">February 25, 2021</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>4
<FILENAME>fp0063265_g1bi-equity.htm
<DESCRIPTION>MATERIAL AMENDMENTS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amended and Restated</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">BY-LAWS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">LIBERTY ALL-STAR EQUITY FUND</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">As amended through June 4, 2020</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE I</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The terms &ldquo;Commission,&rdquo; &ldquo;Custodian,&rdquo; &ldquo;Declaration,&rdquo;
&ldquo;Distributor,&rdquo; &ldquo;Investment Adviser,&rdquo; &ldquo;Majority Shareholder Vote,&rdquo; &ldquo;1940 Act,&rdquo; &ldquo;Shareholder,&rdquo;
&ldquo;Shares,&rdquo; &ldquo;Transfer Agent,&rdquo; &ldquo;Trust,&rdquo; &ldquo;Trust Property,&rdquo; and &ldquo;Trustees&rdquo;
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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&ldquo;Continuing Trustee&rdquo; 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 &ldquo;affiliated person&rdquo; (as defined in Section 2(a)(3) of the 1940 Act) of an Interested Party,
(2) has been a Trustee since the Trust&rsquo;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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&ldquo;Interested Party&rdquo; shall mean any person, other than
an investment company advised by the Trust&rsquo;s investment adviser or any of its &ldquo;affiliated persons&rdquo; (as defined
in Section 2(a)(3) of the 1940 Act), that enters, or proposes to enter, into with the Trust: (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 STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT> for cash,
except as part of an offering in which the Principal Shareholder has no special right to participate as compared to (a) other holders
of the same class or series of shares, or (b) investors generally; (3) the 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><SUP>1</SUP> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term
&ldquo;Principal Shareholder&rdquo; 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. 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 &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; (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 &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE II</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1. <U>Principal Office</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2. <U>Other Offices</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">ARTICLE III</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1. <U>Meetings</U>. 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. 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.
A quorum, once established at a meeting, shall not be broken by the withdrawal of enough votes to leave less than a quorum. A majority
of the Board of Trustees, including a majority of the Continuing Trustees, has the sole power to fix the means of remote communication,
if any, by which shareholders and proxy holders may be considered present in person and may vote at the meeting</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2. <U>Special Meetings</U>. At any time
in the interval between annual meetings, special meetings of Shareholders may be called by at least a majority of the Trustees
and two-thirds of the Continuing Trustees and shall be called by any Trustee upon written request of Shareholders holding in the
aggregate no less than two-thirds of the outstanding Shares having voting rights, provided that (1) such request shall state the
purposes of such meeting and the matters proposed to be acted on, and (2) the Shareholders requesting such meeting shall have paid
to the Trust the reasonably estimated cost of preparing and mailing the notice thereof, which the Secretary shall determine and
specify to such Shareholders. 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. The Chairman 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. A majority of
the Board of Trustees, including a majority of the Continuing Trustees, has the sole power to fix the means of remote communication,
if any, by which shareholders and proxy holders may be considered present in person and may vote at the meeting</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 3. <U>Notice of Meetings</U>. 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. Except as otherwise required by law, only the business
stated in the notice of the meeting shall be considered at such meeting; <I>provided that</I>, 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 4. <U>Requirement to Appear at Meeting</U>.
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. 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.Section 5. <U>Required
Compliance with Exchange Act</U>. 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)).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 6. <U>Adjournment</U>. 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. 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. A meeting of Shareholders may not be adjourned to a date more than 120 days after the original record
date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 7. <U>Record Date for Meeting</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 8. <U>Proxies</U>. 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. 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. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and
fractional Shares shall be entitled to a vote of such fraction. 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. 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. 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. The placing of a Shareholder&rsquo;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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 9. <U>Organization</U>. At every meeting
of Shareholders, an officer or a person designated by an officer of the Trust shall act as Chairman of the meeting. The Secretary,
or in the Secretary&rsquo;s absence or inability to act, a person appointed by the Chairman of the meeting, shall act as secretary
of the meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">Section 10. <U>Order
of Business</U>. The order of business at all meetings of Shareholders shall be as determined by the Chairman of the meeting.
