<SEC-DOCUMENT>0001398344-19-022278.txt : 20200316
<SEC-HEADER>0001398344-19-022278.hdr.sgml : 20200316

<ACCEPTANCE-DATETIME>20191209161539

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001398344-19-022278

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		12

FILED AS OF DATE:		20191209

DATE AS OF CHANGE:		20200207


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			LIBERTY ALL STAR GROWTH FUND INC.

		CENTRAL INDEX KEY:			0000786035

		IRS NUMBER:				521452208

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-235418

		FILM NUMBER:		191275435



	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



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	LIBERTY ALL STAR GROWTH FUND INC /MD/

		DATE OF NAME CHANGE:	19960612



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	ALLMON CHARLES TRUST INC

		DATE OF NAME CHANGE:	19920703



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	GROWTH STOCK OUTLOOK TRUST INC

		DATE OF NAME CHANGE:	19910807




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			LIBERTY ALL STAR GROWTH FUND INC.

		CENTRAL INDEX KEY:			0000786035

		IRS NUMBER:				521452208

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-04537

		FILM NUMBER:		191275434



	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



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	LIBERTY ALL STAR GROWTH FUND INC /MD/

		DATE OF NAME CHANGE:	19960612



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	ALLMON CHARLES TRUST INC

		DATE OF NAME CHANGE:	19920703



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	GROWTH STOCK OUTLOOK TRUST INC

		DATE OF NAME CHANGE:	19910807



</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>fp0048138_n2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="color: black"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on December 9, 2019</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: right">1933 Act File No. 333-</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">1940 Act File No. 811-04537</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">UNITED STATES</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM N-2</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Check appropriate box or boxes)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; text-align: center; width: 10%">[X]</TD>
    <TD STYLE="font-size: 11pt; text-align: center; width: 80%">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</TD>
    <TD STYLE="font-size: 11pt; text-align: center; width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 5%">[ &nbsp;]</TD>
    <TD STYLE="width: 25%">Pre-Effective Amendment No.</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>[ &nbsp;]</TD>
    <TD>Post-Effective Amendment No.</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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">and</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 10%">[X]</TD>
    <TD STYLE="text-align: center; width: 80%">REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</TD>
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 5%">[X]</TD>
    <TD STYLE="width: 25%">Amendment No. 21</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
</TABLE>
<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">Liberty All-Star Growth Fund, Inc.</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</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">1290 Broadway, Suite 1000</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Denver, Colorado 80203</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Number, Street, City, State, Zip Code)</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">(303) 623-2577</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant's Telephone Number, including Area
Code</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 25%">Clifford J. Alexander, Esq.</TD>
    <TD STYLE="width: 25%">Sareena Khwaja-Dixon</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>K&amp;L Gates LLP</TD>
    <TD>ALPS Fund Services, Inc.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>1601 K Street, NW</TD>
    <TD>1290 Broadway, Suite 1000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Washington, DC 20006</TD>
    <TD>Denver, CO 80203</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(202) 778-9068</TD>
    <TD>(303) 623-2577</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<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"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 35%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Name and Address of Agent for Service</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Number, Street, City, State, Zip Code)</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">Approximate Date of Proposed Public Offering: As soon as practicable
after the effective date of this Registration Statement.</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"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">If any of the securities being registered on this form are offered
on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection
with a dividend reinvestment plan, check the following box. [ ]</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">It is proposed that this filing will become effective (check appropriate
box)</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">[X] when declared effective pursuant to section
8(c)</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">If appropriate, check the following box:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">[ &nbsp;]</TD>
    <TD STYLE="width: 95%">This amendment designates a new effective date for a previously filed registration statement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>[ &nbsp;]</TD>
    <TD>The Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act and the Securities Act registration number of the earlier effective registration statement is _____.</TD></TR>
</TABLE>
<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>CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="background-color: white; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 34%; border-top: Black 1pt solid; text-align: center"><B>Title of Securities Being Registered</B></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; text-align: center"><B>Amount Being Registered </B></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-top: Black 1pt solid; text-align: center"><B>Proposed Maximum Offering Price per Unit (1)</B></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; text-align: center"><B>Proposed Maximum Aggregate Offering Price (1)</B></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; text-align: center"><B>Amount of Registration Fee </B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid">Shares of beneficial interest, without par value, and
    Rights to subscribe therefor</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">__________</TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$________</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$129.80</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) under the Securities Act
of 1933. Based on the average of the high and low price reported on the New York Stock Exchange on _________.</TD></TR></TABLE>

<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>The Registrant hereby amends this Registration Statement on such
date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically
states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act
of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.</B></P>

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

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="color: Red">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="color: Red"></FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="color: Red"><B>The information in this prospectus is not complete and may
be changed.&nbsp;The Fund may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective.&nbsp;This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy
these securities in any jurisdiction where the offer or sale is not permitted.</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Red"><B><U>SUBJECT
TO COMPLETION</U></B></FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="fp0048138_img01.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
Shares of Common Stock Issuable Upon Exercise of Rights to Subscribe for Such Shares</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Liberty All-Star<SUP>&reg;</SUP>
Growth Fund, Inc. (the &ldquo;Fund&rdquo;) is issuing non-transferrable subscription rights (&ldquo;Rights&rdquo;) to its common
shareholders of record as of [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>] (the &ldquo;Record Date&rdquo; and such shareholders, &ldquo;Record
Date Shareholders&rdquo;). These Rights will allow Record Date Shareholders to subscribe for new shares of common stock of the
Fund (&ldquo;common shares&rdquo;) in an aggregate amount of approximately [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>] common shares
(the &ldquo;Offer&rdquo;). Record Date Shareholders will receive one Right for each common share held on the Record Date. For every
five Rights held, a Record Date Shareholder is entitled to purchase one new common share of the Fund. Record Date Shareholders
who fully exercise their Rights may also, in certain circumstances, purchase additional common shares pursuant to an over-subscription
privilege. The number of Rights to be issued to a Record Date Shareholder will be rounded up to the nearest number of Rights evenly
divisible by five. Fractional shares will not be issued upon the exercise of the Rights. Accordingly, new common shares may be
purchased only pursuant to the exercise of Rights in integral multiples of five.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Rights are non-transferable
and will not be admitted for trading on the New York Stock Exchange (&ldquo;NYSE&rdquo;). The Fund&rsquo;s common shares are currently
listed, and the new common shares issued in this offer will also be listed, on the NYSE under the symbol &ldquo;ASG.&rdquo; On
[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>], the last reported net asset value per common share was $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>],
and the last reported sales price per common share on the NYSE was $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Offer will expire
at 5:00 p.m., Eastern Time on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], unless the Offer is extended as described in this Prospectus
(the &ldquo;Expiration Date&rdquo;). The subscription price per common share (the &ldquo;Subscription Price&rdquo;) will be [95%
of the lower of (i) the average of the last reported sales prices of a share on the NYSE on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
and the four days preceding the Expiration Date (the &ldquo;Pricing Date&rdquo;), or (ii) the net asset value (&ldquo;NAV&rdquo;)
of a share on the Pricing Date.] Since the close of the Offer on the Expiration Date will be prior to the Pricing Date, shareholders
who choose to exercise their Rights will not know the Subscription Price per share at the time they exercise such Rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Exercising your
Rights and investing in the Fund involves a degree of investment risk. Before exercising your Rights and investing in the Fund,
you should read the discussion of the material risks in &ldquo;Risk Factors&rdquo; in this Prospectus.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>In addition, you
should consider the following:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify"><B>Shareholders who do not exercise their Rights will, at the completion of the Offer, own a smaller
proportional interest in the Fund than if they exercised their Rights, which will proportionately decrease the relative voting
power of those shareholders.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify"><B>Because the Subscription Price per common share will be below the net asset value per common
share on the Expiration Date, you will experience an immediate dilution of the aggregate net asset value of your common shares
if you do not participate in the Offer and you will experience a reduction in the net asset value per common share of your common
shares whether or not you participate in the Offer.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify"><B>You will experience an immediate dilution of the aggregate net asset value of your common shares
because you will indirectly bear the expenses of the Offer. This dilution of net asset value will disproportionately affect common
shareholders who do not exercise their Rights.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify"><B>The Fund cannot state precisely the extent of this dilution if you do not exercise your Rights
because the Fund does not know what the net asset value per common share will be when the Offer expires, or what proportion of
the Rights will be exercised.</B></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Neither
the Securities and Exchange Commission (&ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of these
securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

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


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Per Common<BR>
Share</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Total<BR>
Maximum<SUP>3</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Estimated purchase price<SUP>1</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Sales load<SUP>1</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Estimated offering expenses<SUP>2</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Estimated net proceeds to Fund<SUP>1</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt">(1)</TD><TD STYLE="text-align: justify">Estimated based on an assumed Subscription Price on the basis of [95% of the reported net asset
value per common share on [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>]] (the &ldquo;Estimated Purchase Price&rdquo;). <B>The Estimated
Purchase Price is presented solely for illustration purposes. Shareholders wishing to exercise Rights must send the per share amount
presented under &ldquo;The Offer &mdash; Payment for Shares&rdquo; on page [&nbsp;&nbsp;].</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt">(2)</TD><TD STYLE="text-align: justify">Offering expenses payable by the Fund (and indirectly by all of the Fund&rsquo;s common shareholders,
including those who do not exercise their Rights) are estimated at approximately $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>], which
includes fees to the subscription agent and information agent estimated to be approximately $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>]
in the aggregate inclusive of out of pocket expenses.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt">(3)</TD><TD STYLE="text-align: justify">Assumes all Rights are exercised at the Estimated Purchase Price per common share. All of the Rights
offered may not be exercised.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Assuming all common
shares offered are purchased in the Offer, the proportionate interest held by non-exercising shareholders will decrease upon completion
of the Offer. As with any common stock, the price of the Fund&rsquo;s common shares fluctuate with market conditions and other
factors. As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], the common shares were trading at a [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>]%
[premium/discount] to their net asset value. As described more fully in this Prospectus, Record Date Shareholders who fully exercise
all Rights initially issued to them are entitled to buy those common shares referred to as &ldquo;primary over-subscription shares,&rdquo;
that were not purchased by other Rights holders. If enough primary over-subscription shares are available, all such requests will
be honored in full. If the requests for primary over-subscription shares exceed the primary over-subscription shares available,
the available primary over-subscription shares will be allocated <I>pro rata </I>among those fully exercising Record Date Shareholders
who over-subscribe based on the number of Rights originally issued to them by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In addition, the Fund,
in its sole discretion, may determine to issue additional common shares in an amount of up to 25% of the common shares issued pursuant
to the primary subscription, referred to as &ldquo;secondary over-subscription shares.&rdquo; Should the Fund determine to issue
some or all of the secondary over-subscription shares, they will be allocated only among Record Date Shareholders who submitted
over-subscription requests. Secondary over-subscription shares will be allocated <I>pro rata </I>among those fully exercising Record
Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund. If common shareholders
do not participate in the secondary over-subscription offer (if any), their percentage ownership may be diluted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is a diversified,
closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;).
The Fund&rsquo;s investment objective is to seek long-term capital appreciation. Under normal market conditions, the Fund seeks
to achieve its investment objective through investing at least 65% of its net assets in a diversified portfolio of equity securities.
The portion of the Fund&rsquo;s portfolio not invested in equity securities (not more than 35% of its net assets under normal market
conditions) is generally invested in obligations of the U.S. Government and its agencies and instrumentalities (&ldquo;U.S. Government
Securities&rdquo;), repurchase agreements with respect thereto, and certain money market mutual funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">ALPS Advisors, Inc.
(the &ldquo;Investment Advisor&rdquo; or &ldquo;AAI&rdquo;) serves as the Fund&rsquo;s investment advisor. As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
AAI had approximately $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>] of assets under management. The Investment Advisor&rsquo;s address
is 1290 Broadway, Suite 1000, Denver, Colorado 80203, and its telephone number is 1-303-623-2577.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">This Prospectus sets
forth concisely the information about the Fund and the Offer that a shareholder ought to know before investing in the Fund and
participating in the Offer. You should read this Prospectus, which contains important information about the Fund, before deciding
whether to invest in the common shares, and retain it for future reference. A Statement of Additional Information dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;](the
&ldquo;Statement of Additional Information&rdquo;), containing additional information about the Fund, has been filed with the SEC
and is incorporated by reference in its entirety into this Prospectus, which means that it is part of this prospectus for legal
purposes. You may request a free copy of the Statement of Additional Information (the table of contents of which is on page [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>]
of this Prospectus) and the Fund&rsquo;s Annual and Semi-Annual Reports; request other information about the Fund and make shareholder
inquiries by calling 1-800-241-1850 or by writing to ALPS Fund Services, Inc., 1290 Broadway, Suite 1000, Denver, Colorado&nbsp;80203;
or obtain a copy of such documents (and other information regarding the Fund) from the Fund&rsquo;s website (www.all-starfunds.com)
or the SEC&rsquo;s web site (http://www.sec.gov). For additional information all holders of Rights should contact [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>]
(&ldquo;the Information Agent&rdquo;) toll free at [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 95%; padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PROSPECTUS SUMMARY</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">EXPENSES </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FINANCIAL HIGHLIGHTS</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE OFFER</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SPECIAL CONSIDERATIONS AND RISK FACTORS</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">USE OF PROCEEDS</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE FUND</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">THE MULTI-MANAGER METHODOLOGY</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">INVESTMENT OBJECTIVE, POLICIES AND RISKS</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">MANAGEMENT OF THE FUND</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DESCRIPTION OF SHARES</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NET ASSET VALUE</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DISTRIBUTIONS; AUTOMATIC DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TAX MATTERS</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">GENERAL</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 19.8pt; text-indent: -19.8pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">STATEMENT OF ADDITIONAL INFORMATION</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>You should rely
only on the information contained or incorporated by reference in this prospectus. The Fund has not authorized any other person
to provide you with different information. If anyone provides you with different information or inconsistent information, you should
not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.
You should assume that the information contained or the representations made herein are accurate only as of the date on the cover
page of this prospectus. The Fund&rsquo;s business, financial condition and prospects may have changed since that date.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>PROSPECTUS
SUMMARY</B></FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Liberty All-Star Growth
Fund, Inc. (the &ldquo;Fund&rdquo;) is a diversified, closed-end management investment company. The Fund&rsquo;s outstanding common
shares are listed on the New York Stock Exchange (the &ldquo;NYSE&rdquo;) under the symbol &ldquo;ASG&rdquo;. As of [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>],
the net assets of the Fund were $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>] and had outstanding [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>]
common shares. The Fund has no other outstanding securities. See &ldquo;The Fund.&rdquo;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Purpose of the Offer</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">At a meeting on [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>],
the Board of Directors (the &ldquo;Board&rdquo;) of the Fund determined, based on the recommendations of AAI, that (i) it would
be in the best interests of the Fund and its shareholders to increase the assets of the Fund available for investment, and (ii)
the potential benefits of allowing shareholders to subscribe for new shares of common stock of the Fund in an aggregate amount
of approximately [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>]common shares (the &ldquo;Offer&rdquo;) to the Fund and its shareholders
will outweigh the dilution to shareholders who do not fully exercise their non-transferable subscription rights (&ldquo;Rights&rdquo;).
The Board voted unanimously to approve the terms of the Offer as set forth in this Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In reaching
its decision, the Board considered, among other things, advice by AAI that it would be in the best interests of the Fund and
its existing shareholders to increase the assets and liquidity of the Fund so that the Fund&rsquo;s
sub-advisers (&ldquo;Portfolio Managers&rdquo;) will be in a better position to take advantage of investment opportunities
and rebalance the portfolio among the Fund&rsquo;s Portfolio Managers without having to sell existing portfolio holdings. The
Board considered that the Offer seeks to give existing shareholders the opportunity to purchase additional shares at a price
below market and/or net asset value (&ldquo;NAV&rdquo;) and without brokerage commissions. The Board also considered
that increasing the size of the Fund may result in certain economies of scale that may lower the Fund&rsquo;s expenses as
a proportion of average net assets because the Fund&rsquo;s fixed costs can be spread over a larger asset base and Fund
assets over $300 million will be subject to a fee breakpoint. There can be no assurance that by increasing the size of the Fund, the
Fund&rsquo;s expense ratio will be lowered. In addition, the Board considered that the Offer will support the Fund&rsquo;s
distribution policy by enhancing the likelihood that the Fund will continue to have sufficient assets remaining after the
distributions called for by its current 8% distribution policy to permit the Fund to maintain the current ratio of its fixed
expenses to its net assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Finally, the Board
considered that, because the Subscription Price per share will be less than the NAV per share on the Pricing Date, the Offer will
result in dilution of the Fund&rsquo;s NAV per Share. The Board believes that the factors in favor of the Offer outweigh the dilution.
See &ldquo;Special Considerations and Risk Factors &mdash; Dilution&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI will benefit from
the Offer because the Investment Advisor&rsquo;s fee is based on the average daily net assets of the Fund. See &ldquo;Management
of the Fund.&rdquo; It is not possible to state precisely the amount of additional compensation AAI will receive as a result of
the Offer because the proceeds of the Offer will be invested in additional portfolio securities, which will fluctuate in value.
However, assuming all Rights are exercised at the Estimated Purchase Price of $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>] and that
the Fund receives the maximum proceeds of the Offer, the annual compensation to be received by the Investment Advisor would be
increased by approximately $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>] ([&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%). In determining that the
Offer was in the best interest of shareholders, the Board was cognizant of this benefit.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">This is the Fund&rsquo;s
fifth rights offering. Although the Fund has no present intention to do so, the Fund may, in the future and at its discretion,
choose to make additional rights offerings from time to time for a number of shares and on terms which may or may not be similar
to the Offer. Pursuant to applicable law, the Board is authorized to approve rights offerings without obtaining shareholder approval.
The staff of the Securities and Exchange Commission (&ldquo;SEC&rdquo;) has interpreted the 1940 Act as not requiring shareholder
approval of a rights offering at a price below the then current NAV so long as certain conditions are met, including a good-faith
determination by the Board that such offering would result in a net benefit to existing shareholders. There can be no assurance
that the Offer (or the investment of the proceeds of the Offer) will be successful or that the level of trading shares on the NYSE
will increase. Under the laws of Maryland, the state in which the Fund is incorporated, the Board is authorized to approve rights
offerings without obtaining shareholder approval.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Terms of the Offer</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is issuing
Rights to its common shareholders of record as of [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>] (the &ldquo;Record Date&rdquo; and such
shareholders, &ldquo;Record Date Shareholders&rdquo;). These Rights will allow Record Date Shareholders to subscribe to the Offer.
Record Date Shareholders will receive one Right for each common share held on the Record Date. For every five Rights held, you
are entitled to purchase one new common share of the Fund. Record Date Shareholders who fully exercise their Rights may also,
in certain circumstances, purchase additional common shares pursuant to an over-subscription privilege. The number of Rights to
be issued to each Record Date Shareholder will be rounded up to the nearest number of Rights evenly divisible by five. Fractional
shares will not be issued upon the exercise of the Rights. Accordingly, new common shares may be purchased only pursuant to the
exercise of Rights in integral multiples of five.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Rights are non-transferable
and will not be admitted for trading on the NYSE. The Fund&rsquo;s common shares are currently listed, and the new common shares
issued in this Offer will also be listed on the NYSE under the symbol &ldquo;ASG&rdquo;. On [<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>],
the last reported net asset value per common share was $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>], and the last reported sales price
per common share on the NYSE was $[<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Offer will expire
at 5:00 p.m., Eastern Time, on [<B>&nbsp;&nbsp;&nbsp;&nbsp;</B>], unless the Offer is extended as described in this Prospectus
(the &ldquo;Expiration Date&rdquo;). The Subscription Price will be [95% of the lower of (i) the average of the last reported
sales prices of a share on the NYSE on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and the four days preceding the Expiration Date
(the &ldquo;Pricing Date&rdquo;), or (ii) the NAV of a share on the Pricing Date. Common shares of the Fund, as a closed-end fund,
can trade at a discount to NAV.] Upon expiration of the Offer, common shares will be issued at a price below net asset value per
share.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>The Fund will not
be issuing share certificates for the common shares issued pursuant to this Offer. Issuance of common shares will be made electronically
via book entry by Computershare Trust Company, N.A., the Fund&rsquo;s transfer agent.</I></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The right to acquire
during the Subscription Period at the Subscription Price one additional share of the Fund for each five Rights held is hereinafter
referred to as the &ldquo;Primary Subscription&rdquo;. Record Date Shareholders who fully exercise all Rights initially issued
to them are entitled to buy those common shares that were not otherwise purchased by other Rights holders in the Primary Subscription
(the &ldquo;Primary Over-Subscription Privilege&rdquo;). For purposes of determining the maximum number of shares a Record Date
Shareholder may acquire pursuant to the Offer, broker-dealers, trust companies, banks or others whose shares are held of record
by Cede &amp; Co., Inc. (&ldquo;Cede&rdquo;), the nominee for the Depository Trust Company (&ldquo;DTC&rdquo;), or by any other
depository or nominee, will be deemed to be the holders of the Rights that are issued to Cede or such other depository or nominee
on their behalf. If enough shares are available, all shareholder requests to buy shares that were not bought by other Record Date
Shareholders will be honored in full. If the requests for shares exceed the shares available, the Fund may, at its discretion,
issue up to an additional 25% of the shares available pursuant to the Offer through a secondary over-subscription. The shares of
the secondary over-subscription will be allocated only among Record Date Shareholders who submitted over-subscription requests.
To the extent sufficient common shares are not available to fulfill all primary or secondary over-subscription requests, shares
will be allocated <I>pro rata</I> among those Record Date Shareholders who over-subscribe based on the number of Rights originally
issued to them by the Fund. Shares acquired pursuant to the Over-Subscription Privilege are subject to allotment, which is more
fully discussed under &ldquo;The Offer &mdash; Over-Subscription Privilege&rdquo;.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Method for Exercising Rights</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Rights may be exercised
by completing and signing the subscription certificate evidencing the Rights (the &ldquo;Subscription Certificate&rdquo;) and mailing
it in the envelope provided, or otherwise delivering the completed and signed Subscription Certificate to [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
(the &ldquo;Subscription Agent&rdquo;), together with payment for the common shares as described below under &ldquo;Payment for
Shares.&rdquo; Rights may also be exercised through a Rights holder&rsquo;s broker, who may charge the Rights holder a servicing
fee in connection with such exercise. See &ldquo;The Offer &mdash; Method for Exercising Rights&rdquo; and &ldquo;The Offer &mdash;
Payment for Shares.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Since the Expiration
Date will be prior to the Pricing Date, shareholders who choose to exercise their Rights will not know the final Subscription Price
at the time they exercise such Rights. Shareholders will have no right to rescind their subscription after receipt of their payment
for Shares by the Subscription Agent. See &ldquo;The Offer &mdash; Payment for Shares&rdquo;. Subscription payments will be held
by the Subscription Agent pending completion of the processing of the subscription. No interest thereon will be paid to subscribers.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Offering expenses
incurred by the Fund (and indirectly by all of the Fund&rsquo;s common shareholders, including those who do not exercise their
Rights) in connection with the Offer are estimated to be $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restrictions on Foreign Shareholders</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Subscription Certificates
will only be mailed to Record Date Shareholders whose addresses are within the United States (other than an Army Post Office (&ldquo;APO&rdquo;)
or Fleet Post Office (&ldquo;FPO&rdquo;) address). Record Date Shareholders whose addresses are outside the United States or who
have an APO or FPO address and who wish to subscribe to the Offer either in part or in full should contact the Subscription Agent
in writing no later than five business days prior to the Expiration Date with payment to exercise the Rights. The Fund will determine
whether the Offer may be made to any such Record Date Shareholder. The Offer will not be made in any jurisdiction where it would
be unlawful to do so. If the Subscription Agent has received no instruction by the fifth business day prior to the Expiration Date,
such Rights will expire.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Dates to Remember</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Please note that the
dates in the table below may change if the Offer is extended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Event</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Record Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Subscription Period </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]to
    [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Expiration Date (Deadline for delivery of Subscription Certificate together with payment of Estimated Subscription Price (see &ldquo;The Offer &mdash; Payment for Shares&rdquo; on page [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of this prospectus) or for delivery of a written notice of guaranteed delivery)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pricing Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Payment for Guarantees of Delivery Due </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Statements to Participants </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For Participants (Deadline for payment of unpaid balance if final Subscription Price is higher than Estimated Subscription Price)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 11pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt">*</TD><TD STYLE="text-align: justify"><I>Unless the Offer is extended.</I></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Objective and Policies</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is a diversified,
closed-end management investment company registered under the 1940 Act. The Fund&rsquo;s investment objective is to seek long-term
capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective through investing at least
65% of its net assets in a diversified portfolio of equity securities of companies of any market capitalization. Under normal market
conditions the Fund will remain substantially fully invested in equity securities, up to 35% of the value of the Fund&rsquo;s total
assets may generally be invested in U.S. Government Securities, repurchase agreements with respect to U.S. Government Securities,
and, to an extent not greater than 10% of the market value of the Fund&rsquo;s total assets, money market mutual funds that invest
primarily in U.S. Government Securities.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI serves as registered
with the SEC as an investment advisor under the Investment Advisers Act of 1940, as amended. As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
AAI had approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of assets under management.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI is entitled to
receive a monthly fee at the annual rate of 0.80% of the first $300 million of average daily net assets and 0.72% on average daily
net assets over $300 million.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund allocates
its portfolio assets among a number of portfolio managers (&ldquo;Portfolio Managers&rdquo;) each having a different investment
style, as selected and recommended by AAI and approved by the Board. As of the date of this Prospectus, the Fund&rsquo;s Portfolio
Managers are:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify">Congress Asset Management Company, LLP</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify">Sustainable Growth Advisers, LP</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify">Weatherbie Capital, LLC</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI pays each Portfolio
Manager a portfolio management fee based on the assets of the investment portfolio that they manage. For additional information
on AAI and Portfolio Managers&rsquo; fees, see MANAGEMENT OF THE FUND -- The Fund Management Agreement and the Portfolio Management
Agreement. The portfolio management fee is paid from the investment advisory fees collected by AAI and is based on the Fund&rsquo;s
average daily net assets at the following annual rates:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%; border-bottom: Black 1pt solid; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Average Daily Net Assets</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Annual Fee Rate</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">First $300 million </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.40%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $300 million </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.36%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Portfolio Managers
may be removed and additional Portfolio Managers may be added from time to time. See &ldquo;Management of the Fund &mdash; The
Portfolio Managers.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">ALPS Fund Services,
Inc. (&ldquo;AFS&rdquo;), located at 1290 Broadway, Suite 1000, Denver, Colorado 80203, serves as administrator to the Fund. Under
an administration agreement between AFS and the Fund, AFS is responsible for calculating the net asset value of the common shares,
and generally managing the business affairs of the Fund. The administration agreement provides that AFS will pay all expenses in
connection with the performance of its services under the administration agreement and all related agreements, ALPS will not pay
expenses incurred by the Fund, such as, but not limited to advisory fees, director fees, portfolio transactions expenses, litigation
expenses, taxes, costs of rights offerings, costs of shareholder reports, costs of NYSE and SEC filings, the cost of counsel, expenses
of conducting repurchase offers for the purpose of repurchasing Fund shares.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Special Considerations and Risk Factors</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following summarizes
some of the risks that you should consider before subscribing for shares through the Offer. <B>A more detailed description of these
and other risks of investing in the Fund are described under &ldquo;Special Considerations and Risk Factors&rdquo; and &ldquo;Investment
Objective, Policies and Risks &mdash; Risks&rdquo;.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dilution</FONT></TD>
    <TD STYLE="width: 74%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders who do not exercise their
        Rights will, at the completion of the Offer, own a smaller proportional interest in the Fund than if they exercised their Rights,
        which will proportionately decrease the relative voting power of those shareholders. Because the Subscription Price per common
        share will be below the net asset value per common share on the Expiration Date, you will experience an immediate dilution of the
        aggregate net asset value of your common shares if you do not participate in the Offer and you will experience a reduction in the
        net asset value per common share of your common shares whether or not you participate in the Offer. In addition, whether or not
        you exercise your Rights, you will experience a dilution of net asset value of the common shares because you will indirectly bear
        the expenses of this Offer, which include, among other items, SEC registration fees, printing expenses and the fees assessed by
        service providers (including the cost of the Fund&rsquo;s counsel and independent registered public accounting firm). This dilution
        of net asset value will disproportionately affect common shareholders who do not exercise their Rights. The Fund cannot state precisely
        the extent of this dilution if you do not exercise your Rights because the Fund does not know what the net asset value per common
        share will be when the Offer expires, or what proportion of the Rights will be exercised. Assuming, for example, that all Rights
        are exercised, and the Estimated Purchase Price is $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and the Fund&rsquo;s net asset value
        per common share at the expiration of the Offer is $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], the Fund&rsquo;s net asset value per common
        share (after payment of estimated offering expenses) would be reduced by approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] ([&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%)
        per common share.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offer may increase the volatility of
        the market price of the Fund&rsquo;s common shares. In addition, the Offer could be under-subscribed, in which case AAI will not
        have as much proceeds to invest on behalf of the Fund (see &ldquo;Use of Proceeds&rdquo;).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Market Value and NAV</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Shares of closed-end funds frequently trade at a market price that is less than the value of the net assets attributable to those shares. The possibility that shares of the Fund will trade at a discount from NAV is a risk separate and distinct from the risk that the Fund&rsquo;s NAV will decrease. The risk of purchasing shares of a closed-end fund that might trade at a discount is more pronounced for investors who wish to sell their shares in a relatively short period of time because, for those investors, realization of a gain or loss on their investments is likely to be more dependent upon the existence of a premium or discount than upon portfolio performance.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment and Market Risk</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An investment in shares is subject to investment risk, including the possible loss of the entire amount that you invest. Your investment in shares represents an indirect investment in the securities owned by the Fund, most of which are anticipated to be traded on a national securities exchange or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. Your shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of dividends and other distributions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Issuer Risk </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The value of common stocks may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&rsquo;s goods and services.</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Common Stock Risk</FONT></TD>
    <TD STYLE="width: 74%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund is not limited in the percentage of its assets that may be invested in common stocks and other equity securities, and therefore a risk of investing in the Fund is common stock or equity risk. Equity risk is the risk that the market value of securities held by the Fund will fall due to general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, and the particular circumstances and performance of particular companies whose securities the Fund holds. In addition, common stock of an issuer in the Fund&rsquo;s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition. Common equity securities in which the Fund will invest are structurally subordinated to preferred stocks, bonds and other debt instruments in a company&rsquo;s capital structure, in terms of priority to corporate income, and therefore will be subject to greater payment risk than preferred stocks or debt instruments of such issuers. In addition, while broad market measures of common stocks have historically generated higher average returns than fixed income securities, common stocks have also experienced significantly more volatility in their returns.</FONT></TD></TR><TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management Risk</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund is subject to management risk because it is an actively managed investment portfolio. AAI will apply investment techniques and risk analyses in selecting Portfolio Managers and the Portfolio Managers will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Growth Stock Risk</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Growth stocks are stocks of companies believed to have above-average potential for growth in revenue and earnings. In certain market conditions, prices of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Growth stocks may not perform as well as the stock market in general.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Foreign Securities Risk</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investments in foreign securities involve risks in addition to those of investments in U.S. issuers. These risks include political and economic risks, currency fluctuations, higher transaction costs, less liquidity and greater volatility, delayed settlement, confiscatory taxation, withholding of taxes and less stringent investor protection and disclosure of standards in some foreign markets. These risks can make investments in foreign issuers more volatile and potentially less liquid than investments in U.S. issuers.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Tax Risk</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Fund may invest in preferred securities, convertible securities, or other securities the federal income tax treatment of the income from which may not be clear or may be subject to recharacterization by the Internal Revenue Service (&ldquo;IRS&rdquo;). The tax treatment of distributions the Fund reports as &ldquo;qualified dividend income&rdquo; may be affected by IRS interpretations of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), and future changes in the Code and the regulations thereunder. There can be no assurance as to what portion, if any, of the Fund&rsquo;s distributions will constitute qualified dividend income.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Inflation Risk</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Inflation risk is the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the shares and distributions can decline.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Deflation Risk</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund&rsquo;s portfolio.</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Small and Mid-Cap Stock Risk </FONT></TD>
    <TD STYLE="width: 74%; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The Fund may invest in companies of any market capitalization. The Fund considers small companies to be those with a market capitalization up to $5 billion and medium-sized companies to be those with a market capitalization between $5 billion and $25 billion. Smaller and medium-sized company stocks may be more volatile than, and perform differently from, larger company stocks. There may be less trading in the stock of a smaller or medium-sized company, which means that buy and sell transactions in that stock could have a larger impact on the stock&rsquo;s price than is the case with larger company stocks. Smaller and medium-sized companies may have fewer business lines; changes in any one line of business, therefore, may have a greater impact on a smaller or medium-sized company&rsquo;s stock price than is the case for a larger company. As a result, the purchase or sale of more than a limited number of shares of a small or medium-sized company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. In addition, smaller or medium-sized company stocks may not be well known to the investing public and may be held primarily by insiders or institutional investors.</FONT></P></TD></TR><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Market Disruption and Geopolitical Risk</FONT></TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ongoing U.S. military activities and political
        developments, as well as the continuing threat of terrorist attacks, could have significant adverse effects on the U.S. economy,
        the stock market and world economies and markets generally. A disruption of financial markets or terrorist attacks could adversely
        affect the Fund&rsquo;s service providers and/or the Fund&rsquo;s operations as well as interest rates, secondary trading, credit
        risk, inflation and other factors relating to the common shares. The Fund cannot predict the effects or likelihood of similar events
        in the future on the U.S. and world economies, the value of the common shares or the NAV of the Fund. Assets of companies, including
        those held in the Fund&rsquo;s portfolio, could be direct targets, or indirect casualties, of an act of terrorism. The U.S. government
        has issued warnings that assets of utility companies and energy sector companies, specifically the United States&rsquo; pipeline
        infrastructure, may be the future target of terrorist organizations.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Legislation and Regulatory Risk</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">At any time after the date of this Prospectus, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund or the issuers of such assets. Changing approaches to regulation may have a negative impact on the entities and/or securities in which the Fund invests. Legislation or regulation may also change the way in which the Fund itself is regulated. New or amended regulations may be imposed by the Commodity Futures Trading Commission, the SEC, the Board of Governors of the Federal Reserve System or other financial regulators, other governmental regulatory authorities or self-regulatory organizations that supervise the financial markets that could adversely affect the Fund. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules.</FONT></TD></TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-takeover Provisions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s Agreement
and Articles of Incorporation, dated December 16, 1985 (the &ldquo;Articles of Incorporation&rdquo;), as amended, includes provisions
that could have the effect of inhibiting the Fund&rsquo;s possible conversion to open-end status and limiting the ability of other
entities or persons to acquire control of the Board. In certain circumstances, these provisions might also inhibit the ability
of shareholders to sell their common shares at a premium over prevailing market prices. See &ldquo;Description of Shares &mdash;
Anti-Takeover Provisions of the Articles of Incorporation and By-Laws; Super-majority Vote Requirement for Conversion to Open-End
Status.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s current
distribution policy is to pay distributions on its shares totaling approximately 8% of its NAV per year, payable in four quarterly
installments of 2% of the Fund&rsquo;s NAV at the close of the NYSE on the Friday prior to each quarterly declaration date. Sources
of distributions to shareholders may include ordinary dividends, long-term capital gains and return of capital. The actual amounts
and sources of the amounts for tax reporting purposes will depend upon the Fund&rsquo;s investment experience during its fiscal
year and may be subject to changes based on Treasury regulations. If a distribution includes anything other than net investment
income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates
may not match the final tax characterization (for the full year&rsquo;s distributions) contained in shareholders&rsquo; 1099-DIV
forms after the end of the year. If the Fund&rsquo;s net investment income and net realized capital gains for any year exceed the
amount distributed under the distribution policy, the Fund may, in its discretion, retain and not distribute capital gains and
pay income tax thereon to the extent of such excess. See &ldquo;Distributions; Automatic Dividend Reinvestment and Cash Purchase
Plan.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">You should carefully
consider your ability to assume the foregoing risks before making an additional investment in the Fund. An investment in shares
of the Fund is not appropriate for all investors.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">These are the expenses
that an investor incurs when buying shares, whether pursuant to the Offer, in the open-market or through the Fund&rsquo;s Automatic
Dividend Reinvestment and Cash Purchase Plan, as amended (&ldquo;Plan&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 71%; padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Sales Load</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Automatic Dividend Reinvestment and Cash Purchase Plan Fees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$1.25 per voluntary cash investment</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: -20pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: -20pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20pt">(1)</TD><TD STYLE="text-align: justify">No sales load or commission will be payable in connection with the Offer. Purchases of shares through
brokers in secondary market transactions are subject to brokers&rsquo; commissions and charges.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Annual Expenses</B>
(as a percentage of net assets attributable to shares)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 87%; padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management Fees</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total Annual Expenses*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: 40pt; margin-top: 0; margin-bottom: 3pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">*</TD><TD STYLE="text-align: justify">The numbers shown under the Annual Expenses table are projections based on the Fund&rsquo;s actual
expenses for the year ended [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], and on its projected net assets assuming the Offer is fully subscribed
for at the Estimated Purchase Price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]per share. See &ldquo;Financial Highlights&rdquo; for the
Fund&rsquo;s actual ratio of expenses to average net assets for the year ended [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Example</B>: You
would pay the following expenses on an investment (at NAV) of $1,000, assuming a 5% annual return and reinvestment of all dividends
and distributions at NAV.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>1 YEAR</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>3 YEARS</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>5 YEARS</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>10 YEARS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>The example should
not be considered a representation of future expenses or rate of return. Actual expenses may be higher or lower than those shown.</B>
The example assumes that the estimated &ldquo;Other Expenses&rdquo; set forth in the Annual Expenses table are accurate and that
all dividends and distributions are reinvested at net asset value. Moreover, the Fund&rsquo;s actual rate of return may be greater
or less than the hypothetical 5% annual return shown in the example.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FINANCIAL
HIGHLIGHTS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The selected financial
data below sets forth per common share operating performance data, total investment return, ratios and supplemental data for the
years ended December 31, 2009 through December 31, 2018. The financial information set forth below for the years ended December
31, 2008=9 through December 31, 2018 was audited by [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], the Fund&rsquo;s independent registered
public accounting firm. The financial information set forth below for the fiscal period ended [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
is unaudited. This financial information should be read in conjunction with the financial statements of the Fund incorporated by
reference into this Prospectus and the SAI. See &ldquo;Financial Statements&rdquo; in the Statement of Additional Information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>THE
OFFER</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Terms of the Offer</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is issuing
to Record Date Shareholders non-transferrable Rights to subscribe for additional common shares. Each Record Date Shareholder is
being issued one non-transferable Right for each common share owned on the Record Date. The Offer entitles the holder to acquire
at the Subscription Price one common share for each five Rights held, rounded up to the nearest number of Rights evenly divisible
by five. Fractional shares will not be issued upon the exercise of the Rights. Accordingly, common shares may be purchased only
pursuant to the exercise of Rights in integral multiples of five.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In the case of common
shares held of record by Cede, as nominee for the DTC, or any other depository or nominee, the number of Rights issued to Cede
or such other depository or nominee will be adjusted to permit rounding up (to the nearest number of Rights evenly divisible by
five) of the Rights to be received by beneficial owners for whom it is the holder of record only if Cede or such other depository
or nominee provides to the Fund on or before the close of business on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], a written representation
to the number of Rights required for such rounding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Rights may be exercised
at any time during the period (the &ldquo;Subscription Period&rdquo;), which commences on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
and ends at 5:00 p.m., Eastern Time, on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], unless extended by the Fund. See &ldquo;Expiration
of the Offer.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If all of the Rights
are exercised in the Primary Subscription, the Fund will experience a 20% increase in common shares outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In addition, any Record
Date Shareholder who fully exercises all Rights initially issued to him or her is entitled to buy those common shares that were
not otherwise purchased by other Rights holders (the &ldquo;Primary Subscription Shares&rdquo;). If enough Primary Subscription
Shares are available, all such requests will be honored in full. If the requests for Primary Subscription Shares exceed the Primary
Subscription Shares available, the available Primary Subscription Shares will be allocated pro rata among those fully exercising
Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In addition, the Board,
in its sole discretion, may determine to issue additional common shares in an amount of up to 25% of the common shares issued pursuant
to the primary subscription (the &ldquo;Secondary Over-Subscription Shares&rdquo;). Should the Board (or a designated committee
thereof) determine to issue some or all of the Secondary Over-Subscription Shares, they will be allocated only among Record Date
Shareholders who submitted over-subscription requests. Secondary Over-Subscription Shares will be allocated <I>pro rata </I>among
those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the
Fund. If common shareholders do not participate in the secondary over-subscription offer (if any), their percentage ownership may
be diluted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The entitlement to
subscribe for unsubscribed Primary Subscription Shares and any Secondary Over-Subscription Shares is available only to those Record
Date Shareholders who fully exercise all Rights initially issued to them and only on the basis of their Record Date holdings and
will be referred to in the remainder of this Prospectus as the &ldquo;Over-Subscription Privilege.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">For purposes of determining
the maximum number of shares a Record Date Shareholder may acquire pursuant to the Offer, broker-dealers, trust companies, banks
or others whose common shares are held of record by Cede, nominee for DTC, or by any other depository or nominee, will be deemed
to be the holders of the Rights that are issued to Cede or such other depository or nominee on their behalf. Common shares acquired
pursuant to the Over-Subscription Privilege are subject to allotment, which is more fully discussed below under &ldquo;Over-Subscription
Privilege.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The method by which
Rights may be exercised and common shares paid for is set forth below in &ldquo;Method of Exercising Rights&rdquo; and &ldquo;Payment
for Shares.&rdquo; A Rights holder will have no right to rescind a purchase after the Subscription Agent has received payment.
See &ldquo;Payment for Shares&rdquo; below. Common shares issued pursuant to an exercise of Rights will be listed on the NYSE.
Common shares issued in connection with the Offer will not be evidenced by share certificates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Rights are not
transferable. Therefore, only the underlying shares, and not the Rights, will be admitted for trading on the NYSE. The number of
Rights to be issued to each Record Date Shareholder will be rounded up to the nearest number of Rights evenly divisible by five.
Fractional shares will not be issued upon the exercise of the Rights. Accordingly, new common shares may be purchased only pursuant
to the exercise of Rights in integral multiples of five.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Nominees who hold
the Fund&rsquo;s common shares for the account of others, such as banks, broker-dealers, or depositories for securities, should
notify the respective beneficial owners of such shares as soon as possible to ascertain such beneficial owner&rsquo;s intentions
and to obtain instructions with respect to the Rights. If the beneficial owner so instructs, the nominee will complete the Subscription
Certificate and submit it to the Subscription Agent with proper payment. In addition, beneficial owners of the common shares or
Rights held through such a nominee should contact the nominee and request the nominee to effect transactions in accordance with
such beneficial owner&rsquo;s instructions.</P>


