<SEC-DOCUMENT>0001752724-19-011584.txt : 20190315
<SEC-HEADER>0001752724-19-011584.hdr.sgml : 20190315
<ACCEPTANCE-DATETIME>20190315171604
ACCESSION NUMBER:		0001752724-19-011584
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190315
DATE AS OF CHANGE:		20190315
EFFECTIVENESS DATE:		20190315

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		19685929

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

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000799195</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-04809</fileNumber>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-2</investmentCompanyType>
    </filerInfo>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2018-12-31" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Liberty All Star Equity Fund</registrantFullName>
      <investmentCompFileNo>811-04809</investmentCompFileNo>
      <registrantCik>0000799195</registrantCik>
      <registrantLei>549300DLV755RNHI1N92</registrantLei>
      <registrantstreet1>1290 Broadway</registrantstreet1>
      <registrantstreet2>Suite 1100</registrantstreet2>
      <registrantcity>Denver</registrantcity>
      <registrantzipCode>80203</registrantzipCode>
      <registrantstate>US-CO</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>303-623-2577</registrantphoneNumber>
      <websites>
        <website webpage="www.all-starfunds.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>ALPS Fund Services, Inc.</officeName>
          <officeAddress1>1290 Broadway</officeAddress1>
          <officeAddress2>Suite 1100</officeAddress2>
          <officeCity>Denver</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-CO"/>
          <officeRecordsZipCode>80203</officeRecordsZipCode>
          <officePhone>303-623-2577</officePhone>
          <booksRecordsDesc>regulatory documents and accounting records</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>Y</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="ALPS Advised Funds"/>
      <registrantClassificationType>N-2</registrantClassificationType>
      <totalSeries>1</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Thomas W. Brock</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04537"/>
            <fileNumberInfo fileNumber="811-22959"/>
            <fileNumberInfo fileNumber="811-10509"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>George R. Gaspari</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04537"/>
            <fileNumberInfo fileNumber="811-08837"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Milton M. Irvin</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04537"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>John J. Neuhauser</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04537"/>
            <fileNumberInfo fileNumber="811-04367"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Maureen Usifer</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04537"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Edmund J. Burke</directorName>
          <crdNumber>001263210</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-04537"/>
            <fileNumberInfo fileNumber="811-23059"/>
            <fileNumberInfo fileNumber="811-21583"/>
            <fileNumberInfo fileNumber="811-21712"/>
            <fileNumberInfo fileNumber="811-21846"/>
            <fileNumberInfo fileNumber="811-09194"/>
            <fileNumberInfo fileNumber="811-22175"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Erin Nelson</ccoName>
          <crdNumber>005886040</crdNumber>
          <ccoStreet1>1290 Broadway</ccoStreet1>
          <ccoStreet2>Suite 1100</ccoStreet2>
          <ccoCity>Denver</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-CO"/>
          <ccoZipCode>80203</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y">
        <seriesInfo seriesName="N/A" seriesId="N/A"/>
      </securityMatterSeriesInfo>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-27769"/>
        <releaseNumberInfo releaseNumber="IC-21465"/>
      </releaseNumbers>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Deloitte &amp; Touche, LLP</publicAccountantName>
          <pcaobNumber>34</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-CO"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Liberty All Star Equity fund</mgmtInvFundName>
        <mgmtInvLei>549300DLV755RNHI1N92</mgmtInvLei>
        <isFirstFilingByFund>Y</isFirstFilingByFund>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>State Street Bank &amp; Trust Company</securitiesAgentName>
            <securitiesAgentLei>571474TGEMMWANRLN572</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>2456336.00000000</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>50415.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 15a-4 (17 CFR 270.15a-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>ALPS Advisors, Inc.</investmentAdviserName>
            <investmentAdviserFileNo>801-67135</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000134340</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-CO" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Pzena Investment Management</subAdviserName>
            <subAdviserFileNo>801-50838</subAdviserFileNo>
            <subAdviserCrdNo>000106847</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-NY" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
          <subAdviser>
            <subAdviserName>Sustainable Growth Advisors</subAdviserName>
            <subAdviserFileNo>801-62151</subAdviserFileNo>
            <subAdviserCrdNo>000127447</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CT" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
          <subAdviser>
            <subAdviserName>Aristotle Capital Management</subAdviserName>
            <subAdviserFileNo>801-60014</subAdviserFileNo>
            <subAdviserCrdNo>000109876</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
          <subAdviser>
            <subAdviserName>TCW Investment Mangement</subAdviserName>
            <subAdviserFileNo>801-29075</subAdviserFileNo>
            <subAdviserCrdNo>000106546</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-CA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
          <subAdviser>
            <subAdviserName>Macquarie Investment Management</subAdviserName>
            <subAdviserFileNo>801-32108</subAdviserFileNo>
            <subAdviserCrdNo>000105390</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>N</isSubAdviserAffiliated>
            <subAdviserStateCountry subAdviserState="US-PA" subAdviserCountry="US"/>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Computershare</transferAgentName>
            <transferAgentFileNo>84-9999</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-KY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Pricing &amp; Reference Data, LLC</pricingServiceName>
            <pricingServiceLei>5493000NQLYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-DE" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank &amp; Trust</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Computershare</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-9999</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-KY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>ALPS Fund Services, Inc.</adminName>
            <adminLei>84-8730</adminLei>
            <idNumberDesc>N/A</idNumberDesc>
            <adminStateCountry adminState="US-CO" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>Citigroup (Citibank)</brokerName>
            <brokerFileNo>008-08177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-MN" brokerCountry="US"/>
            <grossCommission>22922.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Evercore Partners</brokerName>
            <brokerFileNo>008-49830</brokerFileNo>
            <brokerCrdNo>000042405</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>8068.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley</brokerName>
            <brokerFileNo>008-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-MD" brokerCountry="US"/>
            <grossCommission>64674.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS AG</brokerName>
            <brokerFileNo>008-21901</brokerFileNo>
            <brokerCrdNo>000000583</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>13385.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Goldman Sachs</brokerName>
            <brokerFileNo>008-00129</brokerFileNo>
            <brokerCrdNo>000000361</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>21458.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Investment Technology Group (ITG)</brokerName>
            <brokerFileNo>008-44218</brokerFileNo>
            <brokerCrdNo>000029299</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>18411.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Alliance Bernstein (Sanford)</brokerName>
            <brokerFileNo>008-52942</brokerFileNo>
            <brokerCrdNo>000104474</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>13228.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Credit Suisse</brokerName>
            <brokerFileNo>008-00422</brokerFileNo>
            <brokerCrdNo>000000816</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>16527.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JP Morgan Chase</brokerName>
            <brokerFileNo>008-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>28920.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Cowen Group</brokerName>
            <brokerFileNo>008-22522</brokerFileNo>
            <brokerCrdNo>000007616</brokerCrdNo>
            <brokerLei>N/A</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>11264.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>294980.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Bank of America Merrill Lynch</principalName>
            <principalFileNo>008-33359</principalFileNo>
            <principalCrdNo>000016139</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>169970.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>169970.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>1318594800.00000000</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Common Stock</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="USA"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.7958</managementFee>
      <netOperatingExpenses>1.1223</netOperatingExpenses>
      <marketPricePerShare>5.38000000</marketPricePerShare>
      <netAssetValuePerShare>5.89000000</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
      <isMaterialAmendments>false</isMaterialAmendments>
      <isInstDefiningRights>false</isInstDefiningRights>
      <isNewOrAmendedInvAdvContracts>true</isNewOrAmendedInvAdvContracts>
      <isInfoItem405>false</isInfoItem405>
    </attachmentsTab>
    <signature registrantSignedName="Liberty All Star Equity Fund" signedDate="2018-12-31" signature="Kim Storms" title="Treasurer"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>fp0040302_g1aiii.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">In planning and performing our audits of the financial statements
of Liberty All-Star&reg; Equity Fund (the &ldquo;Fund&rdquo;), as of and for the year ended December 31, 2018, in accordance with
the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund&rsquo;s internal
control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not
for the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly,
we express no such opinion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls. A fund&rsquo;s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A fund&rsquo;s internal control over
financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management
and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of a fund&rsquo;s assets that could have a material effect on the financial statements.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund&rsquo;s
annual or interim financial statements will not be prevented or detected on a timely basis.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Our consideration of the Fund&rsquo;s internal control over financial
reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal
control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund&rsquo;s
internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to
be a material weakness, as defined above, as of December 31, 2018.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This report is intended solely for the information and use of management
and the Board of Trustees of Liberty All-Star&reg; Equity Fund and the Securities and Exchange Commission and is not intended to
be and should not be used by anyone other than these specified parties.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">February 22, 2019</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>3
<FILENAME>fp0040302_g1biii-aristotle.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">May 31, 2018</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">ALPS Advisors, Inc.<BR>
1290 Broadway, Suite 1100<BR>
Denver, Colorado 80203<BR>
Attn: General Counsel<BR>
Phone: (303) 623-2577<BR>
Fax: (303) 623-7850</P>