The Chairman of the meeting may prescribe such rules, regulations, and procedures and take such action as, in the discretion of
such Chairman, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting 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 Chairman of the meeting may determine;
(c) limiting participation at the meeting on any matter to Shareholders of record of the Trust entitled to vote on such matter,
their duly authorized proxies and other such individuals as the Chairman 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 Chairman of the meeting; (h) concluding a meeting or
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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 11. <U>Advance Notice of Shareholder
Nominees for Trustee</U>. 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. To be timely, a Shareholder&rsquo;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&rsquo;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&rsquo;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. The public announcement of a postponement or adjournment of a meeting shall
not commence a new time period for the giving of a Shareholder&rsquo;s notice as described above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">A Shareholder&rsquo;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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>the name, age, business address, residence address, and principal occupation of any individual(s) being nominated (a &ldquo;Proposed
Nominee&rdquo;) and each individual who has a Disclosable Relationship with such Proposed Nominee (&ldquo;Proposed Nominee Associate&rdquo;);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>a description of all agreements, arrangements, or understandings (whether written or oral) between such Proposed Nominee and
any Proposed 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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>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);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>a representation as to whether such Proposed Nominee is believed to be an &ldquo;interested person&rdquo; 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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>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&rsquo;s proxy statements pursuant to Rule 14a-8 under the Securities Exchange Act
of 1934, as amended (&ldquo;Exchange Act&rdquo;), 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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>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 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);</TD></TR></TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD>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&rsquo;s share ledger and current name and address, if different;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD>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&rsquo;s notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD>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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD>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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xii)</TD><TD>such Proposed Nominee&rsquo;s written consent to being named as a nominee and to serving as a Trustee if elected;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xiii)</TD><TD>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 (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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(xiv)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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
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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Chairman of the meeting may refuse to acknowledge
a nomination by any Shareholder that is not made in compliance with the foregoing procedures. Any determination by the Chairman
that the Shareholder nomination is not in compliance shall be binding on all parties absent manifest error. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For purposes of this Section 11 and Section
12 below, &ldquo;Shareholder Associated Person&rdquo; 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 &ldquo;group&rdquo; 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).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 12. <U>Advance Notice of Shareholder
Proposals</U>. 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. 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. 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&rsquo;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&rsquo;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.
The public announcement of a postponement or adjournment of a meeting shall not commence a new time period for the giving of a
Shareholder&rsquo;s notice as described above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each such notice shall set forth:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>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&rsquo;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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>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);</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; font: 9pt Times New Roman, Times, Serif; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>the name, age, business address, residence address, and principal occupation of the Shareholder and the Shareholder Associated
Person as they appear on the Trust&rsquo;s share ledger and current name and address, if different;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>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&rsquo;s notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>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;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD>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</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD>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.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. 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. 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 12.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Chairman of the meeting may refuse to acknowledge
the introduction of any Shareholder proposal not made in compliance with the foregoing procedure. Any determination by the Chairman
that the Shareholder proposal is not in compliance shall be binding on all parties absent manifest error. 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. 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&rsquo;s proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 13. <U>Inspection of Records</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 14. <U>Required Vote</U>. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1. <U>Meetings of the Trustees</U>.
The Trustees may in their discretion provide for regular or stated meetings of the Trustees. Notice of regular or stated meetings
need not be given. 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. 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. 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. Such notice may, however, be waived by any Trustee. 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. A waiver of notice need not specify the purpose
of any meeting. The Trustees may meet by means of a telephone conference circuit or similar communications equipment by means of
which all persons participating in the meeting can hear each other, which telephone conference meeting shall be deemed to have
been held at a place designated by the Trustees at the meeting. Unless provided otherwise by statute or regulation, participation
in a telephone conference meeting shall constitute presence in person at such meeting. 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&rsquo; meetings. Such consents shall be treated
as a vote for all purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2. <U>Quorum and Manner of Acting</U>.
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.
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. Notice of an adjourned meeting need not be given.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 3. <U>Chairman of the Board</U>. The
Board of Trustees shall appoint a Chairman of the Board from among the Trustees who are not &ldquo;interested persons&rdquo; of
the Trust (as defined in Section 2(a)(19) of the 1940 Act). 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. The Chairman of the Board shall preside at all meetings of the
Board of Trustees at which he or she is present. 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. 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. The Chairman of the Board may resign
at any time by giving written notice to the Board of Trustees. 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. The Chairman of the Board may be removed by the Board of Trustees with or without cause at any time.
A vacancy in the office of Chairman of the Board may be filled by the vote of the Board of Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 4. <U>Non-Disclosure Agreement</U>.
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&rsquo;s capacity as a Trustee of the Trust to be held confidential.Section 5. <U>Requirement
to Adhere to Trust Policies</U>. 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. Failure to adhere to any policies shall constitute grounds for
the removal of the Trustee for &ldquo;Cause&rdquo; as provided in Section 2.2 of the Declaration. Section 6. <U>Qualification</U>.