<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>The Fund will not
be issuing share certificates for the common shares issued pursuant to this Offer. Issuance of common shares will be made electronically
via book entry by Computershare Trust Company, N.A., the Fund&rsquo;s transfer agent.</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ALTHOUGH THE FUND HAS NO PRESENT INTENTION
TO DO SO, THE FUND MAY, IN THE FUTURE AND IN ITS DISCRETION, CHOOSE TO MAKE ADDITIONAL RIGHTS OFFERINGS FROM TIME TO TIME FOR A
NUMBER OF COMMON SHARES AND ON TERMS WHICH MAY OR MAY NOT BE SIMILAR TO THE OFFER.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Purpose of the Offer</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">[At a meeting on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
the Board determined, based on the recommendations of AAI, that (i) it would be in the best interests of the Fund and its shareholders
to increase the assets of the Fund available for investment, and (ii) the potential benefits of the Offer to the Fund and its shareholders
will outweigh the dilution to shareholders who do not fully exercise their Rights. The Board voted unanimously to approve the terms
of the Offer as set forth in this prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In reaching
its decision, the Board considered, among other things, advice by AAI that it would be in the best interests of the Fund and
its existing shareholders to increase the assets and liquidity of the Fund so that  Fund&rsquo;s sub-advisers
(&ldquo;Portfolio Managers&rdquo;) will be in a better position to take advantage of investment opportunities and rebalance
the portfolio among the Fund&rsquo;s Portfolio Managers without having to sell existing portfolio holdings. The Board
considered that the Offer seeks to give existing shareholders the opportunity to purchase additional shares at a price below
market and/or NAV and without brokerage commissions. The Board also considered that increasing the size of the Fund may
result in certain economies of scale that may lower the Fund&rsquo;s expenses as a proportion of average net assets because
the Fund&rsquo;s fixed costs can be spread over a larger asset base and Fund assets over $300 million will be subject to a
fee breakpoint. There can be no assurance that by increasing the size of the Fund, the Fund&rsquo;s expense ratio will be lowered.
In addition, the Board considered that the Offer will support the Fund&rsquo;s distribution policy by enhancing the
likelihood that the Fund will continue to have sufficient assets remaining after the distributions called for by its current
8% distribution policy to permit the Fund to maintain the current ratio of its fixed expenses to its net assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Finally, the Board
considered that, because the Subscription Price per share will be less than the NAV per share on the Pricing Date, the Offer will
result in dilution of the Fund&rsquo;s NAV per Share. The Board believes that the factors in favor of the Offer outweigh this dilution.
See &ldquo;Special Considerations and Risk Factors &mdash; Dilution&rdquo;.]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI will benefit from
the Offer because the Investment Advisor&rsquo;s fee is based on the average daily net assets of the Fund. See &ldquo;Management
of the Fund.&rdquo; It is not possible to state precisely the amount of additional compensation AAI will receive as a result of
the Offer because the proceeds of the Offer will be invested in additional portfolio securities, which will fluctuate in value.
However, assuming all Rights are exercised at the Estimated Purchase Price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and that
the Fund receives the maximum proceeds of the Offer, the annual compensation to be received by the Investment Advisor would be
increased by approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] ([&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%). In determining that the Offer
was in the best interest of shareholders, the Board was cognizant of this benefit.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">This is the Fund&rsquo;s
fifth rights offering. Pursuant to applicable law, the Board is authorized to approve rights offerings without obtaining shareholder
approval. The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a rights offering at a price
below the then current NAV so long as certain conditions are met, including a good-faith determination by the Board that such offering
would result in a net benefit to existing shareholders. There can be no assurance that the Offer (or the investment of the proceeds
of the Offer) will be successful or that the level of trading shares on the NYSE will increase. Under the laws of Maryland, the
state in which the Fund is incorporated, the Board is authorized to approve rights offerings without obtaining shareholder approval.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Over-Subscription Privilege</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Board has the
right in its absolute discretion to eliminate the secondary over-subscription privilege if it considers it to be in the best interest
of the Fund to do so.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Rights holders who
are Record Date Shareholders are entitled to subscribe for additional common shares at the same Subscription Price pursuant to
the Over-Subscription Privilege, subject to certain limitations and subject to allotment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Record Date Shareholders
who fully exercise all Rights initially issued to them are entitled to buy those common shares that were not purchased by other
Rights holders at the same Subscription Price. If enough primary over-subscription shares are available, all such requests will
be honored in full. If the requests for primary over-subscription shares exceed the primary over-subscription shares available,
the available primary over-subscription shares will be allocated <I>pro rata </I>among those fully exercising Record Date Shareholders
who over-subscribe based on the number of Rights originally issued to them by the Fund. Shares acquired pursuant to the Over-Subscription
Privilege are subject to allotment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In addition, the Board,
in its sole discretion, may determine to issue Secondary Over-Subscription Shares in an amount of up to 25% of the Primary Subscription
Shares. Should the Board (or a designated committee thereof) determine to issue some or all of the Secondary Over-Subscription
Shares, they will be allocated only among Record Date Shareholders who submitted over-subscription requests. Secondary Over-Subscription
Shares will be allocated <I>pro rata </I>among those fully exercising Record Date Shareholders who over-subscribe based on the
number of Rights originally issued to them by the Fund. Any Secondary Over-Subscription Shares issued by the Fund, collectively
with any Primary Subscription Shares not subscribed for through the Primary Subscription, will be referred to in this Prospectus
as the &ldquo;Excess Shares.&rdquo; If common shareholders do not participate in the secondary over-subscription (if any), their
percentage ownership will be diluted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Record Date Shareholders
who are fully exercising their Rights during the Subscription Period should indicate, on the Subscription Certificate that they
submit with respect to the exercise of the Rights issued to them, how many common shares they are willing to acquire pursuant to
the Over-Subscription Privilege.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">To the extent sufficient
common shares are not available to fulfill all over-subscription requests, the Excess Shares will be allocated <I>pro-rata </I>among
those Record Date Shareholders who over-subscribe based on the number of the common shares owned on the Record Date. The allocation
process may involve a series of allocations in order to assure that the total number of common shares available for over-subscriptions
is distributed on a <I>pro rata </I>basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The formula to be
used in allocating the Excess Shares is as follows: (shareholder&rsquo;s Record Date share position divided by total record date
position of all over-subscribers) multiplied by Excess Shares remaining.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Banks, broker-dealers,
trustees and other nominee holders of Rights will be required to certify to the Subscription Agent, before any Over-Subscription
Privilege may be exercised with respect to any particular beneficial owner, as to the aggregate number of Rights exercised during
the Subscription Period and the number of common shares subscribed for pursuant to the Over-Subscription Privilege by such beneficial
owner and that such beneficial owner&rsquo;s subscription was exercised in full.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Subscription Price
for the shares to be issued pursuant to the Offer will be [95% of the lower of (i) the average of the last reported sales price
of a share on the NYSE on the Expiration Date (the &ldquo;Pricing Date&rdquo;) and the four preceding trading days, or (ii) the
NAV of a share on the Pricing Date. The Subscription Price will be lower than the Fund&rsquo;s then-current NAV per share.]</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund announced
the terms of the Offer before the opening of trading on the NYSE on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. The NAV per share at the
close of business on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], was $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
and $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], respectively, and the last reported sale price of a share on the NYSE on those dates was
$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], respectively, representing a [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]%
premium and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]% premium, respectively, in relation to the NAV per share at the close of business
on those dates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Common shares of the
Fund, as a closed-end fund, can trade at a discount to NAV. Upon expiration of the Offer, common shares will be issued at a price
below NAV per share.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expiration of the Offer </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Offer will expire
at 5:00 p.m., Eastern time, on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. Rights will expire on the Expiration Date and thereafter may not
be exercised, unless the Offer is extended. Since the Expiration Date will be prior to the Pricing Date, Record Date Shareholders
who choose to exercise their Rights will not know the final Subscription Price at the time they exercise such Rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Any extension, termination,
or amendment of the Offer will be followed as promptly as practicable by announcement thereof, such announcement in the case of
an extension to be issued no later than 9:00 a.m., Eastern time, on the next business day following the previously scheduled Expiration
Date. Without limiting the manner in which the Fund may choose to make such announcement, the Fund will not, unless otherwise required
by law, have any obligation to publish, advertise, or otherwise communicate any such announcement other than by making a release
to the Dow Jones News Service or such other means of announcement as the Fund deems appropriate.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Subscription Agent
is [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] who is also the Fund&rsquo;s dividend paying agent, transfer agent and registrar. The Subscription
Agent will receive from the Fund a fee estimated at approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] plus reimbursements for its
out-of-pocket expenses related to the Offer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">INQUIRIES BY ALL HOLDERS
OF RIGHTS SHOULD BE DIRECTED TO: THE INFORMATION AGENT, [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], TOLL-FREE AT [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].
HOLDERS MAY ALSO CONSULT THEIR BROKERS OR NOMINEES.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Information Agent
will receive a fee from the Fund estimated at approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and reimbursement for its out-of-pocket
expenses related to the Offer.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Method for Exercising Rights </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Rights may be exercised
by completing and signing the Subscription Certificate and mailing it in the envelope provided, or otherwise delivering the completed
and signed Subscription Certificate to the Subscription Agent, together with payment for the shares as described below under &ldquo;Payment
for Shares.&rdquo; Rights may also be exercised through a Rights holder&rsquo;s broker, who may charge the Rights holder a servicing
fee in connection with such exercise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Completed Subscription
Certificates must be received by the Subscription Agent prior to 5:00 p.m. Eastern Time, on the Expiration Date (unless payment
is effected by means of a Notice of Guaranteed Delivery as described below under &ldquo;Payment for Shares&rdquo;). The Subscription
Certificate and payment should be delivered to the Subscription Agent at one of the addresses below.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Holders of Rights
who acquire common shares on the Primary Subscription or pursuant to the Over-Subscription Privilege may choose between the following
methods based on payment of the Estimated Subscription Price. Please note that the Estimated Subscription Price differs from the
Estimated Purchase Price, which is presented for illustration purposes only, shown on the cover page of this Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">You must timely pay
based on the Estimated Subscription Price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] for the full number of shares you wish to acquire
pursuant to the exercise of Rights. If you are the record holder, you must deliver payment to the Subscription Agent via (i) personal
check, or (2) cashier&rsquo;s check, in each case, drawn upon a U.S. bank; please reference your rights card certificate number
on your check or Notice of Guaranteed Delivery. If your shares are held in the name of a broker, dealer, bank or other nominee,
you should deliver payment to such broker, dealer, bank or other nominee, as applicable, in accordance instructions provided therefrom.
For any holder who wishes to make such payment by cashier&rsquo;s check, the cashier&rsquo;s check must have the registered holder&rsquo;s
name imprinted (not simply written) on the check by the financial institution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>If you send a payment
that is insufficient to purchase the number of shares you requested, or if the number of shares you requested is not specified
in the forms, the payment received will be returned back to you along with a letter indicating what further action you need to
take to correct the defective subscription received by the Agent. All attempts to cure your defective presentation must be received
no later than the Expiration Date.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Personal or cashier&rsquo;s
checks payable to &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] should be sent to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 65%; border-collapse: collapse; margin-left: 40pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If By Mail:</FONT></TD>
    <TD STYLE="width: 45%; padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD>
    <TD STYLE="padding-left: 20pt; text-indent: -20pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If&nbsp;By&nbsp;Overnight&nbsp;Courier:</FONT></TD>
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Please be sure your
payment is scheduled for delivery on or prior to 5:00 p.m., Eastern Time, on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], to ensure that your
payment is processed prior to the Expiration Date. For any holder who wishes to make such payment by cashier&rsquo;s check, the
cashier&rsquo;s check must have the registered holder&rsquo;s name imprinted (not simply written) on the check by the financial
institution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EXCEPT AS OTHERWISE SET FORTH BELOW, A
PAYMENT PURSUANT TO THIS METHOD MUST BE IN UNITED STATES DOLLARS BY PERSONAL CHECK DRAWN UPON A U.S. BANK, MUST BE PAYABLE TO THE
RIGHTS AGENT, [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], AND MUST ACCOMPANY AN EXECUTED SUBSCRIPTION CERTIFICATE TO BE ACCEPTED.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If the aggregate Subscription
Price paid by a Record Date Shareholder is insufficient to purchase the number of common shares that the holder indicates are being
subscribed for, or if a Record Date Shareholder does not specify the number of common shares to be purchased, then the Record Date
Shareholder will be deemed to have exercised first, the Primary Subscription Rights (if not already fully exercised) and second,
the Over-Subscription Privilege to the full extent of the payment tendered. If the aggregate Subscription Price paid by such holder
is greater than the common shares he or she has indicated an intention to subscribe, then the Rights holder will be deemed to have
exercised first, the Primary Subscription Rights (if not already fully subscribed) and second, the Over-Subscription Privilege
to the full extent of the excess payment tendered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Any payment required
from a holder of Rights must be received by the Subscription Agent by the Expiration Date, or if the Rights holder has elected
to make payment by means of a notice of guaranteed delivery, on the&nbsp;second business day after the Expiration Date. Whichever
of the two methods of payment described above is used, issuance and delivery of the common shares purchased are subject to collection
of checks and actual payment pursuant to any notice of guaranteed delivery.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Within ten business
days following the Expiration Date, a direct registration (DRS) account statement will be sent by the Subscription Agent to each
registered holder who subscribed in the Offer (or, if the common shares are held by Cede or any other depository or nominee, such
statement should be provided to you by your financial institution), showing (i)&nbsp;the number of common shares acquired pursuant
to the Primary Subscription and (ii)&nbsp;the number of Excess Shares, if any, acquired pursuant to the Over-Subscription Privilege.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Any excess payment
to be refunded by the Fund to a holder of Rights, or exercises by Record Date Shareholders of their Over-Subscription Privileges,
will be mailed by the Subscription Agent to the holder within ten Business Days after the Expiration Date. If any Rights holder
exercises its right to acquire shares pursuant to the Over-Subscription Privilege, any excess payment that would otherwise be refunded
to the Rights holder will be applied by the Fund toward payment for common shares acquired pursuant to exercise of the Over-Subscription
Privilege, if any.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A Rights holder will
have no right to rescind a purchase after the Subscription Agent has received payment either by means of a notice of guaranteed
delivery or a check.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If a holder of Rights
who acquires common shares pursuant to the Primary Subscription or the Over-Subscription Privilege does not make payment of any
amounts due, the Fund reserves the right to take any or all of the following actions: (i) reallocate such subscribed and unpaid
for shares to Record Date Shareholders exercising the Over-Subscription Privilege who did not receive the full Over-Subscription
requested; (ii) apply any payment actually received by it toward the purchase of the greatest number of whole shares which could
be acquired by such Record Date Shareholder upon exercise of the Primary Subscription or the Over-Subscription Privilege; and (iii)&nbsp;exercise
any and all other rights or remedies to which it may be entitled, including, without limitation, the right to set off against payments
actually received by it with respect to such subscribed common shares and to enforce the relevant guaranty of payment or monetary
damages.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Nominees who hold
common shares for the account of others, such as brokers, dealers or depositories for securities, should notify the respective
beneficial owners of the common shares as soon as possible to ascertain such beneficial owners&rsquo; intentions and to obtain
instructions with respect to the Rights. If the beneficial owner so instructs, the record holder of the Rights should complete
the Subscription Certificate and submit them to the Subscription Agent with the proper payment. In addition, beneficial owners
of common shares or Rights held through such a nominee should contact the nominee and request the nominee to effect transactions
in accordance with the beneficial owner&rsquo;s instructions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>THE
INSTRUCTIONS ACCOMPANYING THE SUBSCRIPTION CERTIFICATES SHOULD BE READ CAREFULLY AND FOLLOWED IN DETAIL. DO NOT SEND SUBSCRIPTION
CERTIFICATES TO THE FUND.</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The method of delivery
of Subscription Certificates and payment of the aggregate Subscription Price to the Subscription Agent will be at the election
and risk of the Rights holders, but, if sent by mail, it is recommended that the certificates and payments be sent by registered
mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the
Subscription Agent and clearance of payment prior to 5:00 p.m., Eastern Time, on the Expiration Date. If you are the shareholder
of record, payments must be made in full in U.S. currency by (i) personal check, or (ii) cashier&rsquo;s check, in each case, drawn
upon a U.S. bank, and payable to &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&rdquo;. You must timely pay the full Estimated Subscription
Price for the full number of shares of common stock at the Estimated Subscription Price if you wish to acquire pursuant to the
exercise of Rights (including any exercise of the Over-Subscription Privilege, if available) by delivering a personal or cashier&rsquo;s
check, payable to &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].&rdquo; If you are a beneficial owner of shares of common stock that
are registered in the name of a broker, dealer, custodian bank or other nominee, you should deliver payment to such broker, dealer,
custodian bank or other nominee, as applicable, in accordance with instructions provided therefrom. For any holder who wishes to
make such payment by cashier&rsquo;s check, the cashier&rsquo;s check must have the registered holder&rsquo;s name imprinted (not
simply written) on the check by the financial institution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">All questions concerning
the timeliness, validity, form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will
be final and binding. The Fund, in its sole discretion, may waive any defect or irregularity, or permit a defect or irregularity
to be corrected within such time as it may determine, or reject the purported exercise of any Right. Subscriptions will not be
deemed to have been received or accepted until all irregularities have been waived or cured within such time as the Fund determines
in its sole discretion. Neither the Fund nor the Subscription Agent will be under any duty to give notification of any defect or
irregularity in connection with the submission of Subscription Certificates or incur any liability for failure to give such notification.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Rights holders
who have exercised their rights will have no right to rescind their subscription after receipt by the Subscription Agent of the
completed Subscription Certificate together with payment for common shares, except as described under &ldquo;Notice of net asset
value decline.&rdquo;</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issuance of Common Stock</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The shares of common
stock that are purchased in the Offer will be issued in book-entry, or uncertificated form, meaning that you will receive a direct
registration (DRS) account statement from our transfer agent reflecting ownership of these securities. If you hold your shares
of common stock in the name of a custodian bank, broker, dealer or other nominee, DTC will credit your account with your nominee
with the securities you purchased in the Offer.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Subscription Certificates
will only be mailed to Record Date Shareholders whose addresses are within the United States (other than an APO or FPO address).
Record Date Shareholders whose addresses are outside the United States or who have an APO or FPO address and who wish to subscribe
to the Offer either in part or in full should contact the Subscription Agent in writing no later than five business days prior
to the Expiration Date with payment to exercise the Rights. The Fund will determine whether the Offer may be made to any such Record
Date Shareholder. The Offer will not be made in any jurisdiction where it would be unlawful to do so. If the Subscription Agent
has received no instruction by the fifth business day prior to the Expiration Date, such Rights will expire.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice of Net Asset Value Decline</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In accordance with
SEC regulatory requirements, the Fund has undertaken to suspend the Offer until the Fund amends this Prospectus if, after the effective
date of the Fund&rsquo;s registration statement relating to this Offer, the Fund&rsquo;s NAV declines more than 10% from the Fund&rsquo;s
NAV as of such effective date. If this occurs, the Expiration Date will be extended and the Fund will notify Record Date Shareholders
of the decline and permit them to cancel their exercise of Rights.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Federal Income Tax Consequences</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following is a
general summary of the material U.S. federal income tax consequences of the Offer under the provisions of the Code, Treasury regulations
promulgated thereunder (&ldquo;Treasury regulations&rdquo;), and other applicable authorities in effect as of the date of this
Prospectus that are generally applicable to Record Date Shareholders and other Rights holders who are &ldquo;United States persons&rdquo;
within the meaning of the Code, and does not address any foreign, state, local or other tax consequences. These authorities may
be changed, possibly with retroactive effect, or subject to new legislative, administrative or judicial action. Record Date Shareholders
and other Rights holders should consult their tax advisers regarding the tax consequences, including U.S. federal, state, local,
foreign or other tax consequences, relevant to their particular circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund believes
that the value of a Right will not be includible in the gross income of a Record Date Shareholder at the time the Right is issued,
and the Fund will not report to the IRS that a Record Date Shareholder has income as a result of the issuance of the Right; however,
there is no guidance directly on point concerning certain aspects of the Offer. The remainder of this discussion assumes that the
receipt of the Rights by Record Date Shareholders will not be a taxable event for federal income tax purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The basis of a Right
issued to a Record Date Shareholder will be zero, and the basis of the common share with respect to which the Right was issued
(the &ldquo;Old Common Share&rdquo;) will remain unchanged.&nbsp;A Record Date Shareholder only is required to allocate the basis
of the Old Common Share and the Right in proportion to their respective fair market values on the date of distribution if (i)&nbsp;either
(a)&nbsp;the fair market value of the Right on the date of distribution is at least 15% of the fair market value of the Old Common
Share on that date, or (b)&nbsp;the Record Date Shareholder affirmatively elects (in the manner set out in Treasury regulations)
to allocate to the Right a portion of the basis of the Old Common Share and (ii)&nbsp;the Right does not expire unexercised in
the hands of the Record Date Shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">No loss will be recognized
by a Record Date Shareholder if a Right distributed to such Record Date Shareholder expires unexercised in the hands of such Record
Date Shareholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">No gain or loss will
be recognized by a Rights holder upon the exercise of a Right, and the basis of any common share acquired upon exercise of the
right (the &ldquo;New Common Share&rdquo;) will equal the Subscription Price for the New Common Share. When a Rights holder exercises
a Right, the Rights holder&rsquo;s holding period in the New Common Shares does not include the time during which the Rights holder
held the Right unexercised; the holding period for the New Common Shares will begin no later than the date following the date of
exercise of the Right.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: black 1pt solid; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>You should consult a tax adviser regarding the U.S. federal tax consequences of acquiring, holding, and exercising Rights, and of allowing Rights to expire, in your particular circumstances, as well as any tax consequences that may arise under the laws of any state, local or foreign taxing jurisdiction.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Employee Retirement
Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;) and the Code contain certain fiduciary responsibility and prohibited
transaction provisions applicable to employee benefit plans subject to ERISA or Section&nbsp;4915 of the Code, including corporate
savings and 401(k) plans, Keogh Plans of self-employed individuals and individual retirement accounts (&ldquo;IRAs&rdquo;) (each,
a &ldquo;Benefit Plan&rdquo; and collectively, &ldquo;Benefit Plans&rdquo;). Due to the complexity of these rules and the penalties
for noncompliance, fiduciaries of Benefit Plans and other retirement plans should consult with their counsel and advisers regarding
the consequences of their exercise of Rights under ERISA and the Code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">As described above,
existing shareholders who do not fully exercise their Rights will, at the completion of the Offer, own a smaller proportional interest
in the Fund than they owned prior to the Offer. The exercise of Rights will require the future funding of cash. See &ldquo;The
Offer &mdash; The Subscription Price.&rdquo; Benefit Plans should be aware that additional contributions of cash to the Benefit
Plan necessary in order to fund the exercise of Rights may be treated as Benefit Plan contributions and, particularly when taken
together with contributions previously made, may result in issues under the rules governing contributions and reductions, and give
rise to possible excise taxes. For example, in the case of Benefit Plans qualified under Section&nbsp;401(a) of the Code, and certain
other retirement plans, additional cash contributions could cause the maximum contribution limitations of Section&nbsp;415 of the
Code and other qualification rules to be violated. Benefit Plans contemplating making additional cash contributions to the Benefit
Plan to fund the exercise of Rights should consult with their counsel prior to making such contributions. If any portion of an
IRA is used as security for a loan, the portion so used could be treated as distributed to the IRA depositor, and other adverse
consequences could arise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Additional special
issues may arise in the case of any Benefit Plan sponsored or maintained by the Fund or any affiliate thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 3pt; padding-right: 6pt; padding-left: 6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>ERISA contains fiduciary responsibility requirements, and ERISA and the Code contain prohibited transaction rules, that may impact the exercise of Rights. Due to the complexity of these rules and the penalties for noncompliance, Benefit Plans should consult with their counsel and other advisers regarding the consequences of their exercise of Rights under ERISA and the Code.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SPECIAL
CONSIDERATIONS AND RISK FACTORS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following discusses
certain matters that should be considered, among others, in connection with the Offer.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Record Date Shareholders
who do not fully exercise their Rights will, at the completion of the Offer, own a smaller proportional interest in the Fund than
they owned prior to the Offer. The Fund cannot tell you precisely how much smaller the percentage of the Fund that you would own
will be because the Fund does not know how many Record Date Shareholders will exercise their Rights and how many of their Rights
they will exercise. Further, if you do not submit subscription requests pursuant to the Over-Subscription Privilege, you may experience
dilution in your holdings if the Fund offers additional shares for subscription. The Fund may sell additional shares to shareholders
if and to the extent that shares issued through the Offer would not cause any undue dilution of the NAV of the shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">All shareholders will
experience an immediate dilution of the aggregate of shares as a result of the completion of the Offer because (i) the Subscription
Price per share will be less than the Fund&rsquo;s NAV per share on the Expiration Date, (ii) the Fund will incur expenses in connection
with the Offer, and (iii) the number of shares outstanding after the Offer will increase in a greater percentage than the increase
in the size of the Fund&rsquo;s assets. This dilution also will affect Record Date Shareholders to a greater extent if they do
not exercise their Rights in full. It is not possible to state precisely the amount of any decreases in either NAV or in ownership
interests, because it is not known at this time what the NAV per share will be at the Expiration Date or what proportion of the
shares will be subscribed. Finally, there may be a dilution of earnings per share due to the increase in the number of shares outstanding,
but only to the extent that investments of the proceeds of the Offer do not achieve the same return as current investments held
by the Fund. To the extent such investments achieve a better return than current investments; earnings per share will experience
appreciation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following example assumes that all of the shares are sold
at the Estimated Purchase Price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and after deducting all expenses related to the issuance of
the shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Dilution per share in dollars</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Dilution per share as a percent</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; text-indent: -20pt; padding-left: 20pt">Primary Subscription or [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]shares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Dilution per share in dollars</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>Dilution per share as a percent</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 70%; text-align: left; text-indent: -20pt; padding-left: 20pt">With Secondary Over-Subscription or [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]shares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Value and NAV </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The shares of closed-end
investment companies frequently trade at a discount from NAV. This characteristic of shares of a closed-end fund is a risk separate
and distinct from the risk that the Fund&rsquo;s NAV may decrease. Since the commencement of the Fund&rsquo;s operations, the shares
have traded in certain periods in the market at a discount to NAV. The risk of purchasing shares of a closed-end fund that might
trade at a discount is more pronounced if you wish to sell your shares in a relatively short period of time. If you do so, realization
of a gain or loss on your investment is likely to be more dependent upon the existence of a premium or discount than upon portfolio
performance. The shares are not subject to redemption. Investors desiring liquidity may, subject to applicable securities laws,
trade their shares on any exchange where such shares are then trading at current market value, which may differ from the then current
NAV. Moreover, shareholders expecting to sell their shares during the course of the Offer should be aware that there is a greater
risk that the potential discount referred to above, which may increase during the Offer, will adversely affect them. This increased
risk is because, among other things, the market price per share may reflect the anticipated dilution that will result from this
Offer. The Fund cannot predict whether the shares will trade at a discount or premium to NAV after completion of the Offer.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Possible Suspension of the Offer </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">As required by the
SEC&rsquo;s registration form, the Fund has undertaken to suspend the Offer until it amends this prospectus if, subsequent to the
effective date of the Fund&rsquo;s Registration Statement, the Fund&rsquo;s NAV declines more than 10% from its NAV as of such
effective date. The Fund will notify Record Date Shareholders of any such decline and suspension and thereby permit them to cancel
their exercise of Rights.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If all of the Rights
are exercised in full for shares sold at the Estimated Purchase Price of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]per share, the net proceeds
to the Fund are estimated to be approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], after deducting expenses related to the Offer
payable by the Fund estimated at $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. If the Fund increases the number of shares subject to the Offer
by 25% in order to satisfy Over-Subscriptions, the proceeds will be approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. However, there
can be no assurance that all Rights will be exercised in full, and the Subscription Price will not be determined until the following
business day after the Expiration Date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI has advised the
Fund that it expects net proceeds of the Offer will be invested by the Portfolio Managers in portfolio securities in accordance
with the Fund&rsquo;s investment objective and policies. It is anticipated that investment of such net proceeds under normal market
conditions will take place during a period of approximately 30 days from their receipt by the Fund. Pending such investment, the
net proceeds will be invested in short-term money market instruments (see &ldquo;Investment Objective, Policies and Risks &mdash;
Repurchase Agreements&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>THE
FUND</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is a closed-end,
diversified management investment company registered under the 1940 Act. The Fund was organized as a Maryland corporation on December
16, 1985 pursuant to the Articles of Incorporation governed by the laws of the state of Maryland. The Fund&rsquo;s principal office
is located at 1290 Broadway, Suite 1000, Denver, Colorado 80203 and its telephone number is 1-800-241-1850.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>THE
MULTI-MANAGER METHODOLOGY</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund allocates
its portfolio assets among a number of Portfolio Managers, currently three in number, recommended by AAI and approved by the Board.
Each Portfolio Manager employs a different investment style and/or strategy, and from time to time AAI rebalances the Fund&rsquo;s
portfolio among the Portfolio Managers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In the opinion of
AAI, the multi-manager methodology provides advantages over the use of a single manager because of the following primary factors:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(i) most equity investment
management firms consistently employ a distinct investment style which causes them to emphasize stocks with particular characteristics;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(ii) because of changing
investor preferences and market fluctuations, any given investment style will generally move into and out of market favor and will
result in better performance under certain market conditions but poorer performance under other conditions;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(iii) by allocating
the Fund&rsquo;s portfolio on an approximately equal basis among Portfolio Managers employing different styles, the impact of any
one such style on investment performance may be diluted, and the investment performance of the total portfolio may be more consistent
and less volatile over the long-term than if a single style was employed throughout the entire period; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(iv) consistent performance
at a given annual rate of return over time generally produces a higher rate of return for the long term than more volatile performance
having the same average annual rate of return.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI, based on the
foregoing principles and on its analysis and evaluation of information regarding the personnel and investment styles and performance
of a universe of numerous professional investment management firms, has selected for appointment by the Fund a group of Portfolio
Managers representing a blending of different investment styles which, in its opinion, is appropriate to the Fund&rsquo;s investment
objective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI continuously monitors
the performance and investment styles of the Portfolio Managers and from time to time recommends changes of Portfolio Managers
based on factors such as changes in a Portfolio Manager&rsquo;s investment style or a departure by a Portfolio Manager from the
investment style for which it had been selected, a deterioration in a Portfolio Manager&rsquo;s performance relative to that of
other investment management firms practicing a similar style, or adverse changes in its ownership or personnel. Portfolio Manager
changes may also be made to change the mix of investment styles employed by the Portfolio Managers. Since its inception, the Fund
has had nine Portfolio Manager changes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Portfolio Manager
changes, as well as the periodic rebalancing of the Fund&rsquo;s portfolio among the Portfolio Managers and the need to raise cash
for the Fund&rsquo;s quarterly distributions, may result in some portfolio turnover in excess of what would otherwise be the case
(see &ldquo;Financial Highlights&rdquo;). Increased portfolio turnover would cause increased brokerage commission costs to the
Fund, and may result in greater realization of net capital gains, distributions of which are taxable to shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Under the terms of
an exemptive order issued to the Fund and AAI by the SEC, a portfolio management agreement with a new or additional Portfolio Manager
may be entered into in advance of shareholder approval, provided that the new agreement is at a fee no higher than that provided
in, and is on terms and conditions substantially similar to, the Fund&rsquo;s agreements with its other Portfolio Managers, and
that its continuance is subject to approval by shareholders at the Fund&rsquo;s next regularly scheduled annual shareholder meeting
(normally held in August) following the date of the new or additional portfolio management agreement. Information about Portfolio
Manager changes or additions made in advance of shareholder approval will be announced to the press following Board action and
will be included in the next report to shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s current
Portfolio Managers are:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify">Congress Asset Management Company, LLP</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify">Sustainable Growth Advisers, LP</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 59.4pt; text-align: justify; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt">&bull;</TD><TD STYLE="text-align: justify">Weatherbie Capital, LLC</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>INVESTMENT
OBJECTIVE, POLICIES AND RISKS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is a diversified,
closed-end management investment company registered under the 1940 Act. The Fund&rsquo;s investment objective is to seek long-term
capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective through investing at least
65% of its net assets in a diversified portfolio of equity securities of companies of any market capitalization.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Although under normal
market conditions the Fund will remain substantially fully invested in equity securities, up to 35% of the value of the Fund&rsquo;s
total assets may generally be invested in U.S. Government Securities, repurchase agreements with respect to U.S. Government Securities,
and, to an extent not greater than 10% of the market value of the Fund&rsquo;s total assets, money market mutual funds that invest
primarily in U.S. Government Securities. The Fund may temporarily invest without limit in U.S. Government Securities, repurchase
agreements and money market mutual funds for defensive purposes when AAI or the Portfolio Managers deem that market conditions
are such that a more conservative approach to investment is desirable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s investment
objective of long-term capital appreciation, as well as certain of its investment restrictions referred to in the Statement of
Additional Information, are fundamental and may not be changed without a majority vote of the Fund&rsquo;s outstanding shares.
Under the 1940 Act, a &ldquo;majority vote&rdquo; means the vote of the lesser of (a) 67% of the shares of the Fund represented
at a meeting at which the holders of more than 50% of the outstanding shares of the Fund are present or represented, or (b) more
than 50% of the outstanding shares of the Fund. Non-fundamental policies may be changed by vote of the Board.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following describes
certain of the investment practices in which one or more of the Portfolio Managers may engage, each of which may involve certain
special risks.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Lending of Portfolio
Securities.</I> The Fund, in order to generate additional income, may lend its portfolio securities (principally to broker-dealers)
where such loans are callable at any time and are continuously secured by collateral (cash or U.S. Government Securities) equal
to and not less than the market value, determined daily, of the securities loaned. The Fund would receive amounts equal to the
interest on the securities loaned. It would also be paid for having made the loan. Any cash collateral pursuant to these loans
would be invested in Short-Term Money Market Instruments. The Fund could be subjected to delays in recovering the loaned securities
in the event of default or bankruptcy of the borrower. The Fund will limit such lending to not more than 20% of the value of the
Fund&rsquo;s total assets. The Fund may pay fees to its custodian bank or others for administrative services in connection with
securities loans.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Repurchase Agreements</I>.
The Fund may enter into repurchase agreements with banks or broker-dealer firms whereby such institutions sell U.S. Government
Securities or other securities in which it may invest to the Fund and agree at the time of sale to repurchase them at a mutually
agreed upon time and price. The resale price is greater than the purchase price, reflecting an agreed-upon interest rate that is
effective during the time between the purchase and resale and is not related to the stated interest rate on the purchased securities.
The Fund requires the seller of the securities to maintain on deposit with the Fund&rsquo;s custodian bank securities in an amount
at all times equal to or in excess of the value of the repurchase agreement. In the event that the seller of the securities defaults
on its repurchase obligation or becomes bankrupt, the Fund could receive less than the repurchase price on the sale of the securities
to another party or could be subjected to delays in selling the securities. Under normal market conditions, not more than 35% of
the Fund&rsquo;s net assets will be invested in Short-Term Money Market Instruments, including repurchase agreements, and not more
than 10% of the Fund&rsquo;s net assets will be invested in repurchase agreements maturing in more than seven days.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Securities of Other
Investment Companies.</I> The Fund may invest in the securities of other investment companies, including open-end mutual funds,
closed-end funds, unit investment trusts, private investment companies and offshore investment companies. An investment in an investment
company involves risks similar to those of investing directly in the investment company&rsquo;s portfolio securities, including
the risk that the value of the portfolio securities may fluctuate in accordance with changes in the financial condition of their
issuers, the value of stocks and other securities generally, and other market factors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In addition, investing
in other investment companies involves certain other risks, costs, and expenses for the Fund. If the Fund invests in another investment
company, the Fund will be charged its proportionate share of the advisory fees and other operating expenses of such investment
company, which are in addition to the advisory fees and other operational expenses charged to the Fund. In addition, the Fund could
incur a sales charge in connection with purchasing an investment company security or a redemption fee upon the redemption of such
security. An investment in the shares of a closed-end investment company may also involve the payment of a substantial premium
over, while sales of such shares may be made at a substantial discount from, the NAV of the issuers&rsquo; portfolio securities.
Investments in securities of other investment companies will be made in compliance with applicable 1940 Act limitations. To the
extent that the Fund invests in the securities of other investment companies, the Fund&rsquo;s shareholders will indirectly bear
a <I>pro rata</I> share of the investment company&rsquo;s expenses in addition to the expenses associated with an investment in
the Fund. The Fund may invest in investment companies managed by AAI or other affiliates of AAI.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is a diversified,
multi-managed closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle.
The Fund is not intended to be a complete investment program and there can be no assurance that the Fund will achieve its investment
objective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Market Discount Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In addition, shares
of closed-end management investment companies such as the Fund frequently trade at a discount from their NAV. The shares were designed
primarily for long-term investors, and investors in shares should not view the Fund as a vehicle for trading purposes. This risk
is separate and distinct from the risk that the Fund&rsquo;s NAV may decline.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Investment and Market Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">An investment in the
Fund&rsquo;s shares is subject to investment risk, including the possible loss of the entire amount that you invest. Your investment
in shares represents an indirect investment in the securities owned by the Fund, most of which are traded on a national securities
exchange or in the over-the-counter markets. The value of these securities, like other market investments, may move up or down,
sometimes rapidly and unpredictably. Your shares at any point in time may be worth less than your original investment, even after
taking into account the reinvestment of dividends and other distributions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Issuer Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The value of common
stocks may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage
and reduced demand for the issuer&rsquo;s goods and services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Common Stock Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is not limited
in the percentage of its assets that may be invested in common stocks and other equity securities, and therefore a risk of investing
in the Fund is equity risk. Equity risk is the risk that the market value of securities held by the Fund will fall due to general
market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate,
and the particular circumstances and performance of particular companies whose securities the Fund holds. For example: an adverse
event, such as an unfavorable earnings report, may depress the value of equity securities of an issuer held by the Fund; the price
of common stock of an issuer may be particularly sensitive to general movements in the stock market; or a drop in the stock market
may depress the price of most or all of the common stocks and other equity securities held by the Fund. In addition, common stock
of an issuer in the Fund&rsquo;s portfolio may decline in price if the issuer fails to make anticipated dividend payments because,
among other reasons, the issuer of the security experiences a decline in its financial condition. Common equity securities in which
the Fund will invest are structurally subordinated to preferred stocks, bonds and other debt instruments in a company&rsquo;s capital
structure, in terms of priority to corporate income, and therefore will be subject to greater payment risk than preferred stocks
or debt instruments of such issuers. In addition, while broad market measures of common stocks have historically generated higher
average returns than fixed income securities, common stocks have also experienced significantly more volatility in those returns.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Management Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is subject
to management risk because it is an actively managed investment portfolio. AAI and the Portfolio Managers will apply investment
techniques and risk analyses in selecting Portfolio Managers and making investment decisions for the Fund, respectively, but there
can be no guarantee that these will produce the desired results.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Growth Stock Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Currently, the Fund&rsquo;s
net assets are allocated to Portfolio Managers that utilize a &ldquo;growth&rdquo; approach to investing. Over time, depending
on market conditions, this allocation may increase or decrease. Growth stocks are stocks of companies believed to have above-average
potential for growth in revenue and earnings. Prices of growth stocks may be more sensitive to changes in current or expected earnings
than the prices of other stocks. In certain market conditions, growth stocks may not perform as well as the stock market in general.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Foreign Securities Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Investments in foreign
securities involve risks in addition to those of investments in U.S. issuers. These risks include political and economic risks,
currency fluctuations, higher transaction costs, less liquidity and greater volatility, delayed settlement, confiscatory taxation,
withholding of taxes and less stringent investor protection and disclosure of standards in some foreign markets. These risks can
make investments in foreign issuers more volatile and potentially less liquid than investments in U.S. issuers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Tax Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may invest
in preferred securities, convertible securities or other securities the federal income tax treatment of the income from which may
not be clear or may be subject to recharacterization by the IRS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The tax treatment
of distributions the Fund reports as &ldquo;qualified dividend income&rdquo; may be affected by IRS interpretations of the Code
and future changes in the Code and the Treasury regulations. There can be no assurance as to what portion, if any, of the Fund&rsquo;s
distributions will constitute qualified dividend income.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Inflation Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Inflation risk is
the risk that the value of assets or income from investment will be worth less in the future as inflation decreases the value of
money. As inflation increases, the real value of the Fund&rsquo;s shares and distributions can decline.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Deflation Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Deflation risk is
the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies,
their assets and revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer
default more likely, which may result in a decline in the value of the Fund&rsquo;s portfolio.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Small and Mid-Cap Stock Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may invest
in companies of any market capitalization. The Fund considers small companies to be those with a market capitalization up to $5
billion and medium-sized companies to be those with a market capitalization between $5 billion and $25 billion. Smaller and medium-sized
company stocks may be more volatile than, and perform differently from, larger company stocks.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Market Disruption and Geopolitical Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Certain events have
a disruptive effect on the securities markets, such as terrorist attacks, war and other geopolitical events. The Fund cannot predict
the effects of these events on the U.S. economy, the stock market and world economies and markets generally.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Legislation and Regulatory Risk</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">At any time after
the date of this Prospectus, legislation or additional regulations may be enacted that could negatively affect the assets of the
Fund or the issuers of such assets. Changing approaches to regulation may have a negative impact on the entities and/or securities
in which the Fund invests. Legislation or regulation may also change the way in which the Fund itself is regulated.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>MANAGEMENT
OF THE FUND</B></FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Board is responsible
for the general oversight of the Fund&rsquo;s operations, including the general oversight of AAI&rsquo;s and the Portfolio Managers&rsquo;
management of the Fund. The names and business addresses of the Directors and officers of the Fund and their principal occupations
during the past five years are set forth under &ldquo;Directors and Officers&rdquo; in the Statement of Additional Information.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI, 1290 Broadway,
Suite 1000, Denver, CO 80203, is the Fund&rsquo;s investment advisor. AAI acts as the investment advisor to registered investment
companies. AAI is a wholly-owned subsidiary of ALPS Holdings, Inc. (&ldquo;ALPS&rdquo;), which is a wholly-owned subsidiary of
DST Systems, Inc., which in turn is a wholly-owned subsidiary of SS&amp;C Technologies Holdings, Inc. ALPS is a Denver, Colorado-based
company that provides a wide range of fund services, including fund administration, fund distribution and fund accounting. As of
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], AAI had approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of assets under management and ALPS and
its affiliates provide fund administration services to funds with assets in excess of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] and distribution
services to funds with assets in excess of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following summaries
provide information about the Fund&rsquo;s current Portfolio Managers, including the employees who are primarily responsible for
the day-to-day management of the Fund&rsquo;s portfolio. The Statement of Additional Information contains additional information
about these individuals, including their compensation, other accounts managed by them and their ownership of securities in the
Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><U>Congress Asset
Management Company, LLP</U> (&ldquo;Congress&rdquo;) is located at 2 Seaport Lane, Boston, MA 02210. Congress was founded in 1985
and is owned by Lagan Holding Company Trust and Lagan-Congress, Inc., who serve as general partners. Lagan Holding Company Trust
owns 100% of Lagan-Congress, Inc. Congress&rsquo;s assets under management as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], were approximately
$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The portion of the
Fund allocated to Congress is managed by Todd Solomon, CFA and Daniel Lagan, CFA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Todd joined Congress
in 2001. He is a member of Congress&rsquo;s Investment Oversight Committee and Chairs the Mid Cap Growth Committee, which was named
the 2015 Small/Mid Cap SMA of the year by <I>Investment Advisor Magazine</I> and Envestnet. He has 22 years of investment experience,
spanning both equity research and portfolio management. Previously, he has held positions at US Trust Company, Fidelity Management
and Research Co, and the Pioneer Group, Inc. He is a CFA charterholder, and member of the Boston Security Analysts Society (BSAS).
He received a BA from Georgetown University and an MBA from New York University.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Mr. Lagan joined Congress
in 1989. He is the firm&rsquo;s Chief Investment Officer, a position he has held since 2005. He chairs both the firm&rsquo;s Investment
Oversight Committee and Large Cap Growth Investment Committees. As CEO, he is responsible for all business aspects of the company,
with the senior managers of operations, sales, and investments reporting to him. Prior to being named as CEO in 2013, he was the
firm&rsquo;s President for 17 years. He is a CFA charterholder, and a member of the Boston Security Analysts Society (BSAS) and
the CFA Institute. Mr. Lagan received a BA from St. Michael&rsquo;s College and an MBA from Boston College.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><U>Sustainable Growth
Advisers, LP</U> (&ldquo;SGA&rdquo;) is located at 301 Tresser Boulevard Stamford, CT 06901. SGA was founded in 2003. SGA is 69%
owned by Virtus Investment Partners (&ldquo;Virtus&rdquo;) and 31% owned by various SGA employees. Virtus is a publicly traded
(NASDAQ: VRTS) multi-boutique manager based in Hartford, Connecticut. Virtus&rsquo; assets under management as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
were approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. SGA&rsquo;s assets under management as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
were approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (of which approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] is regulatory assets
under management and $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] is model/emulation assets under contract).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The portion of the
Fund allocated to SGA is managed by George P. Fraise, Gordon M. Marchand and Robert L. Rohn.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">George P. Fraise is
a principal, co-founder, portfolio manager and a member of the Investment Committee. He is also a member of the firm&rsquo;s Advisory
Board. Prior to founding Sustainable Growth Advisers, George was Executive Vice President, a member of the Board of Directors and
a member of the Investment Policy Committee of Yeager, Wood &amp; Marshall, Inc. George began his investment career in 1987 as
an equity analyst at Drexel Burnham Lambert. In 1990 he joined Smith Barney as a senior analyst responsible for the coverage of
electrical equipment companies. He also held a senior analyst position at Chancellor Capital Management, a private large cap growth
money manager. In 1997 George joined Scudder Kemper Investments as a portfolio manager for two separate large cap growth funds.
He received a BA in History from Trinity College in 1986 and an MBA in Finance and International Business from the Stern School
of Business at New York University in 1990.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Gordon M. Marchand,
CFA, CIC, CPA, is a principal, co-founder, portfolio manager and a member of the Investment Committee. He is also a member of the
firm&rsquo;s Advisory Board and serves as the firm&rsquo;s Chief Financial Officer. Prior to founding Sustainable Growth Advisers,
Gordon was an executive officer, a member of the Board of Directors and Investment Policy Committee of Yeager, Wood &amp; Marshall,
Inc. which he joined in 1984. He also served as the firm&rsquo;s Chief Financial and Operating Officer. Gordon began his career
as a CPA for Grant Thornton Int&rsquo;l and a management consultant for Pricewaterhouse. Mr. Marchand received a BS from Georgetown
University, an MBA from the University of Massachusetts/Amherst and completed graduate study from Oxford University Management
Center.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Robert L. Rohn is
a principal, co-founder, portfolio manager and chairs the firm&rsquo;s Investment Committee. He is also a member of the firm&rsquo;s
Advisory Board. Prior to joining Sustainable Growth Advisers in November 2003, Rob managed over $1 billion of large capitalization,
high quality growth stock portfolios at W.P Stewart &amp; Co. During Rob&rsquo;s twelve-year tenure with W.P. Stewart, he was an
analyst and portfolio Manager, held the positions of Chairman of the Board and Chief Executive Officer of W.P. Stewart Inc., the
company&rsquo;s core U.S. investment business, and served as Chairman of the firm&rsquo;s Management Committee. From 1988 through
1991, he was with Yeager, Wood &amp; Marshall, a growth-oriented investment counseling firm, where he served as Vice President
and a member of the Investment Policy Committee with responsibilities in equity analysis and portfolio management. Rob began his
career in 1983 at JP Morgan, where he was an officer of the bank in Corporate Finance. Mr. Rohn received a BA, cum laude, from
Dartmouth College and an MBA from Harvard Business School.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><U>Weatherbie Capital,
LLC</U> (&ldquo;Weatherbie&rdquo;) is located at 265 Franklin Street, Boston, MA 02110. Weatherbie is wholly owned by Alger Associates,
Inc. Alexandra Alger, Hilary Alger and Nicole Alger own, in the aggregate, in excess of 99% of the voting rights of Alger Associates,
Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Weatherbie was founded
in 1995 by Matthew Weatherbie, CFA and registered with the SEC in November 1995 to provide specialized growth equity investment
management to the institutional marketplace. On March 1, 2017, Weatherbie was acquired in its entirety by Alger Associates, Inc.,
the parent company of Fred Alger Management, Inc., a leading asset management firm. Weatherbie has nine employees and continues
to operate in Boston, MA as a discrete subsidiary of Alger Associates, Inc. Weatherbie takes a fundamental, bottom-up research
approach to investing in growth equities and aims to identify and invest in attractive U.S. small- and mid-cap companies poised
for growth. Weatherbie&rsquo;s assets under management as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], were approximately $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The portion of the
Fund allocated to SGA is managed by Matthew A. Weatherbie, George Dai and Joshua Bennett.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Matthew A. Weatherbie,
CFA, CEO and Co-Chief Investment Officer, is a co-manager responsible for managing the portion of the Fund allocated to Weatherbie.
The firm was founded by Matt in December 1995. Mr. Weatherbie&rsquo;s prior experience as a portfolio manager was at Putnam Investments
from 1983-1995 where he managed the Putnam Voyager Fund. Between 1973 and 1983, he was a securities analyst and then a portfolio
manager of MFS (Massachusetts Financial Services) Emerging Growth Trust. Matt is a CFA charterholder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">George Dai, Ph.D.,
Senior Managing Director and Co-Chief Investment Officer, is the lead co-manager responsible for managing the portion of the Fund
allocated to Weatherbie. George&rsquo;s prior experience as a portfolio manager began in 2006 as the co-lead manager of Weatherbie&rsquo;s
Long/Short Fund. George received his MBA from the Wharton School, University of Pennsylvania, (Director&rsquo;s List), and his
Ph.D. in chemistry from Johns Hopkins University. Previously, he earned a B.S. from the University of Science and Technology of
China (Hefei, China) and then was a pharmaceutical research scientist at Procter &amp; Gamble.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Joshua D. Bennett,
CFA, Senior Managing Director, Director of Research, is a co-manager responsible for managing the portion of the Fund allocated
to Weatherbie. Josh&rsquo;s prior experience as a portfolio manager began in 2007 as a co-manager of Weatherbie&rsquo;s Long/Short
Fund. Josh received his MBA from the Tuck School of Business at Dartmouth (Edward Tuck Scholar with Distinction). Previously, he
earned a B.A. in economics (Summa Cum Laude) from Wheaton College (IL). Josh is a CFA charterholder.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Fund Management Agreement and the Portfolio Management
Agreements</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund has a Fund
Management Agreement with AAI pursuant to which AAI implements and operates the Fund&rsquo;s multi-manager methodology and has
overall supervisory responsibility for the general management and investment of the Fund&rsquo;s assets, subject to the Fund&rsquo;s
investment objectives and policies and any directions of the Board. AAI recommends to the Board the investment management firms
(currently three) for appointment as Portfolio Managers of the Fund. See &ldquo;The Multi-Manager Methodology&rdquo;. No single
individual at AAI is responsible for AAI&rsquo;s decisions with respect to the retention or replacement of the Portfolio Managers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Under the Fund&rsquo;s
Portfolio Management Agreements with each of its Portfolio Managers and AAI, each Portfolio Manager has discretionary authority
(including for the selection of brokers and dealers for the execution of the Fund&rsquo;s portfolio transactions) with respect
to the portion of the Fund&rsquo;s assets allocated to it by AAI from time to time, subject to the Fund&rsquo;s investment objective
and policies, to the supervision and control of the Board, and to instructions from AAI. As described under the section entitled
&ldquo;The Multi-Manager Methodology,&rdquo; AAI from time to time reallocates the Fund&rsquo;s portfolio assets among the Portfolio
Managers. Although the Portfolio Managers&rsquo; activities are subject to general oversight by AAI, the Board and officers of
the Fund, none of AAI, the Board or officers of the Fund evaluate the investment merits of the Portfolio Managers&rsquo; selections
of individual securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Although the Fund
does not permit a Portfolio Manager to act or have a broker-dealer affiliate act as broker for the Fund&rsquo;s portfolio transactions
initiated by it, the Portfolio Managers are permitted to place portfolio transactions initiated by them with another Portfolio
Manager or its broker-dealer affiliate for execution on an agency basis, provided the commission does not exceed the usual and
customary broker&rsquo;s commission being paid to other brokers for comparable transactions and is otherwise in accordance with
the Fund&rsquo;s procedures adopted under Rule 17e-1 under the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Under the Fund&rsquo;s
Fund Management Agreement with AAI and its Portfolio Management Agreements with the Portfolio Managers, the Fund pays AAI a fund
management fee, and AAI in turn pays the fees of the Portfolio Managers from the fund management fees paid to it. The annual fees
that are paid under the current agreements are shown below (fees are payable monthly based on the indicated percentage of the Fund&rsquo;s
average daily net assets during the prior month).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 59%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Average Daily NAV</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund Management Fee Paid to AAI and Portfolio Management Fee Paid to Portfolio Managers</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">First $300 million </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.80% (0.40% to Portfolio Managers)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $300 million </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.72% (0.36% to Portfolio Managers)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A discussion regarding
the basis for the Board approving the Fund Management Agreement and the Portfolio Management Agreements is available in the Fund&rsquo;s
annual report for the period ended [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><B>Custodian, Transfer Agent and Administrator, Pricing
and Bookkeeping Agent</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">State Street Bank
&amp; Trust Company, One Lincoln Street, Boston, Massachusetts 02111, is the Fund&rsquo;s custodian. Computershare Trust Company,
N.A., 505000, Louisville, Kentucky 40233 is the Fund&rsquo;s transfer and dividend disbursing agent and registrar.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AFS, 1290 Broadway,
Suite 1000 Denver, Colorado 80203 provides administrative services to the Fund under an Administration, Bookkeeping and Pricing
Services Agreement with the Fund (the &ldquo;Administration Agreement&rdquo;). AFS is an affiliate of AAI and a wholly-owned subsidiary
of ALPS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Pursuant to the Administration
Agreement AFS provides administrative, fund accounting, financial reporting and other related expense budgeting, pricing and bookkeeping
services for the Fund. Under the Administration Agreement with AFS, the Fund pays AFS separate fees for administrative services
and bookkeeping and pricing services. The annual fee for administrative services is shown below (fees are payable monthly based
on the indicated percentage of the Fund&rsquo;s average daily net assets during the prior month).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 69%; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Average Daily NAV</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Fund Administrative Fee Paid to AFS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">First $300 million </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $300 million </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0.18%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In addition, for pricing
and bookkeeping services AFS receives an annual fee, payable monthly, consisting of: (i)&nbsp;$25,000 plus 0.015% of the Fund&rsquo;s
net asset value for fund accounting services (&ldquo;FA Fee&rdquo;); (ii)&nbsp; $13,000 for financial reporting (&ldquo;FR Fee&rdquo;);
(iii)&nbsp;a multi-manager fee of $3,000 for each Portfolio Manager managing a portion of the Fund&rsquo;s portfolio (&ldquo;Multi-Manager
Fee&rdquo;); and (iv)&nbsp;an amount necessary for AFS to recover its costs of providing fund accounting, expense budgeting and
Sarbanes-Oxley services for the Fund (&ldquo;AFS Services Fee&rdquo;). During any 12-month period, the aggregate FA Fee and FR
Fee for the Fund may not exceed $140,000. Neither the Multi-Manager Fee nor AFS&rsquo; Service Fee are subject to the $140,000
limit.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Expenses of the Fund</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI provides the Portfolio
Manager selection, evaluation, monitoring and rebalancing services, pays the compensation of and furnishes office space for the
officers of the Fund who are affiliated with AAI, and pays the management fees of the Portfolio Managers. The Fund pays all its
expenses, other than those expressly assumed by AAI. The expenses payable by the Fund include: management fees payable to AAI;
administrative, bookkeeping and pricing fees payable to AFS; fees and expenses of the independent registered public accounting
firm; fees for transfer agent and registrar, dividend disbursing, custodian and portfolio recordkeeping services; expenses in connection
with the Automatic Dividend Reinvestment and Cash Purchase Plan; expenses in connection with obtaining quotations for calculating
the value of the Fund&rsquo;s net assets; taxes (if any) and the preparation of the Fund&rsquo;s tax returns; brokerage fees and
commissions; interest; costs of director and shareholder meetings (including expenses of printing and mailing proxy material therefor);
expenses of printing and mailing reports to shareholders; fees for filing reports with regulatory bodies and the maintenance of
the Fund&rsquo;s existence; membership dues for investment company industry trade associations; legal fees; stock exchange listing
fees and expenses; fees to federal and state authorities for the registration of shares; fees and expenses of Directors who are
not Directors, officers, employees or stockholders of AAI or its affiliates; insurance and fidelity bond premiums; and any extraordinary
expenses of a non-recurring nature.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s authorized
capitalization consists of 60,000,000 shares of Common Stock, par value $0.10 per share, of which [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]shares
were issued and outstanding on the date of this Prospectus. The currently outstanding shares are, and the shares offered hereby
when issued and paid for pursuant to the terms of the Offer will be, fully paid and nonassessable. Shareholders would be entitled
to share pro rata in the net assets of the Fund available for distribution to shareholders upon liquidation of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Shareholders are entitled
to one vote for each share held. The Fund&rsquo;s shares do not have cumulative voting rights, which means that the holders of
more than 50% of the shares of the Fund voting for the election of Directors can elect all the Directors standing for election,
and, in such event, the holders of the remaining shares will not be able to elect any of such Directors.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund is a closed-end
investment company and as such its shareholders do not have the right to cause the Fund to redeem their shares. The Fund, however,
is authorized to repurchase its shares on the open market when its shares are trading at a discount from NAV. The Fund has no current
plans to repurchase its shares.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-takeover Provisions of the Articles of Incorporation
and By-Laws; Super-majority Vote Requirement for Conversion to Open-End Status</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s Articles
of Incorporation and By-laws contain provisions (commonly referred to as &ldquo;anti-takeover&rdquo; provisions) which are intended
to have the effect of limiting the ability of other entities or persons to acquire control of the Fund, to cause it to engage in
certain transactions, or to modify its structure. The Board is divided into three classes, each having a term of three years. On
the date of the annual meeting of shareholders in each year the term of one class expires. This provision could delay for up to
two years the replacement of a majority of the Board. In addition, the affirmative vote of the holders of 66 2/3% of the shares
of the Fund will be required generally to authorize any of the following transactions:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -40pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(i)</TD><TD STYLE="text-align: justify">the Fund&rsquo;s merger or consolidation with or into any other corporation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(ii)</TD><TD STYLE="text-align: justify">the issuance of any securities of the Fund to any person or entity for cash;</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(iii)</TD><TD STYLE="text-align: justify">the sale, lease, or exchange of all or any substantial part of the Fund&rsquo;s assets to any entity
or person (except assets having an aggregate fair market value of less than $1,000,000); or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -40pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 40pt">(iv)</TD><TD STYLE="text-align: justify">the sale, lease or exchange to the Fund, in exchange for securities of the Fund, of any assets
of any entity or person (except assets having an aggregate fair market value of less than $1,000,000);</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">if such corporation,
person or entity is directly, or indirectly through affiliates, the beneficial owner of 5% or more of the outstanding shares of
the Fund. Such 66 2/3% vote will not be required with respect to the transactions listed in (i) through (iv) above where the Board
under certain conditions approves the transaction. However, depending upon the transaction, a different shareholder vote may nevertheless
be required under Maryland law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The affirmative vote
of the holders of 66 2/3% of the outstanding shares will be required to authorize the Fund&rsquo;s conversion from a closed-end
to an open-end investment company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The foregoing super-majority
vote requirements may not be amended except with a similar supermajority vote of the shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">These provisions will
make more difficult a change in the Fund&rsquo;s structure or management or consummation of the foregoing transactions without
the Directors&rsquo; approval. The anti-takeover provisions could have the effect of depriving shareholders of an opportunity to
sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the
Fund in a tender offer or similar transaction. However, the Board continues to believe that the anti-takeover provisions are in
the best interests of the Fund and its shareholders because they provide the advantage of potentially requiring persons seeking
control of the Fund to negotiate with its management regarding the price to be paid and facilitating the continuity of the Fund&rsquo;s
management and its continuing application of the multi-manager concept.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Board also believes
that the super-majority vote requirement for conversion to an open-end investment company is in the best interest of the Fund and
its shareholders because it will allow the Fund to continue to benefit from the advantages of its closed-end structure until such
time that, based on relevant factors including the then current relationship of the market price of the Fund&rsquo;s shares to
their net asset value, the Board determines to recommend to shareholders the Fund&rsquo;s conversion to an open-end investment
company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>NET
ASSET VALUE</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The NAV of the Fund
is determined no less frequently than daily, on each day that the NYSE is open for trading, as of the close of regular trading
on the NYSE (normally 4:00 p.m. Eastern time). AAI calculates the Fund&rsquo;s NAV by dividing the value of the Fund&rsquo;s total
assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received),
less the Fund&rsquo;s total liabilities (including dividends payable), any borrowings by the total number of common shares outstanding.
Valuations of securities or other assets in the Fund&rsquo;s portfolio may be provided by a third party pricing service.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">For purposes of determining
the NAV of the Fund&rsquo;s common shares, equity securities that are traded on an exchange are valued at the closing sale or official
closing price reflected on that exchange on the business day as of which such value is being determined. If there has been no sale
of equity securities on such day, or if such closing prices are not otherwise available, the securities are valued at the mean
of the closing bid and asked prices on such day. If no bid or asked prices are quoted on such day, then the security is valued
by such method as the Board shall determine in good faith to reflect its fair market value. Equity securities traded on more than
one securities exchange are valued at the closing sale or official closing price as reflected by the exchange representing the
principal market for such securities. Readily marketable equity securities traded in the over-the-counter market are valued at
the mean of the current bid and asked prices. Investments in non-exchange traded funds are fair valued at their respective net
asset values.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Short-term debt obligations
that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect
an investment&rsquo;s fair value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Securities for which
market quotations or valuations are not available are valued at fair value in good faith by or at the direction of the Board. Various
factors may be reviewed in order to make a good faith determination of a security&rsquo;s fair value. These factors may include,
but are not limited to, the type and cost of the security; the fundamental analytical data relating to the investment; an evaluation
of the forces which influence the market in which the security is sold, including the liquidity and depth of the market; information
as to any transactions or offers with respect to the security; price, yield and the extent of public or private trading in similar
securities of the issuer or comparable companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DISTRIBUTIONS;
AUTOMATIC DIVIDEND<BR>
REINVESTMENT AND CASH PURCHASE PLAN</B></FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The current policy
is to pay distributions on its shares totaling approximately 8% of its NAV per year, payable in four quarterly installments of
2% of the Fund&rsquo;s NAV at the close of the NYSE on the Friday prior to each quarterly declaration date. Sources of distributions
to shareholders may include ordinary dividends, long-term capital gains and return of capital. The actual amounts and sources of
the amounts for tax reporting purposes will depend upon the Fund&rsquo;s investment experience during its fiscal year and may be
subject to changes based on Treasury regulations. If a distribution includes anything other than net investment income, the Fund
provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the
final tax characterization (for the full year&rsquo;s distributions) contained in shareholders&rsquo; 1099-DIV forms after the
end of the year. If the Fund&rsquo;s net investment income and net realized capital gains for any year exceed the amount distributed
under the distribution policy, the Fund may, in its discretion, retain and not distribute capital gains and pay income tax thereon
to the extent of such excess.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">You should consult
a tax adviser about state, local and foreign taxes on your distributions from the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Automatic Dividend Reinvestment and Cash Purchase Plan </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Under the Fund&rsquo;s
Automatic Dividend Reinvestment and Cash Purchase Plan (the &ldquo;Plan&rdquo;), shareholders automatically participate and have
all their Fund dividends and other distributions reinvested by Computershare Trust Company, N.A., as agent for participants in
the Plan (the &ldquo;Plan Agent&rdquo;), in additional shares of the Fund. For further information, call Investor Assistance at
1-800-LIB-FUND (1-800-542-3863) weekdays between 9 a.m. and 5 p.m. Eastern Time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Shareholders whose
shares are held in the name of a brokerage firm, bank or other nominee can participate in the Plan only if their brokerage firm,
bank or nominee is able to do so on their behalf. Shareholders participating in the Plan through a brokerage firm may not be able
to transfer their shares to another brokerage firm and continue to participate in the Plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Under the Plan, all
dividends and other distributions will be reinvested in additional shares of the Fund. Distributions declared payable in cash will
be reinvested for the accounts of participants in the Plan in additional shares purchased by the Plan Agent on the open market
at prevailing market prices. If, prior to the Plan Agent&rsquo;s completion of such open market purchases, the market price of
a share plus estimated brokerage commissions exceeds the net asset value, the remainder of the distribution will be paid in newly
issued shares valued at net asset value (but not at a discount of more than 5% from market price). Distributions declared payable
in shares (or cash at the option of shareholders) are paid to participants in the Plan entirely in newly issued full and fractional
shares valued at the lower of market value or net asset value per share on the valuation date for the distribution (but not at
a discount of more than 5% from market price). Dividends and other distributions are subject to taxation, whether received in cash
or in shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Plan participants
have the option of making additional investments of $100 or more on a monthly basis up to a maximum of $120,000 in a calendar year.
These direct purchases will be invested on or shortly after the 15th of each month and direct purchases should be sent so as to
be received by the Plan Agent at least two business days prior to the next investment date. Barring suspension of trading, direct
purchases will be invested within 35 days after such date. Alternatively, participants can authorize an automatic monthly deduction
from a checking or savings account at a U.S. bank or other financial institution. A participant may withdraw a direct purchase
by written notice received by the Plan Agent at least two business days before such payment is to be invested.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Plan Agent maintains
all shareholder accounts in the Plan and furnishes statements of all transactions in the account, including information needed
by shareholders for tax records. Shares in the account of each Plan participant will be held by the Plan Agent in book-entry or
noncertificated form in the name of the participant, and each shareholder&rsquo;s proxy will include those shares purchased or
received pursuant to the Plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">There is no charge
to participants for reinvesting distributions pursuant to the Plan. The Plan Agent&rsquo;s fees are paid by the Fund, therefore
indirectly by shareholders. There are no brokerage charges with respect to shares issued directly by the Fund as a result of dividends
or distributions declared payable in shares. However, each participant bears a per share fee (which includes any brokerage commissions
the Plan Agent is required to pay) incurred with respect to the Plan Agent&rsquo;s open market purchases in connection with the
reinvestment of distributions declared payable in cash.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">With respect to direct
purchases, the Plan Agent will charge $1.25 for purchase by check and $2.00 for automatic investment transactions, plus a per share
fee (which includes any brokerage commissions the Plan Agent is required to pay). Sales of shares held in the Plan will also be
subject to a service fee of $2.50 and a per share fee currently $0.10. All fees described in this summary are subject to change.
Please contact the Plan Agent for the current fees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Shareholders may terminate
their participation in the Plan by notifying the Plan Agent by telephone, through the Internet or in writing. Such termination
will be effective immediately if notice is received by the Plan Agent prior to any distribution record date and all subsequent
dividends and other distributions will be paid in cash instead of shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund reserves
the right to amend or terminate the Plan.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The full text of the
Plan may be found on the Fund&rsquo;s website at www.all-starfunds.com.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>TAX
MATTERS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following discussion
briefly summarizes certain rules applicable to federal income taxation of the Fund and its shareholders. This discussion does not
purport to be complete or to deal with all aspects of that taxation that may be relevant to shareholders in light of their particular
circumstances. It is based on current provisions of the Code and the Treasury regulations and judicial decisions and administrative
pronouncements published at the date hereof, all of which are subject to change, some of which may be retroactive. Record Date
Shareholders and other Rights holders are urged to consult with their own tax advisers for more detailed information and for information
regarding other federal tax considerations and any state, local, or foreign taxes concerning their continued investment in the
Fund and of their receipt and exercise of the Rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund has elected
to be, and intends to continue to qualify each taxable year for federal income tax treatment as a &ldquo;regulated investment company&rdquo;
under the Code (&ldquo;RIC&rdquo;). As a result, it is expected that the Fund will be relieved of federal income tax on its net
investment income and net realized capital and foreign currency gains, if any, to the extent it distributes them to its shareholders.
(See &ldquo;Distributions; Automatic Dividend Reinvestment and Cash Purchase Plan&rdquo; regarding the Fund&rsquo;s authority to
retain and pay taxes on net capital gains).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">To avoid incurring
a 4% federal excise tax, the Fund must distribute (or be deemed to have distributed) by December 31 of each calendar year an amount
at least equal to the sum of (i) 98% of its ordinary income for such year plus (ii) 98.2% of its capital gain net income (which
is the excess of its realized capital gain over its realized capital loss), generally computed on the basis of the one-year period
ending on October 31 of such year, after reduction by any available capital loss carryovers, plus (iii) 100% of any ordinary income
and capital gain net income from the prior year (as so computed) that were not paid out during such year and on which the Fund
paid no federal income tax. The Fund expects to make sufficient annual distributions to avoid being subject to that excise tax.
Under current law, provided that the Fund qualifies as a RIC for federal tax purposes, the Fund should not be liable for any income,
corporate excise or franchise tax in the states of Maryland or Colorado.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If the Fund failed
to qualify for treatment as a RIC in any taxable year, it would incur federal corporate income tax on the full amount of its taxable
income for that year (even if it distributed that income to its shareholders), and its distributions (including distributions of
net capital gain (<I>i.e.</I>, the excess of net long-term capital gain over net short-term capital loss)) would be taxable as
ordinary dividend income to the shareholders to the extent of its current and accumulated earnings and profits (&ldquo;E&amp;P&rdquo;),
except that for individual and certain other non-corporate shareholders (each, an &ldquo;individual&rdquo;), those dividends would
be taxable as &ldquo;qualified dividend income&rdquo; (see below). In addition, the Fund could be required to recognize unrealized
gains, pay substantial taxes and interest and make substantial distributions before requalifying for treatment as a RIC.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Distributions by the
Fund from net investment income and net realized capital gains are subject to federal income taxation whether received by shareholders
in cash or in shares under the Plan. Shareholders receiving a dividend or other distribution in the form of newly issued shares
will be treated for federal income tax purposes as receiving a distribution in an amount equal to the fair market value, determined
as of the distribution date, of the shares received. Such shareholders will have a cost basis in each newly issued share equal
to the fair market value of a share on the distribution date. Distributions are generally taken into account for federal income
tax purposes when paid, except that distributions paid in January but declared in the last quarter of the preceding calendar year
may be taken into account as if paid on December 31 of such preceding calendar year. A portion of the Fund&rsquo;s net investment
income paid to corporate shareholders that is attributable to dividends from domestic corporations may be eligible for the 50%
dividends-received deduction available to corporations. Availability of the deduction for particular corporate shareholders is
subject to certain limitations, and deducted amounts may result in certain basis adjustments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Distributions attributable
to net capital gain that the Fund recognizes on sales or exchanges of capital assets are subject to a 15% maximum federal income
tax rate for individuals (20% for individuals with taxable income exceeding certain thresholds, which are indexed for inflation
annually), regardless of how long the shareholder has held the shares, and are not eligible for the dividends-received deduction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A portion of the dividends
the Fund pays to individuals may be &ldquo;qualified dividend income,&rdquo; and thus eligible for the preferential rates that
apply to net capital gain, if the shareholder satisfies certain holding period and other requirements with respect to the shareholder&rsquo;s
shares and the dividends are attributable to qualified dividend income received by the Fund. For this purpose, &ldquo;qualified
dividend income&rdquo; means dividends received by the Fund from U.S. corporations and &ldquo;qualified foreign corporations,&rdquo;
(as described below), provided that the Fund satisfies similar requirements with respect to the stock of such corporations. In
the case of securities lending transactions, payments in lieu of dividends are not qualified dividend income. Dividends received
by the Fund from real estate investment trusts are qualified dividends only in limited circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A dividend will not
be treated as qualified dividend income (whether received by the Fund or paid by it to a shareholder) if (1) the dividend is received
with respect to any share held for fewer than 61 days during the 121-day period beginning on the date that is 60 days before the
date on which such share becomes ex-dividend with respect to such dividend or, in the case of certain preferred shares, 91 days
during the 181-day period beginning 90 days before such ex-dividend date, (2) to the extent that the recipient is under an obligation
(whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or
related property, or (3) if the recipient elects to have the dividend treated as investment income for purposes of the limitation
on deductibility of investment interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Subject to certain
exceptions, a &ldquo;qualified foreign corporation&rdquo; is any foreign corporation that is either (1) incorporated in a possession
of the United States (the &ldquo;possessions test&rdquo;) or (2) eligible for benefits of a comprehensive income tax treaty with
the United States that the Secretary of the Treasury determines is satisfactory for these purposes and that includes an exchange
of information program (the &ldquo;treaty test&rdquo;). The Secretary of the Treasury has identified a substantial number of tax
treaties that satisfy the treaty test.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Subject to the same
exceptions, a foreign corporation that does not satisfy either the possessions test or the treaty test will still be considered
a &ldquo;qualified foreign corporation&rdquo; with respect to any dividend it pays if the stock with respect to which such dividend
is paid is readily tradable on an established securities market in the United States (&ldquo;readily tradable&rdquo;). The Treasury
Department has issued a notice stating that common or ordinary stock, or an American Depositary Receipt in respect of such stock,
is considered readily tradable if it is listed on a national securities exchange that is registered under section 6 of the Securities
Exchange Act of 1934, as amended, or on the NASDAQ Stock Market.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A qualified foreign
corporation does not include any foreign corporation that, for its taxable year in which the dividend is paid or the preceding
taxable year, is a passive foreign investment company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The benefits of the
reduced tax rates applicable to net capital gain and qualified dividend income may be impacted by the application of the federal
alternative minimum tax to individual shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If a shareholder holds
shares for six months or less, any loss on the sale of the shares will be treated as a long-term capital loss to the extent of
any net capital gain distribution the shareholder received from the Fund with respect to such shares. Any loss realized on a disposition
of shares may also be disallowed under rules relating to wash sales.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Dividends and other
distributions on shares are generally subject to federal income tax as described herein to the extent of the Fund&rsquo;s E&amp;P.
If, for any taxable year, the total distributions made under the Fund&rsquo;s distribution policy exceed its E&amp;P, the excess
will be treated as a non-taxable &ldquo;return of capital&rdquo; to each shareholder (up to the amount of the shareholder&rsquo;s
basis in his or her shares) and thereafter as gain from the sale of shares. See &ldquo;Distributions; Automatic Dividend Reinvestment
and Cash Purchase Plan&rdquo;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In some cases, a dividend
or other distribution on shares, even if generally subject to federal income tax as described herein, may economically represent
a return of a particular shareholder&rsquo;s investment. If an investor purchases shares when the Fund&rsquo;s NAV reflects gains
that are either unrealized, or realized but not distributed, the investor will pay full price for the shares and receive some portion
of the price back as a taxable distribution (assuming sufficient E&amp;P). Such realized gains may be required to be distributed
even when the Fund&rsquo;s NAV also reflects unrealized losses. As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], the Fund&rsquo;s investments
had net unrealized gains of $[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Certain distributions
the Fund makes after the close of its taxable year may be &ldquo;spilled back&rdquo; and treated as paid by the Fund (except for
purposes of the 4% excise tax) during such taxable year. In such case, shareholders will be treated as having received such distributions
in the taxable year in which they were actually made.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Individuals may be
subject to 24% withholding tax on reportable dividends and capital gain distributions (&ldquo;backup withholding&rdquo;). Generally,
shareholders subject to backup withholding will be those for whom a taxpayer identification number and certain required certifications
are not on file with the Fund or who, to the Fund&rsquo;s knowledge, have furnished an incorrect number. In addition, the Fund
is required to backup withhold on distributions to any shareholder who does not certify to the Fund that the shareholder is not
subject to backup withholding due to notification by the IRS that the shareholder has under-reported interest or dividend income.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Dividends the Fund
pays to a foreign shareholder other than a foreign shareholder whose ownership of shares is effectively connected with a U.S. trade
or business the shareholder carries on and capital gain distributions paid to a nonresident alien individual who is physically
present in the United States for no more than 182 days during the taxable year generally will be subject to a federal withholding
tax of 30% (or lower treaty rate). Two categories of dividends, however, &ldquo;short-term capital gain dividends&rdquo; and &ldquo;interest-related
dividends,&rdquo; if properly reported by the Fund to its shareholders, will be exempt from that tax. &ldquo;Short-term capital
gain dividends&rdquo; are dividends that are attributable to short-term capital gain, computed with certain adjustments. &ldquo;Interest-related
dividends&rdquo; are dividends that are attributable to &ldquo;qualified net interest income&rdquo; (&ldquo;qualified interest
income&rdquo; less allocable deductions), which generally consists of certain original issue discount, interest on obligations
&ldquo;in registered form,&rdquo; and interest on deposits.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Information concerning
the federal income tax status of the Fund dividends and other distributions is mailed to shareholders annually.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Distributions and
the transactions referred to in the preceding paragraphs may be subject to state and local income taxes, and the treatment thereof
may differ from the federal income tax consequences discussed herein. Shareholders are advised to consult with their tax advisers
concerning the application of state and local taxes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">See &ldquo;The Offer
&mdash; Certain Federal Income Tax Consequences&rdquo; for a discussion of the federal income tax consequences regarding the Rights.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Under the Fund Management
Agreement between the Fund and AAI, the Fund may use the name &ldquo;Liberty All-Star&rdquo; or &ldquo;All-Star&rdquo; only so
long as the Fund Management Agreement remains in effect. If the Fund Management Agreement is no longer in effect, the Fund is obligated
(to the extent it lawfully can) to cease using such name or any other name indicating that it is advised by or otherwise connected
with AAI. In addition, AAI may grant the non-exclusive right to use the name &ldquo;Liberty All-Star&rdquo; or &ldquo;All-Star&rdquo;
to any other entity, including any other investment company of which AAI or any of its affiliates is the investment advisor or
distributor.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>STATEMENT
OF ADDITIONAL INFORMATION</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Additional information
about the Fund is contained in the Statement of Additional Information, a copy of which is available at no charge by calling the
Information Agent at the telephone number indicated on the cover of this prospectus. Set forth below is the Table of Contents of
the Statement of Additional Information.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Table
of Contents</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>PAGE</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Additional Investment Information and Restrictions</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment Objective and Policies</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment Restrictions</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Directors and Officers</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Codes of Ethics</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proxy Voting Policy</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment Advisory and Other Services</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Additional Information About Net Asset Value</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Portfolio Security Transactions</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Taxes</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Information</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Shareholders</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Custodian; Transfer Agent; Dividend Paying Agent and Registrar</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Financial Statements</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Appendix A-1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A-1</FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="fp0048138_img01.jpg" ALT=""></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIBERTY</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ALL-STAR</B><SUP>&reg;</SUP></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GROWTH FUND, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>A Multi-Managed Investment Company</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><FONT STYLE="font-size: 11pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT><FONT STYLE="font-size: 14pt"><B>Shares
of</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuable Upon Exercise</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of Rights to Subscribe</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for Such Shares</B></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-left: 0; margin-top: 0; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: 0; margin-top: 3pt; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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