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"> <FONT STYLE="font-size: 11pt">/s/ Nancy Scarlett</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Nancy Scarlett</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Chief Risk Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">For services provided
to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each
calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar month at the
annual rate of: 0.40% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage (as hereinafter defined) times
the Average Total Fund Net Assets (as hereinafter defined) up to $400 million; 0.36% of the amount obtained by multiplying the
Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding $400 million up to and including $800 million;
0.324% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding
$800 million up to and including $1.2 billion; 0.292% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage
times the Average Total Fund Net Assets exceeding $1.2 billion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;&ldquo;Portfolio Manager&rsquo;s
Percentage&rdquo; means the percentage obtained by dividing (i) the average daily net asset values of the Portfolio Manager Account
during the preceding calendar month, by (ii) the Average Total Fund Net Assets.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>4
<FILENAME>fp0040302_g1biii-delaware.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">May 31, 2018</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">keep the Fund Manager and the Board of Trustees of the Fund fully informed in writing on an ongoing
basis, as agreed by the Fund Manager and the Portfolio Manager, of all material facts concerning the investment and reinvestment
of the assets in the Portfolio Manager Account, the Portfolio Manager and its key investment personnel and operations 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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">in accordance with procedures and methods established by the Trustees of the Fund, which may be
amended from time to time, provide assistance in determining the fair value of all securities and other investments/assets in the
Portfolio Manager Account, as necessary, and use reasonable efforts to arrange for the provision of valuation information or 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</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">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&rsquo;s or the Fund&rsquo;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).
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 &ldquo;Portfolio Manager
Indemnitees&rdquo;) 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&rsquo;s and/or the Fund&rsquo;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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">11. <U>Assignment.</U>
This Agreement shall terminate automatically in the event of its assignment, as that term is defined in Section 2(a)(4) of the
Act. The Portfolio Manager shall notify the Fund in writing sufficiently in advance of any proposed change of control 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.
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&rsquo;s proxy statement and shareholder
meeting and proxy solicitation fees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">12. <U>Representations,
Warranties and Agreements of the Fund.</U> The Fund represents, warrants and agrees that:</P>

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">14. <U>Amendment.</U> This
Agreement may be amended at any time, but only by written agreement among the Portfolio Manager, the Fund Manager and the Fund,
which amendment, other than amendments to Schedule A, is subject to the approval of the Board of Trustees and the shareholders
of the Fund as and to the extent required by the Act, the rules thereunder or exemptive relief granted by the SEC.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">20. <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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">ALPS Advisors, Inc.<BR>
1290 Broadway, Suite 1100<BR>
Denver, Colorado 80203<BR>
Attn: General Counsel<BR>
Phone: (303) 623-2577<BR>
Fax: (303) 623-7850</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.625in; text-align: left">Name:</TD><TD STYLE="text-align: justify">Delaware Investments Fund Advisers, a series of Macquarie
Investment Management Business Trust</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.625in; text-align: left">Address</TD><TD STYLE="text-align: justify">One Commerce Square, 2005 Market Street</TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: 0.625in">Philadelphia, PA</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.625in; text-align: left">Attn:</TD><TD STYLE="text-align: justify">Catherine Seklecki</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.625in; text-align: left">Phone:</TD><TD STYLE="text-align: justify">(215) 255-1033</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.625in; text-align: left">Fax:</TD><TD STYLE="text-align: justify">(215) 255-8834</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.625in; text-align: left">Email:</TD><TD STYLE="text-align: justify">Catherine.Seklecki@macquarie.com</TD>
</TR></TABLE>

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">LIBERTY ALL-STAR<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><SUP>&reg;</SUP></B></FONT> EQUITY FUND</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 11pt">/s/ William R. Parmentier, Jr.</FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD> <FONT STYLE="font-size: 11pt">William R. Parmentier, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">ALPS ADVISORS, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 11pt">/s/ Edmund J. Burke</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD> <FONT STYLE="font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD> <FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A SERIES OF MACQUARIE INVESTMENT MANAGEMENT BUSINESS TRUST</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-size: 11pt">/s/ Roger Early</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Roger Early</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Executive Vice President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">For services provided
to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each
calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar month at the
annual rate of: 0.40% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage (as hereinafter defined) times
the Average Total Fund Net Assets (as hereinafter defined) up to $400 million; 0.36% of the amount obtained by multiplying the
Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding $400 million up to and including $800 million;
0.324% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding
$800 million up to and including $1.2 billion; 0.292% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage
times the Average Total Fund Net Assets exceeding $1.2 billion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;&ldquo;Portfolio Manager&rsquo;s
Percentage&rdquo; means the percentage obtained by dividing (i) the average daily net asset values of the Portfolio Manager Account
during the preceding calendar month, by (ii) the Average Total Fund Net Assets.</P>

