<SEC-DOCUMENT>0000799195-16-000007.txt : 20160224
<SEC-HEADER>0000799195-16-000007.hdr.sgml : 20160224
<ACCEPTANCE-DATETIME>20160224140812
ACCESSION NUMBER:		0000799195-16-000007
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160224
DATE AS OF CHANGE:		20160224
EFFECTIVENESS DATE:		20160224

FILER:

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

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		161451329

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

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>LibertyASEquityNSARBFinal.fil
<TEXT>
<PAGE>      PAGE  1
000 B000000 12/31/2015
000 C000000 0000799195
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 LIBERTY ALL STAR EQUITY FUND
001 B000000 811-4809
001 C000000 3036232577
002 A000000 1290 BROADWAY, STE.1100
002 B000000 DENVER
002 C000000 CO
002 D010000 80203
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
008 A000001 ALPS ADVISORS, INC.
008 B000001 A
008 C000001 801-67135
008 D010001 DENVER
008 D020001 CO
008 D030001 80203
008 A000002 CORNERSTONE CAPITAL MANAGEMENT LLC
008 B000002 S
008 C000002 801-45262
008 D010002 MINNEAPOLIS
008 D020002 MN
008 D030002 55435
008 A000003 PZENA INVESTMENT MANAGEMENT LLC
008 B000003 S
008 C000003 801-50838
008 D010003 NEW YORK
008 D020003 NY
008 D030003 10036
008 A000004 ARISTOTLE CAPITAL MANAGEMENT LLC
008 B000004 S
008 C000004 801-60014
008 D010004 LOS ANGELES
008 D020004 CA
008 D030004 90025
008 A000005 DELAWARE INVESTMENTS
008 B000005 S
008 C000005 801-32108
008 D010005 PHILADELPHIA
008 D020005 PA
<PAGE>      PAGE  2
008 D030005 19103
008 A000006 TCW INVESTMENT MANAGEMENT, CO.
008 B000006 S
008 C000006 801-7380
008 D010006 LOS ANGELES
008 D020006 CA
008 D030006 90017
010 A000001 ALPS FUND SERVICES, INC.
010 B000001 84-5730
010 C010001 DENVER
010 C020001 CO
010 C030001 80203
012 A000001 COMPUTERSHARE
012 B000001 84-9999
012 C010001 COLLEGE STATION
012 C020001 TX
012 C030001 77842
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 DENVER
013 B020001 CO
013 B030001 80202
014 A000001 ALPS PORTFOLIO SOLUTIONS DISTRIBUTOR, INC.
014 B000001 8-67659
014 A000002 ALPS DISTRIBUTORS, INC.
014 B000002 8-34626
015 A000001 STATE STREET CORPORATION
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02111
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000    2
019 C000000 ALLSTARFND
020 A000001 BNY CONVERGEX EXECUTION SOLUTIONS LLC
020 B000001 13-3989198
020 C000001     461
020 A000002 LYNCH, JONES & RYAN LLC
020 B000002 13-3356934
020 C000002     366
020 A000003 INSTINET LLC
020 B000003 13-2625132
020 C000003      71
020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
020 C000004      54
020 A000005 CITATION FINANCIAL GROUP, L.P.
020 B000005 13-3604897
020 C000005      50
020 A000006 CREDIT SUISSE SECURITIES (USA) LLC
<PAGE>      PAGE  3
020 B000006 05-0546650
020 C000006      50
020 A000007 JP MORGAN CHASE & CO.
020 B000007 13-2624428
020 C000007      42
020 A000008 MERRILL LYNCH & CO., INC.
020 B000008 13-2740599
020 C000008      37
020 A000009 WESTMINSTER RESEARCH ASSOCIATES LLC
020 B000009 13-3088032
020 C000009      26
020 A000010 GOLDMAN SACHS & CO.
020 B000010 13-5108880
020 C000010      25
021  000000      1485
022 A000001 DEUTSCHE BANK SECURITIES, INC.
022 B000001 13-2730828
022 C000001        649
022 D000001          0
022 A000002 MERRILL LYNCH & CO., INC.
022 B000002 13-2740599
022 C000002        265
022 D000002          0
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003        170
022 D000003          0
023 C000000        1084
023 D000000           0
024  000000 Y
025 A000001 JP MORGAN CHASE & CO.
025 B000001 13-2624428
025 C000001 E
025 D000001    12881
025 A000002 MORGAN STANLEY & CO, INC.
025 B000002 13-2655998
025 C000002 E
025 D000002     5636
025 A000003 GOLDMAN SACHS & CO.
025 B000003 13-5108880
025 C000003 E
025 D000003     5745
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
<PAGE>      PAGE  4
027  000000 N
045  000000 Y
046  000000 Y
047  000000 Y
048  000000  0.000
048 A010000    400000
048 A020000 0.800
048 B010000    400000
048 B020000 0.720
048 C010000    400000
048 C020000 0.648
048 D010000         0
048 D020000 0.000
048 E010000         0
048 E020000 0.000
048 F010000         0
048 F020000 0.000
048 G010000         0
048 G020000 0.000
048 H010000         0
048 H020000 0.000
048 I010000         0
048 I020000 0.000
048 J010000         0
048 J020000 0.000
048 K010000   1200000
048 K020000 0.584
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056  000000 N
057  000000 N
<PAGE>      PAGE  5
058 A000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000         0
062 A000000 N
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
066 A000000 Y
066 B000000 N
066 C000000 Y
066 D000000 N
066 E000000 N
066 F000000 N
066 G000000 N
067  000000 N
068 A000000 N
068 B000000 N
069  000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
<PAGE>      PAGE  6
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000     883611
071 B000000     931946
071 C000000    1159658
071 D000000   76
072 A000000 12
072 B000000         3
072 C000000     19000
072 D000000         0
072 E000000       327
072 F000000      8552
072 G000000      2138
072 H000000         0
072 I000000       111
072 J000000       116
072 K000000         0
072 L000000       134
072 M000000       255
072 N000000       169
072 O000000         0
072 P000000         0
072 Q000000       200
072 R000000        47
072 S000000       379
072 T000000         0
072 U000000         0
072 V000000         0
072 W000000       180
072 X000000     12281
072 Y000000         0
072 Z000000      7049
072AA000000     99753
072BB000000         0
<PAGE>      PAGE  7
072CC010000         0
072CC020000    130429
072DD010000         0
072DD020000         0
072EE000000     92238
073 A010000    0.0000
073 A020000    0.0000
073 B000000    0.5100
073 C000000    0.0000
074 A000000         2
074 B000000     37125
074 C000000         0
074 D000000         0
074 E000000         0
074 F000000   1116540
074 G000000         0
074 H000000         0
074 I000000     33286
074 J000000      2020
074 K000000         0
074 L000000      1647
074 M000000        59
074 N000000   1190679
074 O000000      2577
074 P000000       702
074 Q000000         0
074 R010000         0
074 R020000         0
074 R030000         0
074 R040000     50808
074 S000000         0
074 T000000   1136592
074 U010000    184052
074 U020000         0
074 V010000      6.18
074 V020000      0.00
074 W000000    0.0000
074 X000000      3298
074 Y000000         0
075 A000000         0
075 B000000   1174947
076  000000      5.35
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 Q010000 Y
077 Q020000 Y
078  000000 N
080 A000000 ST. PAUL FIRE & MARINE INSURANCE COMPANY
080 C000000      2000
081 A000000 Y
<PAGE>      PAGE  8
081 B000000    1
082 A000000 N
082 B000000         0
083 A000000 N
083 B000000         0
084 A000000 N
084 B000000         0
085 A000000 Y
085 B000000 N
086 A010000    5021
086 A020000   27756
086 B010000       0
086 B020000       0
086 C010000       0
086 C020000       0
086 D010000       0
086 D020000       0
086 E010000       0
086 E020000       0
086 F010000       0
086 F020000       0
087 A010000 LIBERTY ALL STAR EQUITY FUND
087 A020000 530158104
087 A030000 USA
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE   Kim Storms
TITLE       Treasurer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>item77busaauditorletter2015.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Stacey R. Wilson (Open)">
<META NAME="date" CONTENT="2016-02-19T16:03:00Z">
</HEAD>
<BODY style="margin-top:0;font-family:'Times New Roman'; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px; font-size:12pt">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:6.667px; font-family:'Arial,Times New Roman'"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">To the Shareholders and Board of Directors of Liberty All-Star&#174; Equity Fund:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">In planning and performing our audits of the financial statements of Liberty All-Star&#174; Equity Fund (the <font style="font-family:'Arial Unicode MS,Arial'">&#8220;</font>Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8221;</font>), as of and for the year ended December 31, 2015, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund's internal control over financial reporting, including control over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8217;</font>s internal control over financial reporting. Accordingly, we express no such opinion.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company's assets that could have a material effect on the financial statements.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">Our consideration of the Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8217;</font>s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8217;</font>s internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of December 31, 2015. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">This report is intended solely for the information and use of management and the Board of Directors of Liberty All-Star&#174; Equity Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">/s/DELOITTE &amp; TOUCHE LLP</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">Denver, Colorado</P>
<P style="margin:0px; font-family:'Arial'; font-size:9pt">February 18, 2016</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: 609FC612 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>3
<FILENAME>lasequityfund_item77q2exhibi.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Marks, Alex J">
<META NAME="date" CONTENT="2015-12-17T18:20:00Z">
</HEAD>
<BODY style="margin-top:0;font-family:'Times New Roman'; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin-top:0px; margin-bottom:12.2px; font-size:11pt" align=center><B>Item 77Q2 Exhibit</B></P>
<P style="margin-top:0px; margin-bottom:11.133px; font-family:'Arial'" align=justify>Pursuant to Section 30(h) of the 1940 Act and Section 16 of the Securities and Exchange Act of 1934 (the <font style="font-family:'Arial Unicode MS,Arial'">&#8220;</font>Exchange Act<font style="font-family:'Arial Unicode MS,Arial'">&#8221;</font>), investment advisers, or affiliated persons of investment advisers are subject to making certain filings (the <font style="font-family:'Arial Unicode MS,Arial'">&#8220;</font>Section 16 Filings<font style="font-family:'Arial Unicode MS,Arial'">&#8221;</font>) with the U.S. Securities and Exchange Commission (the <font style="font-family:'Arial Unicode MS,Arial'">&#8220;</font>SEC<font style="font-family:'Arial Unicode MS,Arial'">&#8221;</font>) to notify the SEC of their beneficial ownership of securities in closed-end funds to which the investment adviser performs investment advisory services.&#160; When AAI assumed the advisory role for the Liberty All-Star Equity Fund (the <font style="font-family:'Arial Unicode MS,Arial'">&#8220;</font>Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8221;</font>) in December 2006, an initial Form 3 was not filed with the SEC, as required under Section 16 of the Exchange Act.&#160; In conjunction with this, an initial Form 3 was also not filed for AAI<font style="font-family:'Arial Unicode MS,Arial'">&#8217;</font>s parent company, ALPS Holdings, Inc. (<font style="font-family:'Arial Unicode MS,Arial'">&#8220;</font>AHI<font style="font-family:'Arial Unicode MS,Arial'">&#8221;</font>).&#160;The initial Form 3 filings were made on behalf of AAI and AHI on August 11, 2015 and August 13, 2015, respectively.&#160; In addition, the Fund has communicated these requirements to the applicable sub-advisers to ensure that all of the required filings are made. There was no impact to the Fund or the Fund<font style="font-family:'Arial Unicode MS,Arial'">&#8217;</font>s shareholders as a result of the missed filings.&#160; It should be noted that the appropriate filings were made for all officers and directors of the Fund and AAI. </P>
<P style="margin-top:0px; margin-bottom:12.2px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:12.2px" align=justify><BR>
<BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: 8FE05B27 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>4
<FILENAME>lasequityfunditem77c_special.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="marksa">
<META NAME="date" CONTENT="08/03/2011">
</HEAD>
<BODY style="margin-top:0;font-family:'Times New Roman'; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px; font-family:'Arial'"><B>Item 77C: Submission of Matters to a Vote of Security Holders</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt">On November 19, 2015, the Annual Meeting of Shareholders of the Fund was held to approve a new Portfolio Management Agreement with Delaware Investments Fund Advisers, a series of Delaware Business Management Trust (&#147;Delaware Investments&#148;). On September 16, 2015, the record date for the meeting, the Fund had outstanding 182,754,403 shares of beneficial interest. The votes cast at the meeting were as follows: </P>
<P style="margin-top:16.533px; margin-bottom:0px; font-family:'Calibri,Times New Roman'; font-size:11pt">Proposal - To approve a new Portfolio Management Agreement with Delaware Investments:</P>
<P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt">&nbsp;</P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=107.867 /><TD width=107.267 /><TD width=107.267 /><TD width=164.2 /></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=107.867><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt"><B>For</B></P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=107.267><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt"><B>Against</B></P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=107.267><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt"><B>Abstain</B></P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=164.2><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt"><B>Broker Non-Votes</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=107.867><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt">92,009,517.471</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=107.267><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt">11,760,838.998</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=107.267><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt">2,596,478.364</P>
</TD><TD style="margin-top:0px; padding-left:9.6px; padding-top:0px; padding-right:9.6px; padding-bottom:0px" valign=top width=164.2><P style="margin:0px; font-family:'Calibri,Times New Roman'; font-size:11pt">0.000</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: 6C36D246 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>5
<FILENAME>lasequityitem77q1e_aristotle.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>_</TITLE>
<META NAME="date" CONTENT="05/06/2014">
</HEAD>
<BODY style="margin-top:0;font-family:'Times New Roman'; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 77Q1(e): Copies of any New or Amended Registrant Investment Advisory Agreements</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>LIBERTY ALL-STAR</B><FONT style="font-family:'Times New Roman Bold,Times New Roman'"><B><SUP>&#174;</SUP></FONT> EQUITY FUND</B></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT</B></P>
<P style="margin:0px" align=center><B>ARISTOTLE CAPITAL MANAGEMENT, LLC</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>December 14, 2015</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Re: <U>Portfolio Management Agreement</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Ladies and Gentlemen:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>Liberty All-Star Equity Fund (the &#147;Fund&#148;) is a diversified closed-end investment company registered under the Investment Company Act of 1940, as amended &nbsp;(the &#147;Act&#148;), and is subject to the rules and regulations promulgated thereunder.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>ALPS Advisors, Inc. (the &#147;Fund Manager&#148;) evaluates and recommends portfolio managers for the assets of the Fund, and the Fund Manager or an affiliate of the Fund Manager is responsible for the day-to-day Fund administration of the Fund.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>1. <U>Employment as a Portfolio Manager.</U> &nbsp;The Fund, being duly authorized, hereby employs Aristotle Capital Management, LLC (&#147;Portfolio Manager&#148;) as a discretionary portfolio manager, on the terms and conditions set forth herein, of that portion of the Fund&#146;s assets which the Fund Manager determines to assign to the Portfolio Manager (those assets being referred to as the &#147;Portfolio Manager Account&#148;). <FONT style="font-family:'Times New Roman Bold,Times New Roman'"><B>&nbsp;</B></FONT>The Fund Manager may, from time to time, allocate and reallocate the Fund&#146;s assets among the Portfolio Manager and the other portfolio managers of the Fund&#146;s assets. &nbsp;