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

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 36; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: normal 9pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B>The information in this statement
of additional information is not complete and may be changed.&nbsp;The Fund may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective.&nbsp;This statement of additional information is not
an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer
or sale is not permitted.</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: red"><B>SUBJECT TO COMPLETION;
</B></FONT><B>DATED [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Liberty All-Star Growth<SUP>&reg;</SUP>
Fund, Inc.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1290 Broadway, Suite 1000</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Denver, Colorado 80203</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(800) 241-1850</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 89%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Additional Investment Information and Restrictions</FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment Objective and Policies</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment Restrictions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Directors and Officers</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Codes of Ethics</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proxy Voting Policy</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment Advisory and Other Services</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Additional Information About Net Asset Value</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Portfolio Security Transactions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Information</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">43</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Shareholders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Independent Registered Public Accounting Firm</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Custodian; Transfer Agent; Dividend Paying Agent and Registrar</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Financial Statements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Appendix A-1</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A-1</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>This Statement of
Additional Information is not a prospectus and is authorized for distribution to prospective investors only if preceded or accompanied
by the prospectus of the Liberty All-Star Growth Fund, Inc. (the &ldquo;Fund&rdquo;) dated [______, ], as may be supplemented from
time to time (the &ldquo;Prospectus&rdquo;), which is incorporated herein by reference. This Statement of Additional Information
should be read in conjunction with the Prospectus, a copy of which may be obtained without charge by contacting your financial
intermediary or calling the Fund at (800) 241-1850.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Capitalized terms used
in this Statement of Additional Information and not otherwise defined have the meanings given them in the Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Additional Investment Information and
Restrictions</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Primary investment
strategies are described in the Prospectus. The following is a description of the various investment policies that may be engaged
in, whether as a primary or secondary strategy, and a summary of certain attendant risks. ALPS Advisors, Inc. (&ldquo;AAI&rdquo;
or the &ldquo;Advisor&rdquo;) may not buy any of the following instruments or use any of the following techniques unless it believes
that doing so will help to achieve the Fund&rsquo;s investment objective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s investment
objective is to seek long-term capital appreciation. Under normal market conditions, the Fund seeks to achieve its investment objective
through investing at least 65% of its net assets in a diversified portfolio of equity securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Although under normal
market conditions the Fund will remain substantially fully invested in equity securities, up to 35% of the value of the Fund&rsquo;s
total assets may generally be invested in obligations of the U.S. Government and its agencies and instrumentalities (&ldquo;U.S.
Government Securities&rdquo;), repurchase agreements with respect to U.S. Government Securities, and, to an extent not greater
than 10% of the market value of the Fund&rsquo;s total assets, money market mutual funds that invest primarily in U.S. Government
Securities. The Fund may temporarily invest without limit in U.S. Government Securities, repurchase agreements and money market
mutual funds for defensive purposes when AAI or the Portfolio Managers deem that market conditions are such that a more conservative
approach to investment is desirable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s investment
objective of long-term capital appreciation, as well as certain of its investment restrictions referred to in this Statement of
Additional Information, are fundamental and may not be changed without a majority vote of the Fund&rsquo;s outstanding shares.
Under the 1940 Act, a &ldquo;majority vote&rdquo; means the vote of the lesser of (a) 67% of the shares of the Fund represented
at a meeting at which the holders of more than 50% of the outstanding shares of the Fund are present or represented, or (b) more
than 50% of the outstanding shares of the Fund. Non-fundamental policies may be changed by vote of the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exchange-Traded Funds</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">The Fund may invest
in exchange traded funds (&ldquo;ETFs&rdquo;). ETFs are ownership interests in unit investment trusts, depositary receipts, and
other pooled investment vehicles that are traded on an exchange and that hold a portfolio of securities or stocks (the &ldquo;Underlying
Securities&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">The Underlying Securities
are typically selected to correspond to the stocks or other securities that comprise a particular broad based, sector or international
index, or that are otherwise representative of a particular industry sector. An investment in an ETF involves risks similar to
investing directly in each of the Underlying Securities, including the risk that the value of the Underlying Securities may fluctuate
in accordance with changes in the financial condition of their issuers, the value of stocks and other securities generally, and
other market factors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">The performance of
an ETF will be reduced by transaction and other expenses, including fees paid by the ETF to service providers. Investors in ETFs
are eligible to receive their portion of dividends, if any, accumulated on the securities held in the portfolio, less fees and
expenses of the ETF. Typically, ETFs are investment companies. However, the term is used in the industry in a broad way to include
securities issued by entities that are not investment companies. To the extent an ETF is an investment company, the limitations
applicable to the Fund&rsquo;s ability to purchase securities issued by other investment companies will apply.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Options and Futures Strategies</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">The Fund may seek
to increase the current return of the Fund&rsquo;s portfolio by writing covered call or put options with respect to the types of
securities in which the Fund is permitted to invest. Call options written by the Fund give the purchaser the right for a stated
period to buy the underlying securities from the Fund at a stated price; put options written by the Fund give the purchaser the
right for a stated period to sell the underlying securities to the Fund at a stated price. By writing a call option, the Fund limits
its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option;
by writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security at a price in excess
of its current market value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">The Fund may purchase
put options to protect its portfolio holdings in the underlying security against a decline in market value. It may purchase call
options to hedge against an increase in the prices of portfolio securities that it plans to purchase. By purchasing put or call
options, the Fund, for the premium paid, acquires the right (but not the obligation) to sell (in the case of a put option) or purchase
(in the case of a call option) the underlying security at the option exercise price, regardless of the then current market price.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">The Fund may also
seek to hedge against declines in the value of securities owned by it or increases in the price of securities it plans to purchase,
or to gain or maintain market exposure, through the purchase of stock index futures and related options. For example, the Fund
may purchase stock index futures and related options to enable a newly appointed Portfolio Manager to gain immediate exposure to
underlying securities markets pending the investment of the portion of the Fund&rsquo;s portfolio assigned to it. A stock index
future is an agreement in which one party agrees to deliver to the other an amount of cash equal to a specific dollar amount times
the difference between the value of the specific stock index at the close of the last trading day of the contract and the price
at which the agreement is made.</P>

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


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">Expenses and losses
incurred as a result of the hedging strategies described above will reduce the Fund&rsquo;s current return.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">Transactions in options
and futures contracts may not achieve the intended goals of protecting portfolio holdings against market declines or gaining or
maintaining market exposure, as applicable, to the extent that there is an imperfect correlation between the price movements of
the options and futures contracts and those of the securities to be hedged. In addition, if a Portfolio Manager&rsquo;s prediction
on stock market movements is inaccurate, the Fund may be worse off than if it had not engaged in such options or futures transactions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 45.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Writing Covered Put and Call Options on Securities</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may write
covered call options and covered put options on optionable securities of the types in which it is permitted to invest from time-to-time
as its respective Portfolio Managers determine is appropriate in seeking to attain its objectives. Call options written by the
Fund give the holder the right to buy the underlying securities from the Fund at a stated exercise price; put options give the
holder the right to sell the underlying security to the Fund at a stated price.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may write
only covered options, which means that, so long as the Fund is obligated as the writer of a call option, it will own the underlying
securities subject to the option (or comparable securities satisfying the cover requirements of securities exchanges). In the case
of put options, the Fund will maintain in a separate account cash or short-term U.S. Government Securities with a value equal to
or greater than the exercise price of the underlying securities. The Fund may also write combinations or covered puts and calls
on the same underlying security.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund will receive
a premium from writing a put or call option, which increases the Fund&rsquo;s return in the event the option expires unexercised
or is closed out at a profit. The amount of the premium will reflect, among other things, the relationship of the market price
of the underlying security to the exercise price of the option, the term of the option and the volatility of the market price of
the underlying security. By writing a call option, the Fund limits its opportunity to profit from any increase in the market value
of the underlying security above the exercise price of the option. By writing a put option, the Fund assumes the risk that it may
be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a
potential capital loss if the purchase price exceeds the market value plus the amount of the premium received, unless the security
subsequently appreciates in value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may terminate
an option that it has written prior to its expiration by entering into a closing purchase transaction in which it purchases an
option having the same terms as the option written. The Fund will realize a profit or loss from such transaction if the cost of
such transaction is less or more than the premium received from the writing of the option. In the case of a put option, any loss
so incurred may be partially or entirely offset by the premium received from a simultaneous or subsequent sale of a different put
option. Because increases in the market price of a call option will generally reflect increases in the market price of the underlying
security, any loss resulting from the repurchase of a call option is likely to be offset in whole or in part by unrealized appreciation
of the underlying security owned by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Purchasing Put and Call Options on Securities</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may purchase
put options to protect its portfolio holdings in an underlying security against a decline in market value. Such hedge protection
is provided during the use of the put options since the Fund, as holder of the put option, is able to sell the underlying security
at the put exercise price regardless of any decline in the underlying security&rsquo;s market price. In order for a put option
to be profitable, the market price of the underlying security must decline sufficiently below the exercise price to cover the premium
and transaction costs. By using put options in this manner, the Fund will reduce any profit it might otherwise have realized in
its underlying security by the premium paid for the put option and by transaction costs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may also purchase
call options to hedge against an increase in prices of securities that it wants ultimately to buy. Such hedge protection is provided
during the life of the call option since the Fund, as holder of the call option, is able to buy the underlying security at the
exercise price regardless of any increase in the underlying security&rsquo;s market price. In order for a call option to be profitable,
the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction
costs. By using call options in this manner, the Fund will reduce any profit it might have realized had it bought the underlying
security at the time it purchased the call option by the premium paid for the call option and by transaction costs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Purchase and Sale of Options and Futures on Stock Indices</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may purchase
and sell options on stock indices and stock index futures as a hedge against movements in the equity markets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Options on stock indices
are similar to options on specific securities except that, rather than the right to take or make delivery of the specific security
at a specified price, an option on a stock index gives the holder the right to receive, upon exercise of the option, an amount
of cash if the closing level of that stock index is greater than, in the case of a call, or less than, in the case of a put, the
exercise price of the option. This amount of cash is equal to such difference between the closing price of the index and the exercise
price of the option expressed in dollars times a specified multiple. The writer of the option is obligated, in return for the premium
received, to make delivery of this amount. Unlike options on specific securities, all settlements of options on stock indices are
in cash and gain or loss depends on general movements in the stocks included in the index rather than price movements in particular
stocks.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A stock index futures
contract is an agreement in which one party agrees to deliver to the other an amount of cash equal to a specific dollar amount
times the difference between the value of a specific stock index at the close of the last trading day of the contract and the price
at which the agreement is made. No physical delivery of securities is made.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If a Portfolio Manager
of the Fund expects general stock market prices to rise, it might purchase a call option on a stock index or a futures contract
on that index as a hedge against an increase in prices of particular equity securities it wants ultimately to buy. If in fact the
stock index does rise, the price of the particular equity securities intended to be purchased may also increase, but that increase
would be offset in part by the increase in the value of the Fund&rsquo;s index option or futures contract resulting from the increase
in the index. If, on the other hand, the Portfolio Manager expects general stock market prices to decline, it might purchase a
put option or sell a futures contract on the index. If that index does in fact decline, the value of some or all of the equity
securities in the Fund&rsquo;s portfolio may also be expected to decline, but that decrease would be offset in part by the increase
in the value of the Fund&rsquo;s position in such put option or future. The Fund may purchase call options on a stock index or
a futures contracts on that index to enable a newly appointed Portfolio Manager to gain immediate exposure to the underlying securities
market pending the investment in individual securities of the portion of the Fund&rsquo;s portfolio assigned to it.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In connection with
transactions in stock index options, futures and related options, the Fund will be required to deposit as &ldquo;initial margin&rdquo;
an amount of cash and short-term U.S. Government Securities equal to 5% to 8% of the contract amount. Thereafter, subsequent payments
(referred to as &ldquo;variation margin&rdquo;) are made to and from the broker to reflect changes in the value of the futures
contract.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Options on Stock Index Futures Contracts </U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may purchase
and write call and put options on stock index futures contracts. The Fund may use such options on futures contracts in connection
with its hedging strategies in lieu of purchasing and writing options directly on the underlying securities or stock indices or
purchasing and selling the underlying futures. For example, the Fund may purchase put options or write call options on stock index
futures, rather than selling futures contracts, in anticipation of a decline in general stock market prices, or purchase call options
or write put options on stock index futures, rather than purchasing such futures, to hedge against possible increases in the price
of equity securities that the Fund intends to purchase.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Risk Factors in Options and Futures Transactions</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The effective use of
options and futures strategies is dependent, among other things, on the Fund&rsquo;s ability to terminate options and futures positions
at times when its respective Portfolio Managers deem it desirable to do so. Although the Fund will not enter into an option or
futures position unless its Portfolio Managers believe that a liquid secondary market exists for such option or future, there is
no assurance that the Fund will be able to effect closing transactions at any particular time or at an acceptable price. The Fund
generally expects that its option and futures transactions will be conducted on recognized securities exchanges. In certain instances,
however, the Fund may purchase and sell options in the over-the-counter market. The Fund&rsquo;s ability to terminate option positions
established in the over-the-counter market may be more limited than in the case of exchange-traded options and may also involve
the risk that securities dealers participating in such transactions would fail to meet their obligations to the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The use of options
and futures involves the risk of imperfect correlation between movements in options and future prices and movements in the price
of securities that are the subject of the hedge. Such correlation, particularly with respect to options on stock indices and stock
index futures, is imperfect, and such risk increases as the composition of the Fund&rsquo;s portfolio diverges from the composition
of the relevant index. The successful use of these strategies also depends on the ability of the Portfolio Manager to correctly
forecast interest rate or general stock market price movements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund will conduct
its purchases and sales of futures contracts and writing of related options transactions in accordance with the rules, regulations
and any exemptions promulgated by the Commodity Futures Trading Commission and the SEC with respect to such transactions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Bank obligations in
which the Fund may invest include certificates of deposit, bankers&rsquo; acceptances, and fixed time deposits. Certificates of
deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning
a specified return. Bankers&rsquo; acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter
to pay for specific merchandise, which are &ldquo;accepted&rdquo; by a bank, meaning, in effect, that the bank unconditionally
agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity
date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor but may be subject to
early withdrawal penalties, which vary depending upon market conditions and on the right to transfer a beneficial interest in a
fixed time deposit to a third party, although there is no market for such deposits.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Bank obligations include
foreign bank obligations, including Eurodollar and Yankee obligations. Eurodollar bank obligations are dollar certificates of deposits
and time deposits issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee obligations
are dollar-denominated obligations issued in the U.S. capital markets by foreign banks. Foreign bank obligations are subject to
the same risks that pertain to domestic issues, notably credit risk and interest rate risk. Additionally, foreign bank obligations
are subject to many of the same risks as investments in foreign securities (see &ldquo;Foreign Equity Securities&rdquo; below).
Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U.S. banks, including
the possibilities that their liquidity could be impaired because of future political and economic developments of the foreign bank&rsquo;s
country; that their obligations may be less marketable than comparable obligations of U.S. banks; that a foreign jurisdiction might
impose withholding taxes on interest income payable on those obligations; that foreign deposits may be seized or nationalized;
that foreign governmental restrictions such as exchange controls may be adopted, which might adversely affect the payment of principal
and interest on those obligations; and that the selection of those obligations may be more difficult because there may be less
publicly available information concerning foreign banks or the accounting, auditing, and financial reporting standards, practices,
and requirements applicable to foreign banks may differ from those applicable to U.S. banks. Foreign banks are not generally subject
to examination by any U.S. Government agency or instrumentality.</P>

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


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A1 and Prime 1 are
the highest commercial paper ratings issued by Standard &amp; Poor&rsquo;s, a division of The McGraw-Hill Companies, Inc. (&ldquo;S&amp;P&rdquo;),
and Moody&rsquo;s Investors Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;), respectively. Commercial paper rated A1 by S&amp;P has
the following characteristics: (1) liquidity ratios are adequate to meet cash requirements; (2) long-term senior debt is rated
A or better; (3) the issuer has access to at least two additional channels of borrowing; (4) basic earnings and cash flow have
an upward trend with an allowance made for unusual circumstances; (5) typically, the issuer&rsquo;s industry is well established
and the issuer has a strong position within the industry; and (6) the reliability and quality of management are unquestioned.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Among the factors considered
by Moody&rsquo;s in assigning ratings are the following: (1) evaluation of the management of the issuer; (2) economic evaluation
of the issuer&rsquo;s industry or industries and an appraisal of speculative-type risks that may be inherent in certain areas;
(3) evaluation of the issuer&rsquo;s products in relation to competition and customer acceptance; (4) liquidity; (5) amount and
quality of long-term debt; (6) trend of earnings over a period of 10 years; (7) financial strength of a parent company and the
relationships that exist with the issuer; and (8) recognition by the management of obligations that may be present or may arise
as a result of public interest questions and preparation to meet such obligations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Government securities
may be either direct obligations of the U.S. Treasury or may be the obligations of an agency or instrumentality of the United States.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Treasury Obligations.
</I>The U.S. Treasury issues a variety of marketable securities that are direct obligations of the U.S. Government. These securities
fall into three categories - bills, notes, and bonds - distinguished primarily by their maturity at time of issuance. Treasury
bills have maturities of one year or less at the time of issuance, while Treasury notes currently have maturities of one to 10
years. Treasury bonds can be issued with any maturity of more than 10 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Obligations of Agencies
and Instrumentalities. </I>Agencies and instrumentalities of the U.S. Government are created to fill specific governmental roles.
Their activities are primarily financed through securities whose issuance has been authorized by Congress. Agencies and instrumentalities
include the Export Import Bank, Federal Housing Administration, Government National Mortgage Association, Tennessee Valley Authority,
Bank for Cooperatives, Farmers Home Administration, Federal Home Loan Banks, Federal Intermediate Credit Banks, Federal Land Banks,
Federal National Mortgage Association, Federal Home Loan Mortgage Corp., U.S. Postal System, and Federal Finance Bank. Although
obligations of &ldquo;agencies&rdquo; and &ldquo;instrumentalities&rdquo; are not direct obligations of the U.S. Treasury, payment
of the interest or principal on these obligations is generally backed directly or indirectly by the U.S. Government. This support
can range from backing by the full faith and credit of the United States or U.S. Treasury guarantees to the backing solely of the
issuing instrumentality itself.</P>

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


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Foreign Equity Securities</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Foreign equity securities
include common stock and preferred stock, including securities convertible into equity securities, issued by foreign companies,
American Depositary Receipts (&ldquo;ADRs&rdquo;) and Global Depositary Receipts (&ldquo;GDRs&rdquo;). In determining whether a
company is foreign, AAI will consider various factors, including where the company is headquartered, where the company&rsquo;s
principal operations are located, where the company&rsquo;s revenues are derived, where the principal trading market is located
and the country in which the company was legally organized. The weight given to each of these factors will vary depending upon
the circumstances.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Foreign equity securities,
which are generally denominated in foreign currencies, involve risks not typically associated with investing in domestic securities.
Foreign securities may be subject to foreign taxes that would reduce their effective yield. Certain foreign governments levy withholding
taxes against dividend and interest income. Although in some countries a portion of these taxes is recoverable, the unrecovered
portion of any foreign withholding taxes would reduce the income the Fund receives from its foreign investments.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Foreign investments
involve other risks, including possible political or economic instability of the country of the issuer, the difficulty of predicting
international trade patterns, and the possibility of currency exchange controls. Foreign securities may also be subject to greater
fluctuations in price than domestic securities. There may be less publicly available information about a foreign company than about
a domestic company. Foreign companies generally are not subject to uniform accounting, auditing, and financial reporting standards
comparable to those of domestic companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">There is generally
less government regulation of stock exchanges, brokers, and listed companies abroad than in the United States. In addition, with
respect to certain foreign countries, there is a possibility of the adoption of a policy to withhold (or increase existing withholding)
taxes on dividends at the source or of expropriation, nationalization, confiscatory taxation, or diplomatic developments that could
affect investments in those countries. Finally, in the event of default on a foreign debt obligation, it may be more difficult
for the Fund to obtain or enforce a judgment against the issuers of the obligation. The Fund will normally execute its portfolio
securities transactions on the principal stock exchange on which the security is traded.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The considerations
noted above regarding the risk of investing in foreign securities are generally more significant for investments in emerging or
developing countries, such as countries in Eastern Europe, Latin America, South America or Southeast Asia. These countries may
have relatively unstable governments and securities markets in which only a small number of securities trade. Markets of developing
or emerging countries may generally be more volatile than markets of developed countries. Investment in these markets may involve
significantly greater risks, as well as the potential for greater gains.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">ADRs in registered
form are dollar-denominated securities designed for use in the U.S. securities markets. ADRs are sponsored and issued by domestic
banks and may be converted into underlying foreign securities deposited with the domestic bank or a correspondent bank. ADRs do
not eliminate the risks inherent in investing in the securities of foreign issuers. By investing in ADRs rather than directly in
the foreign security, however, the Fund may avoid currency risks during the settlement period for either purchases or sales. Because
ADRs are denominated in U.S. dollars and there is a large, liquid market in the United States for most ADRs, ADRs are not considered
foreign securities for purposes of calculating the Fund&rsquo;s foreign securities exposure.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">GDRs are receipts representing
an arrangement with a major foreign bank similar to that for ADRs. GDRs are not necessarily denominated in the currency of the
underlying security. GDRs will generally be considered foreign securities for purposes of calculation of any investment limitation
placed on the Fund&rsquo;s exposure to foreign securities. However, these securities, along with the securities of foreign companies
traded on the NASDAQ Stock Market, will not be subject to any of the restrictions placed on the Fund&rsquo;s ability to invest
in emerging market securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Additional costs may
be incurred in connection with the Fund&rsquo;s foreign investments. Foreign brokerage commissions are generally higher than those
in the United States. Expenses may also be incurred on currency conversions when the Fund moves investments from one country to
another. Increased custodian costs as well as administrative difficulties may be experienced in connection with maintaining assets
in foreign jurisdictions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Foreign Fixed Income Securities</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Foreign fixed income
securities include debt securities of foreign corporate issuers; certain foreign bank obligations (see &ldquo;Bank Obligations&rdquo;),
obligations of foreign governments or their subdivisions, agencies and instrumentalities; and obligations of supranational entities
such as the World Bank, the European Investment Bank, and the Asian Development Bank. Any of these securities may be denominated
in foreign currency or U.S. dollars, or may be traded in U.S. dollars in the United States although the underlying security is
usually denominated in a foreign currency.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The risk of investing
in foreign fixed income securities is the same as the risks of investing in foreign equity securities. Additionally, investment
in sovereign debt (debt issued by governments and their agencies and instrumentality) can involve a high degree of risk. The governmental
entity that controls the repayment of sovereign debt may not be available or willing to repay the principal and/or interest when
due in accordance with the terms of the debt. A governmental entity&rsquo;s willingness or ability to repay principal and interest
due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the
availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy
as a whole, the governmental entity&rsquo;s policy toward the International Monetary Fund, and the political constraints to which
a governmental entity may be subject. Governmental entities may also depend on expected disbursements from foreign governments,
multilateral agencies and others to reduce principal and interest arrearages on their debt. The commitment on the part of these
governments, agencies and others to make such disbursements may be conditioned on a governmental entity&rsquo;s implementation
of economic reforms and/or economic performance and the timely service of such debtor&rsquo;s obligations. Failure to implement
such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation
of such third parties&rsquo; commitments to lend funds to the governmental entity, which may further impair such debtor&rsquo;s
ability or willingness to service its debts in a timely manner. Consequently, governmental entities may default on their sovereign
debt. Holders of sovereign debt (including the Fund) may be requested to participate in the rescheduling of such debt and to the
extent further loans to governmental entities. There is no bankruptcy proceeding by which sovereign debt on which governmental
entities have defaulted may be collected in whole or in part.</P>

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


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The value of the Fund&rsquo;s
investments in foreign securities will fluctuate as a result of changes in the exchange rates between the U.S. dollar and the currencies
in which the foreign securities or bank deposits held by the Fund are denominated. To reduce or limit exposure to changes in currency
exchange rates (referred to as &ldquo;hedging&rdquo;), the Fund may enter into forward currency exchange contracts that, in effect,
lock in a rate of exchange during the period of the forward contracts. Forward contracts are usually entered into with currency
traders, are not traded on securities exchanges, and usually have a term of less than one year, but can be renewed. A default on
a forward contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale
of currency, if any, at the market price. The Fund will enter into forward contracts only for hedging purposes and not for speculation.
If required by the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), or the SEC, the Fund may &ldquo;cover&rdquo;
its commitment under forward contracts by segregating cash or liquid securities with the Fund&rsquo;s custodian in an amount not
less than the current value of its total assets committed to the consummation of the contracts. Under normal market conditions,
no more than 25% of the Fund&rsquo;s assets may be committed to the consummation of currency exchange contracts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may also purchase
or sell foreign currencies on a &ldquo;spot&rdquo; (cash) basis or on a forward basis to lock in the U.S. dollar value of a transaction
at the exchange rate or rates then prevailing. The Fund will use this hedging technique in an attempt to insulate itself against
possible losses resulting from a change in the relationship between the U.S. dollar and the relevant foreign currency during the
period between the date a security is purchased or sold and the date on which payment is made or received.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Hedging against adverse
changes in exchange rates will not eliminate fluctuation in the prices of the Fund&rsquo;s portfolio securities or prevent loss
if the prices of those securities decline. In addition, the use of forward contracts may limit potential gains from an appreciation
in the U.S. dollar value of a foreign currency. Forecasting short-term currency market movements is very difficult, and there is
no assurance that short-term hedging strategies used by the Fund will be successful.</P>

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


<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may invest
in repurchase agreements, which are agreements by which the Fund purchases a security and simultaneously commits to resell that
security to the seller (a commercial bank or securities dealer) at a stated price within a number of days (usually not more than
seven) from the date of purchase. The resale price reflects the purchase price plus a rate of interest that is unrelated to the
coupon rate or maturity of the purchased security. Repurchase agreements may be considered loans by the Fund collateralized by
the underlying security. The obligation of the seller to pay the stated price is in effect secured by the underlying security.
The seller will be required to maintain the value of the collateral underlying any repurchase agreement at a level at least equal
to the price of the repurchase agreement. In the case of default by the seller, the Fund could incur a loss. In the event of a
bankruptcy proceeding commenced against the seller, the Fund may incur costs and delays in realizing upon the collateral. The Fund
will enter into repurchase agreements only with those banks or securities dealers that are deemed creditworthy pursuant to criteria
adopted by AAI. There is no limit on the portion of the Fund&rsquo;s assets that may be invested in repurchase agreements with
maturities of seven days or less. Not more than 10% of the Fund&rsquo;s net assets will be invested in repurchase agreements maturing
in more than seven days.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may borrow
from banks for temporary administrative purposes. The Fund also may enter into certain transactions, including reverse repurchase
agreements, mortgage dollar rolls, and sale-buybacks, that can be viewed as constituting a form of borrowing or financing transaction
by the Fund. To the extent the Fund covers its commitment under such transactions (or economically similar transaction) by the
segregation of assets determined in accordance with procedures adopted by the Fund&rsquo;s Board of Directors (&ldquo;Board of
Directors&rdquo; or &ldquo;Board&rdquo;)), equal in value to the amount of the Fund&rsquo;s commitment to repurchase, such an agreement
will not be considered a &ldquo;senior security&rdquo; by the Fund and therefore will not be subject to the 300% asset coverage
requirement otherwise applicable to borrowings by the Fund. Borrowing will tend to exaggerate the effect on net asset value of
any increase or decrease in the market value of the Fund&rsquo;s portfolio. Money borrowed will be subject to interest costs that
may or may not be recovered by appreciation of the securities purchased. The Fund also may be required to maintain minimum average
balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements
would increase the cost of borrowing over the stated interest rate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Illiquid securities
are securities that may not be sold or disposed of in the ordinary course of business within seven days at approximately the price
used to determine the Fund&rsquo;s net asset value. Under current interpretations of the staff of the SEC, the following instruments
in which the Fund may invest will be considered illiquid: (1) repurchase agreements maturing in more than seven days; (2) restricted
securities (securities whose public resale is subject to legal restrictions, except as described in the following paragraph); (3)
options, with respect to specific securities, not traded on a national securities exchange that are not readily marketable; and
(4) any other securities in which the Fund may invest that are not readily marketable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may also purchase
without limit certain restricted securities that can be resold to qualifying institutions pursuant to a regulatory exemption under
Rule 144A (&ldquo;Rule 144A securities&rdquo;). If a dealer or institutional trading market exists for Rule 144A securities, such
securities are deemed to be liquid.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Investments in Small and Unseasoned Companies</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">An unseasoned company
is an entity with a limited operating history. Unseasoned and small companies may have unprofitable operating histories, limited
financial resources, and inexperienced management. In addition, they often face competition from larger or more established firms
that have greater resources. Securities of small and unseasoned companies are frequently traded in the over-the-counter market
or on regional exchanges where low trading volumes may result in erratic or abrupt price movements. To dispose of these securities,
the Fund may need to sell them over an extended period or below the original purchase price. Investments by the Fund in these small
or unseasoned companies may be regarded as speculative.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Zero-Coupon and Pay-in-Kind Securities</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A zero-coupon security
has no cash coupon payments. Instead, the issuer sells the security at a substantial discount from its maturity value. The interest
equivalent received by the investor from holding this security to maturity is the difference between the maturity value and the
purchase price. Pay-in-kind securities are securities that pay interest in either cash or additional securities, at the issuer&rsquo;s
option, for a specified period. The price of pay-in-kind securities is expected to reflect the market value of the underlying accrued
interest since the last payment. Zero-coupon and pay-in-kind securities are more volatile than cash pay securities. The Fund accrues
income on these securities prior to the receipt of cash payments. The Fund intends to distribute substantially all of its income
to its shareholders to qualify for pass-through treatment under the tax laws and may, therefore, need to use its cash reserves
to satisfy distribution requirements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In connection with
the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions,
the Fund is susceptible to operational, information security, and related risks due to the possibility of cyber-attacks or other
incidents. Cyber incidents may result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited
to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks, or devices
that are used to service the Fund&rsquo;s operations through hacking or other means for the purpose of misappropriating assets
or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner
that does not require gaining unauthorized access, such as causing denial-of-service attacks (which can make a website unavailable)
on the Fund&rsquo;s website. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary
information stored on the Fund&rsquo;s systems.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Cyber security failures
or breaches by the Fund&rsquo;s third party service providers (including, but not limited to, AAI, the custodian and transfer agent)
or the New York Stock Exchange (the &ldquo;NYSE&rdquo;), may cause disruptions and impact the service providers&rsquo; and the
Fund&rsquo;s business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business
or process transactions, inability to calculate the Fund&rsquo;s net asset value, violations of applicable privacy and other laws,
regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.
The Fund and its shareholders could be negatively impacted as a result of successful cyber-attacks against, or security breakdowns
of, the Fund or its third party service providers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may incur
substantial costs to prevent or address cyber incidents in the future. In addition, there is a possibility that certain risks have
not been adequately identified or prepared for. Furthermore, the Fund cannot directly control any cyber security plans and systems
put in place by third party service providers. Cyber security risks are also present for issuers of securities in which the Fund
invests, which could result in material adverse consequences for such issuers, and may cause the Fund&rsquo;s investment in such
securities to lose value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Except as indicated
otherwise, the following investment restrictions have been adopted for the Fund as fundamental policies and may be changed only
by a majority vote (as defined under &ldquo;Investment Objective, Policies and Risks&rdquo; in the Prospectus) of the Fund&rsquo;s
outstanding shares. Non-fundamental policies may be changed by the Board of Directors without shareholder approval.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">The Fund may not:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(1) With
respect to 75% of its total assets, invest in securities of any one issuer if immediately after and as a result of such investment
more than 5% of the total assets of the Fund, taken at market value, would be invested in the securities of such issuer. This restriction
does not apply to investments in U.S. Government Securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(2) Purchase
more than 10% of the outstanding voting securities, or any class of securities, of any one issuer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(3) Invest
25% or more of its total assets, taken at market value at the time of each investment, in the securities of issuers in any particular
industry. This restriction does not apply to investments in U.S. Government Securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(4) Purchase
securities of other investment companies; except in connection with a merger, consolidation, acquisition or
reorganization, if more than 10% of the market value of the Fund&rsquo;s total assets would be invested in securities of
other investment companies, more than 5% of the market value of the Fund&rsquo;s total assets would be invested in the
securities of any one investment company or the Fund would own more than 3% of any other investment company&rsquo;s
securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(5) Purchase or
sell commodities or real estate; provided that the Fund may invest in securities secured by real estate or interests therein
or issued by companies which invest in real estate or interests therein.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(6) Purchase any
securities on margin or make short sales of securities, except that the Fund may obtain such short-term credit as may be
necessary for the clearance of purchases and sales of portfolio securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(7) Make loans of
money, except by the purchase of debt obligations in which the Fund may invest consistent with its investment objective and
policies. Although there is no present intention of doing so in the foreseeable future, the Fund reserves the authority
to make loans of its portfolio securities in an aggregate amount not exceeding 20% of its total assets. Any such loans will
only be made upon approval of, and subject to any conditions imposed by, the Fund&rsquo;s Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(8) Borrow
money, except that the Fund may borrow from banks and other financial institutions on an unsecured basis to finance the repurchase
of its shares. The Fund also may borrow money on a secured basis from banks as a temporary measure for extraordinary or emergency
purposes. Such temporary borrowings may not exceed 5% of the value of the Fund&rsquo;s total assets at the time the loan is made.
The Fund may pledge up to 10% of the lesser of the cost or value of its total assets to secure temporary borrowings. The Fund will
not borrow for investment purposes. Immediately after any borrowing, the Fund will maintain asset coverage of not less than 300%
with respect to all borrowings. While the Fund&rsquo;s borrowings exceed 5% of its total assets, the Fund will make no further
purchases of securities, although this limitation will not apply to share repurchase transactions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(9) Issue
senior securities, as defined in the Investment Company Act of 1940 (the &ldquo;Act&rdquo;), or mortgage, pledge, hypothecate or
in any manner transfer, as security for indebtedness, any securities owned or held by the Fund except as may be necessary in connection
with borrowings mentioned in (8) above, and then such mortgaging, pledging or hypothecating may not exceed 10% of the Fund&rsquo;s
total assets, taken at the lesser of cost or market value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(10) Underwrite
securities of other issuers except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended,
in selling portfolio securities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">(11) Invest
more than 10% of the Fund&rsquo;s total assets in securities that at the time of purchase have legal or contractual restrictions
on resale (including unregistered securities that are eligible for resale pursuant to Rule 144A under the Securities Act of 1933).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Except for the 300%
limitation referred to in Investment Restriction No. 8 above, if a percentage restriction on investment or utilization of assets
as set forth above is adhered to at the time an investment is made, a later change in percentage resulting from a change in the
market values of the Fund&rsquo;s assets will not be considered a violation of the restriction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If a percentage restriction
on investment or utilization of assets as set forth above is adhered to at the time an investment is made, a later change in percentage
resulting from a change in the market values of the Fund&rsquo;s assets will not be considered a violation of the restriction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The names of the Directors
and Officers of the Fund, the date each was first elected or appointed to office, their term of office, their principal business
occupations and other directorships they have held during at least the last five years, are shown below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name (Year of Birth) <BR>
and Address*</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Position With the<BR>
Fund, Term of<BR>
Office and Length<BR>
of Service</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Principal Occupation(s)<BR>
During Past Five Years</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of<BR>
Portfolios in</B><BR>
<B>Fund Complex<BR>
Overseen by<BR>
Director**</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Other Directorships Held </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Thomas W. Brock</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1947)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director since 2005; Chairman since 2015;<BR>
Term expires 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Executive Officer, Silver Bay Realty (2016 &ndash;2017); Acting Chief Executive Officer, Silver Bay Realty (2016); Director, Silver Bay Realty (2012 &ndash;2017); Adjunct Professor, Columbia University Graduate School of Business (since 1998)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee, Liberty All-Star Equity Fund (since 2005); Trustee, Equitable AXA Annuity Trust (since January 2016), and 1290 Funds (since January 2016)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">George R. Gaspari</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1940)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Director since 2006;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Term expires 2022</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Services Consultant</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1996-2012)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee, Liberty All-Star Equity Fund (since 2006); Trustee (since 1999) and Chairman &mdash; Audit Committee, The Select Sector SPDR Trust (since January 2015)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name (Year of Birth) <BR>
and Address*</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Position With the<BR>
Fund, Term of<BR>
Office and Length<BR>
of Service</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Principal Occupation(s)<BR>
During Past Five Years</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of<BR>
Portfolios in</B><BR>
<B>Fund Complex<BR>
Overseen by<BR>
Director**</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Other Directorships Held </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Milton M. Irvin</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1949)</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director since 2018; Term Expires 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Retired (2012); Chair, Advisory Board Member Castle Oak Securities (2012-present); Chair, Investment Committee Member Executive Leadership Counsel (2006-present); Chair, Board Member South Carolina State University (2015-present); Graduate Executive Board Member Wharton School (2009-2016)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee, Liberty All-Star Equity Fund (since 2018)</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">John J. Neuhauser</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1943)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director since 1998;<BR>
Term expires 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President, St. Michael&rsquo;s College (2007-2018); University Professor December 2005-2007, Boston College (formerly Academic Vice President and Dean of Faculties, from 1999 - 2005, Boston College)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee, Liberty All-Star Equity Fund (since 1998); Trustee, Columbia Fund Funds Series Trust I (since 1985).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Maureen K. Usifer</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1960)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director since 2018;<BR>
Term expires 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Board Member Green Mountain Care Board (2017-Present), Board Advisor, Healthy Living Market (2017-Present), Board of Trustees, Saint Michael&rsquo;s College (2015-Present), and Chief Financial Officer, Seventh Generation, Inc. (2012-2016)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee, Liberty All-Star Equity Fund (since 2018); Director, BlackRock Capital Investment Corporation (since 2005) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name (Year of Birth) <BR>
and Address*</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Position With the<BR>
Fund, Term of <BR>
Office and Length<BR>
of Service</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Principal Occupation(s)</B><BR>
<B>During Past Five Years</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of</B><BR>
<B>Portfolios in<BR>
Fund Complex<BR>
Overseen by<BR>
Director***</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Other Directorships Held </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Edmund J. Burke</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1961)**</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Director since 2006,</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Term expires 2021</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Executive Officer and Retired. Formerly, President of ALPS Holdings, Inc., and ALPS Advisors, Inc. (2001-2019), and Director of ALPS Distributors, Inc. (2000-2019), ALPS Fund Services, Inc., ( 2000-2019) and ALPS Portfolio Solutions Distributor, Inc. (2013-2019).</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">29</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee (since 2009) - Financial Investors Trust, Trustee (since 2004) - Clough Global Dividend and Income Fund, Trustee (since 2006) - Clough Global Equity Fund, Trustee -Clough Global Opportunities Fund, Trustee -Clough Funds Trust (since 2015), and Trustee ALPS ETF Trust (since 2017).Mr. Burke is deemed an affiliate of the Funds as defined under the 1940 Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The address for all Directors is: c/o ALPS Fund Services, Inc., 1290 Broadway, Suite 1000; Denver, CO 80203.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">**</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr. Burke is an &ldquo;interested person&rdquo; of the Fund as defined in the Investment Company Act, because he was formerly the CEO and President of ALPS Holdings, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">***</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The &ldquo;Fund Complex&rdquo; for the Fund includes the Fund, Liberty All-Star Equity Fund, and any registered investment company advised by AAI or any registered investment company sub-advised by Congress Asset Management Company, LLP, Sustainable Growth Advisers, L.P. and Weatherbie Capital, LLC.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name
    (Year of Birth)<BR>
    and Address *</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Position
    with the Fund</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Year
    First<BR>
    Elected or<BR>
    Appointed to<BR>
    Office</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 39%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Principal
    Occupation(s)</B><BR>
    <B>During Past Five Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">William R.<BR>
        Parmentier, Jr.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1952)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">President</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1999</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Investment Officer, ALPS Advisors, Inc.
    (since 2006); President of the Liberty All-Star Funds (since April 1999); Senior Vice President, Banc of America Investment
    Advisors, Inc. (2005-2006). Mr. Parmentier is deemed an affiliate of the Funds as defined under the 1940 Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Mark T. Haley, CFA</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1964)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Vice President</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1999</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Senior Vice President of the Liberty All-Star
    Funds (since January 1999); Vice President, ALPS Advisors, Inc. (since 2006); Vice President, Banc of America Investment Advisors
    (1999-2006). Mr. Haley is deemed an affiliate of the Funds as defined under the 1940 Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Kimberly R. Storms</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1972)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2013</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director of Fund Administration (since 2004)
    and Senior Vice President of ALPS Fund Services, Inc. (since 2009). Ms. Storms is currently Treasurer of Liberty All-Star
    Equity Fund, Financial Investors Trust and ALPS Series Trust. Ms. Storms is deemed an affiliate of the Funds as defined under
    the 1940 Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 17%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name
    (Year of Birth)<BR>
    and Address *</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Position
    with the Fund</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Year
    First<BR>
    Elected or<BR>
    Appointed to<BR>
    Office</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 39%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Principal
    Occupation(s)</B><BR>
    <B>During Past Five Years </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Matthew Sutula</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1985)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Compliance Officer</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mr. Sutula joined ALPS in 2012 and currently
    serves as  Chief Compliance Officer of ALPS Advisors, Inc. (&ldquo;AAI&rdquo;).&nbsp;&nbsp;Prior to his current role,
    Mr. Sutula served as Compliance Manager and Senior Compliance Analyst for AAI, as well as Compliance Analyst for ALPS Fund
    Services, Inc. Prior to joining ALPS, he spent seven years at Morningstar, Inc. in various analyst roles supporting the registered
    investment company databases. Because of his position with ALPS, Mr. Sutula is deemed an affiliate of the Trust as defined
    under the 1940 Act.&nbsp;&nbsp;Mr. Sutula is also Interim Chief Compliance Officer of Principal Real Estate Income Fund, ALPS
    Variable Investment Trust, RiverNorth Opportunities Fund, Inc. and Liberty All-Star Equity Fund.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Sareena Khwaja-Dixon</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1980)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Secretary</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2016</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ms. Khwaja-Dixon joined ALPS in August 2015
    and is currently Senior Counsel and Vice President of ALPS Fund Services, Inc. Prior to joining ALPS, Ms. Khwaja-Dixon served
    as a Senior Paralegal/Paralegal for Russell Investments (2011 &ndash; 2015). Ms. Khwaja-Dixon is also Secretary of Liberty
    All-Star Equity Fund and Secretary of Clough Dividend and Income Fund, Clough Global Opportunities Fund, Clough Global Equity
    Fund, Clough Funds Trust and Assistant Secretary of Financial Investors Trust. Ms. Khwaja-Dixon is deemed an affiliate of
    the Funds as defined under the 1940 Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Jennifer A. Craig</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(1973)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Assistant Secretary</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ms. Craig joined ALPS in 2017 and is currently
    Assistant Vice President and Paralegal Manager of ALPS. Ms. Craig is also Assistant Secretary of Liberty All-Star Equity Fund,
    Financial Investors Trust, Clough Dividend and Income Fund, Clough Global Opportunities Fund, Clough Global Equity Fund and
    Principal Real Estate Income Fund. Ms. Craig is deemed an affiliate of the Funds as defined under the 1940 Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
address of each officer, other than Messrs. Parmentier and Haley is: c/o ALPS Fund Services, Inc., 1290 Broadway, Suite 1000,
Denver, CO 80203. The address of Messrs. Parmentier and Haley is c/o ALPS Advisors, Inc., One Financial Center, 4th Floor, Boston,
MA 02111.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Role of the Board of Directors</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">The Board, which has
overall responsibility for the oversight of the Fund&rsquo;s investment programs and business affairs, believes that it has structured
itself in a manner that allows it to effectively perform its oversight obligations. Mr. Brock, the Chairman of the Board (&ldquo;Chairman&rdquo;),
is an Independent Director. The Directors also complete an annual self-assessment during which the Directors review their overall
structure and consider where and how its structure remains appropriate in light of the Fund&rsquo;s current circumstances. The
Chairman&rsquo;s role is to preside at all meetings of the Board and in between Board meetings to generally act as the liaison
between the Board and the Fund&rsquo;s officers, attorneys and various other service providers, including but not limited to, the
Fund&rsquo;s investment advisor, administrator and other such third parties servicing the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">The Board has two
standing committees, each of which enhances the leadership structure of the Board: the Audit Committee and the Nominating and Governance
Committee. The Audit Committee and Nominating and Governance Committee are each chaired by, and composed of, members who are Independent
Directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Messrs. Brock, Gaspari,
Irvin and Neuhauser and Ms. Usifer (Committee Chair) are members of the Audit Committee of the Fund. The Fund&rsquo;s Audit Committee
is comprised only of members who are &ldquo;Independent Directors&rdquo; (as defined in the NYSE Listing Standards for Directors/directors
of closed-end investment companies) of the Fund and who are also not &ldquo;interested persons&rdquo; (as defined in the Investment
Company Act) of the Fund. The Board of Directors has determined, in accordance with NYSE Listing Standards, that each member of
the Audit Committee is financially literate and that one of its members has prior accounting experience or related financial management
expertise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Audit Committee
has adopted a written Audit Committee charter that sets forth the Audit Committee&rsquo;s structure, duties and powers, and methods
of operation. The principal functions of the Audit Committee are to assist the Board of Directors&rsquo; oversight of: (1) the
integrity of the Fund&rsquo;s financial statements; (2) the Fund&rsquo;s compliance with legal and regulatory requirements; (3)
the qualifications and independence of the independent registered public accounting firm (also referred to herein as the independent
accountants); (4) the performance of AAI&rsquo;s internal audit function; and (5) the performance of the independent accountants.
The Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the work of the independent
accountants (including the resolution of disagreements between management and the independent accountants regarding financial reporting)
for the purpose of preparing or issuing an audit report or performing other review or attest services for the Fund.</P>