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

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

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

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

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>5
<FILENAME>fp0040302_g1biii-fund.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">FUND MANAGEMENT
AGREEMENT dated May 31, 2018, between Liberty All-Star Equity Fund, a business trust organized under the laws of the Commonwealth
of Massachusetts (the &ldquo;Trust&rdquo;), and ALPS Advisors, Inc., a corporation organized under the laws of the State of Colorado
(&ldquo;Manager&rdquo;).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">WHEREAS the
Trust will operate as a closed-end investment company registered under the Investment Company Act of 1940 (&ldquo;Investment Company
Act&rdquo;) for the purpose of investing and reinvesting its assets in securities pursuant to the investment objectives, policies
and restrictions set forth in its Declaration of Trust and By-Laws, as amended from time to time, and its registration statement
on Form N-2 under the Investment Company Act and the Securities Act of 1933 (the &ldquo;Registration Statement&rdquo;), all as
heretofore amended and supplemented; and the Trust desires to avail itself of the services, information, advice, assistance and
facilities of the Manager and to have the Manager provide or perform for it various administrative, management and other services;
and</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">WHEREAS the
Manager is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the &ldquo;Advisers Act&rdquo;),
and desires to provide services to the Trust in consideration of and on the terms and conditions hereinafter set forth;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">NOW, THEREFORE,
the Trust and the Manager agree as follows:</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">1. <U>Employment
of the Manager.</U> The Trust hereby employs the Manager to manage the investment and reinvestment of the Trust&rsquo;s assets
in the manner set forth in Section 2(A) of this Agreement and to provide the other services set forth in Section 2 of this Agreement,
subject to the direction of the Board of Trustees and the officers of the Trust, for the period, in the manner, and on the terms
hereinafter set forth. The Manager hereby accepts such employment and agrees during such period to render the services and to
assume the obligations herein set forth. The Manager shall for all purposes herein be deemed to be an independent contractor and
shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the
Trust in any way or otherwise be deemed an agent of the Trust.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">2. <U>Obligation
of and Services to be Provided by the Manager.</U> The Manager undertakes to provide the services hereinafter set forth and to
assume the following obligations:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.05pt"><FONT STYLE="font-size: 11pt">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Investment
                                         Management Services.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 11pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Manager shall have overall supervisory responsibility for the general management and
                                         investment of the Trust&rsquo;s assets and securities portfolio subject to and in accordance
                                         with the investment objectives, policies and restrictions of the Trust, and any directions
                                         which the Trust&rsquo;s Trustees may issue to the Manager from time to time.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 11pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Manager shall provide overall investment programs and strategies for the Trust, shall
                                         revise such programs as necessary and shall monitor and report periodically to the Trustees
                                         concerning the implementation of the programs.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.85pt"><FONT STYLE="font-size: 11pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Trust and the Manager intend to appoint one or more persons or companies (&ldquo;Portfolio
                                         Managers&rdquo;), each such Portfolio Manager to have full investment discretion and
                                         to make all determinations with respect to the investment and reinvestment of the portion
                                         of the Trust&rsquo;s assets assigned to that Portfolio Manager and the purchase and sale
                                         of portfolio securities with those assets, all within the Trust&rsquo;s investment objectives,
                                         policies and restrictions, and the Trust will take such steps as may be necessary to
                                         implement such appointments. The Manager shall not be responsible or liable for the investment
                                         merits of any decision by a Portfolio Manager to purchase, hold or sell a security for
                                         the portfolio of the Trust. The Manager shall advise the Trustees of the Trust which
                                         Portfolio Managers the Manager believes are best suited to invest the assets of the Trust;
                                         shall monitor and evaluate the investment performance of each Portfolio Manager employed
                                         by the Trust; shall allocate and reallocate the portion of the Trust&rsquo;s assets to
                                         be managed by each Portfolio Manager; shall recommend changes of or additional Portfolio
                                         Managers when deemed appropriate by the Manager; shall coordinate and monitor the investment
                                         activities of the Portfolio Managers to ensure compliance with the Trust&rsquo;s investment
                                         objectives, policies and restrictions and applicable laws, including the Investment Company
                                         Act and the Internal Revenue Code of 1986, as amended; shall have full investment discretion
                                         to make all determinations with respect to the investment of the Trust&rsquo;s assets
                                         not then managed by a Portfolio Manager; and shall implement procedures reasonably designed
                                         to ensure that the Portfolio Managers comply with the Trust&rsquo;s investment objectives,
                                         policies and restrictions.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt; text-align: justify; text-indent: -15.85pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.85pt"><FONT STYLE="font-size: 11pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Manager shall render regular reports to the Trust, at regular meetings of the Trustees,
                                         of, among other things, the decisions that it has made with respect to the allocation
                                         of the Trust&rsquo;s assets among Portfolio Managers.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 11pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Manager shall comply &ndash; and to the extent the Manager takes or is required to take
                                         action on behalf of the Trust hereunder shall cause the Trust to comply &ndash; with
                                         all applicable requirements of the Investment Company Act and other applicable laws,
                                         rules, regulations, orders and codes of ethics, as well as all investment objectives,
                                         policies, restrictions and procedures adopted by the Trust and the Trust&rsquo;s registration
                                         statement on Form N-2, Declaration of Trust and By-laws.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.05pt; text-align: left"><FONT STYLE="font-size: 11pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Provision
                                         of Information Necessary for Preparation of Securities Registration Statements, Amendments
                                         and Other Materials.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">The Manager
will make available and provide financial, accounting and statistical information concerning the Manager required by the Trust
in the preparation of registration statements, reports and other documents required by Federal and state securities laws, and
such other information as the Trust may reasonably request for use in the preparation of such documents or of other materials
necessary or helpful for the distribution of the Trust&rsquo;s shares.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Other
                                         Obligations and Services.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Manager will make available its officers and employees to the Trustees and officers of
                                         the Trust for consultation and discussions regarding the administration and management
                                         of the Trust and its investment activities.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 11pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Manager will adopt a written code of ethics complying with the requirements of Rule 204A-1
                                         under the Advisers Act and of Rule 17j-1 under the Investment Company Act, and will provide
                                         the Trust with a copy of the code of ethics and evidence of its adoption. Within forty-five
                                         (45) days of the end of the last calendar quarter of each year while this Agreement is
                                         in effect, or at any other time required by the Board of Trustees, the President or a
                                         Vice President or other officer of the Manager shall certify to the Trust that the Manager
                                         has complied with the requirements of Rule 17j-1 during the previous year and that there
                                         has been no violation of the Manager&rsquo;s code of ethics or, if such a violation has
                                         occurred, that appropriate action was taken in response to such violation. Upon the written
                                         request of the Trust, the Manager shall permit the Trust, its employees or its agents
                                         to examine the reports required to be made by the Manager by Rule 17j-1(c)(2)(ii).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 11pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Manager will maintain and implement compliance policies and 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 Investment
                                         Company Act). The Manager also will provide the Trust&rsquo;s Chief Compliance Officer
                                         with periodic reports regarding the Manager&rsquo;s compliance with the Federal Securities
                                         Laws and the Manager&rsquo;s compliance policies and procedures, which may include, from
                                         time to time, a copy and/or summary of such compliance policies and procedures, and a
                                         report of the annual review determining the effectiveness of such compliance policies
                                         and procedures.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 15.95pt; text-align: justify; text-indent: -15.95pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 11pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The
                                         Manager (or upon written request of the Manager, one or more Portfolio Managers) will
                                         vote all proxies solicited by or with respect to the issuers of securities in which assets
                                         of the Trust may be invested from time to time in accordance with such policies as shall
                                         be determined by the Manager, and reviewed and approved by the Board of Trustees.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">3. <U>Execution
and Allocation of Portfolio Brokerage Commissions.</U> The Portfolio Managers, subject to and in accordance with any directions
the Trust may issue from time to time, shall place, in the name of the Trust, orders for the execution of the Trust&rsquo;s portfolio
transactions. When placing such orders, the obligation of each Portfolio Manager shall be as provided in the applicable Portfolio
Management Agreement. The Manager will oversee the placement of orders by Portfolio Managers in accordance with their respective
Portfolio Management Agreements and will render regular reports to the Trust of the total brokerage business placed on behalf
of the Trust by the Portfolio Managers and the manner in which such brokerage business has been allocated.</FONT></P>