Subject to the provisions of the Declaration, these By-Laws, and except as otherwise required by applicable law, only persons satisfying
the following qualification requirements applicable to all trustees may be nominated, elected, appointed, qualified, or seated
(&ldquo;nominated or seated&rdquo;) 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&rsquo;s service providers and the Board of Trustees:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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&rsquo;s investment adviser), or (B) an entity controlling or controlled by any investment adviser (other than the Trust&rsquo;s
investment adviser or any investment adviser in a control relationship with the Trust&rsquo;s investment adviser or any person
in a control relationship with any of the foregoing);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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&rsquo;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 (&ldquo;SEC&rdquo;) 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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(v) An individual nominated or seated as a trustee
shall not be and shall not have been the subject of any of the ineligibility provisions contained in Section 9(a) of the 1940 Act
that would result in, or could have reasonably been expected or would reasonably be expected to result in, such individual or a
company of which such individual is an affiliated person (as defined in Section 2(a)(3) of the 1940 Act) being ineligible, in the
absence of an exemptive order under Section 9(c) of the 1940 Act, to serve or act in the capacity of employee, officer, director,
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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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&rsquo;s investment adviser, any investment adviser in a control relationship with the Fund&rsquo;s
investment adviser, or any person in a control relationship with any of the foregoing, a &ldquo;5% Holder&rdquo;) and shall not
have a disclosure relationship with a 5% Holder;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 7. <U>Removal of Trustees</U>. As provided
by the Declaration, any Trustee may be removed (provided the aggregate number of Trustees after such removal shall not be less
than the number required by the Declaration) with cause, at any time by written instrument, signed by at least two-thirds of the
remaining Trustees, specifying the date when such removal shall become effective. For the purpose of this paragraph, &ldquo;cause&rdquo;
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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 8. <U>No Fiduciary Duty</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE V</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">COMMITTEES AND ADVISORY BOARD</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1. <U>Executive and Other Committees</U>.
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. 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. The Trustees may designate
a Chairman of any such Committee. In the absence of such designation the Committee may elect its own Chairman.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2. <U>Meeting, Quorum, and Manner of
Acting</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 3. <U>Advisory Board</U>. The Trustees
may appoint an Advisory Board to consist in the first instance of not less than three (3) members. Members of such Advisory Board
shall not be Trustees or officers and need not be Shareholders. Members of this Board shall hold office for such period as the
Trustees may by resolution provide. 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. 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. Such Advisory Board shall
meet at such times and upon such notice as the Trustees may by resolution provide.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VI</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1. <U>Number and Qualifications</U>.
The Trust shall have a President, a Treasurer, and a Secretary, each of whom shall be elected by the Board of Trustees. The Board
of Trustees may also elect or appoint any other officers and agents it deems necessary or proper. 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. 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. Other elected officers are elected by the Trustees.
Assistant officers may be appointed by the elected officers. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2. <U>Resignations</U>. 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. 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. The acceptance of a resignation shall not be
necessary to make it effective unless otherwise stated in the resignation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 3. <U>Removal of Officer, Agent or Employee</U>.
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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 4. <U>Vacancies</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 5. <U>Compensation</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 6. <U>Bonds or Other Security</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 7. <U>President</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 8. <U>Vice President</U>. 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.
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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 9. <U>Treasurer</U>. The Treasurer shall
be the principal financial and accounting officer of the Trust. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 10. <U>Assistant Treasurers</U>. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 11. <U>Secretary</U>. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 12. <U>Assistant Secretaries</U>. 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 Secretary. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 13. <U>Delegation of Duties</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FISCAL YEAR</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE VIII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE IX</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">WAIVERS OF NOTICE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE X</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1. <U>Appointment and Duties</U>. 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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
hold the securities owned by the Trust and deliver the same upon written order;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
disburse such funds upon orders or vouchers;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2. <U>Central Certificate System</U>.
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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 3. <U>Acceptance of Receipts in Lieu
of Certificates</U>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 4. <U>Provisions of Custodian Contract</U>.
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:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a) 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 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 &ldquo;street delivery&rdquo;
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. 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. 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&rsquo;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&rsquo;s obligation to sell and the seller&rsquo;s obligation to repurchase such securities. In such case, the securities shall
be held in the custody of the special custodian. In connection with the Trust&rsquo;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&rsquo;s
custodian account in order to furnish to and maintain funds with brokers as margin to guarantee the performance of the Trust&rsquo;s
futures obligations in accordance with the applicable requirements of commodities exchanges and brokers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XI</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">SALES OF SHARES OF THE TRUST</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1. <U>Sales of Shares</U>. (a) 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. The Shares,
including additional Shares that may have been purchased by the Trust (herein sometimes referred to as &ldquo;treasury shares&rdquo;),
may not be sold at less than the net asset 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) No Shares need be offered to existing Shareholders
before being offered to others. 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.
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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2. <U>Share Certificates</U>. 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. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 3. <U>Uncertificated Shares</U>. The
Board of Trustees may authorize the issuance of uncertificated securities if permitted by law. 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. Such surrender and cancellation shall not affect the ownership of
Shares of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">DIVIDENDS AND DISTRIBUTIONS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1. <U>Limitations on Distributions</U>.