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


<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><U>Nominating
and Governance Committee</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">The
Fund&rsquo;s Nominating and Governance Committee of the Board of Directors (&ldquo;Committee&rdquo;) is comprised of six independent
Director namely Messrs. Brock, Gaspari, Irvin, Neuhauser (Committee Chair) and d Ms. Usifer. The Committee operates pursuant to
a Committee Charter (the &ldquo;Charter&rdquo;) that was most recently reviewed and approved by the Committee on March 21, 2019.
The Committee met four times during the fiscal year ended December 31, 2017. The Charter states that meetings will be held on an
as-needed basis, but no less than annually. The Committee is responsible for identifying and recommending to the Board of Directors
individuals believed to be qualified to become Board members in the event that a position is vacated or created, and to evaluate
the effectiveness of the Board in governing and overseeing the management of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">The
Committee will consider Director candidates recommended by shareholders. In considering candidates submitted by shareholders, the
Committee will take into consideration the needs of the Board of Directors, the qualifications of the candidate and the interests
of shareholders. Shareholders wishing to recommend candidates to the Committee should submit such recommendations to the Secretary
of the Fund at 1290 Broadway, Suite 1000, Denver, CO 80203, who will forward the recommendations to the Committee for consideration.
Shareholders wishing to nominate a candidate to be considered at an annual or special meeting must provide timely notice to the
Fund and be entitled to vote on the nominee at the time notice is given. All information packages regarding a candidate that are
satisfactorily completed in accordance with the Committee&rsquo;s Charter will be forwarded to the full Board for consideration.
Recommendations for candidates will be evaluated in light of whether the number of Directors of the Fund is expected to be increased
and in light of anticipated vacancies. The Committee has the sole discretion whether to seek corrections of a deficient submission
or to exclude a nominee from consideration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">Shareholders
may submit for the Committee&rsquo;s consideration recommendations regarding potential independent Board member nominees. The Committee
Charter (which is available at www.all-starfunds.com) includes Independent Director qualifications and criteria that the Committee
will assess in determining whether it will consider a shareholder&rsquo;s submission. In addition, the By-Laws of the Fund contain
detailed requirements regarding qualifications for Independent Directors and information that must be included with any nomination
for Independent Director or shareholder proposal.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">The
following are some of the requirements and criteria in the Committee Charter and By-Laws:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The nominee must satisfy all qualifications provided under the Committee Charter and in the Fund&rsquo;s organizational documents, including qualification as a possible independent Board member.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The nominee may not be the nominating shareholder, a member of the nominating shareholder group or a member of the immediate family of the nominating shareholder or any member of the nominating shareholder group.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Neither the nominee nor any member of the nominee&rsquo;s immediate family may be currently employed or employed within the last year by any nominating shareholder entity or entity in a nominating shareholder group.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Neither the nominee nor any immediate family member of the nominee is permitted to have accepted directly or indirectly, during the year of the election for which the nominee&rsquo;s name was submitted, during the immediately preceding calendar year, or during the year when the nominee&rsquo;s name was submitted, any consulting, advisory, or other compensatory fee from the nominating shareholder or any member of a nominating shareholder group.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The nominee may not be an executive officer, Director (or person fulfilling similar functions) of the nominating shareholder or any member of the nominating shareholder group, or of an affiliate of the nominating shareholder or any such member of the nominating shareholder group.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The nominee may not control (as that term is defined under the 1940 Act) the nominating shareholder or any member of the nominating shareholder group (or, in the case of a holder or member that is a fund, an interested person of such holder or member as defined by Section 2(a)(19) of the 1940 Act).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A shareholder or shareholder group may not submit for consideration a nominee who has previously been considered by the Committee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">The
following is a summary of requirements in the Fund&rsquo;s By-Laws that must be provided to the Fund regarding the shareholder
or shareholder group submitting a proposed nominee and that will be considered by the Committee:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Information on the proposed nominee, including name, address, age and occupation</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Information on shares owned beneficially and of record.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Descriptions of any agreements, arrangements, or understandings (including profit interest or options) involving the Proposed Nominee and any other shareholder of record or beneficially.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A description of all commercial and business relationships and all transactions the Proposed Nominee has had with any other shareholder of record or beneficially.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(e)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A representation that the Proposed Nominee will qualify as a non-interested Director under Section 2(a)(19) of the Investment Company Act of 1940 and rules thereunder.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(f)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A representation that the Proposed Nominee meets the Director Qualifications set forth on Article II of the Fund&rsquo;s By-laws.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(g)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Such other information requested by the Committee required to be disclosed in a proxy statement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Written consent of the Proposed Nominee to being named a nominee and to serving as a Director.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A certificate that the Proposed Nominee will not become a party to any agreement, arrangement or understanding not disclosed to the Fund.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">The
nominee must provide to the Committee all information requested by the Committee that is related to the requirements and criteria
in the Committee Charter and By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">When
considering prospective nominees, the Committee may consider, among other things, a prospective nominee&rsquo;s general experience,
qualifications, attributes and such other qualifications as the Committee may deem appropriate from time to time. These qualifications
may include whether prospective nominees have distinguished records in their primary careers, unimpeachable integrity and substantive
knowledge in areas important to the Board&rsquo;s operations, such as background or education in finance, auditing, securities
law, the workings of the securities markets or investment advice. For candidates to serve as Independent Directors, independence
from the Fund&rsquo;s investment advisor, its affiliates and other principal service providers is critical, as is an independent
and questioning mind-set. In each case, the Committee will evaluate whether a candidate is an &ldquo;interested person&rdquo; under
the 1940 Act. The Committee will also consider whether a prospective candidate&rsquo;s workload should allow him or her to attend
the vast majority of Board meetings, be available for service on Board committees and devote the additional time and effort necessary
to stay apprised of Board matters and the rapidly changing regulatory environment in which the Fund operates. Different substantive
areas may assume greater or lesser significance at particular times, in light of a Board&rsquo;s present composition and its perceptions
about future issues and needs. In considering nominees, the Committee will also consider the diversity of the Board with respect
to professional experience, education, skill and viewpoint.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">The
Committee will initially evaluate prospective candidates on the basis of their resumes, considered in light of the criteria discussed
above. Those prospective candidates that appear likely to be able to fill a significant need of the Board would be contacted by
a Independent Director by telephone to discuss the position; if there appears to be sufficient interest, an in-person meeting with
one or more Independent Directors will be arranged. If the Committee, based on the results of these contacts, believes it has identified
a viable candidate, it will air the matter with the full Board for input. Any request by Fund management to meet with the prospective
candidate would be given appropriate consideration. The Fund has not paid a fee to third parties to assist in finding nominees.</P>

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


<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Oversight of Risk Management</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">Consistent
with their responsibility for oversight of the Fund, the Board oversees the management of risks relating to the administration
and operation of the Fund. AAI, as part of its responsibilities for the day-to-day operations of the Fund, is responsible for day-to-day
risk management for the Fund. The Board, in the exercise of its reasonable business judgment, also separately consider potential
risks that may impact the Fund. The Board performs this risk management oversight directly and, as to certain matters, through
the Audit Committee and through the Board members who are not Independent Directors. The following provides an overview of the
principal, but not all, aspects of the Board&rsquo;s oversight of risk management for the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">In
general, the Fund&rsquo;s risks include, among others, investment performance and investment risk, credit risk, liquidity risk,
valuation risk, compliance risk and operational risk. The Board has adopted, and periodically reviews, policies and procedures
designed to address these and other risks to the Fund. In addition, under the general oversight of the Board, AAI and other service
providers to the Fund have themselves adopted a variety of policies, procedures and controls designed to address particular risks
to the Fund. Different processes, procedures and controls are employed with respect to different types of risks. Further, AAI,
as the Fund&rsquo;s investment manager, oversees and regularly monitors the investments, operations and compliance of the Fund&rsquo;s
Portfolio Managers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">The
Board also oversees risk management of the Fund through review of regular reports, presentations and other information from officers
of the Fund and other persons. Senior officers of the Fund, senior officers of AAI and the Fund&rsquo;s CCO regularly report to
the Board on a range of matters, including those relating to risk management. The Board also regularly receives reports from AAI
with respect to the investments and securities trading activities of the Fund, as well as the premium or discount to net asset
value at which the Fund&rsquo;s shares are trading on the NYSE. In addition to regular reports from AAI, the Board receives reports
regarding other service providers to the Fund, either directly or through AAI or the Fund&rsquo;s CCO, on a periodic or regular
basis. At least annually, the Board receives a report from the Fund&rsquo;s CCO regarding the effectiveness of the Fund&rsquo;s
compliance program. Also, on an annual basis, the Board receives reports, presentations and other information from AAI in connection
with the Board&rsquo;s consideration of the renewal of the Fund&rsquo;s agreements with AAI and the Portfolio Managers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">Senior
officers of the Fund and senior officers of AAI also report regularly to the Fund&rsquo;s Audit Committee on valuation matters
and on the Fund&rsquo;s internal controls and accounting and financial reporting policies and practices. In addition, the Audit
Committee receives regular reports from the Fund&rsquo;s auditors on internal control and financial reporting matters. On at least
a quarterly basis, the Independent Directors meet with the Fund&rsquo;s CCO to discuss matters relating to the Fund&rsquo;s compliance
programs. The Board&rsquo;s oversight role does not make the Board a guarantor of the Fund&rsquo;s investments or activities.</P>

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


<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><U>Share Ownership</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following table
shows the dollar range of equity securities beneficially owned by each Director in the Fund as of December 31, 2017 (i) in the
Fund, and (ii) in all funds overseen by the Director in the Family of Investment Companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name of Director</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Dollar Range of <BR>
Equity Securities <BR>
Owned in the Fund</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Aggregate Dollar Range of<BR>
Equity Securities Owned in<BR>
All Funds Overseen by<BR>
Director in Family of<BR>
Investment Companies*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Disinterested Directors</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Thomas W. Brock</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Over $100,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">George R. Gaspari</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001 - $50,000</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001 - $50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Milton M. Irvin</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001 - $50,000</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001 - $50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John J. Neuhauser</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$1 - $10,000</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$1 - $10,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maureen K. Usifer</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001 - $50,000</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,001 - $50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Interested Director</I></FONT></TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;Family
of Investment Companies&rdquo; includes the Fund and All-Star Equity Fund.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Independent Director Transactions/Relationships with Fund
Affiliates</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">As of December 31,
2018, neither the Independent Directors nor members of their immediate families owned securities, beneficially or of record, of
the Advisor, or an affiliate or person directly or indirectly controlling, controlled by, or under common control with the Advisor.
In addition, over the past five years, neither Independent Directors nor members of their immediate families have had any direct
or indirect interest, the value of which exceeds $120,000, in the Advisor or any of its affiliates. Further, during each of the
last two fiscal years, neither Independent Directors nor members of their immediate families have conducted any transactions (or
series or transactions) or maintained any direct or indirect relationship in which the amount involved exceeds $120,000 and to
which the Advisor or any of its affiliates was a party.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Approving the Investment Advisory Contracts</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A discussion of the
factors considered by the Board of Directors in approving the current Fund Management Agreement and Portfolio Management Agreements
will be included in the Fund&rsquo;s semi-annual shareholder report for the year ended December 31, 2019.</P>

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


<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Board of Directors
is divided into three classes, each of which serves for three years. The term of office of one of the classes expires at the final
adjournment of the annual meeting of shareholders (or special meeting in lieu thereof) each year or such later date as his successor
shall have been elected and shall have qualified. The Fund holds annual meetings of shareholders to vote on, among other things,
the election or re-election of the Directors whose terms are expiring with that meeting. Unless each is elected at that meeting,
the term of office of Mr. Irvin and Ms. Usifer will expire upon the final adjournment of the 2020 annual meeting; the term of office
of Messrs. Burke and Gaspari will expire upon the final adjournment of the 2022 annual meeting; and the term of office of Messrs.
Brock and Neuhauser will expire upon the final adjournment of the 2021 annual meeting. The Fund&rsquo;s Directors are also Trustees
of Liberty All-Star Equity Fund, another closed-end multi-managed fund managed by AAI.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following table
shows, for the year ended December 31, 2018, the compensation received from the Fund by each Director, and the aggregate compensation
paid to each Director for service on the Boards of funds within the Fund Complex. The Fund has no bonus, profit sharing or retirement
plans.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Aggregate Compensation <BR>
from the Fund</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Total Compensation from <BR>
the Fund Complex*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Disinterested Directors</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Thomas W. Brock</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$14,610</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$57,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">George R. Gaspari</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,020</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$39,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Milton M. Irvin</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;$1,075</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;&nbsp;$4,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John J. Neuhauser</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$10,494</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$41,000</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maureen J. Usifer**</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$8,725</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$33,500</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Interested Director</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund Complex consists of the Fund and the Liberty All-Star Equity Fund.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI and the Fund have
each adopted a code of ethics governing personal securities transactions. Under AAI&rsquo;s code of ethics, AAI employees may purchase
and sell securities (including securities held or eligible for purchase by the Fund), subject to certain pre-clearance and reporting
requirements and other procedures. The Fund&rsquo;s code of ethics permits personnel subject thereto to invest in securities, including
securities that may be purchased or held by the Fund. However, the Fund&rsquo;s code of ethics generally prohibits, among other
things, persons subject thereto from purchasing or selling securities if they know at the time of such purchase or sale that the
security is being considered for purchase or sale by the Fund or is being purchased or sold by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The codes of ethics
can be reviewed and copied at the SEC&rsquo;s public reference room in Washington, DC (call 1-202-942-8090 for information on the
operation of the public reference room); on the EDGAR Database on the SEC&rsquo;s Internet site (http://www.sec.gov); or, upon
payment of copying fees, by writing the SEC&rsquo;s Public Reference Section, Washington, DC 20549-0102, or by electronic mail
at info@sec.gov.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">The
Fund has delegated to AAI (and not the Portfolio Managers) the responsibility to vote proxies relating to portfolio securities
held by the Fund. In deciding to delegate this responsibility, the Board of Directors reviewed and approved the policies and procedures
adopted by AAI. These include the procedures that AAI follows when a vote presents a conflict between the interests of the Fund
and its shareholders and AAI, its affiliates, its other clients, or other persons. AAI&rsquo;s proxy voting guidelines and procedures
applicable to the Fund are included in this Statement of Additional Information as Appendix A-1.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Investment Advisory and Other Services</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">As stated under &ldquo;Management
of The Fund&rdquo; in the Prospectus, ALPS Advisors, Inc., 1290 Broadway, Suite 1100, Denver, CO 80203, is the Fund&rsquo;s investment
advisor. Pursuant to its Fund Management Agreement with the Fund, AAI implements and operates the Fund&rsquo;s multi-manager methodology
and has overall supervisory responsibility for the general management and investment of the Fund&rsquo;s assets, subject to the
Fund&rsquo;s investment objectives and policies and any directions of the Board of Directors. AAI recommends to the Board of Directors
the investment management firms (currently three) for appointment as Portfolio Managers of the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The names and addresses
of the Fund&rsquo;s current Portfolio Managers are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Congress Asset Management Company, LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">2 Seaport Lane</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Boston, MA 02210</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Sustainable Growth Advisers, LP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">301 Tresser Boulevard</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Stamford, CT 06901</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Weatherbie Capital, LLC</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">265 Franklin Street</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">Boston, MA 02110</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">As described under
&ldquo;Management of The Fund&rdquo; in the Prospectus, the Fund pays AAI a fund management fee for its investment management services
(from which AAI pays the Portfolio Managers&rsquo; fees).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">For the years ended
December 31, 2018, 2017 and 2016, the total fund management fees paid to AAI were $1,127,974, $959,280 and $1,095,505, respectively,
of which an aggregate of $________, $564,079, and $479,756, respectively, was paid to the Portfolio Managers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s current
Fund Management Agreement and each of the Fund&rsquo;s Portfolio Management Agreements provide that they will continue in effect
until May 31, 2020, except that the Portfolio Management Agreement with Sustainable Growth Advisors, LP will continue in effect
until July 1, 2020. The Fund&rsquo;s current Fund Management Agreement and each of the Fund&rsquo;s Portfolio Management Agreements
will continue in effect thereafter so long as such continuance is specifically approved annually by (a) the Board of Directors
or (b) a vote of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act),, provided
that, in either event, the continuance is also approved by a majority of the Directors who are not &ldquo;interested persons&rdquo;
(as defined in the 1940 Act) of the Fund (the &ldquo;Disinterested Directors&rdquo;), AAI or the Portfolio Managers by a vote cast
in person at a meeting called for the purpose of voting on such approval. The Fund&rsquo;s Management Agreement may be terminated
on 60 days written notice by either party, and the Portfolio Management Agreements may be terminated on 30 days&rsquo; notice by
any party, and any such agreements will terminate automatically if assigned.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund, AAI and the
Portfolio Managers have adopted Codes of Ethics pursuant to the requirements of the 1940 Act. These Codes of Ethics permit personnel
subject to the Codes to invest in securities, including securities that may be purchased or held by the Fund. Copies of the Codes
of Ethics of the Fund and AAI can be reviewed and copied at the SEC&rsquo;s Public Reference Room in Washington, D.C. Information
on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-942-8090. The Codes of Ethics are also
available on the EDGAR database on the SEC&rsquo;s Internet site at www.sec.gov, or may be obtained, after paying a duplicating
fee, by electronic request at publicinfo@sec.gov, or by writing the SEC&rsquo;s Public Reference Section, Washington, D.C. 20549-0102.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Congress Asset Management Company, LLP (&ldquo;Congress&rdquo;)</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Management. </B>The
portion of the Fund allocated to Congress is managed by Todd Solomon, CFA, Senior Vice President and Daniel Lagan, CFA, Chief Executive
Officer, Chief Investment Officer.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><U>Todd Solomon, CFA, Senior Vice President, Portfolio
Manager</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Todd joined Congress
Asset Management in 2001. He is a member of Congress Asset Management&rsquo;s Investment Oversight Committee and Chairs the Mid
Cap Growth Committee, which was named the 2015 Small/Mid Cap SMA of the year by Investment Advisor Magazine and Envestnet. He has
22 years of investment experience, spanning both equity research and portfolio management. Previously, he has held positions at
US Trust Company, Fidelity Management and Research Co, and the Pioneer Group, Inc. He is a CFA charterholder, and member of the
Boston Security Analysts Society (BSAS.) Education: MBA; New York University; BA; Georgetown University</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt"><U>Daniel Lagan, CFA, CEO, Chief Investment Officer</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Mr. Lagan joined Congress
Asset Management in 1989. He is the firm&rsquo;s Chief Investment Officer, a position he has held since 2005. He chairs both the
firm&rsquo;s Investment Oversight Committee and Large Cap Growth Investment Committees. As CEO, he is responsible for all business
aspects of the company, with the senior managers of operations, sales, and investments reporting to him. Prior to being named as
CEO in 2013, he was the firm&rsquo;s President for 17 years. He is a CFA charterholder, and a member of the Boston Security Analysts
Society (BSAS) and the CFA Institute. Education: MBA; Boston College BA; St. Michael&rsquo;s College</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Other Accounts.</B>
The table below provides information regarding the other accounts managed by Todd Solomon and Daniel Lagan as of December 31, 2018:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; border-bottom: black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type of Account</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of<BR>
Accounts<BR>
Managed</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total Assets<BR>
        Managed</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in millions)</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of Accounts<BR>
Managed for which<BR>
Advisory Fee is<BR>
Performance-Based</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Assets Managed for</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>which Advisory Fee is</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance-Based</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in millions)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Todd Solomon, CFA</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$931,479,253</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other pooled investment vehicles</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other accounts</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">43</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$610,170,533</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; border-bottom: black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type of Account</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of<BR>
Accounts<BR>
Managed</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total Assets<BR>
        Managed</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in millions)</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of Accounts<BR>
Managed for which<BR>
Advisory Fee is<BR>
Performance-Based</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Assets Managed for</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>which Advisory Fee is</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance-Based</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in millions)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Daniel Lagan, CFA</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$272,482,772</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other pooled investment vehicles</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other accounts</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">57</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$286,596,242</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Compensation Structure.</B>
Mr. Todd Solomon and Mr. Daniel Lagan&rsquo;s compensation consists of the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Congress Asset Management
Company, LLP has a core investment team in place and high employee retention due to a generous compensation structure, collaborative
culture and career advancement opportunities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Congress utilizes a
team approach to the investment process. Because of this, the firm&rsquo;s compensation plan is intended to reward all employees
equitably based on the firm&rsquo;s investment performance and financial profitability. Our compensation plan aims to accurately
reflect our investment and financial success through three methods:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Competitive base salary: This is the basis on which all other incentives are calculated.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Bonus plan up to 50% of base salary based on the following criteria:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80pt">&nbsp;</TD>
    <TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment performance for fixed income and equity products</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Growth in firm assets under management</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Growth in profitability</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management discretion based on individual performance</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Equity Bonus Plan: Since 1990, Congress Asset Management Company, LLP has used an Equity Bonus Plan to allow all participating employees to directly benefit from the long term growth and profitability of the company. This deferred compensation plan is tied to the operating income of the company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Ownership by Portfolio
Manager.</B> None</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Material Conflicts
of Interest.</B> None</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Sustainable Growth Advisers, LP (&ldquo;SGA&rdquo;)</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Management. </B>George
P. Fraise <B>-</B> Principal, co-founder, portfolio manager and a member of the Investment Committee. He is also a member of the
firm&rsquo;s Advisory Board. Prior to founding Sustainable Growth Advisers, George was Executive Vice President, a member of the
Board of Directors and a member of the Investment Policy Committee of Yeager, Wood &amp; Marshall, Inc. George began his investment
career in 1987 as an equity analyst at Drexel Burnham Lambert. In 1990 he joined Smith Barney as a senior analyst responsible for
the coverage of electrical equipment companies. He also held a senior analyst position at Chancellor Capital Management, a private
large cap growth money manager. In 1997 George joined Scudder Kemper Investments as a portfolio manager for two separate large
cap growth funds.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">Education:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">Trinity College &ndash; BA in
History &ndash; 1986</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">Stern School of Business at New
York University &ndash; MBA in Finance and International Business &ndash; 1990</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Gordon M. Marchand,
CFA, CIC, CPA - Principal, co-founder, portfolio manager and a member of the Investment Committee. He is also a member of the firm&rsquo;s
Advisory Board and serves as the firm&rsquo;s Chief Financial Officer. Prior to founding Sustainable Growth Advisers, Gordon was
an executive officer, a member of the Board of Directors and Investment Policy Committee of Yeager, Wood &amp; Marshall, Inc. which
he joined in 1984. He also served as the firm&rsquo;s Chief Financial and Operating Officer. Gordon began his career as a CPA for
Grant Thornton Int&rsquo;l and a management consultant for Price Waterhouse.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">Education:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">Georgetown University &ndash;
BS; University of Massachusetts/Amherst &ndash; MBA</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify">Oxford University Management
Center &ndash; Graduate Study</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Robert L. Rohn &ndash;
Principal, co-founder, portfolio manager and chair of the firm&rsquo;s Investment Committee. He is also a member of the firm&rsquo;s
Advisory Board. Prior to joining Sustainable Growth Advisers in November 2003, Rob managed over $1 billion of large capitalization,
high quality growth stock portfolios at W.P Stewart &amp; Co. During Rob&rsquo;s twelve-year tenure with W.P. Stewart, he was an
analyst and portfolio Manager, held the positions of Chairman of the Board and Chief Executive Officer of W.P. Stewart Inc., the
company&rsquo;s core U.S. investment business, and served as Chairman of the firm&rsquo;s Management Committee. From 1988 through
1991, he was with Yeager, Wood &amp; Marshall, a growth-oriented investment counseling firm, where he served as Vice President
and a member of the Investment Policy Committee with responsibilities in equity analysis and portfolio management. Rob began his
career in 1983 at JP Morgan, where he was an officer of the bank in Corporate Finance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Education:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Dartmouth College &ndash;
BA (Cum Laude);</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Harvard Business School
&ndash; MBA</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Other Accounts.</B>
The table below provides information about the other accounts managed by Messrs. Fraise, Rohn and Marchand, as of December 31,
2018:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-bottom: black 1pt solid; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Type of Account</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of<BR>
Accounts<BR>
Managed</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total Assets<BR>
        Managed</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in millions)</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of Accounts<BR>
Managed for which<BR>
Advisory Fee is<BR>
Performance-Based</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Assets Managed for</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>which Advisory Fee is</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance-Based</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in millions)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>George P. Fraise</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$4,088 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Pooled Investment Vehicles</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">16</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$2,609</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Accounts</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">64</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$3,754</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$54</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Robert L. Rohn</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$4,088</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Pooled Investment Vehicles</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">16</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$2,609 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Accounts</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">65</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$3,754 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$54</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Gordon M. Marchand</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$4,088 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Pooled Investment Vehicles</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">17</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$2,698 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">n/a</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Accounts</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">64</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$3,754 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$54</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Compensation Structure.
</B>SGA has adopted a system of compensation for portfolio managers that seeks to align the financial interests of the investment
professionals with those of SGA. The compensation of SGA&rsquo;s three principals/portfolio managers is based upon (i) a fixed
base compensation and (ii) SGA&rsquo;s financial performance. SGA&rsquo;s compensation arrangements with its investment professionals
are not determined on the basis of specific funds or accounts managed by the investment professional. All investment professionals
receive customary benefits that are offered generally to all salaried employees of SGA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Ownership by Portfolio
Manager.</B> None</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><B>Material Conflicts
of Interest.</B> None</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Weatherbie Capital LLC (&ldquo;Weatherbie&rdquo;)</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Matthew A. Weatherbie, CFA, CEO, Co-Chief Investment Officer,
is a co-manager responsible for managing the portion of the Fund allocated to Weatherbie.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Matt Weatherbie founded Weatherbie Capital, LLC in
November 1995 and is Chief Executive Officer and Co-Chief Investment Officer of Weatherbie Capital. Matt is a Portfolio Manager
on the Alger SMid Cap Focus Fund and the Weatherbie Specialized Growth Strategy. Matt has 45 years of investing experience. Prior
to founding Weatherbie Capital, Matt was Managing Director and the Portfolio Manager of the Putnam Voyager Fund from October 1983
through April 1995 at Putnam Investments. Under his management, Voyager grew from $200 million to over $5 billion in assets. He
was also founding Chief Investment Officer of Putnam&rsquo;s Specialty Growth Equities Group, responsible for all of the firm&rsquo;s
aggressive growth investments. Prior to his tenure at Putnam, Matt was a securities analyst and portfolio manager at MFS Investment
Management in Boston. Matt graduated from the University of Toronto and received his M.B.A. from Harvard Business School. He is
a CFA charterholder and is a member of both the CFA Society Boston and the CFA Institute. Matt is a member and past chair of the
investment committee of the Museum of Fine Arts, Boston.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">George Dai, Ph.D., Senior Managing Director, Co-Chief Investment
Officer, is the lead co-manager responsible for managing the portion of the Fund allocated to Weatherbie.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">George Dai is Senior Managing Director and Co-Chief
Investment Officer of Weatherbie Capital. George is a Portfolio Manager on the Alger SMid Cap Focus Fund, Alger Dynamic Opportunities
Fund, and the Weatherbie Specialized Growth Strategy and the Weatherbie Long/Short Strategy. Additionally, George maintains research
responsibilities in the diversified business services, healthcare, and technology areas. George joined Weatherbie Capital in March
2001 and has 20 years of investment experience. Prior to joining Weatherbie, he was an equity analyst with 1838 Investment Advisors.
George received his MBA from the Wharton School, University of Pennsylvania, (Director&rsquo;s List), and his Ph.D. in chemistry
from Johns Hopkins University. Previously, he earned a B.S. from the University of Science and Technology of China and was a pharmaceutical
research scientist at Procter &amp; Gamble. George is a prized Bridge player, and he holds four U.S. patents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Joshua D. Bennett, CFA, Senior Managing Director, Director of
Research, is a co-manager responsible for managing the portion of the Fund allocated to Weatherbie.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Josh Bennett is Senior
Managing Director and Director of Research at Weatherbie Capital. Josh is a Portfolio Manager on the Alger SMid Cap Focus Fund
and the Alger Dynamic Opportunities Fund, and is a Portfolio Manager on the Weatherbie Specialized Growth Strategy and the Weatherbie
Long/Short Strategy. Josh also has research responsibilities in the consumer, industrials, and diversified business services sectors.
Josh joined Weatherbie Capital in July 2007 and has 18 years of investment experience. Prior to joining Weatherbie, Josh was an
Equity Research Analyst at MFS Investment Management in Boston where he focused on the Aerospace/Defense and Transportation sectors.
Josh also has previous experience with Fidelity Investments as a High Yield research associate. Josh received his MBA from the
Tuck School of Business at Dartmouth (Edward Tuck Scholar with Distinction) and earned a B.A. in economics (Summa Cum Laude) from
Wheaton College (IL). Josh is a CFA charterholder and is a member of both the CFA Society Boston and the CFA Institute. Josh is
a Trustee and member of the Investment Committee at Lexington Christian Academy (Lexington, MA), and is also a member of the Investment
Committee of Christian Camps &amp; Conferences.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Accounts.</B> As of December 31,
2018, this team was responsible for the portfolio management of the following types of accounts in addition to the Fund:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: black 1pt solid; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Number of Accounts</B><BR>
<B>Managed</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total Assets</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Managed<BR>
        (in millions)</B></P></TD>
    <TD STYLE="vertical-align: top; width: 15%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of<BR>
        Accounts<BR>
        Managed for</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>which Advisory<BR>
        Fee is</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance-<BR>
        Based</B></P></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Assets<BR>
        Managed for</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>which Advisory<BR>
        Fee is</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Performance-<BR>
        Based</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in millions)</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Weatherbie Capital, LLC</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$335</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other pooled investment vehicles</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$169</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$150</FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other accounts</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">25</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$771</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$79</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Matthew A. Weatherbie</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$288</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other pooled investment vehicles</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$125</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$125</FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other accounts*</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">24</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$770</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$79</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>George Dai</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies*</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$335</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other pooled investment vehicles*</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$44</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$25</FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other accounts*</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">24</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$770</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$79</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Joshua D. Bennett</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Registered Investment Companies*</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$335</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">0</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other pooled investment vehicles*</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$44</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$25</FONT></TD></TR>
<TR STYLE="background-color: Gainsboro">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other accounts*</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">24</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$770</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">$79</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Accounts
are managed on a team basis.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Weatherbie Capital follows a merit-based investment culture
which rewards analysts and portfolio managers for successful investment ideas and overall performance that benefit our client&rsquo;s
portfolios. There are multiple components to the Weatherbie compensation plan, detailed as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">a.</TD><TD>Base salary: As determined by Matt Weatherbie, CEO of Weatherbie Capital, LLC, with final approval by Alger CEO, Dan Chung.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">b.</TD><TD>Bonus (Weatherbie Bonus Pool): An annual bonus pool equal to a specific percentage of the operating profits of Weatherbie Capital.&nbsp;Target
amounts for employees for participation in the pool are established annually by Matt Weatherbie with final approval by Dan Chung.
Weatherbie Capital employees are eligible for inclusion in this pool based upon:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">i.</TD><TD>Their expected and actual contributions to the absolute and relative performance as analysts and portfolio managers. &nbsp;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">ii.</TD><TD>Subjective criteria, such as contributions to the overall organization.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 60pt"></TD><TD STYLE="width: 20pt">c.</TD><TD>Bonus (Sub-Advisory Pool): A bonus pool tied to the fees earned from the Alger mutual funds sub-advised by Weatherbie Capital.
Target amounts for employees for participation in the pool are established annually by Matt Weatherbie with final approval by Dan
Chung. Weatherbie Capital employees are eligible for inclusion in this pool based upon:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">i.</TD><TD>Their expected and actual contributions to the absolute and relative performance as analysts and portfolio managers. &nbsp;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">ii.</TD><TD>Subjective criteria, such as contributions to the overall organization.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 20pt">d.</TD><TD>Bonus (Weatherbie Partners Pool) A bonus pool tied to allocation of a portion of the &ldquo;earn-out&rdquo; payments from Alger
Associates, Inc. to Matt Weatherbie</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">i.</TD><TD>Initial allocations have been made to George Dai, Ph.D. and Josh Bennett, CFA</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">ii.</TD><TD>Future allocations and amounts determined by Matt Weatherbie in his sole discretion.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 20pt">e.</TD><TD>The Alger Profit Participation Plan:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 96pt"></TD><TD STYLE="width: 20pt">i.</TD><TD>The Plan gives key personnel the opportunity to have equity-like participation in the long-term growth and profitability of
the Firm. The awards are invested in Alger mutual funds and have a four-year vesting schedule. The total award earned can increase
or decrease with Alger's investment and Alger&rsquo;s earnings results over the four-year period.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -9pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Amounts are determined by Matt Weatherbie with final approval
by the Board of Directors of Alger Associates, Inc.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">OWNERSHIP BY PORTFOLIO MANAGER: None</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">MATERIAL CONFLICTS OF INTEREST: None</P>

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


<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Description of Certain Material Conflicts of Interest</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Material conflicts
of interest may arise when an individual with day-to-day management responsibilities for the Fund also manages other funds or accounts.
(Information regarding other funds, pooled investment vehicles and accounts managed by the Portfolio Managers is set forth in tables
above.) These potential material conflicts of interest include the following conflicts:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Allocation of Limited
Investment Opportunities. </I>From time to time an investment opportunity that is suitable for multiple funds and/or accounts may
be limited. In such circumstances the opportunity will have to be allocated among the funds and/or accounts managed by a portfolio
manager, decreasing the Fund&rsquo;s ability to participate in the investment opportunity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Time and Focus.
</I>A portfolio manager who manages several funds and/or accounts may not devote equal time and attention to all of these funds
and/or accounts. This may adversely affect the portfolio manager&rsquo;s performance with respect to the funds and/or accounts
to which he or she devotes less time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Broker-Dealer Selection.
</I>Some broker-dealers provide portfolio managers with brokerage and research services (as those terms are defined in Section
28(e) of the Securities Exchange Act of 1934), which may result in higher brokerage fees. (See &ldquo;Portfolio Security Transactions&rdquo;
below.) These services may benefit certain funds or accounts more than others. Although the payment of commissions is subject to
the requirement that a portfolio manager determines in good faith that the commissions are reasonable in relation to the value
of the brokerage and research services provided to the Fund, a portfolio manager&rsquo;s decision as to the selection of brokers
and dealers could yield disproportionate costs and benefits among the funds and/or accounts that he or she manages.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Compensation Differences.
</I>To the extent a fund or account compensates a portfolio manager (either directly or indirectly by paying the portfolio manager&rsquo;s
firm) more than other funds or accounts, the portfolio manager might have an economic incentive for certain funds or accounts to
succeed more than others. This may be the case where an advisory fee is greater, where a fund or account pays a performance-based
fee or where the portfolio manager or his or her firm has an interest in the fund or account.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Additional Business.
</I>AAI, the Portfolio Managers or their affiliates may provide more service for some funds or accounts than for others. For example,
an affiliate may provide distribution, recordkeeping or administration services for one fund but not for others. This may result
in a portfolio manager benefiting, either directly or indirectly, from some funds over others.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Each of the Portfolio
Managers has trade allocation and other policies and procedures that it believes are reasonably designed to address these and other
conflicts of interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">None of the Portfolio
Managers&rsquo; own any equity securities issued by the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Potential conflicts of interest in managing multiple accounts</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Like other investment
professionals with multiple clients, a portfolio manager for a Fund may face certain potential conflicts of interest in connection
with managing both the Fund and other accounts at the same time. The paragraphs below describe some of these potential conflicts,
which may be faced by investment professionals at most major financial firms. ALPS Advisors, Inc. and the Fund have adopted compliance
policies and procedures that attempt to address certain of these potential conflicts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The management of accounts
with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance
(&ldquo;performance fee accounts&rdquo;), may raise potential conflicts of interest by creating an incentive to favor higher-fee
accounts. These potential conflicts may include, among others:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The most attractive investments could be allocated to higher-fee accounts or performance fee accounts.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The trading of other accounts could be used to benefit higher-fee accounts (front- running).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The investment management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Potential conflicts
of interest may also arise when the portfolio managers have personal investments in other accounts that may create an incentive
to favor those accounts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A potential conflict
of interest may arise when the Fund and other accounts purchase or sell the same securities. On occasions when a Portfolio Manager
considers the purchase or sale of a security to be in the best interests of the Fund as well as other accounts, the advisor&rsquo;s
trading desk may, to the extent permitted by applicable laws and regulations, aggregate the securities to be sold or purchased
in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for
unfairness to the Fund or another account if one account is favored over another in allocating the securities purchased or sold
&mdash; for example, by allocating a disproportionate amount of a security that is likely to increase in value to a favored account.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&ldquo;Cross trades,&rdquo;
in which one account sells a particular security to another account (potentially saving transaction costs for both accounts), may
also pose a potential conflict of interest. Cross trades may be seen to involve a potential conflict of interest if, for example,
one account is permitted to sell a security to another account at a higher price than an independent third party would pay. The
Fund has adopted compliance procedures that provide that any transactions between the Fund and another advised account are to be
made at an independent current market price, as required by law.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Another potential conflict
of interest may arise based on the different investment objectives and strategies of the Fund and other accounts. For example,
another account may have a shorter-term investment horizon or different investment objectives, policies or restrictions than the
Fund. Depending on another account&rsquo;s objectives or other factors, a portfolio manager may give advice and make decisions
that may differ from advice given, or the timing or nature of decisions made, with respect to the Fund. In addition, investment
decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a particular
security may be bought or sold for certain accounts even though it could have been bought or sold for other accounts at the same
time. More rarely, a particular security may be bought for one or more accounts managed by a portfolio manager when one or more
other accounts are selling the security (including short sales). There may be circumstances when purchases or sales of portfolio
securities for one or more accounts may have an adverse effect on other accounts.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A Portfolio Manager
who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those
funds and/or accounts. As a result, the portfolio manager may not be able to formulate as complete a strategy or identify equally
attractive investment opportunities for each of those accounts as might be the case if he or she were to devote substantially more
attention to the management of a single fund. The effects of this potential conflict may be more pronounced where funds and/or
accounts overseen by a particular portfolio manager have different investment strategies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A Portfolio Manager
may be able to select or influence the selection of the brokers and dealers that are used to execute securities transactions for
the Fund. In addition to executing trades, some brokers and dealers provide portfolio managers with brokerage and research services
(as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934), which may result in the payment of higher
brokerage fees than might have otherwise be available. These services may be more beneficial to certain funds or accounts than
to others. Although the payment of brokerage commissions is subject to the requirement that the portfolio manager determine in
good faith that the commissions are reasonable in relation to the value of the brokerage and research services provided to the
Fund, a Portfolio Manager&rsquo;s decision as to the selection of brokers and dealers could yield disproportionate costs and benefits
among the funds and/or accounts that he or she manages.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI or an affiliate
may provide more services (such as distribution or recordkeeping) for some types of funds or accounts than for others. In such
cases, a Portfolio Manager may benefit, either directly or indirectly, by devoting disproportionate attention to the management
of fund and/or accounts that provide greater overall returns to the investment manager and its affiliates.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">A Portfolio Manager
may also face other potential conflicts of interest in managing the Fund, and the description above is not a complete description
of every conflict that could be deemed to exist in managing both the Fund and other accounts. In addition, a Fund&rsquo;s portfolio
manager may also manage other accounts (including their personal assets or the assets of family members) in their personal capacity.
The management of these accounts may also involve certain of the potential conflicts described above. Investment personnel at AAI,
including each Portfolio Manager, are subject to restrictions on engaging in personal securities transactions pursuant to Codes
of Ethics adopted by AAI.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Each Portfolio Manager
has trade allocation and other policies and procedures that it believes are reasonably designed to address these and other potential
conflicts of interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Administration, Bookkeeping and Pricing Services</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">ALPS Fund Services,
Inc. (&ldquo;ALPS&rdquo;) serves as the administrator to the Fund and the Fund has agreed to pay expenses incurred in connection
with this service. Pursuant to an Administrative, Bookkeeping and Pricing Services Agreement, ALPS provides operational services
to the Fund including, but not limited to, fund accounting and fund administration and generally assists in the Fund&rsquo;s operations.
Officers of the Trust are employees of ALPS. The Fund&rsquo;s administration fee is accrued on a daily basis and paid monthly.
Administration, Pricing and Bookkeeping fees paid by the Fund for the year ended December 31, 2018 are disclosed in the Statement
of Operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund also reimburses
ALPS for out-of-pocket expenses and charges, including fees payable to third parties for pricing the Fund&rsquo;s portfolio securities
and direct internal costs incurred by ALPS in connection with providing fund accounting oversight and monitoring and certain other
services.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Additional Information About Net Asset
Value</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">For purposes of determining
the net asset value of the Fund&rsquo;s common shares, exchange-traded options are valued at the last reported sale price at the
close of the principal exchange or board of trade on which such option or contract is traded, or in the absence of a sale, at the
mean between the last reported bid and asked prices. Non-exchange traded options are also valued at the mean between the last reported
bid and asked prices. Forward currency contracts are valued at the mean between reported bid and asked prices. Financial futures
contracts listed on commodity exchanges and exchange-traded options are valued at closing settlement prices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">Generally, the Fund
completes its trading in foreign securities (if any) each day at various times prior to the close of the NYSE. The values of these
securities used in determining the net asset value of the Fund&rsquo;s common shares generally are computed as of such times. Occasionally,
events affecting the value of foreign securities may occur between such times and the close of the NYSE, which will not be reflected
in the computation of the Fund&rsquo;s net asset value (unless the Fund deems that such events would materially affect its net
asset value, in which case an adjustment would be made and reflected in such computation). Foreign securities and currency held
by the Fund will be valued in U.S. dollars; such values will be computed by the custodian based on foreign currency exchange rate
quotations supplied by an independent quotation service.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Each Portfolio Manager
has discretion to select brokers and dealers to execute portfolio transactions initiated by that Portfolio Manager for the portion
of the Fund&rsquo;s portfolio assets allocated to it, and to select the markets in which such transactions are to be executed.
The Portfolio Management Agreements provide, in substance, that in executing portfolio transactions and selecting brokers or dealers,
the primary responsibility of the Portfolio Manager is to seek to obtain best net price and execution for the Fund.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Portfolio Managers
are authorized to cause the Fund to pay a commission to a broker or dealer who provides research products and services to the Portfolio
Manager for executing a portfolio transaction that is in excess of the amount of commission another broker or dealer would have
charged for effecting the same transaction. The Portfolio Managers must determine in good faith, however, that such commission
was reasonable in relation to the value of the research products and services provided to them, viewed in terms of that particular
transaction or in terms of all the client accounts (including the Fund) over which the Portfolio Manager exercises investment discretion.
It is possible that certain of the services received by a Portfolio Manager attributable to a particular transaction will primarily
benefit one or more other accounts for which investment discretion is exercised by the Portfolio Manager.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">In addition, under
their Portfolio Management Agreements with the Fund and AAI, the Portfolio Managers, in selecting brokers or dealers to execute
portfolio transactions for the Fund, are authorized to consider (and AAI may request them to consider) brokers or dealers that
provide to AAI, directly or through third parties, research products or services such as research reports; portfolio analyses;
compilations of securities prices, earnings, dividends and other data; computer software, and services of one or more consultants.
The commissions paid on such transactions may exceed the amount of commission another broker would have charged for effecting that
transaction. Research products and services made available to AAI include performance and other qualitative and quantitative data
relating to investment managers in general and the Portfolio Managers in particular; data relating to the historic performance
of categories of securities associated with particular investment styles; mutual fund portfolio and performance data; data relating
to portfolio manager changes by pension plan fiduciaries; and related computer software, all of which are used by AAI in connection
with its selection and monitoring of Portfolio Managers, the assembly of an appropriate mix of investment styles, and the determination
of overall portfolio strategies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">AAI from time to time
reaches understandings with each of the Portfolio Managers as to the amounts of the Fund&rsquo;s portfolio transactions initiated
by such Portfolio Manager that are to be directed to brokers and dealers that provide or make available research products and services
to AAI and the commissions to be charged to the Funds in connection therewith. These amounts may differ among the Portfolio Managers
based on the nature of the market for the types of securities managed by them and other factors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Although the Fund does
not permit a Portfolio Manager to act or to have a broker-dealer affiliate act as broker for portfolio transactions initiated by
it, the Portfolio Managers are permitted to place portfolio transactions initiated by them with another Portfolio Manager or its
broker-dealer affiliate for execution on an agency basis, provided that the commission does not exceed the usual and customary
broker&rsquo;s commission being paid to other brokers for comparable transactions and is otherwise in accordance with the Fund&rsquo;s
procedures adopted pursuant to Rule 17e-1 under the 1940 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">During 2018, 2017 and
2016, the Fund paid total brokerage commissions of $_____, $62,655 and $191,399, respectively. Approximately $______, $21,052 and
$149,148, respectively, of the commissions paid in 2018, 2017 and 2016 on transactions aggregating approximately $______, $34,703,426
and $168,307,639, respectively, were paid to brokerage firms that provided or made available to the Portfolio Managers or to AAI
research products and services as described above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The following discussion,
based on the advice of K&amp;L Gates LLP, counsel to the Fund, is a brief general summary of certain material federal income tax
considerations affecting the Fund and its shareholders with respect to the purchase, ownership, and disposition of Fund shares.
It is based on the Internal Revenue Code of 1986, as amended (&ldquo;Code&rdquo;), the regulations thereunder, judicial authorities,
published positions of the Internal Revenue Service (&ldquo;IRS&rdquo;), and other applicable authorities, all as in effect on
the date of this SAI and all of which are subject to change or differing interpretations (possibly with retroactive effect); no
assurance can be given that future legislation, regulations, administrative pronouncements, and/or court decisions will not significantly
change applicable law and materially affect the conclusions expressed herein, and any such change could be applied retroactively.
This discussion does not purport to be complete or to deal with all aspects of federal income taxation that may be relevant to
you in light of your particular circumstances or to shareholders who are subject to special rules, such as banks, thrift institutions
and certain other financial institutions, real estate investment trusts, insurance companies, brokers and dealers in securities
or currencies, certain securities traders, persons holding Fund shares as part of a straddle or other integrated transaction, tax-exempt
organizations, qualified pension and profit-sharing plans, individual retirement accounts and plans, certain other tax-deferred
accounts, U.S. expatriates, persons with a functional currency&rdquo; other than the U.S. dollar, persons subject to the federal
alternative minimum tax, and foreign investors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Unless otherwise noted,
this discussion assumes that you are a U.S. shareholder and that you hold Fund shares as capital assets. For purposes hereof, a
&ldquo;U.S. shareholder&rdquo; means a beneficial owner of Fund shares that, for federal income tax purposes, is a &ldquo;United
States person&rdquo; (as defined in the Code), that is (1) an individual who is a citizen or resident of the United States, (2)
a corporation or partnership (or other entity classified as such for federal tax purposes) created or organized in the United States
or under the laws of the United States, any state thereof, or the District of Columbia, (3) an estate the income of which is subject
to federal income tax regardless of its source, or (4) a trust if (A) a U.S. court is able to exercise primary supervision over
the administration of the trust and one or more United States persons have the authority to control all substantial decisions of
the trust or (B) the trust has a valid election in effect under applicable Treasury regulations to be treated as a United States
person. If a partnership holds Fund shares, the federal income tax treatment of a partner in the partnership generally will depend
on the partner&rsquo;s status and the activities of the partnership. Partners of partnerships that hold Fund shares should consult
their own tax advisors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">No ruling has been
or will be sought from the IRS regarding any matter discussed in this SAI. Counsel to the Fund has not rendered any legal opinion
regarding any tax consequences relating to the Fund or your investment therein. No assurance can be given that the IRS would not
assert, or that a court would not sustain, a position contrary to any of the tax information discussed below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"><I>Tax matters are
complicated, and the tax consequences of an investment in and holding Fund shares will depend on the particular facts of each investor&rsquo;s
situation. You are advised to consult your own tax advisors with respect to the application to your own circumstances of the general
federal income tax rules described below and with respect to other federal, state, local, or foreign tax consequences to you before
making an investment in Fund shares.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund has elected
to be, and intends to continue to qualify each taxable year for treatment as, a &ldquo;regulated investment company&rdquo; under
the Code (a &ldquo;RIC&rdquo;). Accordingly, the Fund intends to satisfy certain requirements relating to sources of its income
and diversification of its assets and to distribute substantially all of its net income and net short-term and long-term capital
gains (after reduction by any available capital loss carryovers) and foreign currency gains, if any, in accordance with the timing
requirements imposed by the Code, so as to maintain its RIC status and to avoid paying any federal income or excise tax. To the
extent it qualifies for treatment as a RIC, which includes satisfying the above-mentioned distribution requirement, the Fund will
not be subject to federal income tax on net income and net realized gains it distributes to its shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund&rsquo;s investments
in options, futures contracts, hedging transactions, forward contracts (to the extent permitted), and certain other transactions
will be subject to special tax rules (including mark-to-market, constructive sale, straddle, &ldquo;wash sale,&rdquo; short sale,
and other rules), the effect of which may be to accelerate income to the Fund, defer losses, cause adjustments in the holding periods
of securities it holds, convert capital gain to ordinary income, and convert short-term capital losses to long-term capital losses.
These rules could therefore affect the amount, timing, and character of distributions to shareholders. The Fund may be required
to limit its activities in options and futures contracts to enable it to maintain its RIC status.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Some futures contracts,
foreign currency contracts, and &ldquo;nonequity&rdquo; options <I>(i.e.</I>, certain listed options, such as those on a &ldquo;broad-based&rdquo;
securities index) -- except any &ldquo;securities futures contract&rdquo; that is not a &ldquo;dealer securities futures contract&rdquo;
(both as defined in the Code) and any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity
swap, equity swap, equity index swap, credit default swap, or similar agreement -- in which the Fund invests may be subject
to Code section 1256 (collectively, &ldquo;section 1256 contracts&rdquo;). Any section 1256 contracts the Fund holds at the end
of its taxable year generally must be &ldquo;marked-to-market&rdquo; (that is, treated as having been sold at that time for their
fair market value) for federal income tax purposes, with the result that unrealized gains or losses will be treated as though they
were realized. Sixty percent of any net gain or loss recognized on these deemed sales, and 60% of any net realized gain or loss
from any actual sales of section 1256 contracts, will be treated as long-term capital gain or loss, and the balance will be treated
as short-term capital gain or loss. These rules may operate to increase the amount that the Fund must distribute to satisfy the
distribution requirement applicable to RICs <I>(i.e.</I>, with respect to the portion treated as short-term capital gain), which
will be taxable to its shareholders as ordinary income, and to increase the net capital gain (the excess of net long-term capital
gain over net short-term capital loss) the Fund recognizes, without in either case increasing the cash available to it. Section
1256 contracts also are marked-to-market for purposes of the 4% excise tax described in the Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Dividends and interest
the Fund receives, and gains it realizes, on foreign securities may be subject to income, withholding, or other taxes foreign countries
and U.S. possessions impose that would reduce the yield and/or total return on its investments. Tax conventions between certain
countries and the United States may reduce or eliminate these taxes, however, and many foreign countries do not impose taxes on
capital gains in respect of investments by foreign investors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may invest
in the stock of &ldquo;passive foreign investment companies&rdquo; (&ldquo;PFICs&rdquo;). A PFIC is any foreign corporation (with
certain exceptions) that, in general, meets either of the following tests for a taxable year: (1) at least 75% of its gross income
is passive; or (2) an average of at least 50% of its assets produce, or are held for the production of, passive income. Under certain
circumstances, the Fund will be subject to federal income tax on a portion of any &ldquo;excess distribution&rdquo; it receives
on the stock of a PFIC or of any gain on its disposition of that stock (collectively, &ldquo;PFIC income&rdquo;), plus interest
thereon, even if the Fund distributes the PFIC income as a dividend to its shareholders. The balance of the PFIC income will be
included in the Fund&rsquo;s investment company taxable income and, accordingly, will not be taxable to it to the extent it distributes
that income to its shareholders. The Fund&rsquo;s distributions thereof will not be eligible for the 15%/20% maximum federal income
tax rates on &ldquo;qualified dividend income&rdquo; of individuals and certain other non-corporate shareholders (each, an &ldquo;individual
shareholder&rdquo;) described in the Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If the Fund invests
in a PFIC and elects to treat the PFIC as a &ldquo;qualified electing fund&rdquo; (&ldquo;QEF&rdquo;), then in lieu of the foregoing
tax and interest obligation, the Fund would be required to include in income each taxable year its <I>pro rata</I> share of the
QEF&rsquo;s annual ordinary earnings and net capital gain -- which the Fund likely would have to distribute to satisfy the
distribution requirement and avoid imposition of the 4% excise tax mentioned in the Prospectus -- even if the Fund did not
receive those earnings and gain from the QEF. In most instances it will be very difficult, if not impossible, to make this election
because some of the information required to make this election may not be easily obtainable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may elect
to &ldquo;mark to market&rdquo; any stock in a PFIC it owns at the end of its taxable year. &ldquo;Marking-to-market,&rdquo; in
this context, means including in gross income each taxable year (and treating as ordinary income) the excess, if any, of the fair
market value of the stock over the Fund&rsquo;s adjusted basis therein (including mark-to-market gain for each prior taxable year
for which an election was in effect) as of the end of that year. Pursuant to the election, the Fund also would be allowed to deduct
(as an ordinary, not a capital, loss) the excess, if any, of its adjusted basis in PFIC stock over the fair market value thereof
as of the taxable year-end, but only to the extent of any net mark-to-market gains with respect to that stock the Fund included
in income for prior taxable years under the election. The Fund&rsquo;s adjusted basis in each PFIC&rsquo;s stock subject to the
election would be adjusted to reflect the amounts of income included and deductions taken thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Investors should be
aware that the Fund may not be able, at the time it acquires a foreign corporation&rsquo;s shares, to ascertain whether the corporation
is a PFIC and that a foreign corporation may become a PFIC after the Fund acquires shares therein. While the Fund generally will
seek to minimize its investments in PFIC shares, and to make appropriate elections when they are available, to avoid the tax consequences
detailed above, there are no guarantees that it will be able to do so and it reserves the right to make such investments as a matter
of its investment policy.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Taxation of Shareholders</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">All or a portion of
a loss realized on a disposition of the Fund shares may be disallowed under &ldquo;wash sale&rdquo; rules to the extent the shareholder
acquires other Fund shares within the period beginning 30 days before the disposition of the loss shares and ending 30 days after
such disposition. Any disallowed loss will result in an adjustment to the shareholder&rsquo;s tax basis in some or all of the other
shares acquired.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If the aggregate &ldquo;qualified
dividend income&rdquo; (as defined in the Prospectus) the Fund receives during any taxable year is 95% or more of its gross income,
then 100% of its dividends (other than properly designated capital gain dividends) will be eligible to be treated as qualified
dividend income by its individual shareholders. For this purpose, the only gain included in the term &ldquo;gross income&rdquo;
is the excess of net short-term capital gain over net long-term capital loss (<I>i.e.</I>, net capital gain is excluded).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">If, as stated in the
Prospectus, the Fund retains any net capital gain, it may designate all or part of the retained amount as undistributed capital
gains in a notice to its shareholders. If it makes such a designation, it would be required to pay federal income tax at the rate
of 21% on the undistributed gain (the &ldquo;Fund tax&rdquo;) and each shareholder subject to federal income tax (1) would be required
to include in income, as long-term capital gain, the shareholder&rsquo;s proportionate share of the designated gain (which, in
the case of individual shareholders, would be taxed at the maximum federal income tax rate of 15%/20% mentioned in the Prospectus),
(2) would be entitled to credit the shareholder&rsquo;s proportionate share of the Fund tax against his, her or its federal income
tax liability, if any, and to claim a refund to the extent the credit exceeds that liability, and (3) would increase the tax basis
in the shareholder&rsquo;s Fund shares by the difference between the included income and such share of the Fund tax.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">As described in the
Prospectus, an individual shareholder may be subject to 24% backup withholding if the shareholder fails to provide a correct taxpayer
identification number (&ldquo;TIN&rdquo;) or certain required certifications. An individual&rsquo;s TIN is generally his or her
social security number. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from
payments made to a shareholder may be refunded or credited against such shareholder&rsquo;s federal income tax liability, if any,
provided that the required information is furnished to the IRS.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">The Fund is a corporation
established under the Corporation Law of the State of Maryland.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">The Articles of Incorporation
provide that the Directors will not be liable for actions taken in good faith in the reasonable belief that such actions were in
the best interests of the Fund; but nothing in the Articles of Incorporation protects a Director against any liability to the Fund
or its shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless
disregard of the duties involved in the conduct of his office. Voting rights are not cumulative, which means that the holders of
more than 50% of the shares voting for the election of Directors can elect 100% of the Directors and, in such event, the holders
of the remaining less than 50% of the shares voting on the matter will not be able to elect any Directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">The By-laws provide
that no person shall serve as a Director if shareholders holding a majority of the outstanding shares entitled to vote on the election
of such director have voted to remove him from that office.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">&nbsp;</P>