The Portfolio Manager will be an independent contractor and will have no authority to act for or represent the Fund or the Fund Manager in any way or otherwise be deemed to be an agent of the Fund or the Fund Manager except as expressly authorized in this Agreement or in another writing by the Fund Manager and the Portfolio Manager.

<FONT style="font-size:20pt">

 &nbsp;</FONT>The Portfolio Manager&#146;s responsibilities<A NAME="_DV_X17"></A><A NAME="_DV_C19"></A>

 for providing portfolio management services to the Fund shall be limited to the Portfolio Manager Account.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>2. <U>Acceptance of Employment; Standard of Performance.</U> &nbsp;The Portfolio Manager accepts its employment as a discretionary portfolio manager and agrees to use its best professional judgment to make timely investment decisions for the Portfolio Manager Account in accordance with the provisions of this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>3. <U>Portfolio Management Services of Portfolio Manager.</U> &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:72px; float:left">A.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px" align=justify>In providing portfolio management services to the Portfolio Manager Account, the Portfolio Manager shall be subject to the Fund&#146;s Declaration of Trust and By-Laws, as amended from time to time, investment objectives, policies and restrictions of the Fund as set forth in its Prospectus and Statement of Additional Information, as the same may be modified from time to time (together, the &#147;Prospectus&#148;), the investment objectives, policies and restrictions of the Fund as determined from time to time by the Board of Trustees, and the investment and other restrictions set forth in the Act and the rules and regulations thereunder, to the supervision and control of the Board of Trustees of the Fund, and to instructions from the Fund Manager. The Portfolio Manager shall not, without the prior approval of the Fund or the Fund Manager, effect any transactions that would cause the Portfolio Manager Account, treated as a separate fund, to be out of compliance with any of such restrictions or policies. &nbsp;The Portfolio Manager shall not consult with any other portfolio manager of the Fund concerning transactions for the Fund in securities or other assets.</P>
<A NAME="_DV_C34"></A><P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_DV_C35"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:72px; float:left">

B.