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">The Trust hereby
agrees that any entity or person associated with the Manager that is a member of a national securities exchange is authorized
to effect any transaction on such exchange for the account of the Trust to the extent and as permitted by Section 11(a)(1)(H)
of the Securities Exchange Act of 1934, as amended (&ldquo;1934 Act&rdquo;).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Subject to the
appropriate policies and procedures approved by the Board of Trustees, the Manager may, to the extent authorized by Section 28(e)
of the 1934 Act, cause the Trust to pay a broker or dealer that provides brokerage or research services to the Manager, the Portfolio
Manager or the Trust an amount of commission for effecting a Trust transaction in excess of the amount of commission another broker
or dealer would have charged for effecting that transaction if the Manager determines, in good faith, that such amount of commission
is reasonable in relationship to the value of such brokerage or research services provided in terms of that particular transaction
or the Manager&rsquo;s overall responsibilities to the Trust or its other investment advisory clients. To the extent authorized
by said Section 28(e) and the Board of Trustees, the Manager shall not be deemed to have acted unlawfully or to have breached
any duty created by this Agreement or otherwise solely by reason of such action.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">4. <U>Expenses
of the Trust.</U> It is understood that the Trust will pay all its expenses other than those expressly assumed by the Manager,
which expenses payable by the Trust shall include:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Fees
                                         of the Manager;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Expenses
                                         of all audits by independent public accountants;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Expenses
                                         of administrator, transfer agent, pricing services, bookkeeping services, registrar,
                                         dividend disbursing agent and shareholder record keeping services (including reasonable
                                         fees and expenses payable to the Manager, or an affiliate of the Manager, for such services);</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">D.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Expenses
                                         of custodial services;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">E.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Expenses
                                         of obtaining quotations for calculating the value of the Trust&rsquo;s net assets;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">F.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Salaries
                                         and other compensation of any of its executive officers and employees who are not officers,
                                         directors, stockholders or employees of the Manager or any of its affiliates;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">G.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Taxes
                                         levied against the Trust and the expenses of preparing tax returns and reports;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">H.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Brokerage
                                         fees and commissions in connection with the purchase and sale of portfolio securities
                                         for the Trust;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">I.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Expenses
                                         associated with any offering (subject to any written agreement by the Manager or an affiliate
                                         of the Manager to reimburse any portion of such expenses);</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">J.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Costs,
                                         including the interest expense, of borrowing money;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">K.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Costs
                                         and/or fees incident to Trustee and shareholder meetings of the Trust, the preparation
                                         and mailings of proxy material, prospectuses and reports of the Trust to its shareholders,
                                         the filing of reports with regulatory bodies, the maintenance of the Trust&rsquo;s legal
                                         existence, membership dues and fees of investment company industry trade associations,
                                         the listing (and maintenance of such listing) of the Trust&rsquo;s shares on stock exchanges,
                                         and the registration of shares with Federal and state securities authorities;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">L.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Legal
                                         fees and expenses (including reasonable fees for legal services rendered by the Manager
                                         or its affiliates), including the legal fees related to the registration and continued
                                         qualification of the Trust&rsquo;s shares for sale;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">M.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Costs
                                         of printing stock certificates representing shares of the Trust, if any;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">N.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Trustees&rsquo;
                                         fees and expenses of Trustees who are not directors, officers, employees or stockholders
                                         of the Manager or any of its affiliates;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">O.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Fees
                                         for the fidelity bond required by Section 17(g) of the Investment Company Act, or other
                                         insurance premiums; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">P.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Fees
                                         payable to Federal and state authorities in connection with the registration of the Trust&rsquo;s
                                         shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">Q.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Nonrecurring
                                         and extraordinary expenses, such as indemnification payments or damages awarded in litigation
                                         or settlements made.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 13.7pt; text-align: justify; text-indent: -13.7pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt">5. <U>Activities
and Affiliates of the Manager.</U></FONT></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The services
                                         of the Manager to the Trust hereunder are not to be deemed exclusive, and the Manager
                                         and any of its affiliates shall be free to render similar services to others. The Manager
                                         shall use the same skill and care in the management of the Trust&rsquo;s assets as it
                                         uses in the administration of other accounts to which it provides asset management, consulting
                                         and portfolio manager selection services, but shall not be obligated to give the Trust
                                         more favorable or preferential treatment vis-a-vis its other clients.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.05pt"><FONT STYLE="font-size: 11pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Subject
                                         to, and in accordance with, the Declaration of Trust and By-Laws of the Trust and to
                                         Section 10(a) of the Investment Company Act, it is understood that Trustees, officers,
                                         agents and shareholders of the Trust are or may be interested in the Manager or its affiliates
                                         as directors, officers, agents or stockholders of the Manager or its affiliates; that
                                         directors, officers, agents and stockholders of the Manager or its affiliates are or
                                         may be interested in the Trust as Trustees, officers, agents, shareholders or otherwise;
                                         that the Manager or its affiliates may be interested in the Trust as shareholders or
                                         otherwise; and that the effect of any such interests shall be governed by said Declaration
                                         of Trust, By-Laws and the Investment Company Act.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">6. <U>Fees for
Services: Compensation of Manager and Portfolio Managers.</U> The compensation of the Manager for its services under this Agreement
shall be calculated and paid by the Trust in accordance with the attached Exhibit A. The Manager will compensate the Portfolio
Managers as provided in the Portfolio Management Agreement entered into with the Portfolio Managers from time to time.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 11.45pt; text-align: justify; text-indent: -11.45pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt">7. <U>Liabilities
of the Manager.</U></FONT></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">In the
                                         absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of
                                         obligations or duties hereunder on the part of the Manager, the Manager shall not be
                                         subject to liability to the Trust or to any shareholder of the Trust for any act or omission
                                         in the course of, or connected with, rendering services hereunder or for any losses that
                                         may be sustained in the purchase, holding or sale of any security.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.05pt"><FONT STYLE="font-size: 11pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">No provision
                                         of this Agreement shall be construed to protect any Trustee or officer of the Trust,
                                         or the Manager, from liability in violation of Sections 17(h) and (i) of the Investment
                                         Company Act.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 11pt">8. <U>Renewal
and Termination.</U></FONT></P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.7pt"><FONT STYLE="font-size: 11pt">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">This
                                         Agreement shall continue in effect for two years from the date of this Agreement and
                                         shall continue from year to year thereafter provided such continuance is specifically
                                         approved at least annually by (i) the Trust&rsquo;s Board of Trustees or (ii) a vote
                                         of a majority of the outstanding voting securities of the Trust (as defined in the Investment
                                         Company Act), provided that in either event the continuance is also approved by a majority
                                         of the Board of Trustees who are not &ldquo;interested persons&rdquo; (as defined in
                                         the Investment Company Act) of any party to this Agreement (&ldquo;Independent Trustees&rdquo;),
                                         by vote cast in person at a meeting called for the purpose of voting on such approval.
                                         The aforesaid requirement that continuance of this Agreement be &ldquo;specifically approved
                                         at least annually&rdquo; shall be construed in a manner consistent with the Investment
                                         Company Act and the Rules and Regulations thereunder.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.05pt"><FONT STYLE="font-size: 11pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">This
                                         Agreement:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.3pt"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">may
                                         at any time be terminated without the payment of any penalty either by vote of the Trustees
                                         of the Trust, including a majority of the Independent Trustees, or by vote of a majority
                                         of the outstanding voting securities of the Trust, on sixty (60) days&rsquo; written
                                         notice to the Manager;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">shall
                                         immediately terminate in the event of its assignment (as that term is defined in the
                                         Investment Company Act); and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.3pt"><FONT STYLE="font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">may
                                         be terminated by the Manager on sixty (60) days&rsquo; written notice to the Trust.</FONT></TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.05pt"><FONT STYLE="font-size: 11pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">Any
                                         notice under this Agreement shall be given in writing addressed and delivered or mailed
                                         postpaid, to the other party to this Agreement at its principal place of business.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">9. <U>No Personal
Liability.</U> Reference is hereby made to the Declaration of Trust dated August 20, 1986 establishing the Trust, 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, and not to the Trustees personally, and no Trustee, shareholder, officer, agent or employee of the Trust shall be held
to any personal liability hereunder or in connection with the affairs of the Trust, but only the trust estate under said Declaration
of Trust is liable under this Agreement. Without limiting the generality of the foregoing, neither the Manager nor any of its
officers, directors, shareholders 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 Trust or of any successor of the Trust, 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 Trust.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">10. <U>Use of
Name.</U> The Trust may use the name &ldquo;Liberty All-Star,&rdquo; &ldquo;All-Star,&rdquo; or a similar name only for so long
as this Agreement or any extension, renewal or amendment hereof remains in effect, including any similar agreement with any organization
which shall have succeeded to the Manager&rsquo;s business as investment adviser. If this Agreement is no longer in effect, the
Trust (to the extent it lawfully can) will cease to use such name or any other name indicating that it is advised by or otherwise
connected with the Manager. The Trust acknowledges that the Manager may grant the non-exclusive right to use the name &ldquo;Liberty
All-Star&rdquo; or &ldquo;All-Star&rdquo; to any other corporation or entity, including but not limited to any investment company
of which the Manager or any subsidiary or affiliate thereof or any successor to the business or any thereof shall be an investment
adviser.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">11. <U>Severability.
</U>If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder
of this Agreement shall not be affected thereby.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">12. <U>Governing
Law.</U> To the extent that state law has not been preempted by the provisions of any law of the United States heretofore or hereafter
enacted, as the same may be amended from time to time, this Agreement shall be administered, construed and enforced according
to the laws of the Commonwealth of Massachusetts.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">13. <U>Interpretation</U>.
Nothing herein contained shall be deemed to require the Trust to take any action contrary to this Agreement and its Declaration
of Trust or By-Laws, or any applicable statutory or regulatory requirements to which it is subject or by which it is bound, or
to relieve or deprive the Trustees of their responsibility for and control of the conduct of the affairs of the Trust.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">14. <U>Entire
Agreement</U>. This Agreement contains the entire understanding and agreement of the parties.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">15. <U>Headings</U>.
The headings in the sections of this Agreement are inserted for convenience of reference only and shall not constitute a
part hereof.</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">16. <U>Force
Majeure</U>. The Manager shall not be liable for delays or errors occurring by reason of circumstances beyond its control,
including but not limited to acts of civil or military authority, national emergencies, work stoppages, fire, flood,
catastrophe, acts of God, insurrection, war, riot, or failure of communication or power supply. In the event of equipment
breakdowns beyond its control, the Manager shall take reasonable steps to minimize service interruptions but shall have no
liability with respect thereto.</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">17. <U>Records</U>.
The records relating to the services provided under this Agreement shall be the property of the Trust and shall be under its control;
however, the Trust shall furnish to the Manager such records and permit it to retain such records (either in original or in duplicate
form) as it shall reasonably require in order to carry out its duties. In the event of the termination of this Agreement, such
records shall promptly be returned to the Trust by the Manager free from any claim or retention of rights therein, provided that
the Manager may retain copies of any such records that are required by law. The Manager shall keep confidential any information
obtained in connection with its duties hereunder and disclose such information only if the Trust has authorized such disclosure
or if such disclosure is expressly required or lawfully requested by applicable Federal or state regulatory authorities.</FONT></P>