<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">The Fund&rsquo;s Prospectus
and this Statement of Additional Information do not contain all of the information set forth in the Registration Statement that
the Fund has filed with the SEC. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed
by its rules and regulations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36.7pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
all officers and Directors of the Fund as a group owned less than 1% of the Fund&rsquo;s outstanding shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">As of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
the following persons were known to own of record more than 5% of the outstanding securities of the Fund:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Name and Address of Owner<SUP>(b)</SUP></B></FONT></TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>% of Shares Owned</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
table above shows 5% or greater shareholders&rsquo; ownership of Shares as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].
The information contained in this table is based on Schedule 13G/13D and Form 4 filings made on or before [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</FONT></TD>
</TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Independent Registered Public Accounting
Firm</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
is the Fund&rsquo;s independent registered public accounting firm, providing audit and tax services to the Fund.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Custodian; Transfer Agent; Dividend Paying
Agent and Registrar</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">State Street Bank and
Trust Company (the &ldquo;Custodian&rdquo;), One Lincoln Street, Boston, Massachusetts 02111, is the custodian of the portfolio
securities and cash of the Fund. As such, the Custodian holds the Fund&rsquo;s portfolio securities and cash in separate accounts
on the Fund&rsquo;s behalf and receives and delivers portfolio securities and cash in connection with portfolio transactions initiated
by the Fund&rsquo;s Portfolio Managers, collects income due on the portfolio securities and disburses funds in connection with
the payment of distributions and expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Computershare Trust
Company, N.A., P.O. Box 505000, Louisville, Kentucky 40233, serves as the Fund&rsquo;s transfer agent, dividend paying agent, and
registrar.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
(&ldquo;[&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&rdquo;) served
as the Fund&rsquo;s independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2018. (From September,
1999 through August&nbsp;6, 2007, PricewaterhouseCoopers LLP served as the Fund&rsquo;s independent registered public accountants.
Prior to September, 1999, there were other independent auditors for the Fund). The annual audited financial statements incorporated
by reference in this Statement of Additional Information have been so incorporated, and the financial highlights in the Prospectus
have been so included, in reliance upon the report of Deloitte given on authority of said firm as experts in accounting. The audited
financial statements contained in the Fund&rsquo;s Annual Report for the fiscal year ended December 31, 2018 and the unaudited
financial statements contained in the Fund&rsquo;s unaudited Semi-Annual Report for the fiscal period ended June 30, 2019, are
incorporated by reference in this Statement of Additional Information.&nbsp; A copy of the Fund&rsquo;s Annual Report and unaudited
Semi-Annual Report are available on the SEC&rsquo;s website at <U>www.sec.gov</U>. Copies may also be obtained free of charge by
writing to the Fund at its address at 1290 Broadway, Suite 1000, Denver, Colorado 80203 or by calling the Fund toll free at (800)&nbsp;241-1850.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">&nbsp;</P>


<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Appendix A-1</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Voting Policy, Procedures and Guidelines</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><U>Policy Statement &amp; General Background</U></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>a.</B></TD><TD STYLE="text-align: justify"><B><U>Overview</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment adviser that exercises voting
authority over clients&rsquo; proxies must adopt written policies and procedures that are reasonably designed to ensure that those
proxies are voted in the best economic interests of clients. An adviser&rsquo;s policies and procedures must address how the adviser
resolves material conflicts of interest between its interests and those of its clients. An investment adviser must comply with
certain record keeping and disclosure requirements with respect to its proxy voting responsibilities. In addition, an investment
adviser to ERISA accounts has an affirmative obligation to vote proxies for an ERISA account, unless the client expressly retains
proxy voting authority.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>b.</B></TD><TD STYLE="text-align: justify"><B><U>Policy Summary</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With all advisory clients of AAI currently
being investment companies registered under the 1940 Act, any assignment of voting authority over the Funds&rsquo; voting securities
is typically delegated to AAI as the Funds&rsquo; investment adviser, or the Funds&rsquo; sub-adviser by the respective Funds&rsquo;
Board of Trustees/Directors. If the Funds&rsquo; day-to-day investment decisions are performed by the Funds&rsquo; investment sub-adviser(s),
Funds&rsquo; Board of Trustees/Directors may elect to delegate the responsibility of voting proxies to such sub-adviser to be voted
in accordance to the sub-adviser&rsquo;s proxy voting policies and procedures in conformance with Rule 206(4)-6 under the Investment
Advisers Act of 1940, as amended. For securities in the portfolio of a Fund that is managed by more than one sub-adviser, each
sub-adviser shall make voting decisions pursuant to their own proxy voting policies and procedures, as adopted in conformance with
the Advisers Act for their respective portions of the Fund&rsquo;s portfolio, unless directed otherwise.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI has adopted and implemented the following
policies and procedures, which it believes are reasonably designed to: (1) ensure that proxies are voted in the best economic interest
of clients and (2) address material conflicts of interest that may arise. AAI will provide clients with a copy of its policies
and procedures, as they may be updated from time to time, upon request. Information regarding AAI&rsquo;s proxy voting decisions
is confidential. Therefore, the information may be shared on a need to know basis only, including within AAI. Advisory clients
may obtain information on how their proxies were voted by AAI. However, AAI will not selectively disclose its investment company
clients&rsquo; proxy voting records to third parties; the investment company clients&rsquo; proxy records will be disclosed to
shareholders by publicly-available annual filings or each investment company&rsquo;s proxy voting record for 12-month periods ending
June 30th.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>c.</B></TD><TD STYLE="text-align: justify"><B><U>Policy</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All proxies regarding client securities
for which AAI has authority to vote will, unless AAI determines in accordance with policies stated below to refrain from voting,
be voted in a manner considered by AAI to be in the best interest of AAI&rsquo;s clients. The best interest of clients is defined
for this purpose as the interest of enhancing or protecting the economic value of client accounts, considered as a group rather
than individually, as AAI determines in its sole and absolute discretion. There may also be instances where a fund relies upon
Section 12(d)(1)(F), and by law, the fund may be required to vote proxies in the same proportion as the vote of all other shareholders
of the acquired fund (i.e., &ldquo;echo vote&rdquo;). In the event a client believes that its other interests require a different
vote, AAI will vote as the client clearly instructs, provided AAI receives such instructions in time to act accordingly.</P>

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


<!-- Field: Page; Sequence: 83; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI endeavors to vote, in accordance with
this Policy, all proxies of which it becomes aware, subject to the following general exceptions (unless otherwise agreed) when
AAI expects to routinely refrain from voting:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">i.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proxies will usually not be voted in cases where the security has been loaned from the client&rsquo;s account and subsequently, AAI determines that the type of proxy issue is not material to shareholders. AAI will utilize the below considerations to determine if a security then on loan should be recalled for voting purposes. Decisions will generally be made on a case-by-case basis depending on whether, in AAI&rsquo;s judgment,:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the matter to be voted on has critical significance to the potential value of the security in question;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the security represents a significant holding and whether the security is considered a long-term holding; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AAI believes it can recall the security in time to cast the vote.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ii.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proxies will usually not be voted in cases where AAI deems the costs to the client and/or the administrative inconvenience of voting the security outweigh the benefit of doing so (e.g., international issuers who impose share blocking restrictions).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI seeks to avoid the occurrence of actual
or apparent material conflicts of interest in the proxy voting process by voting in accordance with predetermined voting guidelines
and observing other procedures that are intended to guard against and manage conflicts of interest (refer to Section 2.b., Conflicts
of Interest, below).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><U>Operating Procedures &amp; Control Activities</U></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where proxy voting is delegated to the
sub-adviser, the sub-adviser will adopt proxy voting policies and procedures in accordance in conformance with Rule 206(4)-6 under
the Investment Advisers Act of 1940, as amended. AAI has adopted the following proxy voting procedures and controls for any client
securities which AAI has authority to vote on:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>a.</B></TD><TD STYLE="text-align: justify"><B><U>Proxy Committee</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI has established a Proxy Committee whose
standing members are determined by AAI&rsquo;s Chief Compliance Officer. These members participate as voting authorities on the
Proxy Committee. Each standing member may designate a senior portfolio manager or a senior analyst officer to act as a substitute
in a given matter on their behalf. Additionally, the Proxy Committee regularly involves other associates (e.g., Fund CCO or Legal
representative) who participate as needed to enable effective execution of the Committee&rsquo;s responsibilities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proxy Committee&rsquo;s functions include,
in part,</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">i.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">direction of the vote on proposals where there has been a recommendation to the Proxy Committee not to vote according to the predetermined Voting Guidelines (stated in 2.c.i) or on proposals which require special, individual consideration in accordance with Section 2.c.iii.;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ii.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">review periodically this Proxy Voting Policy and Procedure to ensure consistency with internal policies, client disclosures and regulatory requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">iii.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">development and modification of Voting Procedures, as stated in Section 2.d., as it deems appropriate or necessary.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>b.</B></TD><TD STYLE="text-align: justify"><B><U>Conflicts of Interest</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this policy, a material
conflict of interest is a relationship or activity engaged in by AAI, an AAI affiliate, or an AAI associate that creates an incentive
(or appearance thereof) to favor the interests of AAI, the affiliate, or associate, rather than the clients&rsquo; interests. For
example, AAI may have a conflict of interest if either AAI has a significant business relationship with a company that is soliciting
a proxy, or if an AAI associate involved in the proxy voting decision-making process has a significant personal or family relationship
with the particular company. A conflict of interest is considered to be &ldquo;material&rdquo; to the extent that a reasonable
person could expect the conflict to influence AAI&rsquo;s decision on the particular vote at issue. In all cases where there is
deemed to be a material conflict of interest, AAI will seek to resolve it in the clients&rsquo; best interests.</P>

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


<!-- Field: Page; Sequence: 84; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI follows the proxy guidelines and uses
other research services provided by Institutional Shareholder Services, Inc. (&ldquo;ISS&rdquo;) or another independent third party.
In providing proxy voting services to AAI, ISS provides vote recommendations on a pre-determined policy. Generally, AAI will vote
proxies based on ISS&rsquo; pre-determined voting policy. In doing so, AAI demonstrates that its vote would not be a product of
a conflict of interest as AAI would have little or no discretion on how the proxy was voted.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI has undertaken a review of ISS&rsquo;
conflicts of interest procedures, and will continue to monitor them on an ongoing basis. In the event that AAI determines that
it would be appropriate to use another third party, it will undertake a similar conflicts of interest assessment review.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>c.</B></TD><TD STYLE="text-align: justify"><B><U>Proxy Voting Guidelines</U></B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>i.</B></TD><TD STYLE="text-align: justify"><B>AAI&rsquo;s <U>Proxy</U> Voting Guidelines &ndash; General
Practices</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proxy Committee has adopted the guidelines
for voting proxies specified in Appendix A of this policy. AAI will use an independent, third-party vendor to implement its proxy
voting process as AAI&rsquo;s proxy voting agent. In general, whenever a vote is solicited, ISS or another independent third party
will execute the vote according to AAI&rsquo;s Voting Guidelines.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>ii.</B></TD><TD STYLE="text-align: justify"><B>Ability to Vote Proxies Other than as Provided by Voting
Guidelines</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A portfolio manager or other party involved
with a client&rsquo;s account may conclude that the best interest of the firm&rsquo;s client, as defined above, requires that a
proxy be voted in a manner that differs from the predetermined proxy Voting Guidelines. In this situation, he or she will request
that the Proxy Committee consider voting the proxy other than according to such Guidelines. If any person, group, or entity requests
the Proxy Committee (or any of its members) vote a proxy other than according to the predetermined Voting Guidelines, that person
will furnish to the Proxy Committee a written explanation of the reasons for the request and a description of the person&rsquo;s,
group&rsquo;s, or entity&rsquo;s relationship, if any, with the parties proposing and/or opposing the matter&rsquo;s adoption.
The Proxy Committee may consider the matter including any potential conflicts of interest. A research analyst or portfolio manager
must disclose in writing any inappropriate attempt to influence their recommendation or any other personal interest that they have
with the issuer (see Conflicts of Interest Disclosure and Certification Form - Appendix B to this policy).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>iii.</B></TD><TD STYLE="text-align: justify"><B>Other Proxy Proposals</B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the following categories of proposals
either the Proxy Committee will determine how proxies related to all such proposals will be voted, or the proxies will be voted
in accordance with ISS&rsquo; or a an individual client&rsquo;s guidelines.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>New Proposals.</I></B> For each new type of proposal that is expected to be proposed to shareholders of multiple companies, the Proxy Committee will develop a Voting Guideline which will be incorporated into this Policy. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Accounts Adhering to Taft Hartley Principles.</I></B> All proposals for these accounts will be voted according to the Taft Hartley Guidelines developed by ISS. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Accounts Adhering to Socially Responsible Principles.</I></B> All proposals for these accounts will be voted according to the Socially Responsible Guidelines developed by ISS or as specified by the client. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Proxies of International Issuers which Block Securities Sales between the Time a Shareholder submits a Proxy and the Vote.</I></B> In general, AAI will refrain from voting such securities. However, in the exceptional circumstances that AAI determines that it would be appropriate to vote such proxies, all proposals for these securities will be voted only on the specific instruction of the Proxy Committee and to the extent practicable in accordance with the Voting Guidelines set forth in this Policy. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Proxies of Investment Company Shares.</I></B> Proposals on issues other than those provided in Section 2.c.i will be voted on the specific instruction of the Proxy Committee. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Executive/Director Compensation.</I></B> Except as provided in Section 2.c.i, proposals relating to compensation of any executive or director will be voted as recommended by ISS or as otherwise directed by the Proxy Committee. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Preemptive Rights.</I></B> Proposals to create or eliminate shareholder preemptive rights. In evaluating these proposals the Proxy Committee will consider the size of the company and the nature of its shareholder base. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>d.</B></TD><TD STYLE="text-align: justify"><B><U>Voting Procedures</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proxy Committee has developed the following
procedures to aid the voting of proxies according to the Voting Guidelines. The Proxy Committee may revise these procedures from
time to time, as it deems necessary or appropriate to affect the purposes of this Policy.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">i.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AAI will use an independent, third-party vendor, to implement its proxy voting process as AAI&rsquo;s proxy voting agent. This retention is subject to AAI continuously assessing the vendor&rsquo;s independence from AAI and its affiliates, and the vendor&rsquo;s ability to perform its responsibilities (and, especially, its responsibility to vote client proxies in accordance with AAI&rsquo;s proxy voting guidelines) free of any actual, potential or apparent material conflicts of interests that may arise between the interests of the vendor, its affiliates, the vendor&rsquo;s other clients and the owners, officers or employees of any such firm, on the one hand, and AAI&rsquo;s clients, on the other hand. As means of performing this assessment, AAI will require various reports and notices from the vendor, as well as periodic audits of the vendor&rsquo;s voting record and other due diligence.</FONT></TD></TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ii.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ISS will provide proxy analysis and record keeping services in addition to voting proxies on behalf of AAI in accordance with this Policy.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">iii.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">On a daily basis, AAI or designee will send to ISS a holdings file detailing each equity holding held in all accounts over which AAI has voting authority.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">iv.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AAI will complete a Vote Authorization Registration with ISS for any new client, which will describe how ballots will be executed on behalf of the client. In addition, AAI will complete and provide the client&rsquo;s custodian bank with a Letter of Authorization. The letter will serve as notice that AAI has retained ISS to act as the voting agent for the securities held in the client&rsquo;s account and will instruct the custodian bank to forward all ballots, meeting notices, and other proxy materials to ISS.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">v.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ISS will receive proxy material information from Proxy Edge or the custodian bank for the account. This will include issues to be voted upon, together with a breakdown of holdings for AAI accounts. ISS will then reconcile information it receives from Proxy Edge and custodian banks. Any discrepancies will be promptly noted and resolved by ISS, with notice to AAI.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">vi.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whenever a vote is solicited, ISS will execute the vote according to AAI&rsquo;s Voting Guidelines which will be delivered by AAI to ISS as set forth in Appendix A of these policies and procedures and anytime there is a material change to these guidelines.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50pt">&nbsp;</TD>
    <TD STYLE="width: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If ISS is unsure how to vote a particular proxy, ISS will issue a request for voting instructions to AAI over a secure website. AAI personnel will check this website regularly. The request will be accompanied by a recommended vote. The recommended vote will be based upon ISS&rsquo; understanding of the Voting Guidelines previously delivered to ISS. AAI will promptly provide ISS with any amendments or modifications to the Voting Guidelines if necessary. AAI will return a final instruction to vote to ISS, which ISS will record with Proxy Edge or the custodian bank as our agent. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">vii.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each time that ISS will send AAI a request to vote, the request will be accompanied by the recommended vote determined in accordance with AAI&rsquo;s Voting Guidelines. ISS will vote as indicated in the request unless the client has reserved discretion, the Proxy Committee determines that the best interest of clients requires another vote, or the proposal is a matter as to which the Proxy Committee affords special, individual consideration under Section IX.D.2.c.ii. In such situations, ISS will vote based on the direction of the client or the Proxy Committee, as the case may be. The interests of AAI&rsquo;s Taft Hartley or Socially Responsible clients may impact a proposal that normally should be voted in a certain way. ISS will inform AAI of all proposals having impact on its Taft Hartley and or Socially Responsible clients. The Proxy Voting Committee will be consulted before a vote is placed in cases where Taft Hartley or Socially Responsible issues are presented.</FONT></TD></TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">viii.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ISS will have procedures in place to ensure that a vote is cast on every security holding maintained by AAI on which a vote is solicited unless otherwise directed by the Proxy Committee. On a yearly basis, or as required by our clients AAI will receive a report from ISS detailing AAI&rsquo;s voting for the previous period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>e.</B></TD><TD STYLE="text-align: justify"><B><U>Securities Lending</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Fund advised by AAI, where authorized
by its respective Board, may engage in securities lending transactions, to the extent permitted by the Fund&rsquo;s investment
policies and limitations. The Adviser will be required to monitor for scheduled or anticipated proxy votes relating to securities
on loan and determine whether the securities should be recalled from loan on the relevant record date. There may be situations
where the Adviser may not be able to recall the security in time to cast the vote.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>f.</B></TD><TD STYLE="text-align: justify"><B><U>Supervision</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Managers and supervisory personnel are
responsible for ensuring that their associates understand and follow this policy and any applicable procedures adopted by the business
group to implement the policy. The Proxy Committee has ultimate responsibility for the implementation of this Policy.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>g.</B></TD><TD STYLE="text-align: justify"><B><U>Escalation</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the exception of conflicts of interest-related
matters, issues arising under this policy should be escalated to AAI&rsquo;s CCO, or designee. Issues involving potential or actual
conflicts of interest should be promptly communicated to Compliance or Legal. Compliance will notify the Funds&rsquo; Chief Compliance
Officer(s), if a material conflict of interest is deemed to have arisen.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>h.</B></TD><TD STYLE="text-align: justify"><B><U>Monitoring</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI&rsquo;s Compliance Department is primarily
responsible for overseeing the day-to-day operations of the proxy voting process. The Compliance Department&rsquo;s monitoring
will take into account the following elements: (1) periodic review of ISS votes to ensure that ISS is accurately voting consistent
with AAI&rsquo;s Proxy Guidelines; and (2) review of the Funds&rsquo; N-PX report to ensure that it&rsquo;s filed in a timely and
accurate manner. Additionally, AAI will review ISS&rsquo; conflicts of interest policies.</P>

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


<!-- Field: Page; Sequence: 87; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI&rsquo;s Compliance Committee monitors
proxy matters for its clients including monitoring material conflicts of interest identified.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>i.</B></TD><TD STYLE="text-align: justify"><B><U>Availability of Proxy Policy and Voting Record</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary disclosure regarding the provisions
of this Policy will be available in AAI&rsquo;s Form ADV, to the extent AAI is required to prepare Part 2 to Form ADV. Upon receipt
of a Client&rsquo;s request for more information, AAI will provide to the Client a copy of this Policy and/or how AAI voted proxies
for the Client pursuant to this Policy for up to a one-year period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI will not selectively disclose its investment
company clients&rsquo; proxy voting records; rather, AAI will disclose such information by publicly available annual filings. AAI
will create and maintain records of each investment company&rsquo;s proxy record for 12-month periods ended June 30<SUP>th</SUP>.
AAI will compile the following information for each matter relating to a portfolio security considered at any shareholder meeting
during the period covered by the annual report and which the company was entitled to vote:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The name of the issuer of the security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The exchange ticker symbol of the portfolio security (if symbol is available through reasonably practicable means);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The Council on Uniform Securities Identification Procedures number for the portfolio security (if number is available through reasonably practicable means);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The shareholder meeting date; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A brief identification of the matter voted on; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whether the matter was proposed by the issuer or by a security holder; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whether the company cast its vote on the matter; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">How the company cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding the election of directors); and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whether the company cast its vote for or against management. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left"><B>j.</B></TD><TD STYLE="text-align: justify"><B><U>Other Recordkeeping Requirements</U></B></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business groups and support partners are
responsible for maintaining all records necessary to evidence compliance with this policy. The records must be properly maintained
and readily accessible in order to evidence compliance with this policy.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Proxy Committee Meeting Minutes and Other Materials (routine oversight matters are discussed within AAI&rsquo;s Compliance Committee meetings and will be documented within the Compliance Committee&rsquo;s materials);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Analysis and Supporting Materials of Investment Management Personnel Concerning Proxy Decisions and Recommendations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Conflicts of Interest Review Documentation, including Conflicts of Interest Forms; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Client Communications Regarding Proxy Matters. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Records should be retained for a period
of not less than six years. Records must be retained in an appropriate office of AAI for the first three years.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Dated: November 29, 2006</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Last Amended: December 1, 2017</I></B></P>

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


<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>A<FONT STYLE="font-variant: small-caps">ppendix
</FONT>A</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Summary of Proxy Voting Guidelines</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI has adopted Institutional Shareholder
Services, Inc.&rsquo;s (&ldquo;ISS&rdquo;) standard benchmark policy which allows ISS to apply the most appropriate underlying
guideline for each respective ballot. ISS has created multiple guidelines to cover various markets, including, but not limited
to: U.S., Canada, Europe, United Kingdom, Asia, Africa and Australia. AAI retains the right to override any of ISS&rsquo; guidelines
on a case-by-case basis. A concise summary of ISS&rsquo; current Proxy Voting Guidelines can be found at: <U>http://www.issgovernance.com/policy</U>.</P>

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


<!-- Field: Page; Sequence: 89; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Conflicts of Interest Disclosure Form</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY VOTING CONFLICT OF INTEREST DISCLOSURE
FORM</B></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2. Date of Meeting:</I>&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">3. <I>Referral Item(s):</I>&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>4. Description of AAI&rsquo;s Business Relationship with
Issuer of Proxy which may give rise to a conflict of interest:</I></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><I>5. Describe procedures used
to address any conflict of interest:_________________________________________</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compliance will consider information about
AAI&rsquo;s significant business relationships, as well as other relevant information. The information considered by Compliance
may include information regarding: (1) AAI client and other business relationships; (2) any relevant personal conflicts; and (3)
communications between investment professionals and parties outside the AAI investment division regarding the proxy matter. Compliance
will consult with relevant experts, including legal counsel, as necessary.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Compliance determines that it reasonably
believes (1) AAI has a material conflict of interest, or (2) certain individuals should be recused from participating in the proxy
vote at issue, Compliance will inform the Chair of the Proxy Committee. Where a material conflict of interest is determined to
have arisen in the proxy voting process, AAI&rsquo;s policy is to invoke one or more of the following conflict management procedures:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Causing the proxies to be voted in accordance with the recommendations of an independent third party (which generally will be AAI&rsquo;s proxy voting agent);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Causing the proxies to be delegated to a qualified, independent third party, which may include AAI&rsquo;s proxy voting agent.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">c.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In unusual cases, with the Client&rsquo;s consent and upon ample notice, forwarding the proxies to AAI&rsquo;s clients so that they may vote the proxies directly.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 90; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Affiliate Investment Companies and Public Companies</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AAI considers (1) proxies solicited by
open-end and closed-end investment companies for which AAI or an affiliate serves as an investment adviser or principal underwriter
to present a material conflict of interest for AAI. Consequently, the proxies of such affiliates will be voted following one of
the conflict management procedures discussed above.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Management of Conflicts of Interest &ndash; Additional Procedures</U></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">AAI has various compliance policies and procedures in place
in order to address any material conflicts of interest that might arise in this context.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AAI&rsquo;s Code of Ethics affirmatively requires that associates of AAI act in a manner whereby no actual or apparent conflict of interest may be seen as arising between the associate&rsquo;s interests and those of AAI&rsquo;s Clients.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">b.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By assuming his or her responsibilities pursuant to this Policy, each member of the Proxy Committee (including the chairperson) and any AAI or ALPS associate advising or acting under the supervision or oversight of the Proxy Committee undertakes:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To disclose in writing to AAI&rsquo;s Chief Compliance Officer any actual or apparent personal material conflicts of interest which he or she may have (e.g., by way of substantial ownership of securities, relationships with nominees for directorship, members of an issuer&rsquo;s or dissident&rsquo;s management or otherwise) in determining whether or how AAI will vote proxies. Additionally, each member must disclose any direct, indirect or perceived influence or attempt to influence such action which the member or associate views as being inconsistent with the purpose or provisions of this Policy or the Code of Ethics of AAI or ALPS. In the event any member of the Proxy Committee has a conflict of interest regarding a given matter, he or she will abstain from participating in the Committee&rsquo;s determination of whether and/or how to vote in the matter; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To refrain from taking into consideration, in the decision as to whether or how AAI will vote proxies the existence of any current or prospective material business relationship between AAI, ALPS or any of their affiliates, on one hand, and any party (or its affiliates) that is soliciting or is otherwise interested in the proxies to be voted, on the other hand.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt">&nbsp;</TD>
    <TD STYLE="width: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">c.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In certain circumstances, AAI follows the proxy guidelines and uses other research services provided by Institutional Shareholder Services, Inc. (&ldquo;ISS&rdquo;) or another independent third party. AAI has undertaken a review of ISS&rsquo; conflicts of interest procedures, and will continue to monitor them on an ongoing basis. In the event that AAI determines that it would be appropriate to use another third party, it will undertake a similar conflicts of interest assessment review.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>6. Describe any contacts from parties
outside AAI (other than routine communications from proxy solicitors) with respect to the referral item not otherwise reported
in an investment professional&rsquo;s recommendation:</I></P>

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


<!-- Field: Page; Sequence: 91; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned personnel of AAI certifies
that, to the best of his/her knowledge, any recommendation of an investment professional provided under circumstances where a conflict
of interest exists was made solely on the investment merits and without regard to any other consideration.</P>

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

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

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

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

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


<!-- Field: Page; Sequence: 92; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 9pt">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 1in"><B>Item 25.</B></TD><TD><B>Financial Statements and Exhibits</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">(1)</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 90%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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">Included in Part A:</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">Financial Highlights for the fiscal years ended December 31, 2008
        through December 31, 2018 (audited) and for the six months ended June 30, 2019 (unaudited)</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">Included in Part 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">Incorporated by reference in the Statement of Additional Information
        included herein are the Registrant&rsquo;s audited financial statements for the fiscal year ended December 31, 2018, notes to such
        financial statements and the report of independent registered public accounting firm thereon, as contained in the Fund&rsquo;s
        Form N-CSR filed with the Securities and Exchange Commission on March 5, 2019.</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 unaudited financial statements and notes to such financial statements
        contained in the Semi-Annual Report for the fiscal period ending April 30, 2019, as contained in the Form N-CSR filed with the
        Securities and Exchange Commission on September 4, 2019 are also incorporated by reference.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Exhibits:</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(1)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Articles of Incorporation <SUP>(1)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(2)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Articles of Amendment dated April 27, 1989 <SUP>(1)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(3)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Articles of Amendment dated May 31, 1991 <SUP>(1)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(4)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Articles of Amendment dated November 6, 1995 <SUP>(1)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(a)(5)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Articles of Amendment dated April 22, 1999 <SUP>(2)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Amended and Restated By-Laws <SUP>(3)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not Applicable</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)(1)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Form of Specimen Certificate for shares of Common Stock <SUP>(1)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(d)(2)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Form of Subscription Certificate<SUP>*</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 93 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">(d)(3)</TD>
    <TD STYLE="width: 90%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Form of Notice of Guaranteed Delivery*</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(e)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Automatic Dividend Reinvestment and Cash Purchase Plan Brochure
        <SUP>(1)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(f)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not Applicable</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(g)(1)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Management Agreement between Liberty All-Star Growth Fund, Inc.
        and Liberty Asset Management Company dated May 31, 2018.<SUP>(5)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(g)(2)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Portfolio Management Agreement between Liberty All-Star Growth Fund,
        Inc., Liberty Asset Management Company and Congress Asset Management Company, LLP. dated May 31, 2018. <SUP>(5)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(g)(3)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Portfolio Management Agreement between Liberty All-Star Growth Fund,
        Inc., Liberty Asset Management Company and Weatherbie Capital, LLC dated May 31, 2018. <SUP>(5)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(g)(4)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Portfolio Management Agreement between Liberty All-Star Growth Fund,
        Inc., Liberty Asset Management Company and Sustainable Growth Advisers, LP dated July 1, 2018. <SUP>(5)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(h)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not Applicable</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(i)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not Applicable</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(j)(1)</TD>
    <TD>Amended and Restated Master Custodian Agreement with State Street Bank and Trust Company dated September 19, 2005. <SUP>(5)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(k)(1)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Transfer Agency and Service Agreement between Liberty All-Star Growth
        Fund, Inc., Computershare Trust Company, N.A. and Computershare Inc. dated August 1, 2007. <SUP>(5)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(k)(2)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Administration, Bookkeeping and Pricing Services Agreement between
        Liberty All-Star Growth Fund, Inc. and ALPS Fund Services, Inc. dated December 18, 2006. <SUP>(5)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(k)(3)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Addendum to Administration, Bookkeeping and Pricing Services Agreement
        between Liberty All-Star Growth Fund, Inc. and ALPS Fund Services, Inc. dated April 9, 2007. <SUP>(5)</SUP></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(k)(4)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Form of Subscription Agreement between Liberty All-Star Growth Fund,
        Inc. and ________.*</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(k)(5)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Form of Information Agent Agreement between Liberty All-Star Growth
        Fund, Inc. and ________.*</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 94 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">(l)</TD>
    <TD STYLE="width: 90%">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Opinion and Consent of Counsel*</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(m)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not Applicable</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(n)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Consent of Independent Registered Public Accounting Firm &mdash;
        Deloitte &amp; Touche LLP*</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(o)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not Applicable</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(p)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not Applicable</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(q)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not Applicable</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(r)(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Code of Ethics of All-Star Growth Fund, Inc.</FONT> <SUP>(5)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(r)(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Code of Ethics of
ALPS Advisors, Inc.</FONT><SUP>**</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(r)(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Code of Ethics of the Principal Executive and Financial Officers of the Fund</FONT><SUP>**</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(r)(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Code of Ethics of Congress Asset Management Company, LLP<SUP>**</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(r)(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Code of Ethics of Weatherbie Capital, LLC<SUP>**</SUP></SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">(r)(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Code of Ethics of Sustainable Growth Advisers, LP</FONT><SUP>(5)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(s)</TD>
    <TD>Power of Attorney for: Thomas W. Brock, Edmund J. Burke, George R. Gaspari, Milton M. Irvin, John J. Neuhauser and Maureen K. Usifer dated December 6, 2019.**</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 15%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Incorporated by reference to the Registration Statement filed with the Commission via EDGAR on or about May 1, 1988.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Incorporated by reference to the Registration Statement filed with the Commission via EDGAR on or about June 30, 2003.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Incorporated by reference to the Form NSAR-B filed with the Commission via EDGAR on or about March 1, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Incorporated by reference to the Registration Statement filed with the Commission via EDGAR on or about June 30, 2003.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Incorporated by reference to the Registration Statement filed with the Commission via EDGAR on or about July 20, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">*</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">To be filed by amendment.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">**</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Filed herewith.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0"></TD><TD STYLE="width: 1in"><B>Item 26.</B></TD><TD><B>Marketing Arrangements</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not Applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 1in"><B>Item 27.</B></TD><TD><B>Other Expenses of Issuance and Distribution</B></TD></TR></TABLE>

<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 following table sets forth the expenses to be incurred in connection
with the offering described in this Registration Statement:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="width: 85%">Registration Fee</TD>
    <TD STYLE="width: 15%">$[ ]</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>New York Stock Exchange listing fee</TD>
    <TD>$[ ]</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Printing</TD>
    <TD>$[ ]</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Accounting fees and expenses</TD>
    <TD>$[ ]</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Legal fees and expenses</TD>
    <TD>$[ ]</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Information Agent fees and expenses</TD>
    <TD>$[ ]</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Subscription Agent fees and expenses</TD>
    <TD>$[ ]</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Miscellaneous</TD>
    <TD>$[ ]</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><B>Total</B></TD>
    <TD>$[ ]</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 1in"><B>Item 28.</B></TD><TD><B>Persons Controlled By or Under Common Control with Registrant</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">None.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 1in"><B>Item 29.</B></TD><TD><B>Number of Holders of Securities</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="2" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(1)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Title of Class</P></TD>
    <TD STYLE="width: 51%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">(2)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Number of Record Holders as of / /2019</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>Shares of beneficial interest</TD>
    <TD STYLE="text-align: center">_______</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 1in"><B>Item 30.</B></TD><TD><B>Indemnification</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Article X of the Fund&rsquo;s Articles of Incorporation provides
as follows:</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 fullest extent permitted by the Maryland General Corporation
Law, as amended from time to time, no director or officer of the Corporation shall be personally liable to the Corporation or its
stockholders for money damages, except to the extent such exemption from liability or limitation thereof is not permitted to the
Investment Company Act of 1940, as amended from time to time. No amendment to these Articles of Incorporation or repeal of any
of its provisions shall limit or eliminate the benefits provided to directors and officers under this provision with respect to
any act or omission which occurred prior to such amendment or repeal.</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">Article V of the Fund&rsquo;s Amended and Restated By-Laws provides
as follows:</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">SECTION 1. <U>Indemnification of Directors and Officers</U>. The
Corporation shall indemnify its directors to the fullest extent that indemnification of directors is required or permitted by the
General Laws of the State of Maryland now or hereafter in force. The Corporation shall indemnify its officers to the same extent
as its directors and to such further extent as is consistent with law. The Corporation shall indemnify its directors and officers
who while serving as directors or officers also serve at the request of the Corporation as a director, officer, partner, trustee,
employee, agent, or fiduciary of another corporation, partnership, joint venture, trust, other enterprise, or employee benefit
plan to the fullest extent consistent with law.</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"></P>

<!-- Field: Page; Sequence: 96 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The indemnification and other rights provided by this Article V
shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors,
and administrators of such a person. This Article V shall not protect any such a person against any liability to the Corporation
or any security holder thereof to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross
negligence, or reckless disregard of the duties involved in the conduct of his or her office (&ldquo;disabling conduct&rdquo;).</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: 0.25in">SECTION 2. <U>Advances</U>. Any current or
former director or officer of the Corporation claiming indemnification within the scope of this Article V shall be entitled to
advances from the Corporation for payment of the reasonable expenses incurred by him or her in connection with proceedings to which
he or she is a party in the manner and to the fullest extent permissible under the 1940 Act and Maryland law. The person seeking
indemnification shall provide to the Corporation a written affirmation of his or her good-faith belief that the standard of conduct
necessary for indemnification by the Corporation has been met and a written undertaking to repay any such advance, if it should
ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions
shall be met: (a) the person seeking indemnification shall provide a security in form and amount acceptable to the Corporation
for his or her undertaking, (b) the Corporation is insured against losses arising by reason of the advance, or (c) a majority of
a quorum of directors of the Corporation who are neither &ldquo;interested persons&rdquo; (as defined in Section 2(a)(19) of the
1940 Act) nor parties to the proceeding (&ldquo;disinterested non-party directors&rdquo;), or independent legal counsel in a written
opinion, shall have determined, based in a review of facts readily available to the Corporation at the time the advance is proposed
to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be entitled to
indemnification.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">SECTION 3. <U>Procedure</U>. At the request
of any person claiming indemnification under this Article V, the Board of Directors shall determine, or cause to be determined,
in a manner consistent with the 1940 Act and Maryland law, whether the standards required by this Article V have been met. Indemnification
shall be made only following: (a) a final decision on the merits by a court or other body before whom the proceeding was brought
that the person to be indemnified was not liable by reason of disabling conduct, or (b) in the absence of such a decision, a reasonable
determination, based upon a review of the facts, that the person to be indemnified was not liable by reason of disabling conduct
by (i) the vote of a majority of a quorum of disinterested non-party directors or (ii) an independent legal counsel in a written
opinion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">SECTION 4. <U>Indemnification of Employees
and Agents</U>. Employees and agents who are not officers or directors of the Corporation may be indemnified, and reasonable expenses
may be advanced to such employees or agents, as may be provided by action of the Board of Directors or by contract subject to any
limitations imposed by the 1940 Act.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">SECTION 5. <U>Other Rights</U>. The Board of
Directors may make further provision consistent with law for indemnification and advance of expenses to directors, officers, employees,
and agents by resolution, agreement, or otherwise. The indemnification provided by this Article V shall not be deemed exclusive
of any other right, with respect to indemnification or otherwise, to which those seeking indemnification may be entitled under
any insurance or other agreement or resolution of stockholders or disinterested directors or otherwise.</P>

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

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

<!-- Field: Page; Sequence: 97 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">SECTION 6. <U>Amendments</U>. No amendment
of these By-Laws shall affect any right of any person under this Article V based on any event, omission, or proceeding prior to
the amendment.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&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"></TD><TD STYLE="width: 1in"><B>Item 31.</B></TD><TD><B>Business and Other Connections of Investment Adviser</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">ALPS Advisers, Inc., the Registrant&rsquo;s Investment Adviser,
was incorporated April 2, 2001 and is primarily engaged in the corporate administration of and the provision of multi-management
services for the Registrant and Liberty All-Star Growth Equity, another multi-managed closed-end investment company. Information
regarding ALPS Advisers, Inc. and its officers and directors is set forth in the Prospectus, in the Statement of Additional Information
and in its Form ADV (File No. 801-67135) filed with the Commission and is incorporated herein by reference.</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 Registrant allocates its portfolio assets among three Portfolio
Managers recommended by its Investment Adviser and approved 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">Congress Asset Management Company, LLP serves as a Portfolio Manager
for the Registrant. Information regarding Congress Asset Management Company, LLP is set for in the Prospectus and Statement of
Additional Information and in its Form ADV (File No. 801-23386) filed with the Commission and is incorporated by reference.</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">Sustainable Growth Advisers, LP serves as a Portfolio Manager for
the Registrant. Information regarding Sustainable Growth Advisers, LP is set for in the Prospectus and Statement of Additional
Information and in its Form ADV (File No. 801-62151) filed with the Commission and is incorporated by reference.</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">Weatherbie Capital, LLC serves as a Portfolio Manager for the Registrant.
Information regarding Weatherbie Capital, LLC is set for in the Prospectus and Statement of Additional Information and in its Form
ADV (File No. 801-50672) filed with the Commission and is incorporated by reference.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 1in"><B>Item 32.</B></TD><TD><B>Location of Accounts and Records</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Registrant maintains the records required to be maintained by it
under Rules 31a-1(a), 31a-1(b), and 31a-2(a) under the Investment Company Act of 1940, as amended, at its principal executive offices
at 1290 Broadway, Suite 1000, Denver, Colorado 80203. Certain records, including records relating to Registrant's shareholders
and the physical possession of its securities, may be maintained pursuant to Rule 31a-3 at the main office of Registrant&rsquo;s
transfer agent or custodian.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 1in"><B>Item 33.</B></TD><TD><B>Management Services</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">None</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"></P>

<!-- Field: Page; Sequence: 98 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0"></TD><TD STYLE="width: 1in"><B>Item 34.</B></TD><TD><B>Undertakings</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(1) The Registrant undertakes to suspend the offering of shares
until the prospectus is amended, if subsequent to the effective date of this Registration Statement, its net asset value declines
more than ten percent from its net asset value as of the effective date of the Registration Statement, or its net asset value increases
to an amount greater than its net proceeds as stated in the prospectus.</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">(2) Not applicable.</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">(3) Not applicable.</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">(4) Not applicable.</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">(5) The Registrant undertakes that: (a) for the purpose of determining
any liability under the 1933 Act, the information omitted from the form of prospectus filed as part of the Registration Statement
in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant pursuant to Rule 497(h) under the 1933
Act will be deemed to be a part of the Registration Statement as of the time it was declared effective; and (b) for the purpose
of determining any liability under the 1933 Act, each post-effective amendment that contains a form of prospectus will be deemed
to be a new Registration Statement relating to such securities offered therein, and the offering of the securities at that time
will be deemed to be the initial bona fide offering thereof.</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">(6) Registrant undertakes to send by first class mail or other means
designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any Statement of
Additional Information constituting Part B of this Registration Statement.</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"><B></B></P>

<!-- Field: Page; Sequence: 99 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></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">Pursuant to the requirements of the Securities
Act of 1933 and/or the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement on Form N-2 to
be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boston, and Commonwealth of Massachusetts,
on the 9<SUP>th</SUP> day of December, 2019.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt">Liberty All-Star Growth Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ William R. Parmentier, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name: William R. Parmentier, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title: President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement on Form N-2 has been signed by the following persons in the capacities and on the dates
indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ William R. Parmentier, Jr.</FONT></TD>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD STYLE="width: 30%; text-align: justify"><FONT STYLE="font-size: 11pt">December 9, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">William R. Parmentier, Jr.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 11pt">/s/ Kimberly R. Storms</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Treasurer and Principal Accounting Officer</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">December 9, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Kimberly R. Storms</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Thomas W. Brock</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Trustee</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">December 9, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Thomas W. Brock*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Edmund J. Burke</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Trustee</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">December 9, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Edmund J. Burke*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ George R. Gaspari</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Trustee</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">December 9, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">George R. Gaspari*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/Milton M. Irvin</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Trustee</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">December 9, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Milton M. Irvin*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ John J. Neuhauser</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Trustee</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">December 9, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">John J. Neuhauser*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Maureen K. Usifer</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Trustee</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">December 9, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Maureen K. Usifer*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-size: 11pt">* By:</FONT></TD>
    <TD STYLE="text-align: justify; width: 30%"><FONT STYLE="font-size: 11pt">Sareena Khwaja-Dixon</FONT></TD>
    <TD STYLE="text-align: justify; width: 65%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(Attorney-in-Fact)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 100 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 11pt; border-bottom: Black 1pt solid">Exhibit</TD>
    <TD STYLE="width: 91%; border-bottom: Black 1pt solid">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Description</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="font-size: 11pt">(r)(2)</TD>
    <TD STYLE="font-size: 11pt">Code of Ethics of ALPS Advisors, Inc.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 11pt">(r)(3)</TD>
    <TD STYLE="font-size: 11pt">Code of Ethics of the Principal Executive and Financial Officers of the Fund.</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="font-size: 11pt">(r)(4)</TD>
    <TD STYLE="font-size: 11pt">Code of Ethics of Congress Asset Management Company, LLP</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 11pt">(r)(5)</TD>
    <TD STYLE="font-size: 11pt">Code of Ethics of Weatherbie Capital, LLC</TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="font-size: 11pt">(s)</TD>
    <TD>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Power of Attorney for: Thomas W. Brock, Edmund J. Burke, George
        R. Gaspari, Milton M. Irvin, John J. Neuhauser and Maureen K. Usifer dated December 6, 2019.</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD></TR>
</TABLE>


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

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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.R.2
<SEQUENCE>2
<FILENAME>fp0048138_ex9925r2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">



<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;Exhibit (r)(2)</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 24pt">ALPS Code of Ethics</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">Amended as of: July 1, 2019</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 11pt"><IMG SRC="fp0048138_02.jpg" ALT=""></FONT></P>

<!-- Field: Page; Sequence: 1 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD COLSPAN="5" STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B><U>Table of Contents</U></B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>I.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Introduction</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="width: 3%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD>
    <TD STYLE="width: 3%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 87%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Applicability</FONT></TD>
    <TD STYLE="width: 5%; font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>II.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>General
    Standards of Business Conduct</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Conflicts
    of Interest</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Protecting
    Confidential Information</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Insider
    Trading</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Excess
    Trading</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Limitation
    on Trading SS&amp;C Stock</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>III.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Gifts
    and Entertainment</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>IV.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Other
    Activities</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Improper
    Payments or Rebates</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Service
    on a Board of Directors/Outside Business Activities</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Political
    Contributions</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>V.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Reporting
    Requirements</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
    Securities</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Initial
    Holdings and Accounts Reports</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Duplicate
    Statements/Electronic Feeds</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Quarterly
    Transaction Reports</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Annual
    Holdings Reports</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>VI.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Access
    Persons - Restrictions</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trading
    Restrictions</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Account
    Restrictions</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>VII.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investment
    Persons - Restrictions</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trading
    Restrictions</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Account
    Restrictions</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pre-Clearance</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Serving
    on a Board of Directors</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>VIII.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Sanctions</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Procedures</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Appeals
    Process</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>IX.</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compliance
    &amp; Supervisory Procedures</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Prevention
    of Violations</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">B.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Detection
    of Violations</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Compliance
    Procedures</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Annual
    Reports</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Records</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">F.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Inspection</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">G.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Confidentiality</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">H.</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
    Ethics Committee</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Appendix
    A - Broker/Dealers with Electronic Feeds</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD COLSPAN="4" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Appendix
    B - Sub-Advisers to ALPS Advisors, Inc.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD COLSPAN="4" STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Appendix
    C - Glossary of Defined Terms</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">25</FONT></TD></TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>I.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Introduction
    </B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT></P>



<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code of Ethics (&ldquo;Code&rdquo;) has been adopted by different ALPS Entities &ldquo;ALPS&rdquo;). The Code is designed to comply
with Rule 204A-1 under the Investment Advisers Act of 1940 (&ldquo;Advisers Act&rdquo;) and Rule 17j-1 under the Investment Company
Act of 1940 (the &ldquo;1940 Act&rdquo;). By adopting and adhering to a code that meets the applicable requirements under the
Advisers Act and 1940 Act, it is intended that ALPS employees who are deemed to be Access Persons and/or Investment Persons, will
not also be subject to duplicative reporting requirements under various other codes for fund companies for which they may serve
as an officer or are otherwise deemed to be an Access Person. However, all such persons should check with each company&rsquo;s
Compliance or Legal representatives to confirm their status.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALPS
and its employees are subject to certain laws, rules and regulations governing personal securities trading, conflicts of interest,
treatment of client assets and information, generally prohibiting fraudulent, deceptive or manipulative conduct. The Code is designed
to ensure compliance with these. The actual requirements of the Code may vary depending on the employee&rsquo;s business role
of respective subsidiary so care should be taken by each employee to understand how the Code applies to them.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Employees
who are also registered with the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;) as a Registered Representative
may have additional requirements and/or restrictions in addition to those described herein. Those Registered Representatives should
consult their Written Supervisory Procedures for additional requirements. </I></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALPS
and its employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct. The Code is designed to reinforce
ALPS&rsquo; reputation for integrity by avoiding even the appearance of impropriety in the conduct of our business. This Code
was developed to promote the highest standards of behavior and ensure compliance with applicable laws.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
are required to promptly report any known violations of the Code to the Chief Compliance Officer (&ldquo;CCO&rdquo; as defined).
This includes violations that come to your attention that may have been inadvertent and/or violations that other employees may
have committed. The CCO (or a designee) will promptly investigate the matter and take action if needed. There will be no retribution
against any employee for making such a report, and every effort will be made to protect the identity of the reporting employee.
There may be additional provisions for reporting violations that are covered under applicable policies and employees should make
themselves familiar with these policies or consult with CCO.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 1%; padding: 0; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 98%; font: 11pt Times New Roman, Times, Serif; padding: 3pt 0; text-align: justify; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
    should be aware that they may be held personally liable for any improper or illegal acts committed during their course of
    employment, and that &ldquo;ignorance of the law&rdquo; is not a defense. <B><I>ALPS employees are expected to read the Code
    carefully and observe and adhere to its guidance at all times. </I></B>Failure to comply with the provisions of the Code may
    result in serious sanctions including, but not limited to: disgorgement of profits, termination, personal criminal or civil
    liability and referral to law enforcement agencies or other regulatory agencies.</FONT></TD>
    <TD STYLE="width: 1%; padding: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">The
provisions of the Code are not all-inclusive. Rather, they are intended as a guide for employees of ALPS in their conduct. In
those situations where an employee may be uncertain as to the intent or purpose of the Code, they are advised to consult with
the CCO. All questions arising in connection with personal securities trading should be resolved in favor of the Client, even
at the expense of the interests of employees.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
CCO will periodically report to senior management/board of directors of ALPS and the respective fund boards where ALPS serves
in the capacity of investment adviser and/or distributor to document compliance or non-compliance with this Code. Each employee
is responsible for knowing their responsibilities under the Code.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 3; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Applicability
    </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>ALPS
Employees&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code is applicable to ALPS employees as required by the applicable rules, regulations, or as determined by the CCO. This includes
full-time, part-time, benefited and non-benefited, officers, directors, exempt and non-exempt personnel. Additionally, new employee&rsquo;s
offer letter will include a copy of the Code of Ethics and a statement advising the individual that they will be subject to the
Code of Ethics if they accept the offer of employment. Employees with access to certain information (as described herein) may
also be deemed to be &ldquo;Access Persons&rdquo; or &ldquo;Investment Persons and be subject to additional restrictions, limitations,
reporting requirements and other policies and procedures.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>ALPS
employees have an obligation to promptly notify the Administrator of the Code of Ethics if there is a change to their duties,
responsibilities or title which affects their reporting status under the code.</I></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Family
Members and Related Parties&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Code applies to the Accounts of employee&rsquo;s as specified, their spouse or domestic partner, minor children, immediate family
members residing in the same household as the employee (e.g. adult children or parents living at home), and any relative, person
or entity for whom the employee directs the investments or securities trading.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Contractors
and Consultants&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALPS
contractor/consultant/temporary employee contracts may include the Code as an addendum, and each contractor/consultant/temporary
employee may be required to sign an acknowledgement that they have read the Code and will abide by it. Certain sections might
not be applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 4; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>II.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>General
    Standards of Business Conduct </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">ALPS
employees are subject to and expected to abide by the Code including, but not limited to, the General Standards of Business Conduct
and all reporting requirements outlined herein.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Conflicts
    of Interest </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
conflict of interest is a situation where our personal loyalties or interests may be at odds with those of ALPS, its subsidiaries,
or its clients or where our position at ALPS affords us improper personal benefits. When determining whether or not a conflict
exists, make sure to consider not only your own activities, but also those of your family members and related parties.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
may not act on behalf of ALPS or its clients in any Securities Transaction or other transfer or receipt of property, services
or benefits involving other persons or organizations where such employee may have any financial or a other interest without prior
approval from the CCO.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Protecting
    Confidential Information </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
may receive information about ALPS, its Clients and other parties that, for various reasons, should be treated as confidential.
Employees have an obligation to safeguard personal client or fellow employee personal information and material non-public information
regarding ALPS and its Clients. Accordingly, employees may not disclose current portfolio holdings, Fund Transactions, or Securities
Transactions proxy vote or corporate action made or contemplated, personal client or fellow employee personal information or any
other non-public information to anyone outside of ALPS, without approval from the CCO or the Ethics Committee. ALPS employees
are expected to strictly comply with measures necessary to preserve the confidentiality of the information. Refer to applicable
ALPS and SS&amp;C policies for additional information.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Insider
    Trading </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
misuse of Material Nonpublic Information, or inside information, constitutes fraud under the securities laws of the United States
and many other countries. Anyone aware of Material Nonpublic Information (or inside information) may not trade in, recommend,
or in some cases <I>refrain</I> from selling those securities whether directly, through a third party, for a personal account,
ALPS or the account of any ALPS&rsquo; Client.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No
employee may cause ALPS or a Client to take action, or to fail to take action, for personal benefit, rather than to benefit ALPS
or such Client. For example, a person would violate this Code by causing a Client to purchase securities owned by the Access Person
for the purpose of supporting or increasing the price of that security or by causing a Client to refrain from selling securities
in an attempt to protect a personal investment, such as an option on that security.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
a general rule, we should consider all information we learn about our clients, proprietary products, SS&amp;C or other companies
in the course of our employment to be material nonpublic information unless it has been fully disclosed to the public.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
addition, employees must not engage in tipping. Tipping occurs when one individual (the tipper) passes Material Nonpublic information
to another (the tippee) under circumstances that suggest the tipper was trying to help the tippee make a profit or avoid a loss
in exchange for some benefit to the tipper. The benefit does not have to be pecuniary and could result from a family or personal
relationship. In this situation, both the tipper and the tippee may be liable, and this liability may extend to everyone to whom
the tippee discloses the information.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
may not engage in &ldquo;front running,&rdquo; that is, the purchase or sale of securities for their own accounts on the basis
of their knowledge of a Fund&rsquo;s Transactions or planned Transactions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 5; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trading
activity will be monitored by the Administrator of the Code of Ethics for Access and Investment persons as described.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>D.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Excess
    Trading </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">While
active personal trading may not in and of itself raise issues under applicable laws and regulations, we believe that a very high
volume of personal trading can be time consuming and can increase the possibility of actual or apparent conflicts with portfolio
transactions. Accordingly, an unusually high level of personal trading activity (as determined by ALPS based on the facts and
circumstances) is strongly discouraged. A pattern of excessive trading may lead to the taking of appropriate corrective or restrictive
action under the Code.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>E.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Limitation
    on Trading SS&amp;C Stock </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
addition to Insider Trading restrictions, some SS&amp;C stock transactions are prohibited altogether as described below.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Prohibited
SS&amp;C Stock Transactions </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Short
sales.</I></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
may never engage in a short sale of SS&amp;C&rsquo;s securities. A short sale is a sale of securities the seller does not own
or, if owned, is not delivered against the sale within 20 days (a short sale against the box). Short sales of SS&amp;C&rsquo;s
securities show the seller&rsquo;s expectation that the securities will decline in value. Therefore, these sales signal to the
market that the seller has no confidence in SS&amp;C or its short-term prospects. In addition, short sales may reduce the seller&rsquo;s
incentive to improve SS&amp;C&rsquo;s performance. For these reasons, short sales of SS&amp;C securities are not permitted.</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
may not take part in certain option trades that are more profitable as SS&amp;C stock declines in value. Employees may not:&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchase
    a put option on SS&amp;C securities </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Write
    a call option on SS&amp;C securities </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Hedging
transactions </I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
must not enter into hedging transactions, as these transactions may permit the employee to continue to own SS&amp;C securities
without the full risks and rewards of ownership. When that occurs, the employee may no longer have the same objectives as other
SS&amp;C stockholders. For that reason, employees must not enter into prepaid variable forward contracts, equity swaps, collars
and exchange funds or other similar hedging or monetization transactions involving SS&amp;C stock.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Margin
accounts and pledges &nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Holding
or pledging SS&amp;C securities as collateral in margin accounts are not permitted.</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certain
employees may be restricted from buying or selling shares of SS&amp;C during specified blackout periods or required to pre-clear
transactions of SS&amp;C shares. If either or both restrictions apply, employees will be contacted directly by SS&amp;C regarding
the restrictions and when blackout periods occur.</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certain
employees may be subject to the pre-clearance requirements as outlined in the SS&amp;C Securities Transactions Policy. These employees
will be notified by SS&amp;C regarding their reporting obligations.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 6; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Permitted
SS&amp;C Stock Transactions &nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
prohibitions set forth above do not apply to the following (each, a &quot;Permitted Transaction&rdquo;):</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">for
    SS&amp;C stock options or equity awards that would otherwise expire, exercises of such options and awards and the surrender
    of shares to SS&amp;C in payment of the exercise price or in satisfaction of any tax withholding obligations (in each case
    in a manner permitted by the applicable equity award agreement); provided, however, that the securities so acquired may not
    be sold (either outright or in connection with a &quot;cashless&quot; exercise transaction through a broker) while the director
    or employee is aware of material non-public information or during a Blackout Period; and </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">bona
    fide gifts, unless the person making the gift has reason to believe that the recipient intends to sell the securities while
    the director or employee is aware of material non-public information or during a Blackout Period. </FONT></TD></TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Gifts
                                         and Entertainment</B></FONT></TD>
</TR></TABLE>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gifts
or Entertainment may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipients&rsquo;
independent business judgment. Therefore, ALPS has established reasonable limits and procedures relating to the giving and receiving
of Gifts and Entertainment.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALPS
employees are required to follow the standards below regarding the acceptance or giving of gifts and entertainment with respect
to all Business Partners. Every circumstance where gifts or entertainment may be given or received may not be listed below however,
ALPS employees are expected to avoid any gifts or entertainment that:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Could
    create an apparent or actual conflict, </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Is
    excessive or would reflect unfavorably on ALPS or its Clients, or </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Would
    be inappropriate or disreputable nature. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">A
<B>Gift</B> is anything of value that is given with the intent to foster a legitimate business relationship. Gifts can include
merchandise such as wine, gift baskets, or tickets if the giver does not attend.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Entertainment
</B>is a meeting, meal or other activity where both you and the business partner are present and have the opportunity to discuss
business or any participant&rsquo;s employer bears the cost. It does not include events that have been organized by ALPS directly,
such as receptions following an industry gathering or multi-client entertainment. If the Business Partner will not be present
for the event it will be considered a gift.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
<B>Business Partner,</B> for the purpose of this Code, includes all current Clients and vendors with which ALPS Holdings conducts
business, any potential clients or vendors with whom ALPS could engage in business with, any registered broker/dealers, and any
firms under contract to do business with ALPS Holdings or our subsidiaries.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
<B>Value</B> of any Gifts or Entertainment given or received must be the greater of cost or market value. If the cost or market
value is not easily determined an employee can estimate the approximate value or request further guidance from the CCO or designee.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
<B>Disclosures</B> of applicable gifts or entertainment must be disclosed via the Gifts Request Form found on SchwabCT.com. Unless
otherwise indicated, this should be done on a quarterly basis along with regular quarterly Code requirements. Some Gifts or Entertainment
may require prior approval</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
<B>Approvals,</B> unless otherwise indicated, must come from the appropriate CCO or designee. Due to the nature of gift-giving
and the impromptu nature of some Entertainment, approval for ALPS employees accepting such items may often be after the fact.
However, to the extent feasible, any required approvals should be obtained before accepting Gifts or Entertainment. If a gift
request is not approved and returning or rejecting the item would negatively affect the business relationship the gift should
be turned over to the CCO. The gift will then be donated to a charity of the Ethics Committee&rsquo;s choosing.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 8; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Gifts</U>
    to be Given/Received by ALPS Employees</B></FONT></TD>
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Approval/Disclosure
    Required</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Cash
    or Cash Equivalent</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Prohibited
    from giving or receiving</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gifts
    received from the same Business Partner which would aggregate <B>less than</B> $100/twelve months</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Quarterly
    disclosure required, no approval required</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gifts
    received from the same Business Partner which would aggregate <B>equal/more than </B>$100/twelve months</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Approval
    required, Quarterly disclosure required, <B>strictly prohibited for FINRA registered reps</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Promotional
    gifts such as those that bear a logo valued <B>less than </B>$50</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Quarterly
    disclosure not required, approval not required</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gifts
    given to or received by a wide group of recipients (e.g. gift basket to a department) that are reasonable in nature</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Quarterly
    disclosure not required, approval not required</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gifts
    given on behalf of ALPS Holdings or its subsidiaries
    (from an ALPS budget)</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Indication
    of who received the gift must be included via regular
    expense reports, gifts must be reasonable in nature</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Gifts
    of any value given or received by Investment Persons (as defined in Glossary) to or from a broker/dealer</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Must
    be pre-cleared with their immediate supervisor and the CCO (or designee)</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>Entertainment</U>
    provided by and for ALPS employees</B></FONT></TD>
    <TD STYLE="width: 50%; font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid; border-top: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Approval/Disclosure
    Required</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Entertainment
    provided on behalf of ALPS or its subsidiaries (from an ALPS budget) valued at $500 <B>or less </B>per person per event</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Indication
    of who was present must be included via expense reports</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Entertainment
                                         provided to an ALPS employee, other than an Investment Person, at $500 <B>or less </B>per
                                         person per event *</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*Entertainment
provided to an Investment Person at$250 or less per person per event from anyone other than a broker/dealer</FONT></P></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Quarterly
    disclosure required (excluding entertainment of de minimis value - below approx. $50), no approval required</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Entertainment
    provided on behalf of ALPS or its subsidiaries (from an ALPS budget) valued at <B>equal/more than </B>$500 per person per
    event</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Typically
    not allowed, Approval required, Indication of who was present must be included via expense reports</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Entertainment
    provided to an ALPS employee at <B>equal/more than </B>$500 per person per event</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Typically
    not allowed, Approval required, Quarterly disclosure required</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Attendance
    and participation at industry sponsored events</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">No
    approval required, no disclosure required</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Entertainment
    of any value given or received by Investment Persons (as defined on page 5) to or from a broker/dealer</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; vertical-align: middle; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Must
    be pre-cleared with their immediate supervisor and the CCO (or designee)</FONT></TD></TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>IV.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Other
    Activities </B></FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 2pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Improper
    Payments or Rebates </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Associates
must not offer or receive gratuities, bribes, kickbacks, or improper rebates from public officials, officials of foreign governments,
competitors or suppliers.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pursuant
to the Foreign Corruption Practices Act (&ldquo;FCPA&rdquo;), employees are prohibited from making or offering to make any payment
to or for the benefit of any Foreign Official if the purpose of such payment is to improperly influence or induce that Foreign
Official to obtain or retain business for the company (a so-called bribe or kickback). All payments, whether large or small, are
prohibited if they are, in essence, bribes or kickbacks, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">cash
    payments </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">gifts
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">entertainment
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">services
    </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">amenities
    </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">If
an employee is unsure about whether he/she are being asked to make an improper payment, he/she should not make the payment. Employees
must promptly report to the CCO any request made by a Foreign Official for a payment that would be prohibited under the guidelines
set above and any other actions taken to induce such a payment. If you have any questions or need any guidance, please contact
the CCO.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Service
    on a Board of Directors/Outside Business Activities </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">ALPS
employees are required to comply with the following provisions:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
    are to avoid any business activity, outside employment or professional service that competes with ALPS or conflicts with the
    interests of ALPS or its Clients. </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">An
    employee is required to obtain the approval from the CCO, or designee, prior to becoming an employee, director, officer, partner,
    sole proprietor of a &ldquo;for profit&rdquo; organization, or otherwise compensated by an entity outside of ALPS. The request
    for approval should disclose the name of the organization, the nature of the business, whether any conflicts of interest could
    reasonably result from the association, whether fees, income or other compensation will be earned and whether there are any
    relationships between the organization and ALPS. </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
    may not accept any personal fiduciary appointments such as administrator, executor or trustee other than those arising from
    family or other close personal relationships. </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
    may not use ALPS resources, including computers, software, proprietary information, letterhead and other property in connection
    with any employment or other activity outside ALPS. </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Employees
    must disclose a conflict of interest or the appearance of a conflict with ALPS or Clients and discuss how to control the risk.
    </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">When
completing the quarterly Code requirements, employees may be asked to disclose all outside affiliations. Any director/trustee
positions with public companies or companies with the potential to become public are prohibited without prior written approval
of the CCO or designee.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C.</B></FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Political
    Contributions </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">All
political activities of employees must be kept separate from employment and expenses may not be charged to ALPS. Employees may
not use ALPS facilities for political campaign purposes.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
employees who are deemed Covered Associates are required to comply with the provisions under Rule 206(4)-5 of the Advisers Act
as well as the Political Contributions Policy within AAI&rsquo;s Compliance Program. Spouses and household family members of each
Covered Associate are also subject to the provisions under Rule 206(4)-5 and this Political Contribution Policy, including pre-approval
and reporting requirements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 10; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Associates are prohibited from making political contributions on behalf of AAI or individually in their capacity as a covered
associate unless their contribution is within the de minimis exception. The de minimis exception permits contributions according
to the following guidelines:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Up
    to $350 per candidate per election cycle, to incumbents or candidates for whom they are eligible to vote </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Up
    to $150 per candidate per election cycle, to other incumbents or candidates </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">Covered
Associates will be required to obtain a pre-approval for all political contributions, including but not limited to those noted
above.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">On
a quarterly basis, the CCO, or designee, will request a reporting of political contributions during the previous quarter by all
Covered Associates. The reporting should include contributions by spouses, household family members and all contributions by other
parties (lawyers, affiliated companies, acquaintances, etc.) directed by the Covered Associate. The report should include the
individual or election committee receiving the contribution, the office for which the individual is running, the current elected
office held, if any, the dollar amount of the contribution or value of the donated item and whether or not the Covered Associate
is eligible to vote for the candidate. The Covered Associate report must be completed within 30 days of each quarter end so that
if an inadvertent political contribution (of $350.00 or less) has been made to an official for whom the Covered Associate is not
entitled to vote, the contributor may be required to request the return of the contribution in order to avoid the two year compensation
ban against AAI.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 11; Value: 2 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; text-align: right; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->