</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px" align=justify>

As part of the services it will provide hereunder, the Portfolio Manager will:

</P>
<A NAME="_DV_C36"></A><P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_DV_C37"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">

(i)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

formulate and implement a continuous investment program for the Portfolio Manager Account;

</P>
<A NAME="_DV_C38"></A><P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_DV_C39"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">

(ii)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

take whatever steps are necessary to implement the investment program for the Portfolio Manager Account by arranging for the purchase and sale of securities and other investments;

</P>
<A NAME="_DV_C40"></A><P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_DV_C41"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">

(iii)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

keep the Fund Manager and the Board of Trustees of the Fund fully informed in writing on an ongoing basis, as agreed by the Fund Manager and the Portfolio Manager, of all material facts concerning the investment and reinvestment of the assets in the Portfolio Manager Account, the Portfolio Manager and its key investment personnel and operations; make regular and periodic special written reports of such additional information concerning the same as may reasonably be requested from time to time by the Fund Manager or the Trustees of the Fund; attend meetings with the Fund Manager and/or Trustees, as reasonably requested, to discuss the foregoing and such other matters as may be requested by the Fund Manager or Trustees;<BR>
<A NAME="_DV_C42"></A>

</P>
<A NAME="_DV_C43"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; clear:left; float:left">

(iv)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

in accordance with procedures and methods established by the Trustees of the Fund, which may be amended from time to time, provide assistance in determining the fair value of all securities and other investments/assets in the Portfolio Manager Account, as necessary, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Portfolio Manager for each security or other investment/asset in the Portfolio Manager Account for which market prices are not readily available; and<A NAME="_DV_C45"></A>

</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">

(v)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

cooperate with and provide reasonable assistance to the Fund Manager, the Fund&#146;s administrator, custodian, transfer agent and pricing agents and all other agents and representatives of the Fund and the Fund Manager; keep all such persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to the Fund and the Fund Manager; provide prompt responses to reasonable requests made by such persons; and maintain any appropriate interfaces with each so as to promote the efficient exchange of information.

</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" align=justify>4. <U>Transaction Procedures.</U> &nbsp;All portfolio transactions for the Portfolio Manager Account will be consummated by payment to or delivery by the custodian of the Fund (the &#147;Custodian&#148;), or such depositories or agents as may be designated by the Custodian in writing, as custodian for the Fund, of all cash and/or securities due to or from the Portfolio Manager Account, and the Portfolio Manager shall not have possession or custody thereof or any responsibility or liability with respect to such custody. The Portfolio Manager shall advise and confirm in writing to the Custodian all investment orders for the Portfolio Manager Account placed by it with brokers and dealers at the time. The Fund shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Portfolio Manager. The Fund shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian, the Portfolio Manager shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" align=justify>5. <U>Allocation of Brokerage.</U> &nbsp;The Portfolio Manager shall have authority and discretion to select brokers and dealers to execute portfolio transactions initiated by the Portfolio Manager for the Portfolio Manager Account, and to select the markets on or in which the transaction will be executed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:96px; float:left">A. </P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px" align=justify>In doing so, the Portfolio Manager&#146;s primary responsibility shall be to seek to obtain best net price and execution for the Fund. However, this responsibility shall not obligate the Portfolio Manager to solicit competitive bids for each transaction or to seek the lowest available commission cost to the Fund, so long as the Portfolio Manager reasonably believes that the broker or dealer selected by it can be expected to obtain a &#147;best execution&#148; market price on the particular transaction and determines in good faith that the commission cost is reasonable in relation to the value of the brokerage and research services (as defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by such broker or dealer to the Portfolio Manager viewed in terms of either that particular transaction or of the Portfolio Manager&#146;s overall responsibilities with respect to its clients, including the Fund, as to which the Portfolio Manager exercises investment discretion, notwithstanding that the Fund may not be the direct or exclusive beneficiary of any such services or that another broker may be willing to charge the Fund a lower commission on the particular transaction.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:96px; clear:left; float:left">B. </P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px" align=justify>Subject to the requirements of paragraph A above, the Fund Manager shall have the right to request that transactions giving rise to brokerage commissions, in an amount to be agreed upon by the Fund Manager and the Portfolio Manager, shall be executed by brokers and dealers that provide brokerage or research services to the Fund Manager, or as to which an on-going relationship will be of value to the Fund in the management of its assets, which services and relationship may, but need not, be of direct benefit to the Portfolio Manager Account. Notwithstanding any other provision of this Agreement, the Portfolio Manager shall not be responsible under paragraph A above with respect to transactions executed through any such broker or dealer.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:96px; clear:left; float:left">C. </P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager shall not execute any portfolio transactions for the Portfolio Manager Account with a broker or dealer which is an &#147;affiliated person&#148; (as defined in the Act) of the Fund, the Portfolio Manager or any other portfolio manager of the Fund without the prior written approval of the Fund. The Fund Manager will provide the Portfolio Manager with a list of brokers and dealers which are &#147;affiliated persons&#148; of the Fund or its portfolio managers.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px; clear:left" align=justify>6. <U>Proxies.</U> &nbsp;The Fund Manager will vote all proxies solicited by or with respect to the issuers of securities in which assets of the Portfolio Manager Account may be invested from time to time in accordance with such policies as shall be determined by the Fund Manager, and reviewed and approved by the Board of Trustees. &nbsp;

Upon the written request of the Fund Manager, the Portfolio Manager will vote all proxies solicited by or with respect to the issuers of securities in which assets of the Portfolio Manager Account may be invested from time to time in accordance with such policies as shall be determined by the Fund Manager, and reviewed and approved by the Board of Trustees.

<FONT style="color:#0000FF"><U>

 &nbsp;