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 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. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2. <U>Distributions Payable in Cash
or Shares</U>. 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. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 3. <U>Stock Dividends</U>. Anything
in these By-Laws to the contrary notwithstanding, the Trustees may at any time declare and distribute pro rata among the Shareholders
a &ldquo;stock dividend&rdquo; out of either authorized but unissued Shares or treasury Shares or both.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XIII</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 1. <U>Direct Claims</U>. As used herein,
a &ldquo;direct&rdquo; Shareholder claim shall refer to (i) a claim based upon alleged violations of a Shareholder&rsquo;s individual
rights independent of any harm to the Trust or the Shareholders generally, including a Shareholder&rsquo;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. 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 &ldquo;derivative&rdquo; claim as used herein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 2. <U>Derivative Claims</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a) 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; color: red">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b) 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. 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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; color: red">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(c) Any written demand
shall be mailed to the Secretary of the Trust at the Trust&rsquo;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;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(d) 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 &ldquo;interested
person&rdquo; 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XIV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE XV</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">END OF BY-LAWS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>5
<FILENAME>fp0063265_g1biii.htm
<DESCRIPTION>ADVISORY CONTRACTS
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIBERTY ALL-STAR<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>&reg;</SUP></FONT>
EQUITY FUND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PORTFOLIO MANAGEMENT AGREEMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FIDUCIARY MANAGEMENT, INC.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">June 15, 2020</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Re: <U>Portfolio Management Agreement</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">Liberty All-Star Equity
Fund (the &ldquo;Fund&rdquo;) is a diversified closed-end investment company registered under the Investment Company Act of 1940,
as amended (the &ldquo;Act&rdquo;), and is subject to the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">ALPS Advisors, Inc. (the
&ldquo;Fund Manager&rdquo;) evaluates and recommends portfolio managers for managing the assets of the Fund, and the Fund Manager
or an affiliate of the Fund Manager is responsible for the day-to-day administration of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">1. <U>Employment as a Portfolio
Manager.</U> The Fund, being duly authorized, hereby employs Fiduciary Management, Inc. (&ldquo;Portfolio Manager&rdquo;) as a
discretionary portfolio manager, on the terms and conditions set forth herein, of that portion of the Fund&rsquo;s assets which
the Fund Manager determines to assign to the Portfolio Manager (those assets being referred to as the &ldquo;Portfolio Manager
Account&rdquo;). The Fund Manager may, from time to time, allocate and reallocate the Fund&rsquo;s assets among the Portfolio Manager
and the other portfolio managers of the Fund&rsquo;s assets. The Portfolio Manager will be an independent contractor and will have
no authority to act for or represent the Fund or the Fund Manager in any way or otherwise be deemed to be an agent of the Fund
or the Fund Manager except as expressly authorized in this Agreement or in another writing by the Fund Manager and the Portfolio
Manager. The Portfolio Manager&rsquo;s responsibilities for providing portfolio management services to the Fund shall be limited
to the Portfolio Manager Account.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">2. <U>Acceptance of Employment;
Standard of Performance.</U> The Portfolio Manager accepts its employment as a discretionary portfolio manager and agrees to use
its best professional judgment to make timely investment decisions for the Portfolio Manager Account in accordance with the provisions
of this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">3. <U>Portfolio Management
Services of Portfolio Manager.</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
providing portfolio management services to the Portfolio Manager Account, the Portfolio Manager shall be subject to the Fund&rsquo;s
Declaration of Trust and By-Laws, as amended from time to time, investment objectives, policies and restrictions of the Fund as
set forth in its Prospectus and Statement of Additional Information, as the same may be modified from time to time (together, the
&ldquo;Prospectus&rdquo;), the investment objectives, policies and restrictions of the Fund as determined from time to time by
the Board of Trustees, and the investment and other restrictions set forth in the Act and the rules and regulations thereunder,
to the supervision and control of the Board of Trustees of the Fund, and to instructions from the Fund Manager. The Portfolio Manager
shall not, without the prior approval of the Fund or the Fund Manager, effect any transactions that would cause the Portfolio Manager
Account, treated as a separate fund, to be out of compliance with any of such restrictions or policies. The Portfolio Manager shall
not consult with any other portfolio manager of the Fund concerning transactions for the Fund in securities or other assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of the services it will provide hereunder, the Portfolio Manager will:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">formulate and implement a continuous investment program for the Portfolio Manager Account;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">take whatever steps are necessary to implement the investment program for the Portfolio Manager
Account by arranging for the purchase and sale of securities and other investments;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">keep the Fund Manager and the Board of Trustees of the Fund fully informed in writing on an ongoing
basis, as agreed by the Fund Manager and the Portfolio Manager, of all material facts concerning the investment and reinvestment
of the assets in the Portfolio Manager Account, the Portfolio Manager and its key investment personnel and operations; make regular
and periodic special written reports of such additional information concerning the same as may reasonably be requested from time
to time by the Fund Manager or the Trustees of the Fund; attend meetings with the Fund Manager and/or Trustees, as reasonably requested,