<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Reporting
Requirements</B></FONT></TD>
</TR></TABLE>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Access
Persons and Investment Persons (&ldquo;Person&rdquo; or &ldquo;Persons&rdquo;), as defined in the subsequent sections, are subject
to the following Initial, Quarterly and Annual Reporting requirements unless specifically exempted by Rule 204A-1 or 17j-1. Such
Persons are required to disclose any account in which securities transactions <U>can</U> be effected and in which the Person has
a beneficial interest (as further defined in Appendix C).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covered
Securities</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
Covered Securities are subject to the reporting requirements of the Code. Covered Securities will include all Securities as well
as all Proprietary Products, any equivalents in local non-US jurisdictions, single stock futures, and both the U.S. Securities
and Exchange Commission (&ldquo;SEC&rdquo;), and Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) regulated futures.
For purposes of the Code, Securities shall have the meaning set forth in Section 2(a)(36) of the 1940 Act. This definition of
Security includes, but is not limited to:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificates
                                         of interest or participation in any profit-sharing agreement,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         put, call, straddle, option or privilege on any Security or on any group or index of
                                         Securities,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         put, call, straddle, option or privilege entered into on a national securities exchange
                                         relating to foreign currency,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         exchange-traded vehicle (including, but not limited to, closed-end mutual funds, exchange-traded
                                         notes and exchange-traded funds),</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         commodity contracts as defined in Section 2(a)(1)(A) of the Commodity Exchange Act. Including
                                         but not limited to futures contracts on equity indices,</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         derivative of a Security shall also be considered a Security.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following securities are exempt from the reporting requirements:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Transactions
                                         made in an account where the employee, pursuant to a valid legal instrument, has given
                                         full investment discretion to an unaffiliated/unrelated third party</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Direct
                                         Obligations of any government of the United States;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Bankers'
                                         acceptances, bank certificates of deposit, commercial paper and high quality short-term
                                         debt instruments, including repurchase agreements;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investments
                                         in dividend reinvestment plans;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Variable
                                         and fixed insurance products;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Non
                                         Proprietary Product open-end mutual funds;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Qualified
                                         tuition programs pursuant to Section 529 of the Internal Revenue Code; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Accounts
                                         that are strictly limited to any of the above transactions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial
Holdings and Accounts Reports </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Within
ten (10) calendar days of being designated as, or determined to be, an Access Person or Investment Person (which may be upon hire),
each Person must disclose all broker, dealer or bank accounts in which any Covered Securities are held, including any Managed
Accounts. In addition, all Persons must provide a statement of all Covered Securities holdings, and the information must be current
as of a date no more than 45 days prior to the date of the person becoming an Access or Investment Person. More specifically,
each such Person must provide the following information:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         title, number of shares and principal amount of each Covered Security in which the employee
                                         had any direct or indirect Beneficial Ownership when the person became an employee;</FONT></TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>




<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 12 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         name of any financial institution with whom the employee maintained an account in which
                                         any securities were held for the direct or indirect benefit of the employee as of the
                                         date the person became an employee; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         date the report is submitted by the employee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duplicate
Statements/Electronic Feeds</B></FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
new employees and any new account(s) opened by existing employees after April 1, 2015 shall be limited to the financial institutions
listed in Appendix A &ndash; Broker/Dealers with Electronic Feeds of the Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
an account is held with a financial institution that does <U>not</U> supply electronic feeds to ALPS, new employees who are deemed
an Access or Investment Person will have 30 calendar days to close or transfer the existing account and are asked to only open
an account with a firm listed in Appendix A of the Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Existing
employees hired prior to April 1, 2015, who are deemed an Access or Investment Person, with existing accounts can maintain those
accounts and continue satisfying their quarterly reporting requirements in the system as they have in the past. However, existing
employees will only be allowed to open any new accounts with financial institutions listed in Appendix A of the Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly
Transaction Reports </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
Access and Investment Person is required to submit quarterly his/her Quarterly Securities Report within thirty (30) calendar days
of each calendar quarter end. If no transactions were executed or if transactions were exempt from reporting, this should be noted
on the quarterly report.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Specific
information to be provided includes:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">i.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">With
                                         respect to any Securities Transaction during the quarter in a Covered Security in which
                                         any employee had any direct or indirect beneficial ownership:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         date of the transaction, the title, the interest rate and maturity date (if applicable),
                                         the number of shares and the principal amount of each Security involved;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         nature of the transaction, (i.e., purchase, sale, or other type of acquisition or disposition);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         price of the Security at which the transaction was effected;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         name of the financial institution with or through which transaction was effected; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         date that the report is submitted by the employee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ii.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">With
                                         respect to any account established by the Access or Investment Person in which any securities
                                         were held during the quarter for the direct or indirect benefit of the Person:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         name of the financial institution with whom the employee established the account;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         date the account was established; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         date the report is submitted by the employee.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">i.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Automatic
                                         Investment Plans</U> &ndash; Transactions need not be reported in the Quarterly Securities
                                         Report but holdings in Covered Securities are subject to the annual holdings reporting
                                         requirement discussed in the subsequent section.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ii.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Managed
                                         Accounts</U> <I>&ndash; </I>Securities Transactions in accounts in which the Person has
                                         no direct or indirect influence or control are not required to be reported. Persons that
                                         have Managed Accounts managed by an immediate family member are <U>not</U> exempt and
                                         still subject to the requirements under this Section V.</FONT></TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<!-- Field: Page; Sequence: 2; Value: 12 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">iii.</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Other
                                         &ldquo;No Knowledge&rdquo; Transactions</U> &ndash; This includes Securities Transactions
                                         in which the Person has no knowledge of the transaction before it is completed (i.e.,
                                         Securities Transactions effected for Persons by a trustee of a blind trust or automated
                                         adviser without the Person&rsquo;s input or approval).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0; font: 11pt Times New Roman, Times, Serif; margin-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
Holdings Reports </B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
Access and Investment Person is required to submit annually (i.e., once each and every calendar year) a list of applicable holdings,
which is current as of a date no more than forty five (45) calendar days before the report is submitted. In addition, each employee
is required to certify <U>annually</U> that he/she has reviewed and understands the provisions of the Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Specific
information to be provided includes:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         title, number of shares and principal amount of each Covered Security in which the employee
                                         had any direct or indirect beneficial ownership;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         name of any financial institution with whom the employee maintains an account in which
                                         any securities are held for the direct or indirect benefit of the employee; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 80pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         date that the report is submitted by the employee.</FONT></TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>




<!-- Field: Page; Sequence: 3; Value: 12 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>VI.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Access
Persons - Restrictions</B></FONT></TD>
</TR></TABLE>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading
Restrictions</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Initial
Public Offering (&ldquo;IPO&rdquo;) - </B>Access Persons are prohibited from acquiring securities through an allocation by the
underwriter of an initial public offering (&ldquo;IPO&rdquo;). Exceptions may be made with prior written disclosure to and written
approval from the CCO, whereby an Access Person could acquire shares in an IPO of his/her employer.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Limited
or Private Offerings - </B>Access Persons are prohibited from purchasing securities in a private offering unless the purchase
is approved in writing by the CCO. Private placements include certain co-operative investments in real estate, commingled investment
vehicles such as hedge funds, and investments in family owned businesses. Time-shares and cooperative investments in real estate
used as a primary or secondary residence are not considered to be private placements.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investment
Clubs - </B>Access Persons are prohibited from participating in investment clubs unless such membership is approved in writing
by the CCO. An <B>investment club</B> is any group of people who pool their money to make joint or group investments.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Short-Term
Trading -</B> Access Persons are prohibited from the purchase and sale or sale and purchase of the same Proprietary Products within
a sixty (60) calendar day holding period (ALPS is the investment Adviser).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Restrictions </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Managed
Accounts &ndash; </B>Access Persons are restricted from establishing an external Managed Account (also referred to as a discretionary
account) with any adviser that conducts business with ALPS Advisors, Inc. See Appendix B for a list of advisers that work with
AAI.</FONT></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 4; Value: 12 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>VII.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Investment
Persons - Restrictions</B></FONT></TD>
</TR></TABLE>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading Restrictions </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Initial
Public Offering (&ldquo;IPO&rdquo;) - </B>Investment Persons are prohibited from acquiring securities through an allocation by
the underwriter of an initial public offering (&ldquo;IPO&rdquo;). Exceptions may be made with prior written disclosure to and
written approval from the CCO, whereby an Investment Person could acquire shares in an IPO of his/her employer.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Limited
or Private Offerings - </B>Investment Persons are prohibited from purchasing securities in a private offering unless the purchase
is approved in writing by the CCO. Private placements include certain co-operative investments in real estate, commingled investment
vehicles such as hedge funds, and investments in family owned businesses. Time-shares and cooperative investments in real estate
used as a primary or secondary residence are not considered to be private placements.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Investment
Clubs - </B>Investment Persons are prohibited from participating in investment clubs unless such membership is approved in writing
by the CCO. An <B>investment club</B> is any group of people who pool their money to make joint or group investments.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Options
</B>Investment Persons are <I>not</I> prohibited from buying or selling options on Covered Securities, however all other trading
restrictions such as limitations on short-term and excess trading and pre-clearance apply to Investment Persons buying, selling
or exercising options.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Short-Term
Trading - </B>Investment Persons are prohibited from the purchase and sale or sale and purchase of the same Covered Securities
within thirty (30) calendar days. In addition, all Proprietary Products are subject to a sixty (60) calendar day holding period
(ALPS is the investment Adviser).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Blackout
Period &ndash; </B>Blackout periods may be determined and established by the CCO. Any such periods will be communicated to all
affected persons as necessary.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Shorting
of Securities - </B>Investment Persons are <I>not</I> prohibited from the practice of short selling securities, however all other
trading restrictions such as limitations on short-term and excess trading and pre-clearance apply to Investment Persons shorting
of securities.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Restricted
List - </B>Investment Persons of Red Rocks Capital, LLC (&ldquo;Red Rocks&rdquo;) may not purchase or sell any security that Red
Rocks holds or is being considered for purchase or sale by the Red Rocks Research Department for any account in which he/she has
any beneficial interest. The list of Restricted Securities (the &ldquo;Restricted List&rdquo;) includes the Red Rocks Listed Private
Equity<SUP>SM</SUP> Universe of securities and their subsidiaries.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Restrictions </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Managed
Accounts &ndash; </B>Investment Persons are restricted from establishing an external Managed Account (also referred to as a discretionary
account) with any adviser that conducts business with ALPS Advisors, Inc. See Appendix B for a list of advisers that work with
AAI. See Appendix B for a list of advisers that work with AAI.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-Clearance </B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Unless
the investment transaction is exempted from pre-clearance requirements all Investment Persons must request and receive pre-clearance
prior to engaging in the purchase or sale of a Covered Security.</FONT></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 5; Value: 12 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pre-clearance
approval is only good until midnight local time of the day after approval is obtained. &ldquo;Good-till-Cancelled&rdquo; orders
are not permitted. &ldquo;Limit&rdquo; orders must receive pre-clearance every day the order is open.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
there could be many reasons for pre-clearance being granted or denied, Investment Persons should not infer from the pre-clearance
response anything regarding the security for which pre-clearance was requested.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Exempted
Securities/Transactions &nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pre-clearance
by Investment Persons is <U>not</U> required for the following transactions:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; text-align: left; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Transactions
                                         that meet the de minimis exception (defined below);</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-align: justify; text-indent: 20.15pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Transactions
                                         made in an account where the employee, pursuant to a valid legal instrument, has given
                                         <U>full</U> investment discretion to an unaffiliated/unrelated third party;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Purchases
                                         or sales of direct obligations of the government of the United States or other sovereign
                                         government or supra-national agency, high quality short-term debt instruments, bankers
                                         acceptances, certificates of deposit (&ldquo;CDs&rdquo;), commercial paper, repurchase
                                         agreements;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Automatic
                                         investments in programs where the investment decisions are non-discretionary after the
                                         initial selections by the account owner (although the initial selection requires pre-clearance);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investments
                                         in dividend reinvestment plans;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exercised
                                         rights, warrants or tender offers;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">General
                                         obligation municipal bonds;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Transactions
                                         in Employee Stock Ownership Programs (&ldquo;ESOPs&rdquo;);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 40pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities
                                         received via a gift or inheritance; and</FONT></TD></TR></TABLE>

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




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 40pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Non-Proprietary
Product</B> open-end mutual funds.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 60pt; text-align: justify; text-indent: 20.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>De
Minimis Exception &nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
<B>De Minimis</B> transaction is a personal trade that meets the following conditions: (a) less than $25,000; and (b) is made
with no knowledge that a Client Fund have purchased or sold the Covered Security, or the Client Fund or its investment adviser
considered purchasing or selling the Covered Security.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Notwithstanding
the foregoing, transactions that fall under the de minimis exception should not be so frequent and repetitive in nature that in
totality the transactions appear to be improperly avoiding the intent of the de minimis exception. The CCO may require an Investment
Person to pre-clear transactions regardless of if the transaction falls under the de minimis exception should the CCO deem reasonable
and appropriate. Further, transactions effected pursuant to the de minimis exception remain subject to reporting requirements
of the Code. </I></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>D.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serving on a Board of Directors </B></FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investment
Personnel may not serve on the board of directors of a publicly traded company without prior written authorization from the Ethics
Committee. No such service shall be approved without a finding by the Ethics Committee that the board service would be consistent
with the interests of Clients. If board service is authorized by the Ethics Committee, in some instances, it may be required that
the Investment Personnel serving as a Director may be isolated from making investment decisions with respect to the company involved
through the use of &ldquo;Chinese Walls&rdquo; or other procedures.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 6; Value: 12 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->




<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>VIII.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Sanctions</B></FONT></TD></TR>
</TABLE>


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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Procedures</B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Upon
discovering a violation of this Code by an employee, family member, or related party sanctions as deemed appropriate may be imposed.
Including, but not limited to, the following:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 11pt Times New Roman, Times, Serif">A written warning with a copy provided to the employee&rsquo;s direct report;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Monetary
                                         fines and/or disgorgement of profits when an employee profits on the trading of a security
                                         deemed to be in violation of the Code;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Suspension
                                         of the employment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Termination
                                         of the employment; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Referral
                                         to the SEC or other civil regulatory authorities determined by ALPS.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Violations
and proposed sanctions will be documented by the Administrator of the Code of Ethics and will be submitted to the CCO for review
and approval. In some cases, the Code of Ethics Committee may assist in determining the materiality of the violation and appropriate
sanctions. Records of all reviews are the responsibility of and will be maintained by the Administrator of the Code of Ethics.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
determining the materiality of the violation, among other considerations, the CCO may review:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Indications
                                         of fraud, neglect or indifference to Code of Ethics provisions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Evidence
                                         of violation of law, policy or guideline;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Frequency
                                         of repeat violations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Level
                                         of influence of the violator; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         mitigating circumstances that may exist.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
assessing the appropriate penalties, other factors considered may include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         extent of harm (actual or potential) to client interests;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         extent of personal benefit or profit;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Prior
                                         record of the violator;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         degree to which there is a personal benefit or perceived benefit from unique knowledge
                                         obtained through employment with ALPS;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         level of accurate, honest and timely cooperation from the violator; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
                                         mitigating circumstances that may exist.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Appeals
Process</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
an employee decides to appeal a sanction, they should contact the Administrator of the Code of Ethics who will refer the issue
to the CCO for their review and consideration. Any appeals submitted by an employee will be kept along with records of the violation
and actions taken.</FONT></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 18 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>IX.</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Compliance &amp; Supervisory Procedures</B></FONT></TD></TR>
</TABLE>


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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
CCO, or designee, is responsible for implementing supervisory and compliance review procedures. Supervisory procedures can be
divided into two classifications: prevention of violations and detection of violations. Compliance review procedures include preparation
of special and annual reports, record maintenance and review, and confidentiality preservation.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Prevention of Violations</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
prevent violations of the Rules, the CCO or designee should, in addition to enforcing the procedures outlined in the Rules:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Review
                                         and update the procedures as necessary, at least once annually, including but not limited
                                         to a review of the Code by the CCO, the Ethics Committee and/or counsel;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Answer
                                         questions regarding the Code;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Request
                                         from all persons upon commencement of services, and annually thereafter, any applicable
                                         forms and reports as required by the procedures;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Identify
                                         all Access Persons and Investment Persons, and notify them of their responsibilities
                                         and reporting requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">With
                                         such assistance from the Human Resources Department as may be appropriate, maintain a
                                         continuing education program consisting of the following:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Orienting
                                         employees who are new to ALPS and the Rules; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 60pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Continually
                                         educating employees by distributing applicable materials and offering training to employees
                                         on at least an annual basis.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Detection of Violations</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
detect violations of these procedures, the CCO, or designee, should, in addition to enforcing the policies, implement procedures
to review holding and transaction reports, forms and statements relative to applicable restrictions, as provided under the Code.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Compliance Procedures</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Reports
of Potential Deviations or Violations </I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Upon
learning of a potential deviation from or violation of the policies, the CCO shall either present the information at the next
regular meeting of the Ethics Committee or conduct a special meeting. The Ethics Committee shall thereafter take such action as
it deems appropriate (see Penalty Guidelines).</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20pt">&nbsp;</TD>
    <TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>D.</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Annual Reports</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
CCO shall prepare a written report to the Ethics Committee and Senior Management at least annually. The written report shall include
any certification required by Rule 17j-1. This report shall set forth the following information:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 18.05pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Copies
                                         of the Code, as revised, including a summary of any changes made since the last report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 18.05pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Identification
                                         of any material issues including material violations requiring significant remedial action
                                         since the last report;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 18.05pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Identification
                                         of any immaterial violations as deemed appropriate by the CCO;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 18.1pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Identification
                                         of any material conflicts arising since the last report; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 18.1pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Recommendations,
                                         if any, regarding changes in existing restrictions or procedures based upon experience
                                         under these Rules, evolving industry practices, or developments in applicable laws or
                                         regulations.</FONT></TD></TR></TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<!-- Field: Page; Sequence: 2; Value: 18 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>E.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Records</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ALPS
shall maintain the following records:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
                                         copy of this Code and any amendment thereof which is or at any time within the past five
                                         years has been in effect;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
                                         record of any violation of this Code, or any amendment thereof, and any action taken
                                         as a result of such violation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Files
                                         for personal securities account statements, all reports and other forms submitted by
                                         employees pursuant to these Rules and any other pertinent information;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
                                         list of all persons who are, or have been, required to submit reports pursuant to this
                                         Code;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
                                         list of persons who are, or within the last five years have been responsible for, reviewing
                                         transaction and holdings reports; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
                                         copy of each report produced pursuant to this Code.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>F.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Inspection</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
records and reports maintained by ALPS pursuant to the Rules shall at all times be available for inspection, without prior notice,
by any member of the Ethics Committee.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>G.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Confidentiality</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
procedures, reports and records monitored, prepared or maintained pursuant to this Code shall be considered confidential and proprietary
to ALPS and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall
not be disclosed to anyone other than to members of the Ethics Committee or as requested.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 40pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>H.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>The
                                         Ethics Committee</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
purpose of this section is to describe the Ethics Committee. The Ethics Committee was created to provide an effective mechanism
for monitoring compliance with the standards and procedures contained in the Rules and to take appropriate action at such times
as violations or potential violations are discovered.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Membership
</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Committee consists of the Chief Compliance Officer(s) of ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc.,
and ALPS Advisors, Inc., the Human Resources Director of ALPS, the President(s) of ALPS Fund Services, Inc., ALPS Advisors, Inc.,
ALPS Portfolio Solutions Distributor, Inc. and ALPS Distributors, Inc., and ALPS General Counsel.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
CCO currently serves as the Chairman of the Committee. The composition of the Committee may be changed from time-to-time and the
Committee may seek input of other employees concerning matters related to this Code as they deem appropriate.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Committee
Meetings </I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Committee shall meet approximately every six months, or as often as necessary, to review operation of this Code and to consider
technical deviations from operational procedures, inadvertent oversights or any other potential violation of the Rules. Deviations
alternatively may be addressed by including them in the employee&rsquo;s personnel records maintained by ALPS. Committee meetings
are primarily intended for consideration of the general operation of the compliance procedures as well as for substantive or serious
departures from the standards and procedures in the Rules.</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 3; Value: 18 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other
persons may attend a Committee meeting, at the discretion of the Committee, as the Committee shall deem appropriate. Any individual
whose conduct has given rise to the meeting may also be called upon, but shall not have the right, to appear before the Committee.
It is not required that minutes of Committee meetings be maintained; in lieu of minutes the Committee may issue a report describing
any action taken. The report shall be included in the confidential file maintained by the CCO with respect to the particular employee
whose conduct has been the subject of the meeting.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
a Committee member has committed, or is the subject of, a violation, he or she shall not be considered a voting member of the
Committee or be involved in the review or decisions of the Committee with respect to his or her activities, or sanctions.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Special
Discretion </I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Committee shall have the authority by unanimous action to exempt any person or class of persons or transaction or class of transactions
from all or a portion of the Rules provided that:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 18.1pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Committee determines, on advice of counsel, that the particular application of all or
                                         a portion of the Code is not legally required;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 18.1pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Committee determines that the likelihood of any abuse of the Code by such exempted person(s)
                                         or as a result of such exempted transaction is remote;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 18.1pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         terms or conditions upon which any such exemption is granted is evidenced in writing;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 18.1pt; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 17.95pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         exempted person(s) agrees to execute and deliver to the CCO, at least annually, a signed
                                         Acknowledgment Form, which Acknowledgment shall, by operation of this provision, describe
                                         such exemptions and the terms and conditions upon which it was granted.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Committee shall also have the authority by unanimous action to impose such additional requirements or restrictions as it, in its
sole discretion, determines appropriate or necessary, as outlined in the Sanctions Guidelines.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
exemption, and any additional requirement or restriction, may be withdrawn by the Committee at any time (such withdrawal action
is not required to be unanimous).</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 4; Value: 18 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->





<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Appendix
A - Broker/Dealers with Electronic Feeds</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ameriprise</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Charles Schwab</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chase Investment Services</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edward Jones</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">E-Trade</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Fidelity</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Interactive Brokers</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Merrill Lynch</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Morgan Stanley</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OptionsHouse</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OptionsXpress</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Raymond James</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">RBC Capital Markets</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TD Ameritrade</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">UBS</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vanguard</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Wells Fargo</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Updated:
December 1, 2018</I></FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 22 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->




<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Appendix
B - Sub-Advisers to ALPS Advisors, Inc.</B></FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40pt">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Aristotle Capital Management,
    LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Clough Capital Partners, LP</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CoreCommodity Management, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Congress Asset Management Company</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Kotak Mahindra (UK) Limited</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Macquarie Investment Management</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Morningstar Investment Management LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Principal Real Estate Investors, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Pzena Investment Management, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Red Rocks Capital, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">RiverFront Investment Group, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">RiverNorth Capital Management, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Smith Capital Investors, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Stadion Money Management, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Sustainable Growth Advisers, LP</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TCW Investment Management Company</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Weatherbie Capital, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Wellington Management Company, LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><I>Updated:
December 1, 2018</I></FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 2; Value: 22 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Appendix
C - Glossary of Defined Terms</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 143.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Access
Person</I></B> - Any Director, Trustee, Officer, Partner, Investment Person, or Employee of ALPS Holdings Inc., who:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20pt; text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">has access to non-public information
    regarding any Clients&rsquo; Transactions, or non-public information regarding the portfolio holdings of
    any fund(s) of a Client or any ALPS fund(s) or fund(s) of a subsidiary;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">is involved in making Securities Transactions
    recommendations to Clients, or has</FONT> access to such recommendations that are non-public;</TD>
    </TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">in connection with his or her regular
    functions or duties, makes, participates in or obtains information regarding a Fund&rsquo;s Transactions
    or whose functions relate to the making of any recommendations with respect to a Fund&rsquo;s Transactions;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">obtains information regarding a
    Fund&rsquo;s Transactions or whose functions relate to the making of any recommendations with respect to a Fund&rsquo;s
    Transactions; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any other person designated by the
    CCO or the Ethics Committee has having access to non-public information.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Account
</I></B>- Any accounts in which Securities (as defined below) transactions can be effected including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20pt; text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any accounts held by any
    employee;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">accounts of the employee&rsquo;s immediate family
    members (any relative by blood or marriage) living in the employee&rsquo;s household or is financially
    dependent;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">accounts held by any other related individual
    over whose account the employee has discretionary control;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any other account where the employee has discretionary
    control and materially contributes; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any account in which the employee has a direct
    or indirect beneficial interest, such as trusts and custodial accounts or other accounts in which the employee
    has a beneficial interest or exercises investment discretion.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Administrator
of the Code of Ethics</I></B> &ndash; Designee(s) by the Chief Compliance Officer tasked with assisting in the oversight of ALPS&rsquo;
Code of Ethics and all applicable restrictions and requirements.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Automatic
Investment Plan</I></B> - A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment
accounts in accordance with a predetermined scheduled and allocation. An Automatic Investment Plan includes a dividend reinvestment
plan.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Beneficial
Ownership</I></B> - For purposes of the Code, &ldquo;Beneficial Ownership&rdquo; shall be interpreted in the same manner as it
would be in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (&ldquo;Exchange Act&rdquo;) in determining whether a person
is subject to the provisions of Section 16 under the Exchange Act and the rules and regulations there under. Generally speaking,
beneficial ownership encompasses those situations where the beneficial owner has the right to enjoy some economic benefits which
are substantially equivalent to ownership regardless of who is the registered owner. This would include, but is not limited to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20pt; text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">securities which a person
    holds for his or her own benefit either in bearer form, registered in his or her own name or otherwise, regardless of whether the
    securities are owned individually or jointly;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">securities held in the name of a member of his
    or her immediate family sharing the same household;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">securities held by a trustee, executor, administrator,
    custodian or broker;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">securities owned by a general partnership of
    which the person is a member or a limited partnership of which such person is a general partner;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">securities held by a corporation which can be
    regarded as a personal holding company of a person; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">securities recently purchased by a person and
    awaiting transfer into his or her name.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Chief
Compliance Officer (&ldquo;CCO&rdquo;)</I></B><I> </I>- The CCO as referenced is Erin Nelson, so designated by ALPS Advisors,
Inc. The CCO may designate additional individuals, where appropriate, to operate in the capacity of the CCO as outlined in this
Code of Ethics. Those individuals may include Steve Price, CCO of ALPS Distributors, Inc. (ADI) and ALPS Portfolio Solutions Distributor
(APSD) or the designated Administrator of the Code of Ethics.</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 3; Value: 22 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Covered
Associate</I></B><I> &ndash; </I>Any employee that is required to comply with the provisions under Rule 206(4)-5 of the Advisers
Act as well as the Political Contributions Policy within ALPS Advisors, Inc.&rsquo;s Compliance Program. A person is generally
considered to be a covered associate for these purposes:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20pt">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">if he or she is a President,
    managing director, VP in charge of a business unit and any other employee who performs a policy-making function of ALPS Advisors,
    Inc. (&ldquo;AAI&rdquo;);</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">if he or she is an employee who solicits a government
    entity for AAI and such employee&rsquo;s direct or indirect supervisor;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif">a political action committee controlled by AAI
    or by any of AAI&rsquo;s covered associates; or</TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> any other AAI employee so designated by the
    CCO of AAI. (&ldquo;CCO&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Covered
Securities</I></B> &ndash; For purposes of the Code, &ldquo;Covered Securities&rdquo; will include all Securities (as defined
below) as well as all Proprietary Products (as defined below) or any equivalents in non-US jurisdictions, single stock futures
or swap, security based swap and security futures products regulated by both the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;)
and Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Employee
</I></B>&ndash; Employees of ALPS Holdings, Inc. and its subsidiaries, including directors, officers, partners of AAI (or other
persons occupying similar status), any temporary worker, contractor, or independent contractor as designated by the CCO or the
Ethics Committee.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Financial
Institution</I></B> &ndash; Any broker, dealer, trust company, registered or unregistered pooled investment or trading account,
record keeper, bank, transfer agent or other financial firm holding and/or allowing securities transactions in Covered Securities.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Foreign
Official</I></B> &ndash; the term &ldquo;Foreign Official&rdquo; includes:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20pt">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">government officials;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">political party leaders;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">candidates for office;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">employees of state-owned enterprises (such as
    state-owned banks or pension plans); and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">relatives or agents of a Foreign Official if
    a payment is made to such relative or agent of a Foreign Official with the knowledge or intent that it ultimately would
    benefit the Foreign Official.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Fund
Transactions</I></B> &ndash; For purposes of the Code, &ldquo;Fund Transactions&rdquo; refers to any transactions of a fund itself.
It does not include &ldquo;Securities Transactions&rdquo; of an employee (Securities Transactions are defined below).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Investment
Persons</I></B> &ndash; &ldquo;Investment Person&rdquo; shall mean any Access Person (within ALPS) who makes investment decisions
for AAI or Clients, who provides investment related information or advice to portfolio managers, or helps to execute and/or implement
a portfolio manager&rsquo;s decisions. This typically includes for example, portfolio managers, portfolio assistants, traders,
and securities analysts.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Managed
Account</I></B> &ndash; An account where:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20pt">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The employee has a direct
    or indirect beneficial interest; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The employee does not exercise discretionary
    control or influence over the selection or transaction of Covered Securities.</FONT></TD></TR>
</TABLE><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 22 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Material
Nonpublic Non-public Information</I></B> &ndash; Any information that has not been publicly disseminated, or that was obtained
legitimately while acting in a role of trust or confidence of an issuer or that was obtained wrongfully from an issuer or such
person acting in a role of trust or confidence that a reasonable investor would consider important in making a decision to buy,
hold or sell a company&rsquo;s securities. Regardless of whether it is positive or negative, historical or forward looking, any
information that a reasonable investor could expect to affect a company&rsquo;s stock price. Material Nonpublic Non-public Information
could include -</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 20pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20pt">&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">projections of future earnings
    or losses;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">news of a possible merger, acquisition or tender
    offer;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">significant new products or services or delays
    in new product or service introduction or development;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">plans to raise additional capital through stock
    sales or otherwise;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the gain or loss of a significant customer,
    partner or supplier;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">discoveries, or grants or allowances or disallowances
    of patents;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">changes in management;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">news of a significant sale of assets;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">impending bankruptcy or financial liquidity
    problems; or</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">changes in dividend policies or the declaration
    of a stock split</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Portfolio
Securities</I></B> &ndash; Securities held by accounts (whether registered or private) managed or serviced by ALPS.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Proprietary
Products</I></B> &ndash; Any funds (open-end, closed-end, Exchange-Traded Funds, Unit Investment Trusts) where ALPS is the investment
adviser. A list will be made available to employees on a quarterly basis.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Registered
Representative</I></B> &ndash; The term &ldquo;Registered Representative&rdquo; as used within this Code, refers to an employee
who holds a securities license, and is actively registered, with FINRA.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Restricted
Accounts</I></B> &ndash; Employees are restricted from establishing external managed accounts (also referred to as a discretionary
account) with any adviser that conducts business with ALPS Advisors, Inc. A managed account is defined as an investment account
that is owned by an individual investor but is managed by a hired professional money manager. Investment in a hedge fund is <B>not
</B>deemed to be managed account. See Appendix B for a list of advisers that work with AAI.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Securities
</I></B>&ndash; For purposes of the Code, &ldquo;Security&rdquo; shall have the meaning set forth in Section 2(a)(36) of the 1940
Act. This definition of &ldquo;Security&rdquo; includes, but is not limited to: any note, stock, treasury stock, bond, debenture,
evidence of indebtedness, certificates of interest or participation in any profit-sharing agreement, any put, call, straddle,
option or privilege on any Security or on any group or index of Securities, or any put, call, straddle, option or privilege entered
into on a national securities exchange relating to foreign currency, any exchange-traded vehicle (including, but not limited to,
closed-end mutual funds, exchange-traded notes and exchange-traded funds). Further, for the purpose of the Code, &ldquo;Security&rdquo;
shall include any commodity contracts as defined in Section 2(a)(1)(A) of the Commodity Exchange Act. This definition includes
but is not limited to futures contracts on equity indices. For purposes of the Code, any derivative of a &ldquo;Security&rdquo;
shall also be considered a Security.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;Security&rdquo;
shall <B><I>not</I></B><I> </I>include direct obligations of the government of the United States or any other sovereign country
or supra-national agency, bankers&rsquo; acceptances, bank certificates of deposit, commercial paper and high quality short-term
debt instruments, including repurchase agreements, variable and fixed insurance products.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Securities
Transactions</I></B> &ndash; The term &ldquo;Securities Transactions&rdquo; as used within this Code typically refers to the purchase
and/or sale of Securities, (as defined herein), by an employee. Securities Transactions shall include any gift of Covered Securities
that is given or received by the employee, including any inheritance received that includes Covered Securities.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 5; Value: 22 -->
<DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: right; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
<DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
<!-- Field: /Page -->



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><IMG SRC="fp0048138_03.jpg" ALT=""></FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.R.3
<SEQUENCE>3
<FILENAME>fp0048138_ex9925r3.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Exhibit (r)(3)</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Liberty All-Star Equity Fund</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Liberty All-Star Growth Fund, Inc.</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"><B>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="background-color: silver; font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Procedure Creation Date:</TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">December 12, 2005</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">Procedures Revised as of:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">October 1, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">Applicable Authority:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid">Section 406 of the Sarbanes-Oxley Act of 2002 </TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></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"></TD><TD STYLE="width: 0.5in"><B>I.</B></TD><TD STYLE="text-align: justify"><B>P<FONT STYLE="font-variant: small-caps">urpose of the</FONT> C<FONT STYLE="font-variant: small-caps">ode</FONT></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Liberty All-Star Growth
Fund, Inc. and the Liberty All-Star Equity Fund (collectively the &ldquo;Funds&rdquo;) code of ethics (this &ldquo;Code&rdquo;)
is intended to serve as the code of ethics described in Section 406 of the Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR.
This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules
and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds&rsquo;
adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered
Officers, as defined herein, who are subject to this Code, they are superseded by this Code to the extent that they overlap or
conflict with the provisions of this Code. The Funds&rsquo; and its investment adviser&rsquo;s, and principal underwriter&rsquo;s
codes of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;) are separate requirements
applying to the Covered Officers and others, and are not part of this Code.</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">All Covered Officers must
become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable law or provide answers
to all questions that might arise, all Covered Officers are expected to use common sense about what is right and wrong, including
a sense of when it is proper to seek guidance from others on the appropriate course of conduct.</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 purpose of this Code
is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:</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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds
files with, or submits to, the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and in any other public communications
by the Funds;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">compliance with applicable governmental laws, rules and regulations;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the prompt internal reporting of violations of the Code to the appropriate persons as set forth
in the Code; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in"></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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">accountability for adherence to the Code.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.9in; text-align: justify; text-indent: -0.4in">&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"></TD><TD STYLE="width: 0.5in"><B>II.</B></TD><TD STYLE="text-align: justify"><B>C<FONT STYLE="font-variant: small-caps">overed</FONT> P<FONT STYLE="font-variant: small-caps">ersons</FONT></B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Code applies to the
Funds&rsquo; Principal Executive Officers and Principal Financial Officers, or any persons performing similar functions on behalf
of the Funds (the &ldquo;Covered Officers&rdquo;). Each Covered Person should adhere to a high standard of business ethics and
should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Covered Officers are
expected to act in accordance with the standards set forth in this Code.</P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">Honest
and Ethical Conduct</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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"><B>A.</B></TD><TD STYLE="text-align: justify"><B>Honesty, Diligence and Professional Responsibility </B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Covered Officers are expected
to observe both the form and the spirit of the ethical principles contained in this Code. Covered Officers must perform their duties
and responsibilities for the Funds:</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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">with honesty, diligence, and a commitment to professional and ethical responsibility;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">carefully, thoroughly and in a timely manner; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">in conformity with applicable professional and technical standards.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.9in; text-align: justify; text-indent: -0.4in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Covered Officers who are
certified public accountants are expected to carry out their duties and responsibilities in a manner consistent with the principles
governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting Oversight Board
or the American Institute of Certified Public Accountants from time to time.</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: bold 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">B.</TD><TD STYLE="text-align: justify">Objectivity/Avoidance of Undisclosed Conflicts of Interest</TD></TR></TABLE>

<P STYLE="font: bold 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: 0.5in">Covered Officers are expected
to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties and responsibilities for
the Funds, Covered Officers must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their
own interests or by the interests of others. Covered Officers must avoid participation in any activity or relationship that constitutes
a conflict of interest unless that conflict has been completely disclosed to affected parties and waived by the Trustees on behalf
of the Funds. Further, Covered Officers should avoid participation in any activity or relationship that could create the appearance
of a conflict of interest.</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">A conflict of interest
would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment, interest, association,
activity or relationship that may impair or appear to impair the Covered Officer&rsquo;s objectivity or interfere with the interests
of, or the Covered Officer's service to, the Funds.</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"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Any Covered Officer who
may be involved in a situation or activity that might be &#9;a conflict of interest or give the appearance of a conflict of interest
must report such situation or activity using the reporting procedures set forth in Section VI of this Code.</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">Each Covered Officer must
not:</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"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>cause the Funds to take action, or fail to take actions, for the individual personal benefit of the Covered Officer rather
than the benefit of the Funds; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD>use material non-public knowledge of portfolio transactions made or contemplated for the Funds to trade personally or cause
others to trade personally in contemplation of the market effect of such transactions.</TD></TR></TABLE>

<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-align: justify; text-indent: 0.5in">Each Covered Officer is
responsible for his or her compliance with this conflict of interest policy.</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: bold 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">C.</TD><TD STYLE="text-align: justify">Preparation of Financial Statements</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Covered Officers must not
knowingly make any misrepresentations regarding the Funds&rsquo; financial statements or any facts in the preparation of the Funds&rsquo;
financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the
preparation of the Funds&rsquo; financial statements. This section is intended to prohibit:</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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">making, or permitting or directing another to make, materially false or misleading entries in the
Funds&rsquo; financial statements or records;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">failing to correct the Funds&rsquo; financial statements or records that are materially false or
misleading when he or she has the authority to record an entry; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">signing, or permitting or directing another to sign, a document containing materially false or
misleading financial information.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.9in; text-align: justify; text-indent: -0.4in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Covered Officers must be
scrupulous in their application of generally accepted accounting principles. No Covered Officer may (i) express an opinion or state
affirmatively that the financial statements or other financial data of the Funds are presented in conformity with generally accepted
accounting principles, or (ii) state that he or she is not aware of any material modifications that should be made to such statements
or data in order for them to be in conformity with generally accepted accounting principles, if such statements or data contain
any departure from generally accepted accounting principles then in effect in the United States.</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">Covered Officers must follow
the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental bodies, commissions
or other regulatory agencies in the preparation of financial statements, records and related information. If a Covered Officer
prepares financial statements, records or related information for purposes of reporting to such bodies, commissions or regulatory
agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted accounting principles.</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"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If a Covered Officer and
his or her supervisor have a disagreement or dispute relating to the preparation of financial statements or the recording of transactions,
the Covered Officer should take the following steps to ensure that the situation does not constitute an impermissible subordination
of judgment:</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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">The Covered Officer should consider whether (i) the entry or the failure to record a transaction
in the records, or (ii) the financial statement presentation or the nature or omission of disclosure in the financial statements,
as proposed by the supervisor, represents the use of an acceptable alternative and does not materially misrepresent the facts or
result in an omission of a material fact. If, after appropriate research or consultation, the Covered Officer concludes that the
matter has authoritative support and/or does not result in a material misrepresentation, the Covered Officer need do nothing further.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">If the Covered Officer concludes that the financial statements or records could be materially misstated
as a result of the supervisor&rsquo;s determination, the Covered Officer should follow the reporting procedures set forth in Section
VI of this Code.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.9in; text-align: justify; text-indent: -0.4in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 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">D.</TD><TD STYLE="text-align: justify">Obligations to the Independent Auditor of the Funds</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In dealing with the Funds&rsquo;
independent auditor, Covered Officers must be candid &#9;and not knowingly misrepresent facts or knowingly fail to disclose material
facts, and must respond to specific inquiries and requests by the Funds&rsquo; independent auditor.</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">Covered Officers must not
take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Funds&rsquo;
independent auditor in the performance of an audit of the Funds&rsquo; financial statements for the purpose of rendering such financial
statements materially misleading.</P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">Full,
Fair, Accurate, Timely and Understandable Disclosure</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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">It is the Funds&rsquo;
policy to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that the Funds files with,
or submits to, the SEC and in any other public communications by the Funds. The Funds have designed and implemented Disclosure
Controls and Procedures to carry out this policy.</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">Covered Officers are expected
to familiarize themselves with the disclosure requirements generally applicable to the Funds, and to use their best efforts to
promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports and documents that
the Funds files with, or submits to, the SEC and in any other public communications by the Funds.</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"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Covered Officers must review
the Funds&rsquo; Disclosure Controls and Procedures to ensure they are aware of and carry out their duties and responsibilities
in accordance with the Disclosure Controls and Procedures and the disclosure obligations of the Funds. Covered Officers are responsible
for monitoring the integrity and effectiveness of the Funds&rsquo; Disclosure Controls and Procedures.</P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">Compliance
with Applicable Laws, Rules and Regulations</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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">Covered Officers are expected
to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Funds&rsquo; business. If a Covered
Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered Officer should seek
advice from the Covered Officer&rsquo;s supervisor or the Funds&rsquo; legal counsel.</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">In the performance of their
work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are discreditable to the Funds.</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">Covered Officers are expected
to promote the Funds&rsquo; compliance with applicable laws, rules and regulations. To promote such compliance, Covered Officers
may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions of the Funds about
any applicable laws, rules or regulations that affect the operation of the finance and compliance functions and the Funds generally.</P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">Reporting
and Accountability</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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">All Covered Officers will
be held accountable for adherence to this Code. Each Covered Officer must, upon the Funds&rsquo; adoption of this Code (or thereafter
as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands
this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer, on an annual basis,
must affirm to the Board that he/she has complied with the requirements of this Code.</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">Covered Officers may not
retaliate against any other Covered Officer of the Funds or their affiliated persons for reports of potential violations that are
made in good faith.</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 Funds will follow these
procedures in investigating and enforcing this Code:</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: 1.25in"></TD><TD STYLE="width: 0.5in"><B>A.</B></TD><TD>Any Covered Officer who knows of any violation of this Code or who questions whether a situation, activity or practice is acceptable
must immediately report such practice to the Funds&rsquo; Audit Committee. The Audit Committee shall take appropriate action to
investigate any reported potential violations. If, after such investigation, the Audit Committee believes that no violation has
occurred, the Audit Committee is not required to take any further action. Any matter that the Audit Committee believes is a violation
will be reported to the Chairman of the Board of Trustees/ Directors. The Audit Committee shall respond to the Covered Officer
within a reasonable period of time.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.75in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.75in; text-indent: -0.5in"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.75in; text-indent: -0.5in"></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: 1.25in"></TD><TD STYLE="width: 0.5in"><B>B.</B></TD><TD>If the Covered Officer is not satisfied with the response of the Audit Committee, the Covered Officer shall report the matter
to the Chairman of the Board of Trustees. If the Chairman is unavailable, the Covered Officer may report the matter to any other
member of the Board of Trustees. The person receiving the report shall consider the matter, refer it to the full Board of Trustees
if he or she deems appropriate, and respond to the Covered Officer within a reasonable amount of time. If the Board of Trustees/
Directors concurs that a violation has occurred, it will consider appropriate action, which may include review of and appropriate
modifications to applicable policies and procedures or notification to appropriate personnel of the investment adviser or its board.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.75in; 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: 1.25in"></TD><TD STYLE="width: 0.5in"><B>C.</B></TD><TD>If the Board of Trustees determines that a Covered Officer violated this Code, failed to report a known or suspected violation
of this Code, or provided intentionally false or malicious information in connection with an alleged violation of this Code, the
Board of Trustees/ Directors may take disciplinary action against any such Covered Officer to the extent the Board of Trustees
deems appropriate. No Covered Officer will be disciplined for reporting a concern in good faith.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.9in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">To the extent possible
and as allowed by law, reports will be treated as confidential. The Funds may report violations of the law to the appropriate authorities.</P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">Disclosure
of this Code</P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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">This Code shall be disclosed
to the public by at least one of the following methods in the manner prescribed by the SEC, unless otherwise required by law:</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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Filing a copy of this Code as an exhibit to the Funds&rsquo; annual report on Form N-CSR;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Posting the text of this Code on the Funds&rsquo; Internet website and disclosing, in its most
recent report on Form N-CSR, its Internet address and the fact that it has posted this Code on its Internet website; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in">&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: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Providing an undertaking in the Funds&rsquo; most recent report on Form N-CSR to provide a copy
of this Code to any person without charge upon request, and explaining the manner in which such a request may be made.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.9in; text-align: justify; text-indent: -0.4in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.9in; text-align: justify; text-indent: -0.4in"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.9in; text-align: justify; text-indent: -0.4in"></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Waivers</P>



<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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">Any waiver of this Code,
including an implicit waiver, granted to a Covered Officer may be made only by the Board of Trustees/ Directors or a committee
of the Board to which such responsibility has been delegated, and must be disclosed by the Funds in the manner prescribed by law
and as set forth above in Section VII (Disclosure of this Code).</P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Amendments</P>



<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; 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">This Code may be amended
by the affirmative vote of a majority of the Board of Trustees, including a majority of the independent Trustees. Any amendment
of this Code must be disclosed by the Funds in the manner prescribed by law and as set forth above in Section VII (Disclosure of
this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any amendments to this
Code will be provided to the Covered Officers.</P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Confidentiality</P>



<P STYLE="font: small-caps bold 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">All reports and records prepared or maintained
pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required
by law or this Code, such matters shall not be disclosed to anyone other than the Board of Trustees of the Funds, the Audit Committee,
the legal counsel to the Funds, legal counsel to the independent trustees and such other persons as a majority of the Board of
Trustees/ Directors, including a majority of the independent Trustees, shall determine to be appropriate.</P>