</U></FONT></P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>7. <U>Fees for Services.</U> The compensation of the Portfolio Manager for its services under this Agreement shall be calculated and paid by the Fund Manager in accordance with the attached Schedule A. Pursuant to the Fund Management Agreement between the Fund and the Fund Manager, the Fund Manager is solely responsible for the payment of fees to the Portfolio Manager, and the Portfolio Manager agrees to seek payment of its fees solely from the Fund Manager.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>8. <U>Other Investment Activities of Portfolio Manager.</U> The Fund acknowledges that the Portfolio Manager or one or more of its affiliates has investment responsibilities, renders investment advice to and performs other investment advisory services for other individuals or entities (&#147;Client Accounts&#148;), and that the Portfolio Manager, its affiliates or any of its or their directors, officers, agents or employees may buy, sell or trade in any securities for its or their respective accounts (&#147;Affiliated Accounts&#148;). Subject to the provisions of paragraph 2 hereof, the Fund agrees that the Portfolio Manager or its affiliates may give advice or exercise investment responsibility and take such other action with respect to other Client Accounts and Affiliated Accounts which may differ from the advice given or the timing or nature of action taken with respect to the Portfolio Manager Account, provided that the Portfolio Manager acts in good faith, and provided further, that it is the Portfolio Manager&#146;s policy to allocate, within its reasonable discretion, investment opportunities to the Portfolio Manager Account over a period of time on a fair and equitable basis relative to the Client Accounts and the Affiliated Accounts, taking into account the cash position and the investment objectives and policies of the Fund and any specific investment restrictions applicable thereto. The Fund acknowledges that one or more Client Accounts and Affiliated Accounts may at any time hold, acquire, increase, decrease, dispose of or otherwise deal with positions in investments in which the Portfolio Manager Account may have an interest from time to time, whether in transactions which involve the Portfolio Manager Account or otherwise. The Portfolio Manager shall have no obligation to acquire for the Portfolio Manager Account a position in any investment which any Client Account or Affiliated Account may acquire, and the Fund shall have no first refusal, co-investment or other rights in respect of any such investment, either for the Portfolio Manager Account or otherwise.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>9. <U>Limitation of Liability.</U> &nbsp;The Portfolio Manager shall not be liable for any action taken, omitted or suffered to be taken by it in its reasonable judgment, in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement, or in accordance with (or in the absence of) specific directions or instructions from the Fund, provided, however, that such acts or omissions shall not have resulted from the Portfolio Manager&#146;s willful misfeasance, bad faith or gross negligence, a violation of the standard of care established by and applicable to the Portfolio Manager in its actions under this Agreement or breach of its duty or of its obligations hereunder (provided, however, that the foregoing shall not be construed to protect the Portfolio Manager from liability in violation of Section 17(i) of the Act). &nbsp;Except as may otherwise be provided by the Act or any other federal securities law, the Portfolio Manager shall indemnify and hold harmless the Fund Manager and the Fund, and their officers and employees, consultants, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) (collectively, the &#147;Fund Indemnitees&#148;) against any and all losses, claims, damages, liabilities, or litigation (including reasonable legal and other expenses) to which any of the Fund Indemnitees may become subject at common law or otherwise, arising out of the Portfolio Manager&#146;s action or inaction or based on this Agreement; provided however, the Portfolio Manager shall not indemnify or hold harmless the Fund Indemnitees for any losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) due to (i) any breach by the Fund or the Trust of a Fund representation or warranty made herein, or (ii) any willful misconduct, fraud, reckless disregard or gross negligence of the Fund or the Trust in the performance of any of their duties or obligations hereunder. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>10. <U>Confidentiality.</U> &nbsp;Subject to the duty of the Portfolio Manager, the Fund Manager and the Fund to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential all information pertaining to the Portfolio Manager Account and the actions of the Portfolio Manager and the Fund in respect thereof.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>11. <U>Assignment.</U> &nbsp;This Agreement shall terminate automatically in the event of its assignment, as that term is defined in Section 2(a)(4) of the Act. The Portfolio Manager shall notify the Fund in writing sufficiently in advance of any proposed change of control, as defined in Section 2(a)(9) of the Act, as will enable the Fund to consider whether an assignment as defined in Section 2(a)(4) of the Act will occur, and whether to take the steps necessary to enter into a new contract with the Portfolio Manager. &nbsp;Should the Fund enter into a new contract with the Portfolio Manager in connection with an assignment, the Portfolio Manager agrees to pay all costs and expenses incurred by the Fund to obtain shareholder approval of the new contract, including costs associated with the preparation and mailing of the Fund&#146;s proxy statement and shareholder meeting and proxy solicitation fees.</P>
<P style="margin:0px; text-indent:19.2px" align=justify>12. <U>Representations, Warranties and Agreements of the Fund.</U> &nbsp;The Fund represents, warrants and agrees that:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>A. The Portfolio Manager has been duly appointed to provide investment services to the Portfolio Manager Account as contemplated hereby.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>B. The Fund will deliver to the Portfolio Manager a true and complete copy of its then current Prospectus as effective from time to time and such other documents governing the investment of the Portfolio Manager Account and such other information as is necessary for the Portfolio Manager to carry out its obligations under this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>13. <U>Representations, Warranties and Agreements of the Portfolio Manager.</U> &nbsp;The Portfolio Manager represents, warrants and agrees that:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>A. It is registered as an &#147;investment adviser&#148; under the Investment Advisers Act of 1940, as amended (&#147;Advisers Act&#148;) and will continue to be so registered for as long as this Agreement remains in effect.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>B. It will maintain, keep current and preserve on behalf of the Fund, in the manner required or permitted by the Act and the rules and regulations thereunder, the records required to be so kept by an investment adviser of the Fund in accordance with applicable law. The Portfolio Manager agrees that such records are the property of the Fund, and will be surrendered to the Fund promptly upon request.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>C. It has adopted a written code of ethics complying with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Act and will provide the Fund Manager and the Board of Trustees with a copy of its code of ethics and evidence of its adoption. Within 45 days of the end of each year while this Agreement is in effect, or at any other time requested by the Fund Manager, an officer, director or general partner of the Portfolio Manager shall certify to the Fund that the Portfolio Manager has complied with the requirements of Rule 17j-1 and Rule 204A-1 during the previous year and that there has been no material violation of its code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. &nbsp;It will promptly notify the Fund Manager of any material change to its code of ethics or material violation of its code of ethics.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>D. Upon request, the Portfolio Manager will promptly supply the Fund with any information concerning the Portfolio Manager and its stockholders, partners, employees and affiliates that the Fund may reasonably request in connection with the preparation of its registration statement (as amended from time to time), prospectus and statement of additional information (as supplemented and modified from time to time), proxy material, reports and other documents required to be filed under the Act, the Securities Act of 1933, or other applicable securities laws.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>E. Reference is hereby made to the Declaration of Trust dated August 20, 1986 establishing the Fund, a copy of which has been filed with the Secretary of the Commonwealth of Massachusetts and elsewhere as required by law, and to any and all amendments thereto so filed or hereafter filed. The name Liberty All-Star Equity Fund refers to the Board of Trustees under said Declaration of Trust, as Trustees and not to the Trustees personally, and no Trustee, shareholder, officer, agent or employee of the Fund shall be held to any personal liability hereunder or in connection with the affairs of the Fund, but only the trust estate under said Declaration of Trust is liable under this Agreement. Without limiting the generality of the foregoing, neither the Portfolio Manager nor any of its officers, directors, partners, shareholders, agents or employees shall, under any circumstances, have recourse or cause or willingly permit recourse to be had directly or indirectly to any personal, statutory, or other liability of any shareholder, Trustee, officer, agent or employee of the Fund or of any successor of the Fund, whether such liability now exists or is hereafter incurred for claims against the trust estate, but shall look for payment solely to said trust estate, or the assets of such successor of the Fund. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:62.4px; width:101.4px; float:left">F.</P>
<P style="margin:0px; padding-left:101.4px; text-indent:-2px" align=justify>The Portfolio Manager shall maintain and implement compliance procedures that are reasonably designed to ensure its compliance with Rule 206(4)-7 of the Advisers Act and to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 under the Act).</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:54px; float:left">G.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager will: (i) on the cover page of each Form 13F that the Portfolio Manager files with the Securities and Exchange Commission (the &#147;SEC&#148;), check the &#147;13F Combination Report&#148; box and on the Form 13F Summary Page identify &#147;ALPS Advisors, Inc.&#148; as another manager for which the Portfolio Manager is filing the Form 13F report; (ii) within 60 days after the end of each calendar year, provide the Fund Manager with a certification that the Portfolio Manager&#146;s Form 13F was filed with the SEC on a timely basis and included all of the securities required to be reported by the SEC; (iii) within 60 days after the end of each calendar year, provide to the Fund Manager a copy of each Form 13F, or amendment to a Form 13F filed by it during the prior four quarters; and (iv) promptly notify the Fund Manager in the event the Portfolio Manager determines that it has failed to comply with Section 13(f) in a material respect, or receives a comment letter from the SEC raising a question with respect to compliance.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:54px; float:left">H.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager has adopted written compliance policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules promulgated thereunder and the Portfolio Manager agrees to provide: (a) from time to time, a copy and/or summary of such compliance policies and procedures and an accompanying certification certifying that the Portfolio Manager&#146;s compliance policies and procedures comply with the Advisers Act; (b) a report of the annual review determining the adequacy and effectiveness of the Portfolio Manager&#146;s compliance policies and procedures; and (c) the name of the Portfolio Manager&#146;s Chief Compliance Officer to act as a liaison for compliance matters that may arise between the Fund and the Portfolio Manager.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:48px; float:left">I.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager will notify the Fund and the Fund Manager of any assignment of this Agreement or change of control of the Portfolio Manager, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Portfolio Manager Account or senior management of the Portfolio Manager, in each case prior to or promptly after, such change. &nbsp;The Portfolio Manager agrees to bear all costs and expenses of the Fund, if any, arising out of an assignment or change in control.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:48px; float:left">J.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>14. <U>Amendment.</U> &nbsp;This Agreement may be amended at any time, but only by written agreement among the Portfolio Manager, the Fund Manager and the Fund, which amendment, other than amendments to Schedule A, is subject to the approval of the Board of Trustees<FONT style="font-size:20pt"> </FONT>and the shareholders of the Fund as and to the extent required by the Act, the rules thereunder or exemptive relief granted by the SEC, provided that Schedule A may be amended by the Fund Manager without the written agreement of the Fund or the Portfolio Manager.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>15. <U>Effective Date; Term.</U> &nbsp;This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect unless it has first been approved: (1) by a vote of a majority of the Trustees who are not &#147;interested persons&#148; (as defined in the Act) of any party to this Agreement (&#147;Independent Trustees&#148;), cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of &#147;a majority of the outstanding voting securities&#148; (as defined in the Act) of the Fund. &nbsp;This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter provided such continuance is specifically approved at least annually by (i) the Fund&#146;s Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund, provided that in either event such continuance is also approved by a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval. &nbsp;If the SEC issues an order to the Fund and the Fund Manager for an exemption from Section 15(a) of the Act, then, in accordance with the application of the Fund and the Fund Manager, the continuance of this Agreement after initial approval by the Trustees as set forth above, shall be subject to approval by a majority of the outstanding voting securities of the Fund at the regularly scheduled annual meeting of the Fund&#146;s shareholders next following the date of this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>16. <U>Termination.</U> &nbsp;This Agreement may be terminated at any time by any party, without penalty, immediately upon written notice to the other parties in the event of a breach of any provision thereof by a party so notified, or otherwise upon not less than thirty (30) days&#146; written notice to the Portfolio Manager in the case of termination by the Fund or the Fund Manager, or ninety (90) days&#146; written notice to the Fund and the Fund Manager in the case of termination by the Portfolio Manager, but any such termination shall not affect the status, obligations or liabilities of any party hereto to the other parties.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>17. <U>Applicable Law.</U> &nbsp;To the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted, as the same may be amended from time to time, this Agreement shall be administered, construed and enforced according to the laws of the Commonwealth of Massachusetts.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>18. <U>Severability; Counterparts.</U> &nbsp;If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and each and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application permitted by law. &nbsp;This Agreement may be executed in counterparts, each of which will be deemed an original and all of which together will be deemed to be one and the same agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>19. &nbsp;<U>Use of Name</U>. &nbsp;The Portfolio Manager agrees and acknowledges that the Fund Manager is the sole owner of the names and marks &#147;Liberty All-Star&#148; and &#147;All-Star&#148;, and that all use of any designation comprised in whole or in part of these names and marks shall inure to the benefit of the Fund Manager. &nbsp;Except as used to identify the Fund to third parties as a client, the use by the Portfolio Manager on its own behalf of such marks in any advertisement or sales literature or other materials promoting the Portfolio Manager shall be with the prior written consent of the Fund Manager. &nbsp;The Portfolio Manager shall not, without the consent of the Fund Manager, make representations regarding the Fund or the Fund Manager in any disclosure document, advertisement or sales literature or other materials promoting the Portfolio Manager. &nbsp;Consent by the Fund Manager shall not be unreasonably withheld. &nbsp;Upon termination of this Agreement for any reason, the Portfolio Manager shall cease any and all use of these marks as soon as reasonably practicable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px; text-indent:19.2px" align=justify><U>20. &nbsp;Notices</U>. All notices and other communications hereunder shall be in writing, shall be deemed to have been given when received or when sent by U.S. mail, overnight carrier or facsimile, and shall be given to the following addresses (or such other addresses as to which notice is given):</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:96px" align=justify>To Fund Manager:</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:96px">ALPS Advisors, Inc.<BR>
1290 Broadway, Suite 1100<BR>
Denver, Colorado 80203<BR>
Attn: General Counsel<BR>
Phone: &nbsp;(303) 623-2577<BR>
Fax: (303) 623-7850</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:96px">To the Portfolio Manager:</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">Name: Aristotle Capital Management, LLC</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">Address: 1110 Santa Monica Blvd., Suite 1700</P>
<P style="line-height:10pt; margin:0px; padding-left:96px; text-indent:48px">Los Angeles, CA 90025</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">Attn: &nbsp;Richard Schweitzer, CFO</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">Phone: 310-478-4005</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">Fax: 310-478-8496</P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:180px">LIBERTY ALL-STAR<SUP>&#174;</SUP> EQUITY FUND</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:180px">By: <U>/s/ William Parmentier</U></P>
<P style="margin:0px; padding-left:180px">Name: William Parmentier</P>
<P style="margin:0px; padding-left:180px">Title: &nbsp;President</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:180px">ALPS ADVISORS, INC.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:180px">By: <U>/s/ Thomas Carter</U></P>
<P style="margin:0px; padding-left:180px">Name: &nbsp;Thomas Carter</P>
<P style="margin:0px; padding-left:180px">Title: &nbsp;President</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ACCEPTED:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ARISTOTLE CAPITAL MANAGEMENT, LLC</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">By: <U>/s/ Richard Schweitzer</U></P>
<P style="margin:0px">Name: Richard Schweitzer</P>
<P style="margin:0px">Title: Chief Financial Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always" align=center><B>LIBERTY ALL-STAR</B><SUP>&#174;</SUP><B> EQUITY FUND</B></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE A</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGER FEE</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:9.6px; text-indent:24px" align=justify>For services provided to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar month at the annual rate of: &nbsp;0.40% of the amount obtained by multiplying the Portfolio Manager&#146;s Percentage (as hereinafter defined) times the Average Total Fund Net Assets (as hereinafter defined) up to $400 million; 0.36% of the amount obtained by multiplying the Portfolio Manager&#146;s Percentage times the Average Total Fund Net Assets exceeding $400 million up to and including $800 million; 0.324% of the amount obtained by multiplying the Portfolio Manager&#146;s Percentage times the Average Total Fund Net Assets exceeding $800 million up to and including $1.2 billion; 0.292% of the amount obtained by multiplying the Portfolio Manager&#146;s Percentage times the Average Total Fund Net Assets exceeding $1.2 billion.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:9.6px; text-indent:48px" align=justify>&#147;Portfolio Manager&#146;s Percentage&#148; means the percentage obtained by dividing (i) the average daily net asset values of the Portfolio Manager Account during the preceding calendar month, by (ii) the Average Total Fund Net Assets.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>&#147;Average Total Fund Net Assets&#148; means the average daily net asset values of the Fund as a whole during the preceding calendar month.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>The fee shall be pro-rated for any month during which this Agreement is in effect for only a portion of the month.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: 0B4D9E8F -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>6
<FILENAME>lasequityitem77q1e_delaware.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="date" CONTENT="12/11/2015">
</HEAD>
<BODY style="margin-top:0;font-family:'Times New Roman'; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 77Q1(e): Copies of any New or Amended Registrant Investment Advisory Agreements</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>LIBERTY ALL-STAR</B><FONT style="font-family:'Times New Roman Bold,Times New Roman'"><B><SUP>&#174;</SUP></FONT> EQUITY FUND</B></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT</B></P>
<P style="margin:0px" align=center><B>DELAWARE INVESTMENTS FUND ADVISERS</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>September 14, 2015</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Re: <U>Portfolio Management Agreement</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Ladies and Gentlemen:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>Liberty All-Star Equity Fund (the &#147;Fund&#148;) is a diversified closed-end investment company registered under the Investment Company Act of 1940, as amended &nbsp;(the &#147;Act&#148;), and is subject to the rules and regulations promulgated thereunder.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>ALPS Advisors, Inc. (the &#147;Fund Manager&#148;) evaluates and recommends portfolio managers for the assets of the Fund, and the Fund Manager or an affiliate of the Fund Manager is responsible for the day-to-day Fund administration of the Fund.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>1. <U>Employment as a Portfolio Manager.</U> &nbsp;The Fund, being duly authorized, hereby employs Delaware Investments Fund Advisers (&#147;Portfolio Manager&#148;), a series of Delaware Management Business Trust, as a discretionary portfolio manager, on the terms and conditions set forth herein, of that portion of the Fund&#146;s assets which the Fund Manager determines to assign to the Portfolio Manager (those assets being referred to as the &#147;Portfolio Manager Account&#148;). <FONT style="font-family:'Times New Roman Bold,Times New Roman'"><B>&nbsp;</B></FONT>The Fund Manager may, from time to time, allocate and reallocate the Fund&#146;s assets among the Portfolio Manager and the other portfolio managers of the Fund&#146;s assets. &nbsp;