to discuss the foregoing and such other matters as may be requested by the Fund Manager or Trustees;</TD></TR></TABLE>

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

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">in accordance with procedures and methods established by the Trustees of the Fund, which may be
amended from time to time, provide assistance in determining the fair value of all securities and other investments/assets in the
Portfolio Manager Account, as necessary, and use reasonable efforts to arrange for the provision of valuation information or a
price(s) from a party(ies) independent of the Portfolio Manager for each security or other investment/asset in the Portfolio Manager
Account for which market prices are not readily available; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">cooperate with and provide reasonable assistance to the Fund Manager, the Fund&rsquo;s administrator,
custodian, transfer agent and pricing agents and all other agents and representatives of the Fund and the Fund Manager; keep all
such persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to
the Fund and the Fund Manager; provide prompt responses to reasonable requests made by such persons; and maintain any appropriate
interfaces with each so as to promote the efficient exchange of information.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">4. <U>Transaction Procedures.</U>
All portfolio transactions for the Portfolio Manager Account will be consummated by payment to or delivery by the custodian of
the Fund (the &ldquo;Custodian&rdquo;), or such depositories or agents as may be designated by the Custodian in writing, as custodian
for the Fund, of all cash and/or securities due to or from the Portfolio Manager Account, and the Portfolio Manager shall not have
possession or custody thereof or any responsibility or liability with respect to such custody. The Portfolio Manager shall advise
and confirm in writing to the Custodian all investment orders for the Portfolio Manager Account placed by it with brokers and dealers
at the time. The Fund shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of
any transaction initiated by the Portfolio Manager. The Fund shall be responsible for all custodial arrangements and the payment
of all custodial charges and fees, and, upon giving proper instructions to the Custodian, the Portfolio Manager shall have no responsibility
or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">5. <U>Allocation of Brokerage.</U>
The Portfolio Manager shall have authority and discretion to select brokers and dealers to execute portfolio transactions initiated
by the Portfolio Manager for the Portfolio Manager Account, and to select the markets on or in which the transaction will be executed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">A. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
doing so, the Portfolio Manager&rsquo;s primary responsibility shall be to seek to obtain best net price and execution for the
Fund. However, this responsibility shall not obligate the Portfolio Manager to solicit competitive bids for each transaction or
to seek the lowest available commission cost to the Fund, so long as the Portfolio Manager reasonably believes that the broker
or dealer selected by it can be expected to obtain a &ldquo;best execution&rdquo; market price on the particular transaction and
determines in good faith that the commission cost is reasonable in relation to the value of the brokerage and research services
(as defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by such broker or dealer to the Portfolio Manager
viewed in terms of either that particular transaction or of the Portfolio Manager&rsquo;s overall responsibilities with respect
to its clients, including the Fund, as to which the Portfolio Manager exercises investment discretion, notwithstanding that the
Fund may not be the direct or exclusive beneficiary of any such services or that another broker may be willing to charge the Fund
a lower commission on the particular transaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the requirements of paragraph A above, the Fund Manager shall have the right to request that transactions giving rise to brokerage
commissions, in an amount to be agreed upon by the Fund Manager and the Portfolio Manager, shall be executed by brokers and dealers
that provide brokerage or research services to the Fund Manager, or as to which an on-going relationship will be of value to the
Fund in the management of its assets, which services and relationship may, but need not, be of direct benefit to the Portfolio
Manager Account. Notwithstanding any other provision of this Agreement, the Portfolio Manager shall not be responsible under paragraph
A above with respect to transactions executed through any such broker or dealer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">C. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Portfolio Manager shall not execute any portfolio transactions for the Portfolio Manager Account with a broker or dealer which
is an &ldquo;affiliated person&rdquo; (as defined in the Act) of the Fund, the Portfolio Manager or any other portfolio manager
of the Fund without the prior written approval of the Fund. The Fund Manager will provide the Portfolio Manager with a list of
brokers and dealers which are &ldquo;affiliated persons&rdquo; of the Fund or its portfolio managers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">6.&nbsp;<U>Proxies.</U> The
Fund Manager will vote all proxies solicited by or with respect to the issuers of securities in which assets of the Portfolio Manager
Account may be invested from time to time in accordance with such policies as shall be determined by the Fund Manager, and reviewed
and approved by the Board of Trustees. Upon the written request of the Fund Manager, the Portfolio Manager will vote all proxies
solicited by or with respect to the issuers of securities in which assets of the Portfolio Manager Account may be invested from
time to time in accordance with such policies as shall be determined by the Fund Manager, and reviewed and approved by the Board
of Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">7.<U>Fees for Services.
</U>The compensation of the Portfolio Manager for its services under this Agreement shall be calculated and paid by the Fund Manager
in accordance with the attached Schedule A. Pursuant to the Fund Management Agreement between the Fund and the Fund Manager, the
Fund Manager is solely responsible for the payment of fees to the Portfolio Manager, and the Portfolio Manager agrees to seek
payment of its fees solely from the Fund Manager.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">8.<U>Other Investment
Activities of Portfolio Manager.</U> The Fund acknowledges that the Portfolio Manager or one or more of its affiliates has investment
responsibilities, renders investment advice to and performs other investment advisory services for other individuals or entities
(&ldquo;Client Accounts&rdquo;), and that the Portfolio Manager, its affiliates or any of its or their directors, officers, agents
or employees may buy, sell or trade in any securities for its or their respective accounts (&ldquo;Affiliated Accounts&rdquo;).