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

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

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Exhibit (r)(3)&nbsp;</P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Appendix A</U></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>Liberty All-Star Funds</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: justify">Certification and Acknowledgment of Receipt
of Code of Ethics for Principal Executive Officers and Principal Financial Officers</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">I acknowledge and certify that I have received
a copy of the Liberty All-Star Funds&rsquo; Code of Ethics for Principal Executive Officers and Principal Financial Officers (the
&ldquo;Code&rdquo;). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures
contained in the Code and to abide by those policies and procedures.</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">I acknowledge and certify that I have read
and understand the Code.</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">I affirm that I have complied with the requirements of this Code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-decoration: none">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 15%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Officer Name (Please Print)</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Officer Signature</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Date</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.R.4
<SEQUENCE>4
<FILENAME>fp0048138_ex9925r4.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Exhibit (r)(4)</P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(the &ldquo;Company&rdquo;)</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>August 2019</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>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BACKGROUND</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">Rule 204A-1 under the Investment Advisers Act of 1940 (&ldquo;Advisers
Act&rdquo;) requires all investment advisers registered with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) to adopt
a Code of Ethics that sets forth standards of conduct and requires compliance with federal securities laws. Additionally, Rule
17j-1 under the Investment Company Act of 1940 (the &ldquo;Investment Company Act&rdquo;) requires investment advisers to mutual
funds to adopt a written Code of Ethics and to report any material compliance violations to such mutual fund(s&rsquo;) 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">This Code of Ethics is intended to reflect fiduciary principals
that govern the conduct of Congress Asset Management (the &ldquo;Company&rdquo;) and its associates in those situations where the
Company acts as an investment adviser as defined under the Advisers Act when providing investment advice to clients (&ldquo;Advisory
Clients&rdquo;).</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 Code of Ethics also provides for certain personal trading restrictions,
reporting and preclearance obligations, for those associates designated as an &ldquo;Access Person&rdquo; as defined under the
Advisers Act and Appendix 1, of this Code of Ethics.</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 Company utilizes MyComplianceOffice (&ldquo;MCO&rdquo;), an
automated compliance system, to assist the Chief Compliance Officer (the &ldquo;CCO&rdquo;) with administering the Company&rsquo;s
Code of Ethics.</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 Code of Ethics shall be reviewed and signed by all Access Persons
of the Company upon hire, following material changes to this Code of Ethics and annually thereafter.</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>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STANDARDS OF CONDUCT</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">The Company and each of its associates shall at all times:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Act with integrity, competence, dignity, and in an ethical manner when dealing with the public, clients, prospects and fellow
associates that will reflect credit on the Company.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Place the interests of clients first, ahead of their own and others.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Strive to maintain and improve their professional skills and the professional skills of others in the Company.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Exercise reasonable care, diligence and professional judgment in performing each&rsquo;s responsibilities.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Maintain knowledge of, and comply with, all applicable federal and state laws, rules, regulations and the Company&rsquo;s policies
and procedures, including this Code of Ethics.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Not knowingly participate or assist in any violation of such laws, rules or regulations or Company policies.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Escalate to either their manager, executive officer or CCO violations of applicable law, regulation, policy or, suspicions
of wrongdoing by his/herself, of other associates, contractors, interns, etc.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Embrace a culture of compliance and sustain the Company&rsquo;s ideals described above.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>This Code of Ethics prohibits all associates of the Company from engaging fraudulent activities. Specifically, it is unlawful
and prohibited for any Access Person to:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>&nbsp;</I></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>employ any device, scheme or artifice to defraud an advisory client;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>make any untrue statement of a material fact to an advisory client or omit to state a material fact necessary in order to make
the statements made to an advisory client, in light of the circumstances under which they are made, not misleading;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>to engage in any act, practice or course of business that operates or would operate as a fraud or deceit on an advisory client;
or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>to engage in any manipulative practice with respect to an advisory client.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>ADDITIONAL REQUIREMENTS OF CHARTERED FINANCIAL ANALYSTS</I></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">Company associates who are designated as a CFA shall also be guided
by the CFA Institute Code of Ethics and Standard of Professional Conduct (&ldquo;CFA Code&rdquo;). A copy of the CFA Code is included
as Appendix 2 of this Code of Ethics.</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"><I>REPORTING AND ESCALATION OF VIOLATIONS AND/OR SUSPICIONS
OF WRONGDOING</I></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 Company&rsquo;s Standard of Conduct requires each associate
to escalate violations of applicable law, regulation, policy or suspicions of wrongdoing to their manager, an officer of the firm
and/or the CCO.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Managers and officers obtaining such information from other associates should escalate such to the CCO.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>An associate may submit directly to the CCO, anonymously or in-person, violations of applicable law, regulation, policy or
suspicions of wrongdoing.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>The CCO shall research and investigate such matters, determine the relevance and validity of such matter and recommend to the
Company a course of action.</TD></TR></TABLE>

<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 Company recognizes that, despite its culture of compliance and
its Standards of Conduct, escalation of compliance violations and suspicions of wrongdoing may be stressful to certain associates
who harbor fear of criticism and/or retaliation by the Company or its associates. The Company recognizes that such stress may create
an unwanted obstacle to escalating actual or potential compliance violations or acts of wrongdoing. Hence:</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><I>The Company, its officers, associates or contractors shall
not initiate or tolerate acts of retaliation, or indications which may create a real or perceived threat of retaliation, against
an associate, who in good faith, reports violations of applicable law, regulation or policy or reports suspicions of wrongdoing.</I></B></P>

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>Any act of intimidation or retaliation by an officer, associate
or contractor shall be punishable up to and including termination.</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></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"></TD><TD STYLE="width: 0.5in"><B>C.</B></TD><TD><B>PERSONAL SECURITIES ACCOUNTS AND PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Company allows Access Persons to maintain personal securities
accounts, provided any such personal investing by the Access Person is in compliance with this Code of Ethics.</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">No Access Person may obtain direct or indirect beneficial ownership
in an IPO or Limited Offering or, any Reportable Security in which he or she has direct or indirect beneficial ownership, without
first obtaining preclearance from the CCO or his designee (&ldquo;Designated Officer&rdquo;).</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"><I>PRECLEARANCE PROCEDURES</I></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 Company utilizes MCO to provide a platform for associates to
request approval for personal securities trades and for the Company to administer the personal trading pre-clearance process.</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 Company has adopted the following procedures regarding preclearance
of personal trading in Reportable Securities:</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 Compliance and Research groups administer a &ldquo;Restricted
List&rdquo; constituting issuer securities held, or under consideration to be hired in the Company&rsquo;s strategy models, including
model-substitute securities securities (e.g., alternative security selections due to client restrictions or client direction).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Each preclearance request in a Reportable Security must be submitted via MCO.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Each preclearance request must include the following information:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Request type (Equities/ETFs/Funds, Fixed Income, Option, IPO, Other)</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Company Name/Identifier/Ticker</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Action (Buy/Sell)</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Number of Shares, Par Value, Etc.</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Trade Date</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>MCO will not allow a pre-clearance request to go through
without the information above!</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Personal trade requests in issuers which match the Company&rsquo;s Restricted List <U>AND</U> have been coded by compliance
as either on the trading desk, or actively considered to be part of a model change, will be automatically denied.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Personal trade requests in other issuers matching the Company&rsquo;s Restricted List, (i.e., not under consideration to be
part of a model change) must receive approval from the Designated Officer (John O&rsquo;Reilly) or his/her back-up before the trades
are executed. The following employees have the authority to approve trades in the event the Designated Officer is unavailable:</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; 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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Gregg O&rsquo;Keefe &ndash; EVP, Portfolio Manager</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Nancy Huynh &ndash; Head of Equity Research</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Dan Lagan &ndash; CIO and President</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>If approved, approval is valid for the requested day only. If the Access Person making the request does not trade on that day,
a new pre-clearance request must be submitted.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>No Designated Person shall be granted permission on
MCO to preclear his or her trades or review his or her own report(s). One of the three Designated Person&rsquo;s back-ups, as mentioned
above, shall review such report(s) or preclearance requests.</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>EXCEPTIONS TO PRECLEARANCE REQUIREMENTS</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Transactions in Reportable Securities held in accounts where the Access Person has no direct or indirect influence or control
of such account&rsquo;s transactions do not have to be precleared</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Transactions in municipal bonds, direct and indirect obligations of the United States government and its agencies do not have
to be precleared (but must be reported pursuant to Section D of this Code of Ethics)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>&nbsp;</I></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Transactions effected pursuant to the Company&rsquo;s 401-k Plan, an automatic investment plan, automatic withdrawal plan,
or automatic rebalancing plan do not have to be precleared</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Transactions in ETFs <I><U>except for ETFs traded in the Strategic Assets and Strategic Satellites products (together the &ldquo;Strategic
Products&rdquo;) for which CAM holds more than 5% of the total AUM of the ETFs </U></I>do not have to be precleared (but must be
reported pursuant to Section D of this Code of Ethics)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>PROHIBITED TRADING PRACTICES</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>No Access Person may trade ahead of an advisory client account- a practice known as &ldquo;front-running.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>No Access Person may act upon, misuse or disclose any material non-public information (i.e., inside information).</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPORTS REQUIRED
FROM ACCESS PERSONS</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">All Access Persons are required to open an account in MCO (with
assistance from Compliance). Each Access Person must authorize their broker/dealer or custodian to provide daily securities holdings
feeds to MCO or, if the daily feed is not available from a particular custodian, the Access Person must provide duplicate monthly
statements to Compliance or directly to MCO. All month-end holdings and transaction data will be entered into the MCO system, for
the Company to review.</P>

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">In-Turn MCO shall generate reports for each Access Person as required
under the Code of Ethics and Rule 17j-1(d) of the Investment Company Act. Such reports shall be confirmed as complete and correct
by the Access Person and reviewed by the Advisor&rsquo;s compliance department.</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"><I>INITIAL QUARTERLY HOLDINGS</I></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">Within ten days of becoming an Access Person each Access Person
must confirm in MCO all accounts holding Reportable Securities for the benefit of the Access Person and each of his/her Immediate
Family Members. Employees must provide an Initial Holding Report including: securities held, brokerage accounts, and a date for
the report. The report must be submitted no later than 10 days after and the as of date of the holdings must not be more than 45
days old, prior to the date the employee becomes an Access Person.</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"><I>QUARTERLY TRANSACTION REPORTS AND CONFIRMATION OF ACCOUNTS</I></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">During the quarter, MCO will provide the following broker trade
information to Compliance:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal
amount of each covered security involved</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>The nature of the transaction (purchase, sale, etc.)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Name of the broker, dealer or bank</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Within seven days after each calendar quarter-end, each Access Person
must log into MCO to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Confirm each securities account recorded in MCO</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Update MCO for any account(s) not recorded in MCO</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>MCO will provide Compliance with a report of new accounts
created. The report must include the broker, the date the account was established, and the date of the report.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Confirm each transaction in a Reportable Security was recorded in MCO</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Update MCO for any transaction(s) not recorded in MCO</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Attest that all transaction and account records are current in MCO</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Compliance will monitor Access Person participation in completing their confirmations of all of their trades in reportable
securities.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>Note: Discrepancies in Accounts, holdings or transactions
on MCO should be escalated to Compliance who will assist the associate in updating MCO. The Access Person should not attest in
MCO until updates are complete</I></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"><I>&nbsp;</I></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><I>EXCEPTIONS TO REPORTING REQUIREMENTS</I></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 reporting of holdings and transactions apply only to those in
personal securities accounts which the Access Person has direct or indirect influence or control.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Personal accounts over which the Access Person had no direct or indirect influence or control are exempt from the holdings
and transaction reporting requirement;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Transactions effected pursuant to the Company&rsquo;s 401-k Plan. (Fidelity, the Company&rsquo;s 401-k Plan administrator provides
a report of all transactions and holdings to the Company)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>An automatic investment plan, automatic withdrawal plan, or automated rebalancing plan do not have to be reported</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATION OF
THE CODE OF ETHICS</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">The CCO has overall responsibility for implementation of this Code
of Ethics and, shall:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Establish policies, procedures and controls reasonably necessary to prevent the Company&rsquo;s Access Persons from violating
this Code of Ethics.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Circulate (via MCO) the Code of Ethics at least annually and immediately following each material revision and receive an acknowledgement
from each Access Person that the Code of Ethics has been read and understood.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Appoint one or more &ldquo;Designated Persons&rdquo; to administer the Preclearance process (on MCO).</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>The CCO shall oversee the activities of such Designated
Persons.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><I>&nbsp;</I></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Monitor MCO exception reports for violations of the Code of Ethics and/or other applicable trading policies and procedures.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Periodically monitor the activities of the Designated Persons to ensure Reportable Securities are being approved/denied as
described in this Code of Ethics.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Monitor the administration of the Restricted Lists in MCO.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Report promptly each violation of this Code of Ethics to the President and Chief Operating Officer and, if such violation is
responsive to a mutual fund, to such fund(s)&rsquo; chief compliance officer and board, in accordance with such fund(s)&rsquo;
policies and procedures and Rule 17j-1 of the Investment Company Act.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>On an annual basis, prepare a written report describing any issues arising under the Code of Ethics or procedures, including
information about any material violations of the Code of Ethics or its underlying procedures and any sanctions imposed due to such
violations and submit the information to the Company&rsquo;s Management Committee.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>On an annual basis, provide the Chief Compliance Officer and the Board of Trustees (the &ldquo;Board&rdquo;) of each investment
company for which the Company serves as investment advisor or investment sub-adviser, a written report describing any issues arising
under the Code of Ethics or its compliance policy and procedures since the last report to the Board, including but not limited
to, information about any material violations of the Code of Ethics or its policies and procedures and, any sanctions imposed in
response to such violations.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>The Company shall certify to each investment company Board and Fund CCO annually that it has adopted procedures reasonably
necessary to prevent its Access Persons from violating the Code of Ethics.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OUTSIDE BUSINESS
ACTIVITIES</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">Business activities outside the Company can result in a source of
conflict among the Company, its associate and a third-party business. Access Persons must not enter into business arrangements
and obligations which may conflict with the Company&rsquo;s fiduciary duty to its clients.</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 Company may permit an associate to enter into and maintain certain
kinds of business activities, (e.g., not for profit board seats, memberships, etc.), but shall do so on a facts and circumstances
basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Certain outside business activities are not allowed, such as serving
on boards of companies whose securities are owned by mutual funds advised or sub-advised by the Company.</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"><I>REPORTING OF OUTSIDE BUSINESS ACTIVITY</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Each Access Person is required to report in MCO every outside business activity within ten days of becoming an Access Person.
All entered outside business activities are reviewed by a member of the Compliance Department upon entry;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Each Access Person considering engaging in an outside business activity must request and receive approval from their direct
manager and the CCO (via MCO) prior into entering into such an arrangement;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>All Access Persons must review and attest all outside business activity listed in MCO is valid and up-to-date at least annually,
and as often as deemed necessary by the CCO. All attestations are reviewed by a member of the Compliance Department upon completion.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;POLITICAL CONTRIBUTIONS
(&ldquo;Pay to Play&rdquo;)</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">Rule 206(4)-5 of the Investment Advisers Act (&ldquo;Pay-to-Play&rdquo;
Rule) prohibits an investment advisor from: (1) providing advisory services for compensation to a government entity client for
two years after the advisor or certain of its executives or employees makes a contribution to certain elected officials or candidates
in amounts in excess as outlined below.</P>

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

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Company associates may make political contributions up to $350 per election to an elected official or candidate for whom the
associate is entitled to vote for and, $150 per election to an elected official or candidate for whom the associate is not entitled
to vote for.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Company employees may not circumvent the Pay-to-Play Rule by making contributions through spouses, family members, friends,
political action committees (&ldquo;PACs&rdquo;), etc.</TD></TR></TABLE>

<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 0.25in"><I>REPORTING OF POLITICAL CONTRIBUTIONS</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Each Access Person is required to report in MCO all political contributions and solicitations made for the 2-year period prior
to employment within ten days of becoming an Access Person;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>After initial disclosure, each Access Person is required to report in MCO all political contributions and solicitations immediately
after contribution has been made. All entered political contributions are reviewed by a member of the Compliance Department upon
entry;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>All Access Persons must review and attest all political contributions listed in MCO are valid and up-to-date at least semi-annually,
and ad hoc as deemed necessary by the CCO. All attestations are reviewed by a member of the Compliance Department upon completion.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONFLICTS</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">The trust our clients place in us is critical to the success of
the Company. It is the responsibility of each associate to identify and report to his/her manager and the CCO any situation which
may have real or perceived conflicts of interests among and/or between the Company, its clients, affiliates and non-affiliated
business partners (&ldquo;Conflicts&rdquo;). Further:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>The CCO shall ensure that all known Conflicts which are deemed material by the CCO are properly disclosed in the firm&rsquo;s
Form ADV Part 2A and other documents requiring such disclosure.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>Each Conflict which is escalated to the CCO shall be presented to senior management for review and determination of how it
will be remediated and/or managed.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>The CCO shall be responsible for monitoring the firm&rsquo;s ongoing management of its Conflicts.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RECORD MAINTENANCE</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">The CCO, or his Designated Person, shall maintain or cause to be
maintained in a readily accessible place the following records:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>A copy of each Code of Ethics adopted by the firm that is in effect, or at any time within the past five years was in effect.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>A record of each violation of this Code of Ethics and any action that was taken as a result of such violation. Records of violations
must be maintained for a period of five years from the end of the fiscal year in which the violation occurs.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>A record of compliance certifications for each Access Person of the firm must be maintained for at least five years.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>A copy of each report made by an Access Person, including any information provided in lieu of the reports, must be maintained
for at least five years after the end of the fiscal year in which the report is made or the information is provided.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>A list of all persons who are currently, or within the preceding five years were, Access Persons, or who are currently or within
the preceding five years were responsible for reviewing Access Person reports.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>A copy of each annual written report, provided to the Company pursuant to this Code of Ethics, must be maintained for a period
of five years after the end of the fiscal year in which the written report is made.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&#11162;</TD><TD>A record of any decision, and the reasons supporting the decision, to approve the acquisition of IPOs or Limited Offerings,
must be maintained for a period of five years after the end of the fiscal year in which the approval is granted.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SANCTIONS</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">As to any material violation of this Code of Ethics, the Company
shall review each violation and apply sanctions to an Access Person causing such violation(s) which may include, but are not limited
to: (1) a written reprimand in the Access Person's employment file; (2) a suspension of personal securities trading privileges;
(3) fines and/or disgorgement of trading profits; and/or (4) termination from employment.</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">&nbsp;</P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><B>APPENDIX 1</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>DEFINITIONS</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>ACCESS PERSON</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">For purposes of this Code of Ethics, &ldquo;Access Person&rdquo;
shall mean all directors, officers, general partners, associates, contractors and interns of the Company: (i) who have access to
nonpublic information regarding any client&rsquo;s purchase or sale of securities, or nonpublic information regarding the portfolio
holdings of any Reportable Fund; or (ii) who are involved in making securities recommendations to clients, or who have access to
such recommendations that are nonpublic.</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">For purposes of this Code of Ethics, all directors, officers, general
partners, associates, contractors and interns of the Company are presumed to be Access Persons unless explicitly excluded from
such definition by the CCO.</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"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Includes any Security (see below), but does not include (i) direct
obligations of the Government of the United States or its Agencies; (ii) bankers' acceptances, bank certificates of deposit, commercial
paper and high quality short-term debt instruments, including repurchase agreements; and (iii) shares issued by open-end investment
companies (i.e., mutual funds) other than Reportable Funds; (iv) municipal bonds</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"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Constitutes issuer securities held, or under consideration to be
acquired in the Company&rsquo;s strategy models, including model-substitute securities (e.g., alternative security selections due
to client restrictions or client direction).</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>IMMEDIATE FAMILY MEMBER</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Includes any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, father-in-law, mother-in-law, son-in-law, daughter-in-law, sister-in-law, brother-in-law (including adoptive relationship)
&ndash; living at the same address.</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"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>INITIAL PUBLIC OFFERING (IPO)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">An offering of securities registered under the Securities Act of
1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or
15(d) of the Securities Exchange Act of 1934.</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"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">An offering that is exempt from registration under the Securities
Act of 1933 (the &ldquo;Securities Act&rdquo;) pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504, Rule 505,
or Rule 506 under the Securities Act.</P>

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Includes any registered investment company to which the Company
serves an investment adviser or principal underwriter. As or the date of this Code the following Funds are considered Reportable
Funds:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Congress Large Cap Growth Fund*</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: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Congress Mid Cap Growth Fund*</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: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Congress Small Cap Growth Fund *</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: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Liberty All-Star Growth Fund</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: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">JNL Multi-Manager Small Cap Value Fund</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">The Congress Funds held in the <U>Company&rsquo;s 401-k
Plan</U> are not considered reportable, effective 3Q18. All transactions in the Funds are reported to the Company by the Plan
Administrator, quarterly.</TD>
</TR></TABLE>

<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>SECURITY</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Any note, stock, treasury stock, bond, debenture, evidence of indebtedness,
certificate of interest or participation in any profit-sharing agreement, collateral trust certificate, preorganization certificate
or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional
undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including
a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof),
or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or,
in general, any interest or instrument commonly known as a &ldquo;security,&rdquo; or any certificate of interest or participation
in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the
foregoing.</P>

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

<!-- Field: Page; Sequence: 11; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.R.5
<SEQUENCE>5
<FILENAME>fp0048138_ex9925r5.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Exhibit (r)(5)</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></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; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><IMG SRC="image_001.jpg" ALT="Alger_Letterhead_Logo" STYLE="height: 33px; width: 188px"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 168.75pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center">
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Fred Alger Management, LLC (&ldquo;FAM&rdquo;)</P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Fred Alger &amp; Company, LLC (&ldquo;FAC&rdquo;)</P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Weatherbie Capital, LLC (&ldquo;WC&rdquo;)</P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Alger Management, Ltd. (&ldquo;AML&rdquo;)</P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">The Alger Family of Funds (the &ldquo;Funds&rdquo;)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 11pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 18pt"></FONT></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 18pt">Code of Ethics</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 0 8.85pt; text-align: center">Effective as of</P>
        <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0 0 0 8.95pt; text-align: center">October 2019</P></TD></TR>
</TABLE>
<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #365F91">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #365F91"></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #365F91"><FONT STYLE="color: Black">Table of
Contents</FONT></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #365F91"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 19.55pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">OVERVIEW AND SCOPE</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Purpose</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Definitions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">General Principles of Conduct</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">PERSONAL SECURITIES TRANSACTIONS</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Brokerage Accounts</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Securities Not Held in a Brokerage Account</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">6</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Pre-Clearance Transactions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Private Placements</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Prohibited Personal Securities Transactions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Considerations for Approval of Personal Securities Transactions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">INITIAL AND ONGOING REPORTING REQUIREMENTS</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Brokerage Accounts</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Discretionary Account</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Securities Not Held in a Brokerage Account</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Personal Securities Transactions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Private Placements</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Current Directorships</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Outside Activities</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Confidentiality</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">ADMINISTRATION OF THE CODE</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Responsibilities of the Chief Compliance Officer</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Fund Board of Trustees Reporting and Approval</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">11</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Use of Preferred Brokers</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Exceptions to the Code</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="color: Black">Violations and Sanctions</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD><FONT STYLE="color: Black">Maintenance of Records</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"><FONT STYLE="color: Black">13</FONT></TD></TR>
</TABLE>


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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #244061"><FONT STYLE="color: Black"><U>OVERVIEW
AND SCOPE</U></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black">Purpose</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">This
Code of Ethics (the &ldquo;Code&rdquo;) is adopted by Fred Alger Management, LLC (&ldquo;FAM&rdquo;), Fred Alger &amp; Company,
LLC (&ldquo;FAC&rdquo;), Weatherbie Capital, LLC (&ldquo;WC&rdquo;), and Alger Management, Ltd. (&ldquo;AML&rdquo;), (collectively,
&ldquo;Alger&rdquo;), and each investment company for which FAM serves as investment adviser (each a &ldquo;Fund&rdquo; and collectively
the &ldquo;Alger Funds&rdquo;) in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended, and Rule 204A-1
under the Investment Advisers Act of 1940 (&ldquo;Advisers Act&rdquo;), as amended. FAM, FAC, WC, AML, and the Alger Funds will
collectively be referred to as Alger throughout this Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">The
purpose of the Code is to ensure that all activities be in compliance with the Federal securities laws as well as all other laws
and regulations that apply to Alger. For the purposes of this Code, the Federal securities laws include (i) the Securities Act
of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Advisers
Act and Title V of the Gramm-Leach-Bliley Act and any rules adopted by the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
under any of the foregoing statutes, and (ii) the Bank Secrecy Act (as it applies to Alger and any investment companies (public
or private) advised by it) and any rules adopted thereunder by the SEC or the Department of the Treasury. AML is governed by personal
dealings regulations set forth under the Financial Services and Markets Act 2000, as amended by the Financial Services Act of
2012.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">If you
have reason to believe that certain acts, actions, or practices engaged in by an Alger employee would constitute a violation of
Federal or state securities laws to which Alger is subject or would violate Alger&rsquo;s policies or procedures inclusive of
the Code, you must report it to a member of the Compliance or Legal Departments.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">All
Access Persons are responsible for, and have agreed as a requirement of their employment, to review, be familiar with, and comply
with the Code. Any questions with respect to the Code should be directed to the Chief Compliance Officer (&ldquo;CCO&rdquo;) or
a member of the Compliance Department of FAM, FAC, and/or the Funds.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">A list
of terms and related definitions can be found below.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black">Definitions</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><U>Access
Person</U> - An employee of any Alger entity, including any full-time consultant or contractor, and any long-term temporary worker
on more than a six (6) month assignment.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><U>Analyst
</U>- A person employed by Alger as a Senior Analyst, Analyst, Associate Analyst, Research Associate or in a comparable position
whose function relates to providing information, advice or recommendations.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><U>Beneficial
Owner</U> - A person is considered to be the Beneficial Owner of the following securities (which may be held in a Brokerage Account
or otherwise):</FONT></P>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"></FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">securities
                                         held in the person&rsquo;s own name;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">securities
                                         held with another in joint tenancy, community property or other joint ownership;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">securities
                                         held by a bank or broker as nominee or custodian on behalf of an Access Person or pledged
                                         as collateral for a loan;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">securities
                                         held by members of the Access Person&rsquo;s immediate family sharing the same household
                                         (&ldquo;immediate family&rdquo; means any child, stepchild, grandchild, parent, stepparent,
                                         grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law,
                                         daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships);</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">securities
                                         held by a relative of an Access Person not residing in the person&rsquo;s home if the
                                         Access Person is a custodian, guardian, or otherwise has controlling influence over the
                                         purchase, sale or voting of such securities;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">securities
                                         held by a trust of which the Access Person is a beneficiary and has or shares the power
                                         to make purchase or sale decisions;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">securities
                                         held by a trust for which the Access Person serves as a trustee and in which the person
                                         has a pecuniary interest (including pecuniary interests by virtue of performance fees
                                         or by virtue of holdings by the person&rsquo;s immediate family);</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">securities
                                         held by a general partnership or limited partnership in which the Access Person is a
                                         general partner; or</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">securities
                                         held by a corporation in which the Access Person has a control position or in which the
                                         Access Person has or shares investment control over the portfolio securities (other than
                                         a registered investment company).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black"><U>Brokerage
Account</U> - Any account which is an arrangement between an Access Person (or account over which the Access Person has a beneficial
interest and/or discretion) and a licensed brokerage firm that allows the Access Person to deposit funds with the firm and place
investment orders for securities through the brokerage firm, which then carries out the transactions on the Access Person&rsquo;s
behalf. Brokerage Accounts where only exchange-traded funds (ETFs), and open- and closed-end investment companies are the only
investment option are excluded from this definition. An example of these types of accounts includes retirement accounts that do
not have individual equities, fixed income or other similar securities as an investment option. Robo-advisor accounts similar
to Betterment, Acorn, Intelligent (Schwab) and Wealthfront may not be exempt because such accounts may permit investments in individual
equities.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><U>Client
</U>- Any person, entity or investment vehicle to which any Alger entity provides investment advisory or other services.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4.5pt"><FONT STYLE="color: Black"><U>Compliance system</U> &ndash;
Charles Schwab Compliance Technologies or such other comparable system that may be used from time to time.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><U>Fund
Trustee</U> - A Trustee of the Board of Trustees of the Alger Mutual Fund Complex who is not an Officer, Director, or employee
of Alger.</FONT></P>

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"></FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Fund
                                         Trustees are only subject to the Code to the extent that a trustee knows, or, in the
                                         ordinary course of fulfilling his/her duties as a trustee of a Fund, should know that
                                         during the fifteen (15) day period immediately before or after the date of the transaction
                                         in a Security by the trustee, a Fund has purchased or sold the Security or such purchase
                                         or sale by a Fund was considered
by the Fund or Alger. In such case, the Fund Trustee should seek pre-clearance for the transaction with the CCO.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt"><FONT STYLE="color: Black"></FONT></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42pt"><FONT STYLE="color: Black"></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><U>Portfolio
Manager</U> &ndash; An Alger employee with the responsibility, authority, and ability to make investment decisions with respect
to a Client.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><U>Personal
Security Transaction</U> - A transaction in any Security in which an Access Person is or will become a Beneficial Owner.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><U>Private
Placement</U> - A Private Placement is a passive investment in any securities of an issuing entity that is exempt from registration
under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 under the
Securities Act of 1933, as amended.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black"><U>Security
</U>- Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or
participation in any profit-sharing agreement, collateral- trust certificate, pre-organization certificate or subscription, transferable
share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in
oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit),
or relating to foreign currency, or, in general, any interest or instrument commonly known as a &ldquo;security&rdquo; or any
certificate of interest or participation in, temporary or interim certificate of participation for, guarantee of, or warrant or
right to subscribe or to purchase, any of the foregoing.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black"><U>Trader
</U>- Any person employed by Alger who is responsible for placing trades on behalf of Clients.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">General
Principles of Conduct</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">Access Persons shall:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">act
                                         in the best interests of Clients at all times;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">not
                                         consider their personal financial (or any other personal) situation in connection with
                                         transactions for any Client;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">conduct
                                         themselves in a manner to avoid any actual, potential or perceived conflict of interest;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">not
                                         abuse their position of trust and responsibility;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">not
                                         take inappropriate advantage of their position in relationship to Clients;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">not
                                         divulge to any person any information regarding transactions for any Client, except in
                                         the performance of their duties;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">not
                                         transact in any securities that are restricted from purchase or sale by any Alger entity;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">not
                                         allow Personal Securities Transactions to otherwise interfere with their ability to fulfill
                                         their responsibilities.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">In
consideration of these General Principles of Conduct, an Access Person may not recommend a transaction in any Security for
any Client unless they have first disclosed to the Compliance </FONT>Department their interest in such Security (or, if
relevant, the issuer of such Security), including without limitation:</P>

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"></FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">direct
                                         or indirect Beneficial Ownership of any Security;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">any
                                         position with the issuer of such Security or its affiliates;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">any
                                         current or proposed business relationship with the issuer of such Security, its affiliates,
                                         or any party which has a significant interest in the Security or its issuer; or</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">any
                                         ownership interest in a Security acquired through a Private Placement, where transactions
                                         in securities of the same issuer are now being considered for any Client.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">In furtherance of these principles,
an Access Person must:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">obtain
                                         prior written authorization of the CCO to serve on the board of directors (or trustees)
                                         of any company. Such authorization will be based on a determination that the board service
                                         would be consistent with the interests of it Clients or would otherwise not conflict
                                         with Alger&rsquo;s ability to provide services to its Clients.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">disclose
                                         all business, investment, or charity-related outside activities regardless of their nature
                                         or scope (e.g. additional employment, volunteer work, investment in real estate).</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #244061"><FONT STYLE="color: Black">PERSONAL
SECURITIES TRANSACTIONS</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Brokerage
Accounts</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">No Access
Person shall open or maintain a Brokerage Account in which they have a Beneficial Interest without the express prior written approval
of the Compliance Department.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">An Access
Person must report to the Compliance Department all Brokerage Account(s) in which the Access Person has a Beneficial Interest,
the name of the broker-dealer or bank with whom the account was established and the date the account was established. An Access
Person is responsible for ensuring that the Compliance Department receives duplicate copies of all confirmations and account statements
<I>prior to trading </I>in any Brokerage Account. Please see the exemptions for accounts that only transact in open- and closed-end
funds and ETFs.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Securities
Not Held in a Brokerage Account</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">If an Access Person holds a
Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide the name of the Security
(or Securities), the quantity held, and the date the Security was acquired. This includes any 401(k) plans from prior employment
that allow the participant to hold individual securities and not just mutual funds.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Pre-Clearance
Transactions</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">All Access
Persons must pre-clear all Personal Securities Transactions (including Private Placements and foreign local shares) with the Compliance
Department, except for:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">a
                                         transaction effected under an arrangement through which an Access Person has given a
                                         third party full trading discretion over the Access Person&rsquo;s Brokerage Account
                                         and/or assets and, the Access Person does not have any direct or indirect influence or
                                         control over the transactions in such Brokerage Account. The Access Person must have
                                         first provided the discretionary agreement or letter with the third party to the Compliance
                                         Department;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">purchases
                                         that are part of an automatic dividend reinvestment plan;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">purchases
                                         resulting from the exercise of rights acquired from an issuer as part of a pro- rata
                                         distribution to all holders of a class of Securities of such issuer;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">sales
                                         pursuant to tender offers;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">transactions
                                         pursuant to stock splits and involuntary share buy-backs;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">gifts
                                         or bequests (either receiving or giving), although the sale of any Security received
                                         as a gift or bequest must be pre-cleared;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">transactions
                                         in municipal securities;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">transactions
                                         in shares of open- and closed-end investment companies (exception does not apply to closed-end
                                         investment companies for which Weatherbie Capital and/or Alger acts as adviser or sub-adviser;
                                         such closed-end investment companies must be pre-cleared);</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">ETFs
                                         (note: options or futures on broad-based market indices and ETFs still need to be pre-cleared);</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">direct
                                         obligations of the U.S. government; or</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">banker&rsquo;s
                                         acceptances, bank certificates of deposit, commercial paper and high quality short-term
                                         debt instruments, including repurchase agreements.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">An Access
Person may engage in no more than five (5) de minimis transactions at or below a value of $5,000 in a calendar month; however,
such transactions require pre-clearance from Compliance. The de minimis exception may not be used as a means for building a position
in a security, and such activity is not permitted under the Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">An Access
Person may only make a request for a Personal Securities Transaction prior to 10 a.m. by submitting a pre-clearance form through
the Compliance system. Compliance will use its best efforts to review and approve pre-clearance requests received after 10 a.m.
A pre-clearance form for de minimis transactions may be submitted any time throughout the day.</FONT></P>

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

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">Any approval to place a Personal
Security Transaction is valid only for the day on which it is granted. The Compliance Department will communicate approval or
denial of the trade via email or by logging into the Compliance system. Please note all trades are considered denied until official
approval is granted. If approved, an Access Person may only transact in a Security on the date the approval is given (or during
trading hours for foreign securities traded in foreign markets) and for the approximate number of shares/units of each Security
requested. If the Access Person does not transact within this time period, they must re-submit their request before placing the
transaction in the future.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Private
Placements</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">An Access Person shall not make
an investment in a Private Placement without the express prior written approval of a member of the Compliance Department.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black">Prohibited
Personal Securities Transactions</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">An Access
Person may not:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">acquire
                                         any Security in an initial public offering;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">engage
                                         in &ldquo;short-selling&rdquo;; or</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">purchase
                                         or sell (write) options or futures on an individual Security.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black">Considerations
for Approval of Personal Securities Transactions</FONT></P>

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

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #548DD4"><FONT STYLE="color: Black">Restrictions
and Blackout Periods</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">An Access
Person will not be able to execute a Personal Securities Transaction if:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">there
                                         is a pending transaction in such Security for a Client;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><I>If
                                         currently Alger does not hold position in any Client account</I>: an Analyst (or the
                                         sector/industry head if the Security in question is not covered by any Analyst), currently
                                         intends to (or believes that there are circumstances about the Security which may lead
                                         him/her to) issue a recommendation to transact in such Security within the next seven
                                         (7) calendar days;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black"><I>If
                                         Alger currently holds a position in any Client account</I>: any Portfolio Manager or
                                         Analyst who owns such Security (or such Security is otherwise appropriate for a Portfolio
                                         Manager or Analyst to own) for a Client indicates their intent to purchase or sell the
                                         Security for a Client within the next seven (7) calendar days</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">any
                                         transaction in the security has occurred in the past seven (7) calendar days.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">An Analyst
and Portfolio Manager will not be able to execute a Personal Securities Transaction in any Security in the industry that they
cover. The de minimis requirement of $5,000 will not apply in this situation. For purposes of this Code, Portfolio Managers, Traders
and Analysts who are generalists are deemed to cover all industries.</FONT></P>

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

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: left; color: #548DD4"><FONT STYLE="color: Black">Holding
Period</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">An Access Person may not sell
a Security that they have purchased within any sixty (60) day period unless they are selling the Security at a loss. An Access
Person who sells a Security that they have purchased within sixty (60) days at a gain may be required to make a donation to charity
equivalent to the profit made from the sale of the Security or face further sanctions. For clarity, open- and closed-end funds,
and ETFs (except funds subadvised by Alger or Weatherbie) are not subject to the 60 day holding period. The holding period is
calculated using the LIFO (last-in first-out) method.</FONT></P>

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

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: italic bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify; color: #548DD4"><FONT STYLE="color: Black">Excessive
Trading</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">Excessive
or inappropriate trading is prohibited. The Compliance Department monitors all Access Persons&rsquo; trading. In the determination
of the CCO, a pattern of excessive trading may lead to disciplinary action under the Code up to and including termination. Excessive
trading includes successive trades in the same security even if such trades are within the de minimis exception listed above.</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #365F91"><FONT STYLE="color: Black">INITIAL
AND ONGOING REPORTING REQUIREMENTS</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">No later
than ten (10) calendar days after an Access Person becomes employed by Alger and thereafter within twenty (20) calendar days after
the end of each calendar quarter, each Access Person shall submit a quarterly compliance certification to the Compliance Department
containing the following information:</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Brokerage
Accounts</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">For all
Brokerage Accounts for which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the
account was established, and the date the account was established. Accounts that only transact in open- and closed-end funds and/or
ETFs are exempt from reporting (<I>e.g. </I>529 plans, certain 401(k) accounts, etc.).</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Discretionary
Account</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">With respect
to an Access Person who has given discretion to have transactions placed by a third party and for which the Access Person does
not have any direct or indirect influence or control over the transaction:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">a
                                         discretionary agreement or letter with the third party must be provided to the Compliance
                                         Department</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Securities
Not Held in a Brokerage Account</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">If an Access
Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         name of the Security (or Securities),</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         quantity held, and</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         date the Security was acquired.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">This includes
401(k) plans from prior employment that allow the participant to hold individual Securities and not just mutual funds.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black">Personal
Securities Transactions</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">With respect
to all Personal Securities Transactions (including those mentioned above):</FONT></P>

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

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"></FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         date of the transaction;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         title of the Security;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         approximate number of shares/units and the principal amount of each Security involved;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         price at which the transaction was effected; and</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         name of the broker-dealer or bank with or through whom the transaction was effected.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black">Private
Placements</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">With respect
to all Private Placements and prior to engaging in such transactions:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         date of the transaction;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         title of the Security;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         number of shares/units and the principal amount of each Security involved;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         price at which the transaction will be effected; and</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         draft Private Placement Memorandum Offering and any other relevant documents.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">Upon approval from a member
of the Compliance Department, and following execution of the transaction:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         number of shares/units and the principal amount of each Security involved;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         price at which the transaction was effected; and</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">the
                                         executed Private Placement Memorandum Offering and other relevant documents.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify; color: #4F81BD"><FONT STYLE="color: Black">Current
Directorships</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">An Access Person must disclose
if they serve on the board of directors (or trustees) of any company.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Outside
Activities</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">An Access Person must disclose
all outside activities regardless of their nature or scope (<I>e.g. </I>additional employment, volunteer work (specifically leadership
roles), investment in real estate).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black"><I>If
the information required to be reported in this section has already been provided through another medium (such as information
contained in broker trade confirmations or account statements, or a personal trade pre-clearance form received by the Compliance
Department), that information does not need to be reported again, provided that a quarterly report is filed with respect to any
account established or closed during the quarter by the Access Person. Additionally, the Access Person is not relieved of reporting
responsibilities with respect to any information not reported through other mediums and required by the Code.</I></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #548DD4"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #548DD4"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #548DD4"><FONT STYLE="color: Black">Confidentiality</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">All information
obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of Securities transactions hereunder
will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.</FONT></P>

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

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #365F91"><FONT STYLE="color: Black">ADMINISTRATION
OF THE CODE</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Responsibilities
of the Chief Compliance Officer</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt"><FONT STYLE="color: Black">The CCO is responsible for
the administration of the Code. In this connection, the oversight duties of the CCO or his/her designees include:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">trade
                                         pre-clearance;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">maintenance
                                         of a current list of all Access Persons with a description of their title or employment;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">furnishing
                                         all Access Persons a copy of this Code and initially and periodically informing them
                                         of their duties and obligations hereunder;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">reviewing
                                         transaction and holdings reports of Access Persons;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">maintaining
                                         all records required by the Code;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">preparing
                                         listings of all transactions effected by Access Persons;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">interpreting
                                         of the Code;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">conducting
                                         such inspections or investigations, as shall reasonably be required to detect and report
                                         any apparent or actual violations of this Code to Alger and to the Trustees of the Alger
                                         Funds; and</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">submitting
                                         a quarterly report to the Board of Directors of each of FAM, FAC and to the Trustees
                                         of the Alger Funds that</FONT></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: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">o</FONT></TD><TD><FONT STYLE="color: Black">certifies
                                         that the procedures to implement the Code are reasonably necessary to prevent violations
                                         of the Code,</FONT></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: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">o</FONT></TD><TD><FONT STYLE="color: Black">summarizes
                                         the existing procedures to monitor the Code and any changes to the Code,</FONT></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: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">o</FONT></TD><TD><FONT STYLE="color: Black">provides
                                         statistics regarding activity under the Code,</FONT></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: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">o</FONT></TD><TD><FONT STYLE="color: Black">describes
                                         any violation of the Code and any sanctions imposed as a result, and summarizes any interpretations
                                         issued,</FONT></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: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">o</FONT></TD><TD><FONT STYLE="color: Black">details
                                         any exemptions granted,</FONT></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: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">o</FONT></TD><TD><FONT STYLE="color: Black">reports
                                         on any training provided, and</FONT></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: 60pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">o</FONT></TD><TD><FONT STYLE="color: Black">reports
                                         any other significant information concerning the Code.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Fund Board
of Trustees Reporting and Approval</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">The Board of Trustees of
each Fund, as applicable, including a majority of the Independent Trustees, must approve this Code and any material changes
to it. This approval shall be based on determination that this Code contains provisions reasonably necessary to prevent
Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable
rules and regulations. In connection with this approval, Alger shall provide </FONT>a certification to the Board that Alger
and the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.</P>

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

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">No less frequently than annually,
Alger shall furnish to the Board of Trustees, and the Board of Trustees must consider, a written report that:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">Describes
                                         any issues arising under the Code or procedures since the last report to the Board of
                                         Trustees, including, but not limited to, information about material violations of the
                                         Code or procedures or sanctions imposed in response to the material violations; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD><FONT STYLE="color: Black">Certifies
                                         that the Funds and Alger have adopted procedures reasonably necessary to prevent Access
                                         Persons from violating the Code.</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Use of
Preferred Brokers</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">All Access Persons are strongly
encouraged to maintain their personal trading accounts at, and execute all transactions in Covered Securities through, one or
more brokers that provide automated feeds to the Compliance system. Accounts with brokers who provide account information to Compliance
electronically may be more accurate and require less reconciliation for the Access Person at certification time. Please contact
the Compliance Department for a list of such brokers. <I>Note that an Access Person is not relieved of reporting responsibilities
with respect to any information not reported electronically through the Compliance system and required by the Code.</I></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt"><FONT STYLE="color: Black">Every quarter, employees with
non-electronic brokerage accounts are required to input the transaction details into the Compliance system. Failure to do so will
be considered a violation of the Code.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Exceptions
to the Code</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">Exceptions
to the Code may be granted from time to time by the CCO or his or her designee. All exceptions, unless otherwise stated below,
shall be documented and shall provide the details of the transaction including the name and title of the Access Person, the amount
of shares, direction of the trade (buy or sell), trade date, Security description, and rationale for the granting of the exception.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Violations
and Sanctions</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">Access
Persons must report any violations or potential violations of this Code promptly to the CCO or another member of the Compliance
Department immediately upon becoming aware of such violation.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">Upon discovering
that an Access Person has not complied with the requirements of this Code, the CCO, in consultation with other senior officers
of Alger and/or the Trustees of the Alger Funds, may impose on that person whatever sanctions they deem appropriate, including,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="color: Black">among other
things, disgorgement of profits, fines, censure, suspension of trading, or termination of employment.</FONT></P>

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

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; color: #4F81BD"><FONT STYLE="color: Black">Maintenance
of Records</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.95pt; text-align: justify"><FONT STYLE="color: Black">Alger
shall maintain and make available records with respect to the implementation of the Code in the manner and for the time required
by the Federal securities laws, including without limitation, Rule 17j-1(d) under the Investment Company Act of 1940. Specifically,
the CCO shall maintain the following for the time and manner specified below:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">A
                                         copy of any Code that is in effect, or at any time within the past five (5) years was
                                         in effect, must be maintained in an easily accessible place;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">A
                                         record of any violation of any such Code, and of any action taken as a result of such
                                         violation, must be maintained in an easily accessible place for at least five (5) years
                                         after the end of the fiscal year in which the violation occurred;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">A
                                         copy of each report made by an Access Person, as well as trade confirmations and account
                                         statements that contain information not duplicated in such reports, must be maintained
                                         for at least five (5) years after the end of the fiscal year in which the report was
                                         made or the information was provided, the first two (2) years in an easily accessible
                                         place;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">A
                                         copy of each report made must be maintained for at least five (5) years after the end
                                         of the fiscal year in which it was made, the first two (2) years in an easily accessible
                                         place;</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">A
                                         list of all persons, currently or within the past five (5) years, who are or were required
                                         to make reports pursuant to Rule 17j-1 and this Code, and a list of those persons responsible
                                         for reviewing these reports must be maintained in an easily accessible place; and</FONT></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: 24pt"></TD><TD STYLE="width: 18pt">&bull;</TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">A
                                         record of any decision, and the reasons supporting the decision, (i) to permit an Access
                                         Person to invest in a Private Placement, (ii) any exceptions granted by the CCO from
                                         the requirements of the Code, and (iii) relating to any material violation of the Code
                                         by an Access Person must be maintained for at least five years after the end of the fiscal
                                         year in which the approval was granted.</FONT></TD></TR></TABLE>



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

<!-- Field: Page; Sequence: 15; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">Page <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> </B>of <B>13</B></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