The Portfolio Manager will be an independent contractor and will have no authority to act for or represent the Fund or the Fund Manager in any way or otherwise be deemed to be an agent of the Fund or the Fund Manager except as expressly authorized in this Agreement or in another writing by the Fund Manager and the Portfolio Manager. &nbsp;The Portfolio Manager&#146;s responsibilities<A NAME="_DV_X17"></A><A NAME="_DV_C19"></A>

 for providing portfolio management services to the Fund shall be limited to the Portfolio Manager Account.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>2. <U>Acceptance of Employment; Standard of Performance.</U> &nbsp;The Portfolio Manager accepts its employment as a discretionary portfolio manager and agrees to use its best professional judgment to make timely investment decisions for the Portfolio Manager Account in accordance with the provisions of this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>3. <U>Portfolio Management Services of Portfolio Manager.</U> &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:72px; float:left">A.</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px" align=justify>In providing portfolio management services to the Portfolio Manager Account, the Portfolio Manager shall be subject to the Fund&#146;s Declaration of Trust and By-Laws, as amended from time to time, investment objectives, policies and restrictions of the Fund as set forth in its Prospectus and Statement of Additional Information, as the same may be modified from time to time (together, the &#147;Prospectus&#148;), the investment objectives, policies and restrictions of the Fund as determined from time to time by the Board of Trustees, and the investment and other restrictions set forth in the Act and the rules and regulations thereunder, to the supervision and control of the Board of Trustees of the Fund, and to instructions from the Fund Manager. The Portfolio Manager shall not, without the prior approval of the Fund or the Fund Manager, effect any transactions that would cause the Portfolio Manager Account, treated as a separate fund, to be out of compliance with any of such restrictions or policies. &nbsp;The Portfolio Manager shall not consult with any other portfolio manager of the Fund concerning transactions for the Fund in securities or other assets.</P>
<A NAME="_DV_C34"></A><P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_DV_C35"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:72px; float:left">

B.