Subject to the provisions of paragraph 2 hereof, the Fund agrees that the Portfolio Manager or its affiliates may give advice or
exercise investment responsibility and take such other action with respect to other Client Accounts and Affiliated Accounts which
may differ from the advice given or the timing or nature of action taken with respect to the Portfolio Manager Account, provided
that the Portfolio Manager acts in good faith, and provided further, that it is the Portfolio Manager&rsquo;s policy to allocate,
within its reasonable discretion, investment opportunities to the Portfolio Manager Account over a period of time on a fair and
equitable basis relative to the Client Accounts and the Affiliated Accounts, taking into account the cash position and the investment
objectives and policies of the Fund and any specific investment restrictions applicable thereto. The Fund acknowledges that one
or more Client Accounts and Affiliated Accounts may at any time hold, acquire, increase, decrease, dispose of or otherwise deal
with positions in investments in which the Portfolio Manager Account may have an interest from time to time, whether in transactions
which involve the Portfolio Manager Account or otherwise. The Portfolio Manager shall have no obligation to acquire for the Portfolio
Manager Account a position in any investment which any Client Account or Affiliated Account may acquire, and the Fund shall have
no first refusal, co-investment or other rights in respect of any such investment, either for the Portfolio Manager Account or
otherwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">9. <U>Limitation of Liability.</U>
The Portfolio Manager shall not be liable for any action taken, omitted or suffered to be taken by it in its reasonable judgment,
in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by
this Agreement, or in accordance with (or in the absence of) specific directions or instructions from the Fund, provided, however,
that such acts or omissions shall not have resulted from the Portfolio Manager&rsquo;s willful misfeasance, bad faith or gross
negligence, a violation of the standard of care established by and applicable to the Portfolio Manager in its actions under this
Agreement or breach of its duty or of its obligations hereunder (provided, however, that the foregoing shall not be construed to
protect the Portfolio Manager from liability in violation of Section 17(i) of the Act). Except as may otherwise be provided by
the Act or any other federal securities law, the Portfolio Manager shall indemnify and hold harmless the Fund Manager and the Fund,
and their officers and employees, consultants, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Act)
and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) (collectively, the &ldquo;Fund
Indemnitees&rdquo;) against any and all losses, claims, damages, liabilities, or litigation (including reasonable legal and other
expenses) to which any of the Fund Indemnitees may become subject at common law or otherwise, arising out of the Portfolio Manager&rsquo;s
action or inaction or based on this Agreement; provided however, the Portfolio Manager shall not indemnify or hold harmless the
Fund Indemnitees for any losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) due
to (i) any breach by the Fund or the Trust of a Fund representation or warranty made herein, or (ii) any willful misconduct, fraud,
reckless disregard or gross negligence of the Fund or the Trust in the performance of any of their duties or obligations hereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">10. <U>Confidentiality.</U>
Subject to the duty of the Portfolio Manager, the Fund Manager and the Fund to comply with applicable law, including any demand
of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential all information pertaining
to the Portfolio Manager Account and the actions of the Portfolio Manager and the Fund in respect thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">11. <U>Assignment.</U>
This Agreement shall terminate automatically in the event of its assignment, as that term is defined in Section 2(a)(4) of the
Act. The Portfolio Manager shall notify the Fund in writing sufficiently in advance of any proposed change of control, as defined
in Section 2(a)(9) of the Act, as will enable the Fund to consider whether an assignment as defined in Section 2(a)(4) of the Act
will occur, and whether to take the steps necessary to enter into a new contract with the Portfolio Manager. Should the Fund enter
into a new contract with the Portfolio Manager in connection with an assignment, the Portfolio Manager agrees to pay all costs
and expenses incurred by the Fund to obtain shareholder approval of the new contract, including costs associated with the preparation
and mailing of the Fund&rsquo;s proxy statement and shareholder meeting and proxy solicitation fees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">12. <U>Representations,
Warranties and Agreements of the Fund.</U> The Fund represents, warrants and agrees that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">A. The Portfolio
Manager has been duly appointed to provide investment services to the Portfolio Manager Account as contemplated hereby.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">B. The Fund will
deliver to the Portfolio Manager a true and complete copy of its then current Prospectus as effective from time to time and such
other documents governing the investment of the Portfolio Manager Account and such other information as is necessary for the Portfolio
Manager to carry out its obligations under this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">13. <U>Representations,
Warranties and Agreements of the Portfolio Manager.</U> The Portfolio Manager represents, warrants and agrees that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">A. It is registered
as an &ldquo;investment adviser&rdquo; under the Investment Advisers Act of 1940, as amended (&ldquo;Advisers Act&rdquo;) and will
continue to be so registered for as long as this Agreement remains in effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">B. It will maintain,
keep current and preserve on behalf of the Fund, in the manner required or permitted by the Act and the rules and regulations thereunder,
the records required to be so kept by an investment adviser of the Fund in accordance with applicable law. The Portfolio Manager
agrees that such records are the property of the Fund, and will be surrendered to the Fund promptly upon request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">C. It has adopted
a written code of ethics complying with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Act and
will provide the Fund Manager and the Board of Trustees with a copy of its code of ethics and evidence of its adoption. Within