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

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25.S
<SEQUENCE>6
<FILENAME>fp0048138_ex9925s.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWER OF ATTORNEY </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; text-align: justify">We, the undersigned Trustees of the Liberty
All-Star&reg; Growth Fund (the &ldquo;Fund&rdquo;), a Maryland corporation (the &ldquo;Trust&rdquo;), do hereby severally constitute
and appoint Clifford J. Alexander and Sareena Khwaja-Dixon with full power of substitution, and with full power to sign for him/her
and in her/her name in the appropriate capacities, any Registration Statements on Form N-2 filed by the Trust, including any and
all pre-effective and post-effective amendments to such registration statements and supplements and other instruments in connection
therewith, and generally to do all such things in our names and behalf in connection therewith as said attorney-in-fact, either
collectively or individually, deems necessary or appropriate, to comply with the provisions of the Securities Act of 1933, as amended,
and the Investment Company Act of 1940, as amended, and all related requirements of the Securities and Exchange Commission.</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">IN WITNESS WHEREOF we have hereunto set our
hands on the dates set opposite our respective signatures.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Signature</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Title</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Thomas W. Brock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December 6, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Thomas W. Brock</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Edmund J. Burke</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December 6, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ George R. Gaspari</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December 6, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">George R. Gaspari</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Milton M. Irvin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December 6, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Milton M. Irvin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ John J. Neuhauser</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December 6, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">John J. Neuhauser</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Maureen K. Usifer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Trustee</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">December 6, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Maureen K. Usifer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>fp0048138_img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp0048138_img01.jpg
M_]C_X  02D9)1@ ! @$ > !X  #_X1 P17AI9@  34T *@    @ " $2  ,
M   !  $   $:  4    !    ;@$;  4    !    =@$H  ,    !  (   $Q
M  (    <    ?@$R  (    4    F@$[  (    1    KH=I  0    !
MP    .P $D^    G$  23X   "<0061O8F4@4&AO=&]S:&]P($-3,R!7:6YD
M;W=S #(P,3DZ,3(Z,#,@,# Z-#4Z,S< 0W5S=&]M97(@4V5R=FEC90    .@
M 0 #     0 !  "@ @ $     0   .J@ P $     0   $0         !@$#
M  ,    !  8   $:  4    !   !.@$;  4    !   !0@$H  ,    !  (
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M# P,#/_  !$( "X H ,!(@ "$0$#$0'_W0 $  K_Q $_   !!0$! 0$! 0
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MK+Z,TD>G>XLZC^@QJ??DL>SU;?5^VU8M/ZK^CMO]6E)3VMV)]5;-V5?3@/\
M79]H?<]M)WL.UGVAUCA^DKU8WUE.GI?U;S:V9-.'A9->P55W,KJ>W97[&5,L
M:UWZ.KZ#&?X->6O%+>CC8YEF >C-MQ=PAPW9N#]OQ+/7V[JZNH5W_9[;/T/I
M9'\YZ52[OZGNHNZOU[)QF,QJK+:&NPJCN;78QC_5NMMQ]_3_ +7D[J_M%6'?
M?Z7IU?:OTJ2GHL?IW3\6A^-BXM-%%I+K*JZVL8XN&U[GUL:UCM[?II8G3NGX
M6_[%C4XWJ1ZGHUMKW;?H;_3:W=M5A))3_]G_[15&4&AO=&]S:&]P(#,N,  X
M0DE-! 0      !P< @   E@+' )0 !!#=7-T;VUE<B!397)V:6-E.$))300E
M       0^!Q'*#05BY.8^/!S,G:JLSA"24T$+P      2C8! 0!(    2
M            T (  $ "             !@#  !D @    '  P  L 0   $
M#R<!    \+\       #POP  .$))30/M       0 '@    !  $ >     $
M 3A"24T$)@      #@             _@   .$))300-       $    >#A"
M24T$&0      !    !XX0DE- _,       D           $ .$))300*
M   !   X0DE-)Q        H  0         ".$))30/U      !( "]F9@ !
M &QF9@ &       ! "]F9@ ! *&9F@ &       ! #(    ! %H    &
M   ! #4    ! "T    &       !.$))30/X      !P  #_____________
M________________ ^@     _____________________________P/H
M /____________________________\#Z     #_____________________
M________ ^@  #A"24T$"       $     $   )    "0      X0DE-!!X
M      0     .$))300:      -?    !@              1    .H    5
M %  <@!O ', < !E &, = !U ', 7P!V #, 7P!C &P 90!A &X +0 Q
M 0                         !              #J    1
M           !                         !     !        ;G5L;
M  (    &8F]U;F1S3V)J8P    $       !28W0Q    !     !4;W @;&]N
M9P          3&5F=&QO;F<          $)T;VUL;VYG    1     !29VAT
M;&]N9P   .H    &<VQI8V5S5FQ,<P    %/8FIC     0      !7-L:6-E
M    $@    =S;&EC94E$;&]N9P         '9W)O=7!)1&QO;F<
M!F]R:6=I;F5N=6T    ,15-L:6-E3W)I9VEN    #6%U=&]'96YE<F%T960
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M;F<         "W)I9VAT3W5T<V5T;&]N9P      .$))300H       ,
M 3_P        .$))3004       $     CA"24T$#      .^@    $   "@
M    +@   >   %9    .W@ 8  '_V/_@ !!*1DE&  $"  !( $@  /_M  Q!
M9&]B95]#30 !_^X #D%D;V)E &2      ?_; (0 # @(" D(# D)#!$+"@L1
M%0\,# \5&!,3%1,3&!$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# $-"PL-#@T0#@X0% X.#A04#@X.#A01# P,# P1$0P,# P,#!$,# P,
M# P,# P,# P,# P,# P,# P,# P,# P,_\  $0@ +@"@ P$B  (1 0,1 ?_=
M  0 "O_$ 3\   $% 0$! 0$!          ,  0($!08'" D*"P$  04! 0$!
M 0$          0 " P0%!@<("0H+$  !! $# @0"!0<&" 4###,!  (1 P0A
M$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$
MDU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:V
MQM;F]C='5V=WAY>GM\?7Y_<1  (" 0($! ,$!08'!P8%-0$  A$#(3$2!$%1
M87$B$P4R@9$4H;%"(\%2T? S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4
MHQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G
M-T=79W>'EZ>WQ__:  P# 0 "$0,1 #\ ]5227']$^O@ZG]<<[H);6W$JWMP;
MA.^RRC:W*:[W.K>UWZ6RG8UGZ*E)3V"2C98*ZW6.!(8"XAH+G$ 3[6,#GO=_
M(8L&OZ]_5JW+.!5?>_-!(.*W$RC<"W5X=3]F]1NS\_<DIZ!)#ON;12^YX<YM
M;2XBMKGN( GV55!]ECOY%;5B8WUY^K67F' Q;[KLQKBU^.W%R38PM/IV>LS[
M/NI]-Y_2>K_-I*=YSFM:7.(#6B23H  LWJ'4\BO'-V(VJNEO\[FYKS316W_2
M01ZE_P#X!4__ +DK2=.TP8,:&)_!<EU[KG3,1]=;[6Y/4ZW>I57;4<N]I#=S
M;,;I>,ZO[-;^8R_*?A>G_P (DIP#U]_U7ZK?U0MW=-ZAD>IF9ESW5_:G%C2?
MV+TIH<^JNG=[<O(==5D_0^W_ ,VN^NZ]T?'Z=5U/)RZZ,.]@LJMM/I[FN;ZC
M=K+=MGJ;/\%L]5>2]6ZQ3E]3?;CL<.J7N ??4&9?4K P>G4RO[,UO2^D-]/Z
M?V3ULWV?I-_Z19CG&B\"RT8>228KJ/[0ZFYQ)<_],3]GPK7.<[?Z;\7(_P"!
MM24^IU_7*[JG4Z>F]#PW?I?>_,S9I:*6EALR*,(_KV0US'>G4^QF+3Z_I_I5
MU*Y?ZA?5NCI/33G/I?7U#J(%F0Z^PW7;-74UVVPQOJ;7;[O3J9^D_?\ 253J
M/UYS+_K.WZL?5ZBFS*#RR_,RBXU,<QOJY#64T%MEOHL]G\[5^G_1?\(DI[-)
M<R>K?67IWU@PNG]5&'?T[/;;LS,>NVES7TU.R75VU6W93/<VMVS])]#U$0_7
MSZNC"'4"[*& 0#]L^QY/HZGTQ^G^S^G_ #GZ/^NDIZ))<Z/K[]73A?M .RC@
M $_;/L>3Z, ^F?T_V?T_YS]'_76MU+JN%TSIEW5,I^W$H9ZCG 22#]!K!^_8
MYS6,24W$D# S<?J&%1G8KM^/DUMMJ=P2UXWMD?FN69UGZW=$Z%:*^JV78X=&
MRTT7.J<2-VUE]53ZG/:WZ;-Z2G:26!9]>?J[0:?MEM^$S),46Y6-D45OF/HW
MWTLJ_._?5_*Z[TS%NJILMDW .:Y@+FAI&YKW/;[=NUN__B_TO\TDI__0] ^L
M_4KNF]%ONQ1NS;MN-@LD2[(O<,?&C?\ 2V6V>J__ (.M><_73I3OJ=UCH/5\
M %U.+550]P&TO?BC;;ZNWV[\[#LM_P RQ=7U2_IGUE^MN-T%V0'X_2JGYM[:
M;MCG9)/V?&K;90ZO(8_#K???9Z-G^$J]14_KQ]3>D4_5G,R\=]K,C#;Z]+LC
M*OM9+/YRL5Y5UM7J74^I57[?4]1)3W%%]6117D4N#ZKFMLK>.'-<-S'#^LU>
M;=')_P#'AZAK^;;_ .>L9:W^*SZQ8V=T!O2[;VG,Z:36&%PW.H^G1:W^16QW
MV?\ X/TEA])S,1G^-[.L??6UCO6:UQ>V"[TL?V!T_2]C_P#,24^IKS#ZEDC_
M !H_6 ZGVY>GC^L8R[G-^LF!C]2P>E4V5Y&;G6%OHML&ZNIC++[LFR-_M8VG
M:QCOYU_]M<#]3<S$9_C/ZX]]];6V_:VUN+V@./KX[]K#/N=M8]R2GMNJT9O4
M0_$R<A^)BO <,7!+OME@'NVVY;7>GC56O_1V,8S_ -#5S6?]3.GOJIHNKLZ3
MTV !T;IP]?*R'^YS+<_+96]_M_FW>K9DXU7_ '-J76W_ %BP&=9PNCX[F9.7
MEFQUK:WM)IJJ8ZSUKFMW_3M]*BICMF_U/^!4<MOZ/(IID@;BZG$<:GN(]WZS
MU&6?9W._.V/JO9^998DI\SZMT*_I[[\([L5CV>M7T+I@(=]F!<P9/7.K6.M9
M35[?TOK9&;7_ *+TEEXF'FW5/KZ=1;;43Z5F/T2MSFR?=Z.;UJP6N=[?<]M?
MVG'_ .*77]4POVC15A8#*;:+7FH8V+>ZCI@M?&RSJ?4'MKN^L&7ZE=3FX^+7
MZWZ*SUO^$ZOI?U==T_HE/37W&JNEH=?]B'HOM?\ 2N_24-KLK8]WT/L_I9&S
M9^L))>8^HW7<OI></JQG5M+&3Z>/A[\K[$9.]G4LQKK:VM?;]+:ZS[/;_.>A
M3_-U?KI]3NM]-ZT_ZT_5W<XFS[18RD3=3:1MNM92?Z3CW?X>K_A;/T7HKL[>
MA-R,']F48]&#TRS7(I?4RZRS5KMVUQ?C,NW-W_:,C[;8_P#XQ5?JAUWIMHR^
M@,L%>5T;(NQ&TOL+['T4O+*,@&YS[+/9[+?]%;_HJO120T/JI]>>F_6W'?T?
MJ;&X^??4]CJF.<*[V%KFWG$MW>K78UF[?3O]>MGZ2NRW])Z=K_&+13C_ %"S
M<>A@KII;C5UUM$-:UM^.UC&M_=:U<3U7$IZC_C.8SZM@6%F1CY&5;3!JKL8X
M69N0Y[/T>W9M];_2Y7J5?SR[;_&?;4SZEY['O:UUAI#&N(!<1?0YVR?I>U)2
MO\75-.1]0L&B]@LIM;D,LK<):YKK\AKV.:?I-<U1^L?2F=4.)]3\,^CBT8KL
MFZ2\[65-^R=)I?9[M^[,_6?TC_TG[.3?XM\S#J^HN'9;?6RO'%YO>Y[0VL>O
M>^;7$_H_9[O>@="Z:WZRG,^LM?5,O%'4;W,I9A6-K Q\8NQL-E[+*[G-N=^E
MR7M_[M)*0?XH^JONZ-D=%R)9D]+M(#"((KM+G;/^M9+<FO\ [;0/\<\_L3 '
MCDOT_P"LW+*%N/\ 4K_&8!9E^IA]08!DW7O:ZP#(U=9E/_1L8YF;3ZV_9_1K
MEH_XYLB@]'P&-M87F]SPT.&[::;=KPV=VW7Z22E_KUU3IN;]4NG]*PK&9_4K
MGX_HXN,1?:#6W=:[TZ=[F^S=5_UQ=#T'ZJ"KHG3:.J%YS<;'95<&OT@'>VC<
M-W\S6_[)ZE#OTN/^AWOH7+?6[IGV7IO2/KG]736S(P&5#)?1&QU9:-EMOHEN
M]C7/]#(_[K9'[E2[KZN?6#!^L/2JNHX;@-WMNIW!SJK!_.4V1^[^9_I*_P!*
MDI__T?2*.B=%Q[678^!C4VU$NKLKIK:YI<"USF/:S<W=N<C9>%AYM8JS**\F
MMK@]K+F->T.'T7AM@=[VRCI)*:+.A=$K>+&=/Q6O <T.;36#M>-EC=P9]&QA
MV/4/^;GU>V>G^R\/8.&_9ZH_S=BT4DE-"KH'0J=WH]-Q*_4:YC]E%;=S7C98
MQVUGN98SV/43]7/J\6AAZ7AEHX:<>J-/+8M%))33Q.C](PK/5PL''QK((WTU
M,K=!^D-U;6_2VILW$%C'FRMV8'2&XKB&U:C_  K?HO9^_P"KZ_\ P=:NI)*<
MC&Z/?=GX_5.JFEV1AL>S"HQVD5T>J&MN/K6?I<BUU=;:O4]/%K]/_M,K8ZQT
MDW78XS<<WXK2_(J%K-];1HY]S-VZIK=WYZ/DM<_&M8QYJ>YC@VQHW.:2-'M;
M^<YB\P#K#]4+VU,K9T^GHMU5CJCC.KMR&/QFUYF.ZK9U9KLG]+;G4Y]%'HY&
MRNZOUTE/I+^K=*KP_M[\W';AS'VEUK!5,[8]8N]/Z7\I5<[!^JV=NR>H48.3
MZ=;;777LJ?MJ?/IVFRP.VTV;';+/H+C,%V/A=8I]C.I_9^HYM9],U5C(NLHP
M[J<JEK_LO2Z\W"Q_U.RGU,;U?UC)Q?5M^TK/<SIAQ<5SWT,Z9D"]_6*Z=SJL
M?"/4?M.%32^EC&7L9ELRNG;\7?7^GNNQ_P!4K^T)*?1ZK/J_TA@QZ78G3V.@
MBIAKI!+@2W]&W9])K'IL@?5SJ+&Y>2,+,90T.;?9Z5@8VSAS;7[O39=L_P"N
M+SJ]N./J/UP]1=2>K$8;2U_TA4RK'IZ=8WU?S\JBO(S/T?\ -_:+JO9;7;6K
M/UKHIL;]:[<;(]+%IHZ9^@I%1IM:2?2]5SJK+6L9_@OLMU"2GN;\'ZK8+'49
M&/@8S,XM:ZNQE-8N+"#4US'AOK^E8[]'^X]6,1G1L-GZD,;&KO>XGT0Q@>^L
M%MO\WM]2RIM+O4_<]+^0L?KM%-WUMZ*+<C[-LQ\I[7122]PMZ?MI'VNN]OO_
M . V9/\ HK5S--EIP^FXS:@**+^LOHS21Z=[BSJ/Z#&I]^2Q[/5M]7[;5BT_
MJOZ.V_U:4E/:W8GU5LW95]. _P!=GVA]SVTG>P[6?:'6.'Z2O5C?64Z>E_5O
M-K9DTX>%DU[!57<RNI[=E?L94RQK7?HZOH,9_@UY:\4MZ.-CF68!Z,VW%W"'
M#=FX/V_$L]?;NKJZA7?]GML_0^ED?SGI5+N_J>ZB[J_7LG&8S&JLMH:["J.Y
MM=C&/]6ZVW'W]/\ M>3NK^T58=]_I>G5]J_2I*>BQ^G=/Q:'XV+BTT46DNLJ
MKK:QCBX;7N?6QK6.WM^FEB=.Z?A;_L6-3C>I'J>C6VO=M^AO]-K=VU6$DE/_
MV3A"24T$(0      50    $!    #P!! &0 ;P!B &4 ( !0 &@ ;P!T &\
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M65H@!\X  @ )  8 ,0  86-S<$U31E0     245#('-21T(
M  $  /;6  $     TRU(4" @
M                           18W!R=    5     S9&5S8P   80   !L
M=W1P=    ?     48FMP=    @0    4<EA96@   A@    49UA96@   BP
M   48EA96@   D     49&UN9    E0   !P9&UD9    L0   "(=G5E9
M TP   "&=FEE=P   ]0    D;'5M:0   _@    4;65A<P  ! P    D=&5C
M:   !#     ,<E120P  !#P   @,9U120P  !#P   @,8E120P  !#P   @,
M=&5X=     !#;W!Y<FEG:'0@*&,I(#$Y.3@@2&5W;&5T="U086-K87)D($-O
M;7!A;GD  &1E<V,         $G-21T(@245#-C$Y-C8M,BXQ
M   2<U)'0B!)14,V,3DV-BTR+C$
M                                 %A96B        #S40 !     1;,
M6%E:(                     !865H@        ;Z(  #CU   #D%A96B
M      !BF0  MX4  !C:6%E:(        "2@   /A   ML]D97-C
M !9)14,@:'1T<#HO+W=W=RYI96,N8V@              !9)14,@:'1T<#HO
M+W=W=RYI96,N8V@
M                9&5S8P         N245#(#8Q.38V+3(N,2!$969A=6QT
M(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="               N245#(#8Q.38V
M+3(N,2!$969A=6QT(%)'0B!C;VQO=7(@<W!A8V4@+2!S4D="
M                 &1E<V,         +%)E9F5R96YC92!6:65W:6YG($-O
M;F1I=&EO;B!I;B!)14,V,3DV-BTR+C$              "Q2969E<F5N8V4@
M5FEE=VEN9R!#;VYD:71I;VX@:6X@245#-C$Y-C8M,BXQ
M                  !V:65W       3I/X %%\N !#/%  #[<P !!,+  -<
MG@    %865H@      !,"58 4    %<?YVUE87,          0
M              */     G-I9R      0U)4(&-U<G8        $      4
M"@ / !0 &0 > ", *  M #( -P [ $  10!* $\ 5 !9 %X 8P!H &T <@!W
M 'P @0"& (L D "5 )H GP"D *D K@"R +< O #! ,8 RP#0 -4 VP#@ .4
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M(#Y@/J ^X#\A/V$_HC_B0"- 9$"F0.=!*4%J0:Q![D(P0G)"M4+W0SI#?4/
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MM@&V>;;PMVBWX+A9N-&Y2KG"NCNZM;LNNZ>\(;R;O16]C[X*OH2^_[]ZO_7
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M=L9<[9N=TB1NZ.@D9R@DL+A-!<R916137%-$5R)J")0/T$Z@#GR#GRX&#[\
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MF98W0D4YRD,J?D)NA,#" G-T@(\@YCRX ^G !P < ' !P < ' !P < ' !P
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MXBJ"%VD22-:A[)-2=J&IU^)L-MBI"QP%0:.&M=M,@^L3ZL1AY YSMD&#9!5
M#KF46!,HPJRC@?BBX9_^#Y)_5WH/^0P?[?/^'#]<_M#_ )9^I/Y9P+]NW8__
MTG^. %Q'>,JYW3NZAN<C;2(3.NNCFM%KTAJYA,"[-UL'LO77"V;+$U;*@=$T
MK1JB"<2"Z?YZ"X$$# ;X<#K.RE>[<BC79OS=9>V;WAJQCK)[I>OP[_(]ST[S
M4@\649M$/6;'[<KTW(IF*/6WBK]$1;PAC!S*W5.8!Y&'G#M=;Z2O4VD'%/(+
M??=3_P"$]/?WA,%?Y]DN(SKP^?LR/'VAO^XQL)_>?D_[.Z3P1>?R7H-D<4XB
M6_WCW[-M!OZQ,]?T3QWQ&=^#6Q;G]OQ:*Y3^S1J=.6J<C*_$-X_(::DA+/$6
M3;QELL78J#9(ZQR^.[<G_-21)U*JG'I(41'EQ3/+YLDSFNU;@;:5V\X@UTQO
M.:W8]GDW5=-MKE:W2E'N@-.M#Q;'A#$5'7'(+XRR1A%F]L3ZL(+$'J!)4@\A
M&%"AMY*/1[9>D6N"V08+7%C:>Y3W/TW2Z,ID;-M"E-F:[0;LZ\?S<GD!)Q;:
M1A#%4FW<OB*E/8YQ]*-3% W@.#F* S!UW6M&[%""-J^W^<X7H-WW9[K&<7>4
M[BX<.K .NF%\HTRB2%HF'RKEV2IJYPS=.P[?P4%#)(IQE?:.'708J34RO+F(
MU]R?C18*R9G6/>VS8#O64;7 5?MFZ )-9"91@YU)#$D]E* 8J>)$0491TGB6
M<]G;N[9NDB)>IKGC5W)NHJC<@@)1J:S&MB#^,(ZM/G#ICJ1K1,9BFX,H*3.=
M-B6,+)5:I])>D98*&9ZTP=CQFF<XJ$6M,I.J%Z0'X&#D T_^F?MWL=.2N,/>
M=C]E;_LCEV#<QHUFDX#L*Z$%59",70<PT.PS7+1I:Y66T4Z*4&[6C0<@@W,F
M!6SA,0*(!#T2A&PI[-7=+M^XN/(S%>UE%:8%V?BV*CNEU"QV1%"QYOQI&L@7
M)D"#J5CD?F*1_",/"),KOV:*3Q4_FVQCIG6(W2>;DIM<U<U*=ONB.U9EW)ER
M@^X1@&HRV06D318^C["T^LQRLG:(:+JAGBU9R<QC&9%'TS"LHER9C*$13469
M)-T5^0I"J*9G3ANHVLK6[)?W \_H3$5_5[9B-D[]J464=>T[3")JO[Y@D\S(
M*O)(C*.ZA"V8\/(N57"L<GX;U@JHHHV%4IA;B-<G'N^2>1_1RZP5O=K)84*/
MD1K>L([#8TL=0+D#%U@;$>/*E=(ES"398*<!L[4A9E)JY424360!PS<%$JJ1
M5""4*>;-7IE&6<68QH^%L;43$>-(!E5L?XUJD%2J=7H],J32(KU=CD(R,9I@
M4"]9R-FY>M0W,ZJ@F.81,81$&VVV]36 X _[AZG?\T&Q_P!LM@XR]#UO\?L;
M.+.^$,;[)X<R3@;+\ E9\:Y6J4O3+?"J&!)1Q%2[<R)G#)STG,QE8U?H<LW)
M \1L[135)^<0.-'D3:::U(#=R/*S_2OMRS=+P\]E)+*]HK6.]/=96\HY&0L\
M]E')X1F):*Z6<M&[<7LQ!1CA>:<KE23*(1RAQ H<#5%NM+T$1,HXQGNPIWG,
M..&$Q.3=&QI*8COA+'(G\1[=L39)K+:KYA26<%2;)N>B36L*!>12B06R75S$
M.8P]"?W.-]S9^Q$M&ST3&3D,\0D8B:CV4M%2#4_B-GT;(MDGC%XW4#X'0=-5
MBG(/[I3 /%/(+^_<_?X1N6?ZT,(_T^C^!UX?,@S]GS_NG;;_ -X^#_LPKO O
M-Y+T*+?ND6,.[[M%H8U%LW<V63P;@]K/M84G7*/+H\9S+.&;NTT"F54G'->-
M$D0#D*AD!0 /X/$9UX?!#KL;V[G65\9X*M^0[O(53,HZ_8MK.8FTA6F%QBGV
M3(#%C&G$R-%L)>1;N*WE2HMGCMHVDTW"[<W2F=5LHHBFH6GGW1,+!E'\,+7[
M_P!=RA^I_-?ZW?\ W!_Q$?Y!^U_^4?JW^1\2%V)O?T/_TW5]UMEJWIWJAGS9
MBTK-R1^(,:V.U,FSD?S):RI,S,ZA $)U$,JM/VEVS9D*4>H3+_#@6JW-)"Q?
M:\W(W0TMU6BZ3)=FO>_,>1<HWB]9^RWF2'2K+"/R??LNSJ]G<66/0D&!I-*+
M]#78MVQ'!C'*FCS#I W2$]CM>M;.=Z@6M[VWS9MF[,SM5;]-\ZZ/_/YG!6"*
MJ^96[1*4GLA8^C8B'M-NK<E%(H,U $"1*ZQ _CDG)Q4$>2A>0Z\<;8W3!L8^
MUCMFWW:T'UMV$4>(NK/9*"Q@,BIIK>*JSR72%%:C>$G0#R.BJ\G8=5X0IOB*
M#I,P<P, C3RWKMLT5A?=3_X3T]_>$P5_GR3XC-\/G[,CQ]H;_N,;"?WGY/\
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M7&0D<QAX6.8Q$3&-46,;%Q;1NPCH]DV3*DW9L631-)LT:MTB@4B:92D(4
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*P.0< ' !P!__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>fp0048138_02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp0048138_02.jpg
M_]C_X07"17AI9@  34T *@    @ # $   ,    ! KP   $!  ,    ! X@
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   B    M $R  (    4    UH=I  0    !    [    20 "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#(#(P,3D@*%=I;F1O=W,I
M #(P,3DZ,3(Z,#,@,3$Z-#,Z,#0     !)    <    $,#(S,: !  ,    !
M__\  * "  0    !   "O* #  0    !    <          & 0,  P    $
M!@   1H !0    $   %R 1L !0    $   %Z 2@  P    $  @   @$ !
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M[_.*P_JWG]0RNGX3JL>O]GMK;1ZKK2+B:F^E9=Z K?7Z?K5OKV^OZO\ A?\
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M3W5T<'5T    !0    !0<W138F]O; $     26YT965N=6T     26YT90
M  !#;')M    #W!R:6YT4VEX=&5E;D)I=&)O;VP     "W!R:6YT97).86UE
M5$585     $       ]P<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O
M &8 ( !3 &4 = !U '        IP<F]O9E-E='5P     0    !";'1N96YU
M;0    QB=6EL=&EN4')O;V8    )<')O;V9#35E+ #A"24T$.P     "+0
M !     !       2<')I;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O
M;       0VQB<F)O;VP      %)G<TUB;V]L      !#<FY#8F]O;
M0VYT0V)O;VP      $QB;'-B;V]L      !.9W1V8F]O;       16UL1&)O
M;VP      $EN=')B;V]L      !"8VMG3V)J8P    $       !21T)#
M P    !29" @9&]U8D!OX            $=R;B!D;W5B0&_@
M0FP@(&1O=6) ;^            !"<F1456YT1B-2;'0               !"
M;&0@56YT1B-2;'0               !2<VQT56YT1B-0>&Q 4@
M  IV96-T;W)$871A8F]O; $     4&=0<V5N=6T     4&=0<P    !09U!#
M     $QE9G15;G1&(U)L=                %1O<"!5;G1&(U)L=
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M!!D       0    >.$))30/S       )           ! #A"24TG$
M"@ !          $X0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F
M  $ H9F:  8       $ ,@    $ 6@    8       $ -0    $ +0    8
M      $X0DE- _@      '   /____________________________\#Z
M  #_____________________________ ^@     ____________________
M_________P/H     /____________________________\#Z   .$))300(
M       0     0   D    )      #A"24T$'@      !      X0DE-!!H
M     TT    &              !P   "O     P 9@!P #  ,  T #8 ,  Q
M #4 7P P #8    !                          $              KP
M  !P                      $                         $     $
M      !N=6QL     @    9B;W5N9'-/8FIC     0       %)C=#$    $
M     %1O<"!L;VYG          !,969T;&]N9P          0G1O;6QO;F<
M  !P     %)G:'1L;VYG   "O     9S;&EC97-6;$QS     4]B:F,    !
M       %<VQI8V4    2    !W-L:6-E241L;VYG          =G<F]U<$E$
M;&]N9P         &;W)I9VEN96YU;0    Q%4VQI8V5/<FEG:6X    -875T
M;T=E;F5R871E9     !4>7!E96YU;0    I%4VQI8V54>7!E     $EM9R
M   &8F]U;F1S3V)J8P    $       !28W0Q    !     !4;W @;&]N9P
M        3&5F=&QO;F<          $)T;VUL;VYG    <     !29VAT;&]N
M9P   KP    #=7)L5$585     $       !N=6QL5$585     $       !-
M<V=E5$585     $       9A;'1486=415A4     0      #F-E;&Q497AT
M27-(5$U,8F]O; $    (8V5L;%1E>'1415A4     0      "6AO<GI!;&EG
M;F5N=6T    /15-L:6-E2&]R>D%L:6=N    !V1E9F%U;'0    )=F5R=$%L
M:6=N96YU;0    ]%4VQI8V5697)T06QI9VX    '9&5F875L=     MB9T-O
M;&]R5'EP965N=6T    115-L:6-E0D=#;VQO<E1Y<&4     3F]N90    ET
M;W!/=71S971L;VYG          IL969T3W5T<V5T;&]N9P         ,8F]T
M=&]M3W5T<V5T;&]N9P         +<FEG:'1/=71S971L;VYG       X0DE-
M!"@       P    "/_         X0DE-!!$       $! #A"24T$%
M!     $X0DE-! P     !%0    !    H    !H   '@   PP   !#@ &  !
M_]C_[0 ,061O8F5?0TT  O_N  Y!9&]B90!D@     '_VP"$  P(" @)" P)
M"0P1"PH+$14/# P/%1@3$Q43$Q@1# P,# P,$0P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P!#0L+#0X-$ X.$!0.#@X4% X.#@X4$0P,# P,$1$,# P,
M# P1# P,# P,# P,# P,# P,# P,# P,# P,# P,#/_  !$( !H H ,!(@ "
M$0$#$0'_W0 $  K_Q $_   !!0$! 0$! 0         #  $"! 4&!P@)"@L!
M  $% 0$! 0$!          $  @,$!08'" D*"Q   00! P($ @4'!@@% PPS
M 0 "$0,$(1(Q!4%181,B<8$R!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S
M-1:BLH,F1)-49$7"HW0V%])5XF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U
M5F9VAI:FML;6YO8W1U=G=X>7I[?'U^?W$0 " @$"! 0#! 4&!P<&!34!  (1
M R$Q$@1!46%Q(A,%,H&1%*&Q0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,'
M)C7"TD235*,79$55-G1EXO*SA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6
MIK;&UN;V)S='5V=WAY>GM\?_V@ , P$  A$#$0 _ /4O2'[SO\XI>D/WG?YQ
M4TDE,/2'[SO\XI>D/WG?YQ4TDE,/2'[SO\XI>D/WG?YQ4TDE,/2'[SO\XI>D
M/WG?YQ4TDE,/2'[SO\XI>D/WG?YQ4TDE,/2'[SO\XI>D/WG?YQ4TDE,/2'[S
MO\XI>D/WG?YQ4TDE,/2'[SO\XI>D/WG?YQ67U'K.7A]09C-Q@ZES6[;;'.8+
M;';]N-CV^F_&;D?HV[:\J_']?U?T:Y;K]F;UYV/#&4Y&/5<^VEKK-[?YES*;
M:+*:<BO(=_@V^GLO_G:5/BY>4R+/#$Z\7S?@P9>8$(GA!G(:</RW_A/>^D/W
MG?YQ2](?O._SBL/ZMY_4,KI^$ZK'K_9[:VT>JZTBXFIOI67>@*WU^GZU;Z]O
MK^K_ (7_ (-:YS\=MS*'NVV/:' 'B"=H]WT>RBG PD8GHR8YB<1(=1:7TA^\
M[_.*7IC]YW^<4'$SJ<HD5AS2&M?#QM):^=K@/[*LIJ]__]#U5))))2DDDDE*
M22224I))))2DDDDE*22224I))))32R>C].R[S?D4^H]P:U[2YVQX82ZKUZ [
MT+_3<[]'ZU=FQ4,GZH]/M<QV/?DX;F@M<^FTE[A[-C;+<CU[=E/I_H6;_P!&
MMQ)30]_3AXO^Y_[UAR>QKQ\'_=6YF)]7>E8CJ;&5%UM ;M<YSH+VL%/VAU#2
M,;[0YC?Y[T=ZTMK8B!'@G23,GN7^LXK_ *R_'[=?J^&OZJT"9[E.DDF+W__9
M.$))300A      !=     0$    / $$ 9 !O &( 90 @ %  : !O '0 ;P!S
M &@ ;P!P    %P!! &0 ;P!B &4 ( !0 &@ ;P!T &\ <P!H &\ <  @ $,
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M P,# P,# P,# P,# P,# P,# P,#_\  $0@ < *\ P$1  (1 0,1 ?_=  0
M6/_$ :(    & @,!              <(!@4$"0,* @$ "P$   8# 0$!
M        !@4$ P<"" $)  H+$  " 0,$ 0,# @,# P(&"74! @,$$042!B$'
M$R( "#$403(C%0E10A9A)#,74G&!&&*1)4.AL? F-'(*&<'1-2?A4S:"\9*B
M1%1S148W1V,H5597&K+"TN+R9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H
M:6IV=WAY>H6&AXB)BI25EI>8F9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7
MV-G:Y.7FY^CIZO3U]O?X^?H1  (! P($! ,%! 0$!@8%;0$" Q$$(1(%,08
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MO ^?7J]>_P!).S_^5^I_\Y:S_HSW[P/GUZO7O]).S_\ E?J?_.6L_P"C/?O
M^?7J]>_TD[/_ .5^I_\ .6L_Z,]^\#Y]>KU[_23L_P#Y7ZG_ ,Y:S_HSW[P/
MGUZO7O\ 23L__E?J?_.6L_Z,]^\#Y]>KU[_23L__ )7ZG_SEK/\ HSW[P/GU
MZO7O]).S_P#E?J?_ #EK/^C/?O ^?7J]>_TD[/\ ^5^I_P#.6L_Z,]^\#Y]>
MKU[_ $D[/_Y7ZG_SEK/^C/?O ^?7J]>_TD[/_P"5^I_\Y:S_ *,]^\#Y]>KU
M[_23L_\ Y7ZG_P Y:S_HSW[P/GUZO7O]).S_ /E?J?\ SEK/^C/?O ^?7J]>
M_P!).S_^5^I_\Y:S_HSW[P/GUZO7O]).S_\ E?J?_.6L_P"C/?O ^?7J]>_T
MD[/_ .5^I_\ .6L_Z,]^\#Y]>KU[_23L_P#Y7ZG_ ,Y:S_HSW[P/GUZO7O\
M23L__E?J?_.6L_Z,]^\#Y]>KU[_23L__ )7ZG_SEK/\ HSW[P/GUZO7O]).S
M_P#E?J?_ #EK/^C/?O ^?7J]>_TD[/\ ^5^I_P#.6L_Z,]^\#Y]>KU[_ $D[
M/_Y7ZG_SEK/^C/?O ^?7J]>_TD[/_P"5^I_\Y:S_ *,]^\#Y]>KU[_23L_\
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M )7ZG_SEK/\ HSW[P/GUZO7O]).S_P#E?J?_ #EK/^C/?O ^?7J]>_TD[/\
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MH2*FOEBHI2HS4CA*'OW]ZK^H]W_5+D1!<[_05N<,HKY <#2H!KCAZYK8R_\
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M[#!9G<6WWWUV'N,?4UJX4-_ L$VH?\!K5[6^K>U?*/W4^5=JL#>>X&[FXO\
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M^6NW#4"?2H%#]F*8]1Z=03]X?D;=_<3VJW;8MB%=PU+<T_BTUQ_/K6I_E_\
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KKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>fp0048138_03.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp0048138_03.jpg
M_]C_X0ED17AI9@  34T *@    @ # $   ,    ! E@   $!  ,    ! PD
M  $"  ,    #    G@$&  ,    !  (   $2  ,    !  $   $5  ,    !
M  ,   $:  4    !    I $;  4    !    K $H  ,    !  (   $Q  (
M   B    M $R  (    4    UH=I  0    !    [    20 "  (  @ "OR
M   G$  *_(   "<0061O8F4@4&AO=&]S:&]P($-#(#(P,3D@*%=I;F1O=W,I
M #(P,3DZ,3(Z,#,@,3$Z-#,Z,38     !)    <    $,#(S,: !  ,    !
M__\  * "  0    !   "6* #  0    !   #"0         & 0,  P    $
M!@   1H !0    $   %R 1L !0    $   %Z 2@  P    $  @   @$ !
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M<FEN=%!R;V]F4V5T=7!/8FIC    # !0 '( ;P!O &8 ( !3 &4 = !U '
M      IP<F]O9E-E='5P     0    !";'1N96YU;0    QB=6EL=&EN4')O
M;V8    )<')O;V9#35E+ #A"24T$.P     "+0   !     !       2<')I
M;G1/=71P=71/<'1I;VYS    %P    !#<'1N8F]O;       0VQB<F)O;VP
M     %)G<TUB;V]L      !#<FY#8F]O;       0VYT0V)O;VP      $QB
M;'-B;V]L      !.9W1V8F]O;       16UL1&)O;VP      $EN=')B;V]L
M      !"8VMG3V)J8P    $       !21T)#     P    !29" @9&]U8D!O
MX            $=R;B!D;W5B0&_@            0FP@(&1O=6) ;^
M      !"<F1456YT1B-2;'0               !";&0@56YT1B-2;'0
M          !2<VQT56YT1B-0>&Q 4@            IV96-T;W)$871A8F]O
M; $     4&=0<V5N=6T     4&=0<P    !09U!#     $QE9G15;G1&(U)L
M=                %1O<"!5;G1&(U)L=                %-C;"!5;G1&
M(U!R8T!9            $&-R;W!7:&5N4')I;G1I;F=B;V]L      YC<F]P
M4F5C=$)O='1O;6QO;F<         #&-R;W!296-T3&5F=&QO;F<
M#6-R;W!296-T4FEG:'1L;VYG          MC<F]P4F5C=%1O<&QO;F<
M #A"24T#[0      $ !(     0 ! $@    !  $X0DE-!"8       X
M        /X   #A"24T$#0      !    !XX0DE-!!D       0    >.$))
M30/S       )           ! #A"24TG$       "@ !          $X0DE-
M _4      $@ +V9F  $ ;&9F  8       $ +V9F  $ H9F:  8       $
M,@    $ 6@    8       $ -0    $ +0    8       $X0DE- _@
M '   /____________________________\#Z     #_________________
M____________ ^@     _____________________________P/H     /__
M__________________________\#Z   .$))300(       0     0   D
M  )      #A"24T$'@      !      X0DE-!!H      TT    &
M      ,)   "6     P 9@!P #  ,  T #8 ,  Q #4 7P P #<    !
M                      $              E@   ,)
M      $                         $     $       !N=6QL     @
M  9B;W5N9'-/8FIC     0       %)C=#$    $     %1O<"!L;VYG
M      !,969T;&]N9P          0G1O;6QO;F<   ,)     %)G:'1L;VYG
M   "6     9S;&EC97-6;$QS     4]B:F,    !       %<VQI8V4    2
M    !W-L:6-E241L;VYG          =G<F]U<$E$;&]N9P         &;W)I
M9VEN96YU;0    Q%4VQI8V5/<FEG:6X    -875T;T=E;F5R871E9     !4
M>7!E96YU;0    I%4VQI8V54>7!E     $EM9R     &8F]U;F1S3V)J8P
M  $       !28W0Q    !     !4;W @;&]N9P          3&5F=&QO;F<
M         $)T;VUL;VYG   #"0    !29VAT;&]N9P   E@    #=7)L5$58
M5     $       !N=6QL5$585     $       !-<V=E5$585     $
M  9A;'1486=415A4     0      #F-E;&Q497AT27-(5$U,8F]O; $    (
M8V5L;%1E>'1415A4     0      "6AO<GI!;&EG;F5N=6T    /15-L:6-E
M2&]R>D%L:6=N    !V1E9F%U;'0    )=F5R=$%L:6=N96YU;0    ]%4VQI
M8V5697)T06QI9VX    '9&5F875L=     MB9T-O;&]R5'EP965N=6T    1
M15-L:6-E0D=#;VQO<E1Y<&4     3F]N90    ET;W!/=71S971L;VYG
M      IL969T3W5T<V5T;&]N9P         ,8F]T=&]M3W5T<V5T;&]N9P
M       +<FEG:'1/=71S971L;VYG       X0DE-!"@       P    "/_
M       X0DE-!!$       $! #A"24T$%       !     $X0DE-! P
M!_8    !    ?    *    %T  #H@   !]H &  !_]C_[0 ,061O8F5?0TT
M O_N  Y!9&]B90!D@     '_VP"$  P(" @)" P)"0P1"PH+$14/# P/%1@3
M$Q43$Q@1# P,# P,$0P,# P,# P,# P,# P,# P,# P,# P,# P,# P!#0L+
M#0X-$ X.$!0.#@X4% X.#@X4$0P,# P,$1$,# P,# P1# P,# P,# P,# P,
M# P,# P,# P,# P,# P,#/_  !$( *  ? ,!(@ "$0$#$0'_W0 $  C_Q $_
M   !!0$! 0$! 0         #  $"! 4&!P@)"@L!  $% 0$! 0$!
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M]7_WKO\ MIR7_/[ZO_O7?]M.7G"27L0\4??\W:/V/H__ #^^K_[UW_;3DO\
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MW@?N_BK_ $<?\Y_S7QGU*_WV_>$O4K_?;]X7LWV3%_T-?^:/[DOLF+_H:_\
M-']R7W@?N_BK_1Q_SG_-?&?4K_?;]X2]2O\ ?;]X7LWV3%_T-?\ FC^Y+[)B
M_P"AK_S1_<E]X'[OXJ_T<?\ .?\ -?&?4K_?;]X2]2O]]OWA>S?9,7_0U_YH
M_N2^R8O^AK_S1_<E]X'[OXJ_T<?\Y_S7QGU*_P!]OWA+U*_WV_>%[-]DQ?\
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M;]I=;L^G^8M. .$[/.$Y7"/#].'\%F"&2$:G+B[:\7X\*.C(KO:75S[3M<'
MM(,!VK70[\Y%2243,__9.$))300A      !=     0$    / $$ 9 !O &(
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MR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:  P# 0 "$0,1 #\
MW^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7_T-_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U_]'?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=?_2W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_T]_CW[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]3?X]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_5W^/?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7_UM_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U_]??X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=?_0W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_T=_CW[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]+?X]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_3W^/?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_
MU"NYCNCNC^*9(?Z9NY/^+E5C_F9N_./\L_PW!]/>6_T-G_T:#UQ^GYCYG^M_
MY+%[_P!E739_II[I_P"?S=Q_^C.W[_\ 7_WOZ&S_ .C0>DO]8N:/^CQ>_P#9
M4>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_
MY_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM
M^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^
M^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]
M_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>
M_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_I
MI[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?
M_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7
M_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z
M-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/
M^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1
MZ]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G
M\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[
M_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z
M&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]
M8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_
M -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FG
MNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^
MC.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_
M '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT
M'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z
M/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'K
MW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S
M=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_
M -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;
M/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UB
MYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\
MV5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z
M?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,
M[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\
M?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>
MO?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\
M7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?
MZ:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W
M'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\
MU_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_
M^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+F
MC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#9
M4>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_
MY_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM
M^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^
M^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]
M_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>
M_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_I
MI[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?
M_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7
M_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z
M-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/
M^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1
MZ]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G
M\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[
M_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z
M&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]
M8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_
M -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FG
MNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^
MC.W[_P#7_P!^^AL_^C0>O?UBYH_Z/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_
M '[Z&S_Z-!Z]_6+FC_H\7O\ V5'KW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT
M'KW]8N:/^CQ>_P#94>O?Z:>Z?^?S=Q_^C.W[_P#7_P!^^AL_^C0>O?UBYH_Z
M/%[_ -E1Z]_II[I_Y_-W'_Z,[?O_ -?_ '[Z&S_Z-!Z]_6+FC_H\7O\ V5'K
MW^FGNG_G\W<?_HSM^_\ U_\ ?OH;/_HT'KW]8N:/^CQ>_P#94>G/#]T=T?Q3
M&C_3-W)_Q<J0?\S-WYS_ )9_CN#Z>]?0V?\ T:#TJ@YCYG^M_P"2Q>_]E77_
MU2*9C_B\9/\ [6E7_P"YGO,?KC3/_N:?MZB>]=(^O>_=>Z][]U[KWOW7NO>_
M=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K
MWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=
M>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KW
MOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWO
MW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z
M][]U[KWOW7NO>_=>Z][]U[KWOW7NI>'_ .+QC/\ M:4G_N9[WTL@_P!S1]O7
M_]8BF8_XO&3_ .UI5_\ N9[S'ZXTS_[FG[>HGO72/KWOW7NO>_=>Z][]U[KW
MOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWO
MW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z
M][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW
M7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z]
M[]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7
MNO>_=>Z][]U[KWOW7NO>_=>Z][]U[J7A_P#B\8S_ +6E)_[F>]]+(/\ <T?;
MU__7(IF/^+QD_P#M:5?_ +F>\Q^N-,_^YI^WJ)[UTCZ][]U[KWOW7NIF(Q>4
MS^8P^!PU(:W-9[.8G;^'H_\ E;RF>K,?A\/1G_JNK/>IIJ9/2R""]O+W]W[?
MU:/V=M3^7E\5]_UOQK[1ZE[J[\WUM#^$X?O#O;9W:[;$IMI[[J:6@K-QXGJW
M8CX]*+/4&U$K!QDU_P K:XNWU]@+;;CFK>K)MSL-Y%HAX <:>I-<UP> IPSU
M..^6/M'R'O7]3N8-GO=VW"U_W*NOJO\ M%M?]1^SHN'6GPB[:[VH-Q]@=0P[
M=Q'2[;VR^S^MM^=[;_VGU/4;WJJ2L'\'Q&)I,M7,N<WA]B/\I^W_ ,A^^]FV
MX<SV&R?[K]QK^\OD"?Y 'H'[1[8;WS,#N/+Q Y<%[_BOU9%I_AZP;%^ WRJ[
M$WWW!UAB.MZ?#[\Z(_N_4=IX'=VZMN[0.U,7G:MFI-QKE\M7MA<C@/L*$Y,5
M0J231?Y4+\>U-QS9LEE8[1N)X77YG]@_U5ZKM/M7SGO.];MR]M^T@;EM?^Y5
M2!4G[:?ZL\.A,ZS_ )<G;69^3G2W0W9&2V5@=L=KTS;GQG9FR>RMI9O:^[.O
M:/,?P?<E7U?N(UK8?=>[J&NK+_PP*U;IL0"#[+[[G6R;8]YW';14UIY@U/J*
M5'EY8&>'1QL7LWO=WSKL_+_,/_)/NN%U]4"/I?\ EU]?YYQ3I+YC^7UWO%V]
MN_JS UG5&2AV?CJO>&2WM4=U]=4NS]J;#_OAD-H;;J]^;N&>_@N!W!7_ &G_
M !:[?>\^W8><=O%A^\R&I6GPM6OV4K^="/GT73>T?,YWK>.7]O%C_BO_ "]V
MO^7_  =)#*_!CY/8GN[;?0 Z^ILOV!O7;:]@;/J\#NS;F2V-N'KI@".QZ/L2
MER VPNT: ?\  JI(%O\ 7L"_;\U;";!MR5L T.#4'T(I6IJ*"E34$#/2.;VO
MYTM.9MHY0_<X_>%U_P!DIM?^4H77[:G@/6M 3'='?RM.V]Z?('K+K+M#.[#P
M76G8..W3EH>TNMNT^O=Z8S+4^V:,4-7A]B5:5CTFZ]VX_.M2?>8W2:Q:"]6;
M 'V2;ESY8VVR[MN.W!OWB33*L.(KP(&/F<5QQZ%_+OL?O5US-L^P<P_1?U=N
MO^)5I=6I/[!4D_(5K_A(!W;U+N_HG=>1V+O&KV7DL[28S^,0U>RMZ[=[#P8I
M:K^(?:7RVW:^JHUR'^1_Y52D#V+;"_L=ZL?WB*Y^W_+G_5CJ*^9-BON6K[]V
M[B1^WZO_ &.CP=K?!?<F\_D%L/I3XI;07,Y[)?#[J#OS.X++;MI:>JJ\KN;:
MU#D]W5>(S&Y*^X:OK\O:GI?H#?\ 'L,[9S.+?8_WES!D?7L,?T6*_P"3J1]^
M]LKR\YGV?E_D#9_^=8M+O_5_D_S]!EG/@!WUM+>_3>V-T5G4YVYW'O/^Y6#[
M'VOW!M//]>4F<P(-;N[:&7WO1UW\'P>\*&A6JM2U(/W]<+?7VOMN;]OO]OWA
MQ6EH*TH0:?Z4C5_+HJN/:+FBRO=GV_<?HOW=NO\ Q*^K_P 4Z.7\Y_B7NS+?
M('&?%[XY?'+XY;=Q>U)MQ9/:^ZNK]Z4E7V0.N=LXC;]-N/<7RDW!E-P/2;4_
MR^M^X6HR7V;'Z78FY#W+>^62[+^_]QWF\K7[,GRM?+Y>?V]2/[G<@7M]S.O)
MW)O*.RD?\NM/J?\ J:'T/'R]>B,;Z^#'R+V!N?J3;-=A]E;DI.^=V4FP>J]]
M[![ V[OKK'<&\JNL^S_NV=]8G(5='@,C_A5 'V)[7FC8MPCW=UK2US0@J?\
M>6 8?817J*]V]L>==GO=HV__ !+_ ':?XK:W5I=_XK_AZ7V2_EE?+C$;]V_U
M2^W.N:_M#<$&YJVEZ_Q7;^Q\EN3%MM3%#<%0NX<725HCPIR.&(J,9]P3]X2
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M3A;\$6Y6#F#]X7^Q_NYJ*5;!4@X(%:FE /0CNJ"#0&I)<<G7NS<L\X_7[/\
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M=>]^Z]U[W[KW7O?NO=2\/_Q>,9_VM*3_ -S/>^ED'^YH^WK_UB*9C_B\9/\
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MU[KWOW7NI>'_ .+QC/\ M:4G_N9[WTL@_P!S1]O7_],BF8_XO&3_ .UI5_\
MN9[S'ZXTS_[FG[>HGO72/KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7
MNO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][
M]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7N
MO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]
MU[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO
M>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U
M[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>
M_=>Z][]U[J7A_P#B\8S_ +6E)_[F>]]+(/\ <T?;U__4(IF/^+QD_P#M:5?_
M +F>\Q^N-,_^YI^WJ)[UTCZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]
MU[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO
M>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U
M[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>
M_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[
MKWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_
M=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K
MWOW7NO>_=>ZEX?\ XO&,_P"UI2?^YGO?2R#_ '-'V]?_U2*9C_B\9/\ [6E7
M_P"YGO,?KC3/_N:?MZB>]=(^O>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>
M_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[
MKWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_
M=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K
MWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=
M>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KW
MOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[KWOW7NI>'_ .+QC/\ M:4G_N9[WTL@_P!S1]O7_]8BF8_XO&3_ .UI
M5_\ N9[S'ZXTS_[FG[>HGO72/KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K
MWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=
M>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KW
MOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWO
MW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z
M][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW
M7NO>_=>Z][]U[J7A_P#B\8S_ +6E)_[F>]]+(/\ <T?;U__7(IF/^+QD_P#M
M:5?_ +F>\Q^N-,_^YI^WJ)[UTCZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWO
MW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z
M][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW
M7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z]
M[]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7
MNO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][
M]U[KWOW7NO>_=>ZEX?\ XO&,_P"UI2?^YGO?2R#_ '-'V]?_T"*9C_B\9/\
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M7O\ ABS^7U_SQ/8W_HU=W_\ UR]^_P!<?FC_ 'XO^K\^O?\  R^TW_1HO/\
MLI/7O^&+/Y?7_/$]C?\ HU=W_P#UR]^_UQ^:/]^+_J_/KW_ R^TW_1HO/^RD
M]>_X8L_E]?\ /$]C?^C5W?\ _7+W[_7'YH_WXO\ J_/KW_ R^TW_ $:+S_LI
M/7O^&+/Y?7_/$]C?^C5W?_\ 7+W[_7'YH_WXO^K\^O?\#+[3?]&B\_[*3U[_
M (8L_E]?\\3V-_Z-7=__ -<O?O\ 7'YH_P!^+_J_/KW_  ,OM-_T:+S_ +*3
MU[_ABS^7U_SQ/8W_ *-7=_\ ]<O?O]<?FC_?B_ZOSZ]_P,OM-_T:+S_LI/7O
M^&+/Y?7_ #Q/8W_HU=W_ /UR]^_UQ^:/]^+_ *OSZ]_P,OM-_P!&B\_[*3U[
M_ABS^7U_SQ/8W_HU=W__ %R]^_UQ^:/]^+_J_/KW_ R^TW_1HO/^RD]>_P"&
M+/Y?7_/$]C?^C5W?_P#7+W[_ %Q^:/\ ?B_ZOSZ]_P #+[3?]&B\_P"RD]>_
MX8L_E]?\\3V-_P"C5W?_ /7+W[_7'YH_WXO^K\^O?\#+[3?]&B\_[*3U[_AB
MS^7U_P \3V-_Z-7=_P#]<O?O]<?FC_?B_P"K\^O?\#+[3?\ 1HO/^RD]>_X8
ML_E]?\\3V-_Z-7=__P!<O?O]<?FC_?B_ZOSZ]_P,OM-_T:+S_LI/7O\ ABS^
M7U_SQ/8W_HU=W_\ UR]^_P!<?FC_ 'XO^K\^O?\  R^TW_1HO/\ LI/7O^&+
M/Y?7_/$]C?\ HU=W_P#UR]^_UQ^:/]^+_J_/KW_ R^TW_1HO/^RD]>_X8L_E
M]?\ /$]C?^C5W?\ _7+W[_7'YH_WXO\ J_/KW_ R^TW_ $:+S_LI/7O^&+/Y
M?7_/$]C?^C5W?_\ 7+W[_7'YH_WXO^K\^O?\#+[3?]&B\_[*3U[_ (8L_E]?
M\\3V-_Z-7=__ -<O?O\ 7'YH_P!^+_J_/KW_  ,OM-_T:+S_ +*3U[_ABS^7
MU_SQ/8W_ *-7=_\ ]<O?O]<?FC_?B_ZOSZ]_P,OM-_T:+S_LI/7O^&+/Y?7_
M #Q/8W_HU=W_ /UR]^_UQ^:/]^+_ *OSZ]_P,OM-_P!&B\_[*3U[_ABS^7U_
MSQ/8W_HU=W__ %R]^_UQ^:/]^+_J_/KW_ R^TW_1HO/^RD]>_P"&+/Y?7_/$
M]C?^C5W?_P#7+W[_ %Q^:/\ ?B_ZOSZ]_P #+[3?]&B\_P"RD]>_X8L_E]?\
M\3V-_P"C5W?_ /7+W[_7'YH_WXO^K\^O?\#+[3?]&B\_[*3U[_ABS^7U_P \
M3V-_Z-7=_P#]<O?O]<?FC_?B_P"K\^O?\#+[3?\ 1HO/^RD]>_X8L_E]?\\3
MV-_Z-7=__P!<O?O]<?FC_?B_ZOSZ]_P,OM-_T:+S_LI/7O\ ABS^7U_SQ/8W
M_HU=W_\ UR]^_P!<?FC_ 'XO^K\^O?\  R^TW_1HO/\ LI/7O^&+/Y?7_/$]
MC?\ HU=W_P#UR]^_UQ^:/]^+_J_/KW_ R^TW_1HO/^RD]>_X8L_E]?\ /$]C
M?^C5W?\ _7+W[_7'YH_WXO\ J_/KW_ R^TW_ $:+S_LI/7O^&+/Y?7_/$]C?
M^C5W?_\ 7+W[_7'YH_WXO^K\^O?\#+[3?]&B\_[*3U[_ (8L_E]?\\3V-_Z-
M7=__ -<O?O\ 7'YH_P!^+_J_/KW_  ,OM-_T:+S_ +*3U[_ABS^7U_SQ/8W_
M *-7=_\ ]<O?O]<?FC_?B_ZOSZ]_P,OM-_T:+S_LI/7O^&+/Y?7_ #Q/8W_H
MU=W_ /UR]^_UQ^:/]^+_ *OSZ]_P,OM-_P!&B\_[*3U[_ABS^7U_SQ/8W_HU
M=W__ %R]^_UQ^:/]^+_J_/KW_ R^TW_1HO/^RD]>_P"&+/Y?7_/$]C?^C5W?
M_P#7+W[_ %Q^:/\ ?B_ZOSZ]_P #+[3?]&B\_P"RD]>_X8L_E]?\\3V-_P"C
M5W?_ /7+W[_7'YH_WXO^K\^O?\#+[3?]&B\_[*3U[_ABS^7U_P \3V-_Z-7=
M_P#]<O?O]<?FC_?B_P"K\^O?\#+[3?\ 1HO/^RD]>_X8L_E]?\\3V-_Z-7=_
M_P!<O?O]<?FC_?B_ZOSZ]_P,OM-_T:+S_LI/7O\ ABS^7U_SQ/8W_HU=W_\
MUR]^_P!<?FC_ 'XO^K\^O?\  R^TW_1HO/\ LI/7O^&+/Y?7_/$]C?\ HU=W
M_P#UR]^_UQ^:/]^+_J_/KW_ R^TW_1HO/^RD]>_X8L_E]?\ /$]C?^C5W?\
M_7+W[_7'YH_WXO\ J_/KW_ R^TW_ $:+S_LI/7O^&+/Y?7_/$]C?^C5W?_\
M7+W[_7'YH_WXO^K\^O?\#+[3?]&B\_[*3U[_ (8L_E]?\\3V-_Z-7=__ -<O
M?O\ 7'YH_P!^+_J_/KW_  ,OM-_T:+S_ +*3U[_ABS^7U_SQ/8W_ *-7=_\
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M^+_J_/KW_ R^TW_1HO/^RD]>_P"&+/Y?7_/$]C?^C5W?_P#7+W[_ %Q^:/\
M?B_ZOSZ]_P #+[3?]&B\_P"RD]9:?^1M_+]I:B&IBV5V*)H:A:B(GM;>) :
M^GC^)C@'W[_7'YH_C7]G^SUO_@9?:?\ Z-%Y_P!E)Z__TM_CW[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]/?X]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=?_4W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7_U=_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U_];?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_7W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_T-_CW[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]'?X]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_2
MW^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7_T]_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U_]3?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=?_5W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_UM_CW[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]??X]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_0W^/?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7_T=_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U_]+?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=?_3W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_U-_CW[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]7?X]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_6W^/?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_
MU]_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U_]#?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=?_1W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_TM_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]/?X]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_4W^/?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_U=_C
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U_];?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=?_7W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7_T-_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]'?X]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_2W^/?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_T]_CW[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M_]3?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=?_5W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7_UM_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]??X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_0W^/?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_T=_CW[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]+?
MX]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=?_3W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7_U-_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U_]7?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_6W^/?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7_U]_CW[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]#?X]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?
MNO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U
M[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=?_1W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7_TM_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[
MKW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>
M]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U_]/?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_4WH?[][I_YXJK_P"2JS_ZA]^Z]UB_
MOYNC_GB:C_;UW_U![]U[KW]_-T?\\34?[>N_^H/?NO=>_OYNC_GB:C_;UW_U
M![]U[KW]_-T?\\34?[>N_P#J#W[KW7O[^;H_YXFH_P!O7?\ U![]U[KW]_-T
M?\\34?[>N_\ J#W[KW7O[^;H_P">)J/]O7?_ %![]U[KW]_-T?\ /$U'^WKO
M_J#W[KW7O[^;H_YXFH_V]=_]0>_=>Z]_?S='_/$U'^WKO_J#W[KW7O[^;H_Y
MXFH_V]=_]0>_=>Z]_?S='_/$U'^WKO\ Z@]^Z]U[^_FZ/^>)J/\ ;UW_ -0>
M_=>Z]_?S='_/$U'^WKO_ *@]^Z]U[^_FZ/\ GB:C_;UW_P!0>_=>Z]_?S='_
M #Q-1_MZ[_Z@]^Z]U[^_FZ/^>)J/]O7?_4'OW7NO?W\W1_SQ-1_MZ[_Z@]^Z
M]U[^_FZ/^>)J/]O7?_4'OW7NO?W\W1_SQ-1_MZ[_ .H/?NO=>_OYNC_GB:C_
M &]=_P#4'OW7NO?W\W1_SQ-1_MZ[_P"H/?NO=>_OYNC_ )XFH_V]=_\ 4'OW
M7NO?W\W1_P \34?[>N_^H/?NO=>_OYNC_GB:C_;UW_U![]U[KW]_-T?\\34?
M[>N_^H/?NO=>_OYNC_GB:C_;UW_U![]U[KW]_-T?\\34?[>N_P#J#W[KW7O[
M^;H_YXFH_P!O7?\ U![]U[KW]_-T?\\34?[>N_\ J#W[KW7O[^;H_P">)J/]
MO7?_ %![]U[KW]_-T?\ /$U'^WKO_J#W[KW7O[^;H_YXFH_V]=_]0>_=>Z]_
M?S='_/$U'^WKO_J#W[KW7O[^;H_YXFH_V]=_]0>_=>Z]_?S='_/$U'^WKO\
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MZ8(ZYS;:?O&?=G#65GM377*!85_XE6E,^?\ Q&/ DDBN:U)ZM'^,/\T/IO\
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M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=%L[&^)WQI[=RISW9W1/5F]\YI
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:[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>fp0048138_04.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fp0048138_04.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1"  5 ((# 2(  A$! Q$!_\0
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M5D<?*V/,<=.N4_.[XL?\$^_'?[<7_!1/]MK5O 6M6E[K'PK\;^'O$=IX!UF
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M0F@#[7_X)6_MHW/[;O[(VE:YX@M7TKXB^%[B7POXZTB6/RI]*URS(BND>/\
M@#D"51T"R =J^-/^"A7Q)_;4_8:U'X9R']H_P1KMM\5?B!9^"[2)?AK;0'2%
MNVD*3,QE?S1&J@%?E+=<BN0^%_[;][^S'_P6#3XAWWP=^,7P9^#_ .TK]C\-
M^*CXXT1--LX/%*!UL;Z%TD= 9HU\J3<0<LS\XX]S_P"#A/[O[)7_ &7GP_\
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8:**)#<NG&#*2..002*** /NBBBB@#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!P@'!@H(" @+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!# 0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P  1"  A +P# 2(  A$! Q$!_\0
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MVX1J>I)'?'2N."G.T#KDX4[U#H]$UF#7;)[RW5EB$KQKN_BVG&?H:X;XL?\
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/_*L\]3116J^%'._C9__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>13
<FILENAME>filename13.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 20%"><IMG SRC="fp0048138_04.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; width: 80%">K&amp;L Gates LLP<BR>
1601 K Street, N.W.<BR>
Washington, DC 20006<BR>
T +1 202 778 9000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F +1 202 778 9100&nbsp;&nbsp;klgates.com</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 75%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; width: 25%">Clifford J. Alexander<BR>
D&nbsp;&nbsp;202.778.9068<BR>
F&nbsp;&nbsp;202.778.9100<BR>
clifford.alexander@klgates.com</TD></TR>
</TABLE>
<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">December 9, 2019</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>VIA EDGAR </U></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">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">100 F. Street, N.E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Liberty All-Star Growth Fund, Inc. (the &ldquo;Fund&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><U>Registration Statement on Form N-2, File No. 811-04537</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-align: justify">Ladies and Gentlemen:</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">On behalf of the Fund,
transmitted herewith is a copy of the Fund&rsquo;s Registration Statement on Form N-2, including exhibits, for filing under the
Securities Act of 1933, as amended, and under the Investment Company Act of 1940, as amended (the &ldquo;Registration Statement&rdquo;).</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">This filing is for the
registration and issuance of common shares of common stock, par value $0.10 per share, of the Fund (the &ldquo;Shares&rdquo;),
pursuant to the exercise of rights to purchase the Shares to be distributed to the shareholders of the Fund in accordance with
the Registration Statement (the &ldquo;Offer&rdquo;). The approximate date of the proposed public offering will be as soon as practicable
after the effective date of the Registration Statement.</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">In accordance with Release
No. IC-13768 (Feb. 15, 1984) (the &ldquo;Release&rdquo;), we hereby request a &ldquo;limited review&rdquo; of the Registration
Statement on an expedited basis. Consistent with the Release, the disclosure in the Registration Statement is substantially similar
to the disclosure set forth in the Prospectus and Statement of Additional Information filed on Form N-2 on July 20, 2018, pursuant
to the exercise of rights, except for the inclusion of updated information with respect to the Fund, its investment objective and
policies, and the offering generally.</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">If you have any questions
relating to this filing, please do not hesitate to contact me at 202.778.9068.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sincerely,</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Clifford J. Alexander</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Clifford J. Alexander</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Sareena Khwaja-Dixon</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">ALPS Fund Services, Inc.</P>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