</P>
<P style="margin:0px; padding-left:72px; text-indent:-2px" align=justify>

As part of the services it will provide hereunder, the Portfolio Manager will:

</P>
<A NAME="_DV_C36"></A><P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_DV_C37"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">

(i)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

formulate and implement a continuous investment program for the Portfolio Manager Account;

</P>
<A NAME="_DV_C38"></A><P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_DV_C39"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">

(ii)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

take whatever steps are necessary to implement the investment program for the Portfolio Manager Account by arranging for the purchase and sale of securities and other investments;

</P>
<A NAME="_DV_C40"></A><P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_DV_C41"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">

(iii)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

keep the Fund Manager and the Board of Trustees of the Fund fully informed in writing on an ongoing basis, as agreed by the Fund Manager and the Portfolio Manager, of all material facts concerning the investment and reinvestment of the assets in the Portfolio Manager Account, the Portfolio Manager and its key investment personnel and operations relating to its provisions of services to the Fund; make regular and periodic special written reports of such additional information concerning the same as may reasonably be requested from time to time by the Fund Manager or the Trustees of the Fund; attend meetings with the Fund Manager and/or Trustees, as reasonably requested, to discuss the foregoing and such other matters as may be requested by the Fund Manager or Trustees;<A NAME="_DV_C42"></A>

</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="_DV_C43"></A><P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">

(iv)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

in accordance with procedures and methods established by the Trustees of the Fund, which may be amended from time to time, provide assistance in determining the fair value of all securities and other investments/assets in the Portfolio Manager Account, as necessary, and use reasonable efforts to arrange for the provision of valuation information or assist in identifying a source for a price(s) from a party(ies) independent of the Portfolio Manager for each security or other investment/asset in the Portfolio Manager Account for which market prices are not readily available; and<A NAME="_DV_C45"></A>

</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:48px; width:96px; float:left">

(v)

</P>
<P style="margin:0px; padding-left:96px; text-indent:-2px" align=justify>

cooperate with and provide reasonable assistance to the Fund Manager, the Fund&#146;s administrator, custodian, transfer agent and pricing agents and all other agents and representatives of the Fund and the Fund Manager; keep all such persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to the Fund and the Fund Manager; provide prompt responses to reasonable requests made by such persons; and maintain any appropriate interfaces with each so as to promote the efficient exchange of information.

</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" align=justify>4. <U>Transaction Procedures.</U> &nbsp;All portfolio transactions for the Portfolio Manager Account will be consummated by payment to or delivery by the custodian of the Fund (the &#147;Custodian&#148;), or such depositories or agents as may be designated by the Custodian in writing, as custodian for the Fund, of all cash and/or securities due to or from the Portfolio Manager Account, and the Portfolio Manager shall not have possession or custody thereof or any responsibility or liability with respect to such custody. The Portfolio Manager shall advise and confirm in writing to the Custodian all investment orders for the Portfolio Manager Account placed by it with brokers and dealers at the time. The Fund shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Portfolio Manager. The Fund shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian, the Portfolio Manager shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" align=justify>5. <U>Allocation of Brokerage.</U> &nbsp;The Portfolio Manager shall have authority and discretion to select brokers and dealers to execute portfolio transactions initiated by the Portfolio Manager for the Portfolio Manager Account, and to select the markets on or in which the transaction will be executed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:96px; float:left">A. </P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px" align=justify>In doing so, the Portfolio Manager&#146;s primary responsibility shall be to seek to obtain best &nbsp;execution for the Fund. However, this responsibility shall not obligate the Portfolio Manager to solicit competitive bids for each transaction or to seek the lowest available commission cost to the Fund, so long as the Portfolio Manager reasonably believes that the broker or dealer selected by it can be expected to obtain a &#147;best execution&#148; market price on the particular transaction and determines in good faith that the commission cost is reasonable in relation to the value of the brokerage and research services (as defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by such broker or dealer to the Portfolio Manager viewed in terms of either that particular transaction or of the Portfolio Manager&#146;s overall responsibilities with respect to its clients, including the Fund, as to which the Portfolio Manager exercises investment discretion, notwithstanding that the Fund may not be the direct or exclusive beneficiary of any such services or that another broker may be willing to charge the Fund a lower commission on the particular transaction.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:96px; clear:left; float:left">B. </P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px" align=justify>Subject to the requirements of paragraph A above, the Fund Manager shall have the right to request that transactions giving rise to brokerage commissions, in an amount to be agreed upon by the Fund Manager and the Portfolio Manager, shall be executed by brokers and dealers that provide brokerage or research services to the Fund Manager, or as to which an on-going relationship will be of value to the Fund in the management of its assets, which services and relationship may, but need not, be of direct benefit to the Portfolio Manager Account. Notwithstanding any other provision of this Agreement, the Portfolio Manager shall not be responsible under paragraph A above with respect to transactions executed through any such broker or dealer.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:96px; clear:left; float:left">C. </P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager shall not execute any portfolio transactions for the Portfolio Manager Account with a broker or dealer which is an &#147;affiliated person&#148; (as defined in the Act) of the Fund, the Portfolio Manager or any other portfolio manager of the Fund without the prior written approval of the Fund. The Fund Manager will provide the Portfolio Manager with a list of brokers and dealers which are &#147;affiliated persons&#148; of the Fund or its portfolio managers.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px; clear:left" align=justify>6. <U>Proxies.</U> &nbsp;The Fund Manager will vote all proxies solicited by or with respect to the issuers of securities in which assets of the Portfolio Manager Account may be invested from time to time in accordance with such policies as shall be determined by the Fund Manager, and reviewed and approved by the Board of Trustees. &nbsp;

Upon the written request of the Fund Manager, the Portfolio Manager will, in good faith and in a manner which it reasonably believes best serves the interest of the Fund&#146;s shareholders, timely work with the Portfolio Manager&#146;s proxy voting advisory firm to vote all proxies solicited by or with respect to the issuers of securities in which assets of the Portfolio Manager Account may be invested from time to time. &nbsp;Such policies shall be reviewed and approved by the Board of Trustees.

<FONT style="color:#0000FF"><U>

 &nbsp;