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">IN WITNESS WHEREOF,
the parties hereto have caused this Fund Management Agreement to be executed, as of the day and year first written above.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">LIBERTY ALL-STAR EQUITY FUND</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="width: 5%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">By:</FONT></P></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"> /s/ William R. Parmentier,
        Jr.</FONT></P></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">William R. Parmentier, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">Title: </FONT></TD>
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;&nbsp;</FONT></P></TD>
    <TD COLSPAN="2" STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">ALPS ADVISORS, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P></TD>
    <TD><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">By:</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">/s/
Edmund J. Burke</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">Title: </FONT></TD>
    <TD STYLE="font-size: 18pt"><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">For the investment
management services provided to the Trust pursuant to Section 2(A) of this Agreement, the Trust will pay to the 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 for
the previous calendar month at the annual rate of: 0.80% of the first $400 million of average daily net assets; 0.72% of average
daily net assets exceeding $400 million up to and including $800 million; 0.648% of average daily net assets exceeding $800 million
up to and including $1.2 billion; and 0.584% of average daily net assets exceeding $1.2 billion.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Pursuant to
Section 6 of this Agreement, the Manager will pay to each 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 Manager for the previous calendar month at the annual rate
of: 0.40% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage (as hereinafter defined) times the Average
Total Fund Net Assets (as hereinafter defined) up to $400 million; 0.36% of the amount obtained by multiplying the Portfolio Manager&rsquo;s
Percentage times the Average Total Fund Net Assets exceeding $400 million up to and including $800 million; 0.324% of the amount
obtained by multiplying the Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding $800 million
up to and including $1.2 billion; and 0.292% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage times
the Average Total Fund Net Assets exceeding $1.2 billion.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">&ldquo;Portfolio
Manager&rsquo;s Percentage&rdquo; means the percentage obtained by dividing (i) the average daily net asset values of the portion
of the portfolio assets of the Trust assigned to that Portfolio Manager during the preceding calendar month by (ii) the Average
Total Fund Net Assets.</FONT></P>

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

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

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>6
<FILENAME>fp0040302_g1biii-pzena.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">May 31, 2018</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">9. <U>Limitation of Liability.</U>
The Portfolio Manager shall not be liable for any action taken, omitted or suffered to be taken by it in its reasonable judgment,
in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by
this Agreement, or in accordance with (or in the absence of) specific directions or instructions from the Fund, provided, however,
that such acts or omissions shall not have resulted from the Portfolio Manager&rsquo;s willful misfeasance, bad faith or gross
negligence, a violation of the standard of care established by and applicable to the Portfolio Manager in its actions under this
Agreement or breach of its duty or of its obligations hereunder (provided, however, that the foregoing shall not be construed to
protect the Portfolio Manager from liability in violation of Section 17(i) of the Act).</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">12. <U>Representations,
Warranties and Agreements of the Fund.</U> The Fund represents, warrants and agrees that:</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">B. It will maintain,
keep current and preserve on behalf of the Fund, in the manner required or permitted by the Act and the rules and regulations thereunder,
the records required to be so kept by an investment adviser of the Fund in accordance with applicable law, including without limitation
those identified in Schedule B (as Schedule B may be amended from time to time by the Fund Manager). The Portfolio Manager agrees
that such records are the property of the Fund, and will be surrendered to the Fund promptly upon request.</P>

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">ALPS Advisors, Inc.<BR>
1290 Broadway, Suite 1100<BR>
Denver, Colorado 80203<BR>
Attn: General Counsel<BR>
Phone: (303) 623-2577<BR>
Fax: (303) 623-7850</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">120 West 45<SUP>th</SUP> St.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">New York, NY 10036</P>