45 days of the end of each year while this Agreement is in effect, or at any other time requested by the Fund Manager, an officer,
director or general partner of the Portfolio Manager shall certify to the Fund that the Portfolio Manager has complied with the
requirements of Rule 17j-1 and Rule 204A-1 during the previous year and that there has been no material violation of its code of
ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. It will promptly
notify the Fund Manager of any material change to its code of ethics or material violation of its code of ethics.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">D. Upon request,
the Portfolio Manager will promptly supply the Fund with any information concerning the Portfolio Manager and its stockholders,
partners, employees and affiliates that the Fund may reasonably request in connection with the preparation of its registration
statement (as amended from time to time), prospectus and statement of additional information (as supplemented and modified from
time to time), proxy material, reports and other documents required to be filed under the Act, the Securities Act of 1933, or other
applicable securities laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">E. Reference is
hereby made to the Declaration of Trust dated August 20, 1986 establishing the Fund, a copy of which has been filed with the Secretary
of the Commonwealth of Massachusetts and elsewhere as required by law, and to any and all amendments thereto so filed or hereafter
filed. The name Liberty All-Star Equity Fund refers to the Board of Trustees under said Declaration of Trust, as Trustees and not
to the Trustees personally, and no Trustee, shareholder, officer, agent or employee of the Fund shall be held to any personal liability
hereunder or in connection with the affairs of the Fund, but only the trust estate under said Declaration of Trust is liable under
this Agreement. Without limiting the generality of the foregoing, neither the Portfolio Manager nor any of its officers, directors,
partners, shareholders, agents or employees shall, under any circumstances, have recourse or cause or willingly permit recourse
to be had directly or indirectly to any personal, statutory, or other liability of any shareholder, Trustee, officer, agent or
employee of the Fund or of any successor of the Fund, whether such liability now exists or is hereafter incurred for claims against
the trust estate, but shall look for payment solely to said trust estate, or the assets of such successor of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">F.&nbsp;The
Portfolio Manager shall maintain and implement compliance procedures that are reasonably designed to ensure its compliance with
Rule 206(4)-7 of the Advisers Act and to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 under the
Act).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">G.&nbsp;The
Portfolio Manager will: (i) on the cover page of each Form 13F that the Portfolio Manager files with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;), check the &ldquo;13F Combination Report&rdquo; box and on the Form 13F Summary Page identify
&ldquo;ALPS Advisors, Inc.&rdquo; as another manager for which the Portfolio Manager is filing the Form 13F report; (ii) within
60 days after the end of each calendar year, provide the Fund Manager with a certification that the Portfolio Manager&rsquo;s Form
13F was filed with the SEC on a timely basis and included all of the securities required to be reported by the SEC; (iii) within
60 days after the end of each calendar year, provide to the Fund Manager a copy of each Form 13F, or amendment to a Form 13F filed
by it during the prior four quarters; and (iv) promptly notify the Fund Manager in the event the Portfolio Manager determines that
it has failed to comply with Section 13(f) in a material respect, or receives a comment letter from the SEC raising a question
with respect to compliance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">H.&nbsp;The
Portfolio Manager has adopted written compliance policies and procedures reasonably designed to prevent violations of the Advisers
Act and the rules promulgated thereunder and the Portfolio Manager agrees to provide: (a) from time to time, a copy and/or summary
of such compliance policies and procedures and an accompanying certification certifying that the Portfolio Manager&rsquo;s compliance
policies and procedures comply with the Advisers Act; (b) a report of the annual review determining the adequacy and effectiveness
of the Portfolio Manager&rsquo;s compliance policies and procedures; and (c) the name of the Portfolio Manager&rsquo;s Chief Compliance
Officer to act as a liaison for compliance matters that may arise between the Fund and the Portfolio Manager.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">I.&nbsp;The
Portfolio Manager will notify the Fund and the Fund Manager of any assignment of this Agreement or change of control of the Portfolio
Manager, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Portfolio Manager Account
or senior management of the Portfolio Manager, in each case prior to or promptly after, such change. The Portfolio Manager agrees
to bear all costs and expenses of the Fund, if any, arising out of an assignment or change in control.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">J.&nbsp;The
Portfolio Manager agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">14. <U>Amendment.</U> This
Agreement may be amended at any time, but only by written agreement among the Portfolio Manager, the Fund Manager and the Fund,
which amendment, other than amendments to Schedule A, is subject to the approval of the Board of Trustees and the shareholders
of the Fund as and to the extent required by the Act, the rules thereunder or exemptive relief granted by the SEC, provided that
Schedule A may be amended by the Fund Manager without the written agreement of the Fund or the Portfolio Manager.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">15. <U>Effective Date;
Term.</U> This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect
unless it has first been approved: (1) by a vote of a majority of the Trustees who are not &ldquo;interested persons&rdquo; (as
defined in the Act) of any party to this Agreement (&ldquo;Independent Trustees&rdquo;), cast in person at a meeting called for
the purpose of voting on such approval, and (ii) by vote of &ldquo;a majority of the outstanding voting securities&rdquo; (as defined
in the Act) of the Fund. This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter
provided such continuance is specifically approved at least annually by (i) the Fund&rsquo;s Board of Trustees or (ii) a vote of
a majority of the outstanding voting securities of the Fund, provided that in either event such continuance is also approved by
a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval.
If the SEC issues an order to the Fund and the Fund Manager for an exemption from Section 15(a) of the Act, then, in accordance
with the application of the Fund and the Fund Manager, the continuance of this Agreement after initial approval by the Trustees
as set forth above, shall be subject to approval by a majority of the outstanding voting securities of the Fund at the regularly
scheduled annual meeting of the Fund&rsquo;s shareholders next following the date of this Agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">16. <U>Termination.</U>
This Agreement may be terminated at any time by any party, without penalty, immediately upon written notice to the other parties
in the event of a breach of any provision thereof by a party so notified, or otherwise upon not less than thirty (30) days&rsquo;
written notice to the Portfolio Manager in the case of termination by the Fund or the Fund Manager, or ninety (90) days&rsquo;
written notice to the Fund and the Fund Manager in the case of termination by the Portfolio Manager, but any such termination shall
not affect the status, obligations or liabilities of any party hereto to the other parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">17. <U>Applicable Law.</U>
To the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted,
as the same may be amended from time to time, this Agreement shall be administered, construed and enforced according to the laws
of the Commonwealth of Massachusetts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">18. <U>Severability; Counterparts.</U>
If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder
of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and
each and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application
permitted by law. This Agreement may be executed in counterparts, each of which will be deemed an original and all of which together
will be deemed to be one and the same agreement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">19. <U>Use of Name</U>.
The Portfolio Manager agrees and acknowledges that the Fund Manager is the sole owner of the names and marks &ldquo;Liberty All-Star&rdquo;
and &ldquo;All-Star&rdquo;, and that all use of any designation comprised in whole or in part of these names and marks shall inure
to the benefit of the Fund Manager. Except as used to identify the Fund to third parties as a client, the use by the Portfolio
Manager on its own behalf of such marks in any advertisement or sales literature or other materials promoting the Portfolio Manager
shall be with the prior written consent of the Fund Manager. The Portfolio Manager shall not, without the consent of the Fund Manager,
make representations regarding the Fund or the Fund Manager in any disclosure document, advertisement or sales literature or other
materials promoting the Portfolio Manager. Consent by the Fund Manager shall not be unreasonably withheld. Upon termination of
this Agreement for any reason, the Portfolio Manager shall cease any and all use of these marks as soon as reasonably practicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in"><U>20. Notices</U>. All
notices and other communications hereunder shall be in writing, shall be deemed to have been given when received or when sent by
U.S. mail, overnight carrier or facsimile, and shall be given to the following addresses (or such other addresses as to which notice
is given):</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">To Fund Manager:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">ALPS Advisors, Inc.<BR>
1290 Broadway, Suite 1000<BR>
Denver, Colorado 80203<BR>
Attn: General Counsel<BR>
Phone: (303) 623-2577<BR>
Fax: (303) 623-7850</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">To the Portfolio Manager:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Name: Fiduciary Management, Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Address: 100 E. Wisconsin Avenue, #2200</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Milwaukee, Wisconsin 53202</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Attn:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Phone:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Fax:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"></TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">LIBERTY ALL-STAR<SUP>&reg;</SUP> EQUITY FUND</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 35%"></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Name:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">William R. Parmentier, Jr.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Title:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">President</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt; text-indent: -10pt">ALPS ADVISORS, INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Name:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Title:</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 135pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ACCEPTED:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">FIDUCIARY MANAGEMENT, INC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt; width: 35%"></TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Name:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Title:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIBERTY ALL-STAR</B><SUP>&reg;</SUP> <B>EQUITY
FUND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE A</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PORTFOLIO MANAGER FEE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">For
services provided to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th
</SUP>day of each calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous
calendar month at the annual rate of: 0.40% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage (as
hereinafter defined) times the Average Total Fund Net Assets (as hereinafter defined) up to $400 million; 0.36% of the amount
obtained by multiplying the Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding $400 million
up to and including $800 million; 0.324% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage times
the Average Total Fund Net Assets exceeding $800 million up to and including $1.2 billion; 0.292% of the amount obtained by multiplying
the Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding $1.2 billion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">&ldquo;Portfolio
Manager&rsquo;s Percentage&rdquo; means the percentage obtained by dividing (i) the average daily net asset values of the Portfolio
Manager Account during the preceding calendar month, by (ii) the Average Total Fund Net Assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in; text-align: justify">&ldquo;Average
Total Fund Net Assets&rdquo; means the average daily net asset values of the Fund as a whole during the preceding calendar month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The fee shall be pro-rated
for any month during which this Agreement is in effect for only a portion of the month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

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