</U></FONT></P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>7. <U>Fees for Services.</U> The compensation of the Portfolio Manager for its services under this Agreement shall be calculated and paid by the Fund Manager in accordance with the attached Schedule A. Pursuant to the Fund Management Agreement between the Fund and the Fund Manager, the Fund Manager is solely responsible for the payment of fees to the Portfolio Manager, and the Portfolio Manager agrees to seek payment of its fees solely from the Fund Manager.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>8. <U>Other Investment Activities of Portfolio Manager.</U> The Fund acknowledges that the Portfolio Manager or one or more of its affiliates has investment responsibilities, renders investment advice to and performs other investment advisory services for other individuals or entities (&#147;Client Accounts&#148;), and that the Portfolio Manager, its affiliates or any of its or their directors, officers, agents or employees may buy, sell or trade in any securities for its or their respective accounts (&#147;Affiliated Accounts&#148;). Subject to the provisions of paragraph 2 hereof, the Fund agrees that the Portfolio Manager or its affiliates may give advice or exercise investment responsibility and take such other action with respect to other Client Accounts and Affiliated Accounts which may differ from the advice given or the timing or nature of action taken with respect to the Portfolio Manager Account, provided that the Portfolio Manager acts in good faith, and provided further, that it is the Portfolio Manager&#146;s policy to allocate, within its reasonable discretion, investment opportunities to the Portfolio Manager Account over a period of time on a fair and equitable basis relative to the Client Accounts and the Affiliated Accounts, taking into account the cash position and the investment objectives and policies of the Fund and any specific investment restrictions applicable thereto. The Fund acknowledges that one or more Client Accounts and Affiliated Accounts may at any time hold, acquire, increase, decrease, dispose of or otherwise deal with positions in investments in which the Portfolio Manager Account may have an interest from time to time, whether in transactions which involve the Portfolio Manager Account or otherwise. The Portfolio Manager shall have no obligation to acquire for the Portfolio Manager Account a position in any investment which any Client Account or Affiliated Account may acquire, and the Fund shall have no first refusal, co-investment or other rights in respect of any such investment, either for the Portfolio Manager Account or otherwise.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>9. <U>Limitation of Liability.</U> &nbsp;The Portfolio Manager shall not be liable for any action taken, omitted or suffered to be taken by it in its reasonable judgment, in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement, or in accordance with (or in the absence of) specific directions or instructions from the Fund, provided, however, that such acts or omissions shall not have resulted from the Portfolio Manager&#146;s willful misfeasance, bad faith or gross negligence, a violation of the standard of care established by and applicable to the Portfolio Manager in its actions under this Agreement or breach of its duty or of its obligations hereunder (provided, however, that the foregoing shall not be construed to protect the Portfolio Manager from liability in violation of Section 17(i) of the Act). &nbsp;Except as may otherwise be provided by the Act or any other federal securities law, the Portfolio Manager shall indemnify and hold harmless the Fund Manager and the Fund, and their officers and employees and consultants &nbsp;(collectively, the &#147;Fund Indemnitees&#148;) against any and all losses, claims, damages, liabilities, or litigation (including reasonable legal and other expenses) to which any of the Fund Indemnitees may become subject at common law or otherwise, to the extent directly resulting from &nbsp;Portfolio Manager&#146;s action or inaction or based on this Agreement; provided however, the &nbsp;Portfolio Manager shall not indemnify or hold harmless the Fund Indemnittees for any losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) due to (i) any breach by the Fund or the Trust of a Fund representation or warranty made herein, or (ii) any willful misconduct, fraud, reckless disregard or gross negligence of the Fund or the Trust in the performance of any of their duties or obligations hereunder. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>The Fund Manager and the Fund shall not be liable for any action taken, omitted or suffered to be taken by the Fund Manager and the Fund in their reasonable judgment, in good faith and reasonably believed by them to be authorized or within the discretion or rights or powers conferred upon them by this Agreement, or in accordance with (or in the absence of) specific directions or instructions from the Fund, provided, however, that such acts or omissions shall not have resulted from the Fund Manager&#146;s or the Fund&#146;s wilful misfeasance, bad faith or gross negligence, a violation of the standard of care established by and applicable to the Fund Manager and the Fund in their actions under this Agreement or breach of their duties or of their obligations hereunder (provided, however, that the foregoing shall not be construed to protect the Fund Manager and the Fund from liability in violation of Section 17(i) of the Act). &nbsp;Except as may otherwise be provided by the Act or any other federal securities law, the Fund Manager and the Fund shall indemnify and hold harmless the Portfolio Manager and its officers, employees and consultants (collectively, the &#147;Portfolio Manager Indemnitees&#148;) against any and all losses, claims, damages, liabilities, or litigation (including reasonable legal and other expenses) to which any of the Portfolio Manager Indemnitees may become subject at common law or otherwise, to the extent directly resulting from Fund Manager&#146;s and/or the Fund&#146;s action or inaction or based on this Agreement; provided however, the Fund Manager and the Fund shall not indemnify or hold harmless the Portfolio Manager Indemnitees for any losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) due to (i) any breach by the Portfolio Manager Indemnitees representations or warranties made herein, or (ii) any wilful misconduct, fraud, reckless disregard or gross negligence of the Portfolio Manager Indemnitees in the performance of any of their duties or obligations hereunder.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>10. <U>Confidentiality.</U> &nbsp;Subject to the duty of the Portfolio Manager, the Fund Manager and the Fund to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential all information pertaining to the Portfolio Manager Account and the actions of the Portfolio Manager and the Fund in respect thereof. &nbsp;Notwithstanding the foregoing, the Portfolio Manager may include the Fund&#146;s performance in calculating its composites.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>11. <U>Assignment.</U> &nbsp;This Agreement shall terminate automatically in the event of its assignment, as that term is defined in Section 2(a)(4) of the Act. The Portfolio Manager shall notify the Fund in writing sufficiently in advance of any proposed change of control of the Portfolio Manager, as defined in Section 2(a)(9) of the Act, as will enable the Fund to consider whether an assignment as defined in Section 2(a)(4) of the Act will occur, and whether to take the steps necessary to enter into a new contract with the Portfolio Manager. &nbsp;Should the Fund enter into a new contract with the Portfolio Manager in connection with an assignment as a result of such change in control, the Portfolio Manager agrees to pay all reasonable costs and expenses incurred by the Fund to obtain shareholder approval of the new contract, including costs associated with the preparation and mailing of the Fund&#146;s proxy statement and shareholder meeting and proxy solicitation fees.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>12. <U>Representations, Warranties and Agreements of the Fund.</U> &nbsp;The Fund represents, warrants and agrees that:</P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>A. The Portfolio Manager has been duly appointed to provide investment services to the Portfolio Manager Account as contemplated hereby.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>B. The Fund will deliver to the Portfolio Manager a true and complete copy of its then current Prospectus as effective from time to time and such other documents governing the investment of the Portfolio Manager Account and such other information as is necessary for the Portfolio Manager to carry out its obligations under this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>13. <U>Representations, Warranties and Agreements of the Portfolio Manager.</U> &nbsp;The Portfolio Manager represents, warrants and agrees that:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>A. It is registered as an &#147;investment adviser&#148; under the Investment Advisers Act of 1940, as amended (&#147;Advisers Act&#148;) and will continue to be so registered for as long as this Agreement remains in effect.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>B. It will maintain, keep current and preserve on behalf of the Fund, in the manner required or permitted by the Act and the rules and regulations thereunder, the records required to be so kept by an investment adviser of the Fund in accordance with applicable law. The Portfolio Manager agrees that such records are the property of the Fund, and will be surrendered to the Fund promptly upon request.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>C. It has adopted a written code of ethics complying with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Act and will provide the Fund Manager and the Board of Trustees with a copy of its code of ethics and evidence of its adoption. Within 45 days of the end of each year while this Agreement is in effect, or at any other time requested by the Fund Manager, an officer, director or general partner of the Portfolio Manager shall certify to the Fund that the Portfolio Manager has complied with the requirements of Rule 17j-1 and Rule 204A-1 during the previous year and that there has been no material violation of its code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. &nbsp;It will promptly notify the Fund Manager of any material change to its code of ethics or material violation of its code of ethics.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>D. Upon request, the Portfolio Manager will promptly supply the Fund with any information concerning the Portfolio Manager and its stockholders, partners, employees and affiliates that the Fund may reasonably request in connection with the preparation of its registration statement (as amended from time to time), prospectus and statement of additional information (as supplemented and modified from time to time), proxy material, reports and other documents required to be filed under the Act, the Securities Act of 1933, or other applicable securities laws.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>E. Reference is hereby made to the Declaration of Trust dated August 20, 1986 establishing the Fund, a copy of which has been filed with the Secretary of the Commonwealth of Massachusetts and elsewhere as required by law, and to any and all amendments thereto so filed or hereafter filed. The name Liberty All-Star Equity Fund refers to the Board of Trustees under said Declaration of Trust, as Trustees and not to the Trustees personally, and no Trustee, shareholder, officer, agent or employee of the Fund shall be held to any personal liability hereunder or in connection with the affairs of the Fund, but only the trust estate under said Declaration of Trust is liable under this Agreement. Without limiting the generality of the foregoing, neither the Portfolio Manager nor any of its officers, directors, partners, shareholders, agents or employees shall, under any circumstances, have recourse or cause or willingly permit recourse to be had directly or indirectly to any personal, statutory, or other liability of any shareholder, Trustee, officer, agent or employee of the Fund or of any successor of the Fund, whether such liability now exists or is hereafter incurred for claims against the trust estate, but shall look for payment solely to said trust estate, or the assets of such successor of the Fund. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:62.4px; width:101.4px; float:left">F.</P>