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">LIBERTY ALL-STAR EQUITY FUND</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"> <FONT STYLE="font-size: 11pt">/s/ William R. Parmentier, Jr.</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD> <FONT STYLE="font-size: 11pt">William R. Parmentier, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD> <FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">ALPS ADVISORS, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"> <FONT STYLE="font-size: 11pt">/s/ Edmund J. Burke</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-size: 11pt">/s/ William L. Lipsey</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">William L. Lipsey</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Managing Principal</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 11pt">SCHEDULES:</FONT></TD>
    <TD STYLE="width: 3%; text-align: left"><FONT STYLE="font-size: 11pt">A.</FONT></TD>
    <TD STYLE="width: 82%; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">Operational Procedures </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">B.</FONT></TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">Records To Be Maintained By The Portfolio Manager</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt">C.</FONT></TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">Portfolio Manager Fee</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In order to minimize operational
problems, the following represents a standard flow of information requirements. The Portfolio Manager must furnish State Street
Corporation (accounting agent) with daily information as to executed trades, no later than 12:00 p.m. (EST) on trade date plus
one day to ensure the information is processed in time for pricing. If there are no trades, a report must be sent to State Street
stating there were no trades for that day.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The necessary information must be transmitted
via facsimile machine to Max King at State Street at 617-662-2342 and contain an authorized signature.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Liberty All-Star Equity Fund trade reporting requirements:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Name of Fund &amp; Portfolio Manager</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Trade date</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Settlement date</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Purchase or sale</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Security name/description</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">Cusip / sedol / or other numeric identifier</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">Purchase/sale price per share or unit</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify">Interest purchased/sold (if applicable)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify">Aggregate commission amount</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify">Indication as to whether or not commission amounts are ALPS Directed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify">Executing broker and clearing bank (if applicable)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify">Total net amount of the transaction</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD STYLE="text-align: justify">Sale lot disposition method, if different from the established policy of Lowest Cost.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">14.</TD><TD STYLE="text-align: justify">Confirmation of DTC trades; please advise brokers to use the custodian&rsquo;s DTC ID system number
to facilitate the receipt of information by the custodian. The Portfolio Manager will affirm trades to the custodian.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Portfolio Manager is responsible for reporting
the correct broker for all direct-commission trades on the trade tickets. As a follow-up procedure, The Fund Manager will summarize
the accounting records and forward to the Portfolio Manager monthly. The Portfolio Manager is responsible for comparing their records
to the accounting records and contacting the Fund Manager regarding discrepancies.</P>

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

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Revised or cancelled trades: the Portfolio Manager is responsible for notifying State Street Fund
Accounting of revisions and/or cancellations on a timely basis. In addition, the Portfolio Manager is responsible for notifying
State Street if the revised or cancelled trade pertains to a next day or current day settlement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">In the event, trades are sent after the 12:00 EST deadline, the Portfolio Manager is responsible
for notifying the appropriate contact at State Street. If trades are received after 4:00 PM EST, State Street Fund Accounting will
book trades on a &ldquo;best efforts&rdquo; basis.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>State Street
Delivery Instructions</U></B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>For Liberty All Star Equity Fund</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depository Trust Company (DTC)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Participant # 0997</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Agent Bank# 20997</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ref: C7R2</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Physical Securities DVP/RVP</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">55 Water Street</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, NY 10041</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ref: Fund C7R2</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Government issues delivered through Fed
Book Entry</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ABA 011000028</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">STATE ST BOS/SPEC/C7R2</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ABA # 011000028</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ref: <B>Liberty All-Star Equity Fund</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fund Number: C7R2</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DDA # 4061767</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Custodian (State Street Corporation)</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash Availability: State Street will supply
the portfolio manager with a cash availability report by 11:00 AM EST on a daily basis. This will be done by fax so that the Portfolio
Manager will know the amount available for investment purposes.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">State Street will be responsible for notifying
the Portfolio Manager of all voluntary corporate actions. The Portfolio Manager will fax instructions back to State Street to the
fax number indicated on the corporate action notice.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All trades must be transmitted to the custodian
bank, State Street, via signed facsimile to 617-662-2342.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event there are no trades on a given
day State Street needs to receive a signed fax indicating this.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">State Street will need an authorized signature
list from the Portfolio Manager.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">State Street will need the daily contacts for
corporate actions and trading from the Portfolio Manager (please notify SSC of any future changes).</P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RECORDS TO BE MAINTAINED BY THE PORTFOLIO
MANAGER</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11.45pt">1.</TD><TD STYLE="text-align: justify">(Rule 31a-1(b)(5) and (6)) A record of each brokerage order, and all other portfolio purchases
and sales, given by the Portfolio Manager on behalf of the Fund for, or in connection with, the purchase or sale of securities,
whether executed or unexecuted. Such records shall include:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.7pt">A.</TD><TD STYLE="text-align: justify">The name of the broker;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.05pt">B.</TD><TD STYLE="text-align: justify">The terms and conditions of the order and of any modifications or cancellation thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.05pt">C.</TD><TD STYLE="text-align: justify">The time of entry or cancellation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.7pt">D.</TD><TD STYLE="text-align: justify">The price at which executed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 12.4pt">E.</TD><TD STYLE="text-align: justify">The time of receipt of a report of execution; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 12.1pt">F.</TD><TD STYLE="text-align: justify">The name of the person who placed the order on behalf of the Fund.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11.45pt">2.</TD><TD STYLE="text-align: justify">(Rule 31a-1(b)(9)) A record for each fiscal quarter, completed within ten (10) days after the end
of the quarter, showing specifically the basis or bases upon which the allocation of orders for the purchase and sale of portfolio
securities to named brokers or dealers was effected, and the division of brokerage commissions or other compensation on such purchase
and sale orders. Such record:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.7pt">A.</TD><TD STYLE="text-align: justify">Shall include the consideration given to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.3pt"></TD><TD STYLE="width: 13.7pt">(i)</TD><TD STYLE="text-align: justify">The sale of shares of the Fund by brokers or dealers.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.3pt"></TD><TD STYLE="width: 13.7pt">(ii)</TD><TD STYLE="text-align: justify">The supplying of services or benefits by brokers or dealers to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.7pt"></TD><TD STYLE="width: 15.3pt">(a)</TD><TD STYLE="text-align: justify">The Fund;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.7pt"></TD><TD STYLE="width: 15.3pt">(b)</TD><TD STYLE="text-align: justify">The Fund Manager;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.7pt"></TD><TD STYLE="width: 15.3pt">(c)</TD><TD STYLE="text-align: justify">The Portfolio Manager; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.7pt"></TD><TD STYLE="width: 15.3pt">(d)</TD><TD STYLE="text-align: justify">Any person other than the foregoing.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.3pt"></TD><TD STYLE="width: 18.2pt">(iii)</TD><TD STYLE="text-align: justify">Any other consideration other than the technical qualifications of the brokers and dealers as such.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.05pt">B.</TD><TD STYLE="text-align: justify">Shall show the nature of the services or benefits made available.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.05pt">C.</TD><TD STYLE="text-align: justify">Shall describe in detail the application of any general or specific formula or other determinant
used in arriving at such allocation of purchase and sale orders and such division of brokerage commissions or other compensation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.7pt">D.</TD><TD STYLE="text-align: justify">The name of the person responsible for making the determination of such allocation and such division
of brokerage commissions or other compensation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11.45pt">3.</TD><TD STYLE="text-align: justify">(Rule 31a-1(b)(10)) A record in the form of an appropriate memorandum identifying the person or
persons, committees or groups authorizing the purchase or sale of portfolio securities. Where an authorization is made by a committee
or group, a record shall be kept of the names of its members who participate in the authorization. There shall be retained as part
of this record: any memorandum, recommendation or instruction supporting or authorizing the purchase or sale of portfolio securities
and such other information as is appropriate to support the authorization.<SUP>1</SUP></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11.45pt">4.</TD><TD STYLE="text-align: justify">(Rule 31a-1(f)) Such accounts, books and other documents as are required to be maintained by registered
investment advisers by rule adopted under Section 204 of the Investment Advisers Act of 1940, to the extent such records are necessary
or appropriate to record the Portfolio Manager&rsquo;s transactions with the Fund.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><SUP>1</SUP></TD><TD STYLE="text-align: justify">Such information might include: the current Form 10-K, annual and quarterly reports, press releases,
reports by analysts and from brokerage firms (including their recommendation: i.e., buy, sell, hold) or any internal reports or
portfolio manager reviews.</TD></TR></TABLE>

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

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 11; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>7
<FILENAME>fp0040302_g1biii-sustainable.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">July 1, 2018</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.2in">20. <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 or facsimile, and shall be given to the following addresses (or such other addresses as to which
notice is given):</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">ALPS Advisors, Inc.<BR>
1290 Broadway, Suite 1100<BR>
Denver, Colorado 80203<BR>
Attn: General Counsel<BR>
Phone: (303) 623-2577<BR>
Fax: (303) 623-7850</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Address: 301 Tresser Blvd., Suite 1310</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Phone: 203-348-4742</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Fax: 203-348-4732</P>

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">LIBERTY ALL-STAR<SUP>&reg;</SUP> EQUITY FUND</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ William R. Parmentier, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">William R. Parmentier, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">ALPS ADVISORS, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Edmund J. Burke</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-size: 11pt">/s/ Gordon M. Marchand</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Name: Gordon M. Marchand</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Title: Founding Principal</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">For services provided
to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of
each calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar month
at the annual rate of: 0.40% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage (as hereinafter defined)
times the Average Total Fund Net Assets (as hereinafter defined) up to $400 million; 0.36% of the amount obtained by multiplying
the Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding $400 million up to and including $800
million; 0.324% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net
Assets exceeding $800 million up to and including $1.2 billion; 0.292% of the amount obtained by multiplying the Portfolio Manager&rsquo;s
Percentage times the Average Total Fund Net Assets exceeding $1.2 billion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#9;&ldquo;Portfolio
Manager&rsquo;s Percentage&rdquo; means the percentage obtained by dividing (i) the average daily net asset values of the Portfolio
Manager Account during the preceding calendar month, by (ii) the Average Total Fund Net Assets.</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>8
<FILENAME>fp0040302_g1biii-tcw.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">May 31, 2018</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">9. <U>Limitation of Liability.</U>
The Portfolio Manager shall not be liable for any action taken, omitted or suffered to be taken by it in its reasonable judgment,
in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by
this Agreement, or in accordance with (or in the absence of) specific directions or instructions from the Fund, provided, however,
that such acts or omissions shall not have resulted from the Portfolio Manager&rsquo;s willful misfeasance, bad faith or gross
negligence, a violation of the standard of care established by and applicable to the Portfolio Manager in its actions under this
Agreement or breach of its duty or of its obligations hereunder (provided, however, that the foregoing shall not be construed to
protect the Portfolio Manager from liability in violation of Section 17(i) of the Act).</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">12. <U>Representations,
Warranties and Agreements of the Fund.</U> The Fund represents, warrants and agrees that:</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">B. It will maintain,
keep current and preserve on behalf of the Fund, in the manner required or permitted by the Act and the rules and regulations thereunder,
the records required to be so kept by an investment adviser of the Fund in accordance with applicable law, including without limitation
those identified in Schedule B (as Schedule B may be amended from time to time by the Fund Manager). The Portfolio Manager agrees
that such records are the property of the Fund, and will be surrendered to the Fund promptly upon request.</P>