<P style="margin:0px; padding-left:101.4px; text-indent:-2px" align=justify>The Portfolio Manager shall maintain and implement compliance procedures that are reasonably designed to ensure its compliance with Rule 206(4)-7 of the Advisers Act and to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 under the Act).</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:54px; float:left">G.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager will: (i) on the cover page of each Form 13F that the Portfolio Manager files with the Securities and Exchange Commission (the &#147;SEC&#148;), check the &#147;13F Combination Report&#148; box and on the Form 13F Summary Page identify &#147;ALPS Advisors, Inc.&#148; as another manager for which the Portfolio Manager is filing the Form 13F report; (ii) within 60 days after the end of each calendar year, provide the Fund Manager with a certification that the Portfolio Manager&#146;s Form 13F was filed with the SEC on a timely basis and included all of the securities required to be reported by the SEC; (iii) within 60 days after the end of each calendar year, provide to the Fund Manager a copy of each Form 13F, or amendment to a Form 13F filed by it during the prior four quarters; and (iv) promptly notify the Fund Manager in the event the Portfolio Manager determines that it has failed to comply with Section 13(f) in a material respect, or receives a comment letter from the SEC raising a question with respect to compliance.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:54px; float:left">H.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager has adopted written compliance policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules promulgated thereunder and the Portfolio Manager agrees to provide: (a) from time to time, a copy and/or summary of such compliance policies and procedures and an accompanying certification certifying that the Portfolio Manager&#146;s compliance policies and procedures comply with the Advisers Act; (b) a report of the annual review determining the adequacy and effectiveness of the Portfolio Manager&#146;s compliance policies and procedures; and (c) the name of the Portfolio Manager&#146;s Chief Compliance Officer to act as a liaison for compliance matters that may arise between the Fund and the Portfolio Manager.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:48px; float:left">I.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager will notify the Fund and the Fund Manager of any assignment of this Agreement or change of control of the Portfolio Manager, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Portfolio Manager Account or senior management of the Portfolio Manager, in each case prior to or promptly after, such change. &nbsp;The Portfolio Manager agrees to bear all reasonable costs and expenses of the Fund, if any, arising out of such assignment or change in control.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:36px; width:48px; float:left">J.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px" align=justify>The Portfolio Manager agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>14. <U>Amendment.</U> &nbsp;This Agreement may be amended at any time, but only by written agreement among the Portfolio Manager, the Fund Manager and the Fund, which amendment, other than amendments to Schedule A, is subject to the approval of the Board of Trustees and the shareholders of the Fund as and to the extent required by the Act, the rules thereunder or exemptive relief granted by the SEC.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>15. <U>Effective Date; Term.</U> &nbsp;This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect unless it has first been approved: (1) by a vote of a majority of the Trustees who are not &#147;interested persons&#148; (as defined in the Act) of any party to this Agreement (&#147;Independent Trustees&#148;), cast in person at a &nbsp;meeting called for the purpose of voting on such approval, and (ii) by vote of &#147;a majority of the outstanding voting securities&#148; (as defined in the Act) of the Fund. &nbsp;This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter provided such continuance is specifically approved at least annually by (i) the Fund&#146;s Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund, provided that in either event such continuance is also approved by a majority of the Independent Trustees, by vote cast in person at a meeting called for the purpose of voting on such approval. &nbsp;If the SEC issues an order to the Fund and the Fund Manager for an exemption from Section 15(a) of the Act, then, in accordance with the application of the Fund and the Fund Manager, the continuance of this Agreement after initial approval by the Trustees as set forth above, shall be subject to approval by a majority of the outstanding voting securities of the Fund at the regularly scheduled annual meeting of the Fund&#146;s shareholders next following the date of this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>16. <U>Termination.</U> &nbsp;This Agreement may be terminated at any time by any party, without penalty, immediately upon written notice to the other parties in the event of a breach of any provision thereof by a party so notified, or otherwise upon not less than thirty (30) days&#146; written notice to the Portfolio Manager in the case of termination by the Fund or the Fund Manager, or ninety (90) days&#146; written notice to the Fund and the Fund Manager in the case of termination by the Portfolio Manager, but any such termination shall not affect the status, obligations or liabilities of any party hereto to the other parties.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>17. <U>Applicable Law.</U> &nbsp;To the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted, as the same may be amended from time to time, this Agreement shall be administered, construed and enforced according to the laws of the Commonwealth of Massachusetts.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>18. <U>Severability; Counterparts.</U> &nbsp;If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and each and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application permitted by law. &nbsp;This Agreement may be executed in counterparts, each of which will be deemed an original and all of which together will be deemed to be one and the same agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>19. &nbsp;<U>Use of Name</U>. &nbsp;The Portfolio Manager agrees and acknowledges that the Fund Manager is the sole owner of the names and marks &#147;Liberty All-Star&#148; and &#147;All-Star&#148;, and that all use of any designation comprised in whole or in part of these names and marks shall inure to the benefit of the Fund Manager. &nbsp;Except as used to identify the Fund to third parties as a client, the use by the Portfolio Manager on its own behalf of such marks in any advertisement or sales literature or other materials promoting the Portfolio Manager shall be with the prior written consent of the Fund Manager. &nbsp;The Portfolio Manager shall not, without the consent of the Fund Manager, make representations regarding the Fund or the Fund Manager in any disclosure document, advertisement or sales literature or other materials promoting the Portfolio Manager. &nbsp;Consent by the Fund Manager shall not be unreasonably withheld. &nbsp;Upon termination of this Agreement for any reason, the Portfolio Manager shall cease any and all use of these marks as soon as reasonably practicable. &nbsp;The Fund Manager and the Fund acknowledge that the Portfolio Manager owns the mark &#147;Delaware Investments&#174;&#148;. &nbsp;The Portfolio Manager hereby grants permission for the limited use and sole purpose of display of the mark in a commercially reasonable manner that complies with applicable law by the Fund Manager and the Fund in its offerings, marketing and other promotional materials related to the Fund Manager and the Fund</P>
<P style="margin-top:0px; margin-bottom:13.333px; text-indent:19.2px" align=justify>20. &nbsp;<U>Notices</U>. All notices and other communications hereunder shall be in writing, shall be deemed to have been given when received or when sent by U.S. mail, overnight carrier, electronic mail or facsimile, and shall be given to the following addresses (or such other addresses as to which notice is given):</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:96px" align=justify>To Fund Manager:</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">ALPS Advisors, Inc.<BR>
1290 Broadway, Suite 1100<BR>
Denver, Colorado 80203<BR>
Attn: General Counsel<BR>
Phone: &nbsp;(303) 623-2577<BR>
Fax: (303) 623-7850</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px"><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:96px">To the Portfolio Manager:</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; float:left">Name:</P>
<P style="line-height:10pt; margin:0px; padding-left:96px; text-indent:-2px">Delaware Investments Fund Advisers, a series of Delaware Management Business Trust</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; clear:left; float:left">Address</P>
<P style="line-height:10pt; margin:0px; padding-left:96px; text-indent:-2px">One Commerce Square, 2005 Market Street</P>
<P style="line-height:10pt; margin:0px; padding-left:96px; text-indent:48px; clear:left">Philadelphia, PA</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; float:left">Attn: &nbsp;</P>
<P style="line-height:10pt; margin:0px; padding-left:96px; text-indent:-2px">John Finnegan, Senior Vice President, Head of Client Services </P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; clear:left; float:left">Phone:</P>
<P style="line-height:10pt; margin:0px; padding-left:96px; text-indent:-2px">(215) 255-2943</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; clear:left; float:left">Fax:</P>
<P style="line-height:10pt; margin:0px; padding-left:96px; text-indent:-2px">(215) 255-8834</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:-2px; text-indent:96px; width:144px; clear:left; float:left">Email:</P>
<P style="line-height:10pt; margin:0px; padding-left:96px; text-indent:-2px">John.Finnegan@delinvest.com</P>
<P style="line-height:10pt; margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:288px">LIBERTY ALL-STAR<FONT style="font-family:'Times New Roman Bold,Times New Roman'"><B><SUP>&#174;</SUP></B></FONT> EQUITY FUND</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:288px">By: <U>/s/ William Parmentier</U></P>
<P style="margin:0px; padding-left:288px">Name: William Parmentier</P>
<P style="margin:0px; padding-left:288px">Title: &nbsp;President</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:288px">ALPS ADVISORS, INC.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:288px">By: <U>/s/ Thomas Carter</U></P>
<P style="margin:0px; padding-left:288px">Name: &nbsp;Thomas Carter</P>
<P style="margin:0px; padding-left:288px">Title: &nbsp;President</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ACCEPTED:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">DELAWARE INVESTMENTS FUND ADVISERS, </P>
<P style="margin:0px">A SERIES OF DELAWARE MANAGEMENT BUSINESS TRUST</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">By: <U>/s/ Susan L. Natalini</U></P>
<P style="margin:0px">Name: Susan L. Natalini</P>
<P style="margin:0px">Title: Senior Vice President</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px; font-size:8pt">891815-2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always" align=center><B>LIBERTY ALL-STAR</B><FONT style="font-family:'Times New Roman Bold,Times New Roman'"><B><SUP>&#174;</SUP></FONT> EQUITY FUND</B></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE A</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGER FEE</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:9.6px; text-indent:24px" align=justify>For services provided to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar month at the annual rate of: &nbsp;0.40% of the amount obtained by multiplying the Portfolio Manager&#146;s Percentage (as hereinafter defined) times the Average Total Fund Net Assets (as hereinafter defined) up to $400 million; 0.36% of the amount obtained by multiplying the Portfolio Manager&#146;s Percentage times the Average Total Fund Net Assets exceeding $400 million up to and including $800 million; 0.324% of the amount obtained by multiplying the Portfolio Manager&#146;s Percentage times the Average Total Fund Net Assets exceeding $800 million up to and including $1.2 billion; 0.292% of the amount obtained by multiplying the Portfolio Manager&#146;s Percentage times the Average Total Fund Net Assets exceeding $1.2 billion.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:9.6px; text-indent:48px" align=justify>&#147;Portfolio Manager&#146;s Percentage&#148; means the percentage obtained by dividing (i) the average daily net asset values of the Portfolio Manager Account during the preceding calendar month, by (ii) the Average Total Fund Net Assets. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>&#147;Average Total Fund Net Assets&#148; means the average daily net asset values of the Fund as a whole during the preceding calendar month.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>The fee shall be pro-rated for any month during which this Agreement is in effect for only a portion of the month.</P>
<P style="margin-top:0px; margin-bottom:13.333px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: 5BA9F67F -->
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