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">ALPS Advisors, Inc.<BR>
1290 Broadway, Suite 1100<BR>
Denver, Colorado 80203<BR>
Attn: General Counsel<BR>
Phone: (303) 623-2577<BR>
Fax: (303) 623-7850</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">865 S. Figueroa St.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Los Angeles, CA 90017</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">LIBERTY ALL-STAR EQUITY FUND</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ William R. Parmentier, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">William R. Parmentier, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">ALPS ADVISORS, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Edmund J. Burke</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 135pt">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-size: 11pt">/s/ Patrick Dennis</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Name: Patrick Dennis</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">Title: Associate General Counsel</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 11pt">SCHEDULES:</FONT></TD>
    <TD STYLE="width: 77%; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">A. Operational Procedures </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">B. Records To Be Maintained By The
    Portfolio Manager</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 11pt">C. Portfolio Manager Fee</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In order to minimize operational
problems, the following represents a standard flow of information requirements. The Portfolio Manager must furnish State Street
Corporation (accounting agent) with daily information as to executed trades, no later than 12:00 p.m. (EST) on trade date plus
one day to ensure the information is processed in time for pricing. If there are no trades, a report must be sent to State Street
stating there were no trades for that day.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The necessary information must be transmitted
via facsimile machine to Max King at State Street at 617-662-2342 and contain an authorized signature.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Liberty All-Star Equity Fund trade reporting requirements:</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Name of Fund &amp; Portfolio Manager</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Trade date</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Settlement date</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Purchase or sale</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Security name/description</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">Cusip / sedol / or other numeric identifier</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">Purchase/sale price per share or unit</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify">Interest purchased/sold (if applicable)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify">Aggregate commission amount</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify">Indication as to whether or not commission amounts are ALPS Directed.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify">Executing broker and clearing bank (if applicable)</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify">Total net amount of the transaction</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD STYLE="text-align: justify">Sale lot disposition method, if different from the established policy of Lowest Cost.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">14.</TD><TD STYLE="text-align: justify">Confirmation of DTC trades; please advise brokers to use the custodian&rsquo;s DTC ID system number
to facilitate the receipt of information by the custodian. The Portfolio Manager will affirm trades to the custodian.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Commission Reporting</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Portfolio Manager is responsible for reporting
the correct broker for all direct-commission trades on the trade tickets. As a follow-up procedure, The Fund Manager will summarize
the accounting records and forward to the Portfolio Manager monthly. The Portfolio Manager is responsible for comparing their records
to the accounting records and contacting the Fund Manager regarding discrepancies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Trade Exception Processing</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Revised or cancelled trades: the Portfolio Manager is responsible for notifying State Street Fund
Accounting of revisions and/or cancellations on a timely basis. In addition, the Portfolio Manager is responsible for notifying
State Street if the revised or cancelled trade pertains to a next day or current day settlement.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">In the event, trades are sent after the 12:00 EST deadline, the Portfolio Manager is responsible
for notifying the appropriate contact at State Street. If trades are received after 4:00 PM EST, State Street Fund Accounting will
book trades on a &ldquo;best efforts&rdquo; basis.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>State Street
Delivery Instructions</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>DTC instructions</U></B>:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>For Liberty All Star Equity Fund</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depository Trust Company (DTC)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Participant # 0997</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Agent Bank# 20997</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ref: C7R4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Physical Securities DVP/RVP</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DTC/New York Window</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">55 Water Street</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, NY 10041</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: Robert Mendes</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ref: Fund C7R4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Government issues delivered through Fed
Book Entry</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Boston Federal Reserve Bank</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ABA 011000028</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">STATE ST BOS/SPEC/C7R4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Wire Instructions</U>:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">State Street Bank</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ABA # 011000028</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ref: <B>Liberty All-Star Equity Fund</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fund Number: C7R4</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">DDA # 4061767</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Custodian (State Street Corporation)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash Availability: State Street will supply
the portfolio manager with a cash availability report by 11:00 AM EST on a daily basis. This will be done by fax so that the Portfolio
Manager will know the amount available for investment purposes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Voluntary Corporate Actions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">State Street will be responsible for notifying
the Portfolio Manager of all voluntary corporate actions. The Portfolio Manager will fax instructions back to State Street to the
fax number indicated on the corporate action notice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Other Custodian Requirements</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All trades must be transmitted to the custodian
bank, State Street, via signed facsimile to 617-662-2342.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event there are no trades on a given
day State Street needs to receive a signed fax indicating this.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">State Street will need an authorized signature
list from the Portfolio Manager.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">State Street will need the daily contacts for
corporate actions and trading from the Portfolio Manager (please notify SSC of any future changes).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIBERTY ALL-STAR EQUITY FUND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE B</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RECORDS TO BE MAINTAINED BY THE PORTFOLIO
MANAGER</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11.45pt">1.</TD><TD STYLE="text-align: justify">(Rule 31a-1(b)(5) and (6)) A record of each brokerage order, and all other portfolio purchases
and sales, given by the Portfolio Manager on behalf of the Fund for, or in connection with, the purchase or sale of securities,
whether executed or unexecuted. Such records shall include:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.7pt">A.</TD><TD STYLE="text-align: justify">The name of the broker;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.05pt">B.</TD><TD STYLE="text-align: justify">The terms and conditions of the order and of any modifications or cancellation thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.05pt">C.</TD><TD STYLE="text-align: justify">The time of entry or cancellation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.7pt">D.</TD><TD STYLE="text-align: justify">The price at which executed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 12.4pt">E.</TD><TD STYLE="text-align: justify">The time of receipt of a report of execution; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 12.1pt">F.</TD><TD STYLE="text-align: justify">The name of the person who placed the order on behalf of the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11.45pt">2.</TD><TD STYLE="text-align: justify">(Rule 31a-1(b)(9)) A record for each fiscal quarter, completed within ten (10) days after the end
of the quarter, showing specifically the basis or bases upon which the allocation of orders for the purchase and sale of portfolio
securities to named brokers or dealers was effected, and the division of brokerage commissions or other compensation on such purchase
and sale orders. Such record:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.7pt">A.</TD><TD STYLE="text-align: justify">Shall include the consideration given to:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.3pt"></TD><TD STYLE="width: 13.7pt">(i)</TD><TD STYLE="text-align: justify">The sale of shares of the Fund by brokers or dealers.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.3pt"></TD><TD STYLE="width: 13.7pt">(ii)</TD><TD STYLE="text-align: justify">The supplying of services or benefits by brokers or dealers to:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.7pt"></TD><TD STYLE="width: 15.3pt">(a)</TD><TD STYLE="text-align: justify">The Fund;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.7pt"></TD><TD STYLE="width: 15.3pt">(b)</TD><TD STYLE="text-align: justify">The Fund Manager;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.7pt"></TD><TD STYLE="width: 15.3pt">(c)</TD><TD STYLE="text-align: justify">The Portfolio Manager; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47.7pt"></TD><TD STYLE="width: 15.3pt">(d)</TD><TD STYLE="text-align: justify">Any person other than the foregoing.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 31.3pt"></TD><TD STYLE="width: 18.2pt">(iii)</TD><TD STYLE="text-align: justify">Any other consideration other than the technical qualifications of the brokers and dealers as such.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.05pt">B.</TD><TD STYLE="text-align: justify">Shall show the nature of the services or benefits made available.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.05pt">C.</TD><TD STYLE="text-align: justify">Shall describe in detail the application of any general or specific formula or other determinant
used in arriving at such allocation of purchase and sale orders and such division of brokerage commissions or other compensation.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.4pt"></TD><TD STYLE="width: 13.7pt">D.</TD><TD STYLE="text-align: justify">The name of the person responsible for making the determination of such allocation and such division
of brokerage commissions or other compensation.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11.45pt">3.</TD><TD STYLE="text-align: justify">(Rule 31a-1(b)(10)) A record in the form of an appropriate memorandum identifying the person or
persons, committees or groups authorizing the purchase or sale of portfolio securities. Where an authorization is made by a committee
or group, a record shall be kept of the names of its members who participate in the authorization. There shall be retained as part
of this record: any memorandum, recommendation or instruction supporting or authorizing the purchase or sale of portfolio securities
and such other information as is appropriate to support the authorization.<SUP>1</SUP></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 11.45pt; text-align: justify; text-indent: -11.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11.45pt">4.</TD><TD STYLE="text-align: justify">(Rule 31a-1(f)) Such accounts, books and other documents as are required to be maintained by registered
investment advisers by rule adopted under Section 204 of the Investment Advisers Act of 1940, to the extent such records are necessary
or appropriate to record the Portfolio Manager&rsquo;s transactions with the Fund.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">__________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt"><SUP>1</SUP></TD><TD STYLE="text-align: justify">Such information might include: the current Form 10-K, annual and quarterly reports, press releases,
reports by analysts and from brokerage firms (including their recommendation: i.e., buy, sell, hold) or any internal reports or
portfolio manager reviews.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIBERTY ALL-STAR EQUITY FUND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE C</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PORTFOLIO MANAGER FEE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">For services provided to
the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each
calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar month at the
annual rate of: 0.40% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage (as hereinafter defined) times
the Average Total Fund Net Assets (as hereinafter defined) up to $400 million; 0.36% of the amount obtained by multiplying the
Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding $400 million up to and including $800 million;
0.324% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage times the Average Total Fund Net Assets exceeding
$800 million up to and including $1.2 billion; 0.292% of the amount obtained by multiplying the Portfolio Manager&rsquo;s Percentage
times the Average Total Fund Net Assets exceeding $1.2 billion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;Portfolio Manager&rsquo;s
Percentage&rdquo; means the percentage obtained by dividing (i) the average daily net asset values of the Portfolio Manager Account
during the preceding calendar month, by (ii) the Average Total Fund Net Assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;Average Total Fund
Net Assets&rdquo; means the average daily net asset values of the Fund as a whole during the preceding calendar month.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The fee shall be pro-rated
for any month during which this Agreement is in effect for only a portion of the month.</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 11; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ITEM 405 REG S-K
<SEQUENCE>9
<FILENAME>fp0040302_g1biv.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exhibit b.iv. &ndash; Liberty All Star Equity
Fund</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 16(a) Beneficial Ownership Reporting
Compliance</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 16(a) of the 1934 Act and Section 30(h)
of the 1940 Act, and the rules thereunder, require the Liberty All Star Equity Fund&rsquo;s (the &ldquo;Fund&rdquo;) officers and
Trustees, officers and directors of the investment adviser, affiliated persons of the investment adviser, and persons who beneficially
own more than 10% of a registered class of the Fund&rsquo;s Common Shares (the &ldquo;Reporting Persons&rdquo;) to file reports
of ownership and changes in ownership with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and the New York Stock Exchange
and to furnish the Fund with copies of all Section 16(a) forms they file. Based solely on a review of the reports filed with the
SEC and upon representations that no applicable Section 16(a) forms were required to be filed, the Fund believes that as of the
Fund&rsquo;s fiscal year end on December 31, 2018, all Section 16(a) filing requirements applicable to the Fund&rsquo;s officers
and Trustees, officers and directors of the investment adviser or sub-advisers, affiliated persons of the investment adviser or
sub-advisers, and greater than 10% beneficial owners were complied with, with the exception of a statement of initial beneficial
ownership on Form 3 for Richard C. Noyes, General Counsel of the Adviser, was not filed within 10 days following the day on which
he became a reporting person due to an administrative error. Mr. Noyes did not own any Fund shares reportable on Form 3.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
