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<SEC-DOCUMENT>0000786035-08-000006.txt : 20080820
<SEC-HEADER>0000786035-08-000006.hdr.sgml : 20080820
<ACCEPTANCE-DATETIME>20080820133037
ACCESSION NUMBER:		0000786035-08-000006
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080630
FILED AS OF DATE:		20080820
DATE AS OF CHANGE:		20080820
EFFECTIVENESS DATE:		20080820

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR GROWTH FUND INC.
		CENTRAL INDEX KEY:			0000786035
		IRS NUMBER:				521542208
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04537
		FILM NUMBER:		081029605

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY ALL STAR GROWTH FUND INC /MD/
		DATE OF NAME CHANGE:	19960612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLMON CHARLES TRUST INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GROWTH STOCK OUTLOOK TRUST INC
		DATE OF NAME CHANGE:	19910807
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>answer.fil
<TEXT>
<PAGE>      PAGE  1
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<PAGE>      PAGE  3
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020 A000008 BANK OF AMERICA
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020 B000009 95-2622900
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020 B000010 13-2638166
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022 A000001 STATE STREET BANK AND TRUST CO.
022 B000001 04-1867445
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022 B000003 13-5108880
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SIGNATURE   KIM STORMS
TITLE       ASSISTANT TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>2
<FILENAME>f77cgrowth.htm
<TEXT>
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<HEAD>
<TITLE>77C Matters Submitted to a Vote of Security Holders</TITLE>
<META NAME="author" CONTENT="connollyk">
<META NAME="date" CONTENT="08/19/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:FranklinGothic-Demi; font-size:12pt"><FONT FACE="FranklinGothic-Demi" COLOR=#000000><B>77C Matters Submitted to a Vote of Security Holders</B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:FranklinGothic-Demi; font-size:12pt">RESULTS OF ANNUALMEETING OF SHAREHOLDERS</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:FranklinGothic-Book; font-size:12pt"><FONT FACE="FranklinGothic-Book">On April 23, 2008, the Annual Meeting of Shareholders of the Fund was held to elect two Directors and to approve the Fund&#146;s Portfolio Management Agreement with Chase Investment Counsel Corporation. &nbsp;On February 15, 2008, the record date for the Meeting, the Fund had outstanding 28,486,606 shares of common stock. The votes cast at the meeting were as follows:</FONT></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:FranklinGothic-Book; font-size:12pt">Proposal to elect two Directors:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:36pt; font-family:FranklinGothic-Demi; font-size:12pt"><FONT FACE="FranklinGothic-Demi"><B>For </B></FONT></P>
<P style="line-height:14pt; margin:0pt; padding-left:108pt; text-indent:144pt; font-family:FranklinGothic-Demi; font-size:12pt"><B>Withheld</B></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-family:FranklinGothic-Book; font-size:12pt"><FONT FACE="FranklinGothic-Book">John A. Benning </FONT></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; font-family:FranklinGothic-Book; font-size:12pt">16,050,870</P>
<P style="line-height:14pt; margin:0pt; text-indent:252pt; font-family:FranklinGothic-Book; font-size:12pt">&nbsp;781,606</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-family:FranklinGothic-Book; font-size:12pt">Richard C. Rantzow </P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:108pt; font-family:FranklinGothic-Book; font-size:12pt">16,046,787 </P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:180pt; font-family:FranklinGothic-Book; font-size:12pt">&nbsp;</P>
<P style="line-height:14pt; margin:0pt; text-indent:216pt; font-family:FranklinGothic-Book; font-size:12pt">&nbsp;785,689</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:FranklinGothic-Book; font-size:12pt">The meeting was adjourned with respect to the proposal to approve the Fund&#146;s Portfolio Management Agreement and reconvened on May 22, 2008. The votes cast at that meeting were as follows:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-family:FranklinGothic-Book; font-size:12pt">Proposal to approve Portfolio Management Agreement:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-family:FranklinGothic-Demi; font-size:12pt"><FONT FACE="FranklinGothic-Demi"><B>For</B></FONT></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; font-family:FranklinGothic-Demi; font-size:12pt"><B>&nbsp;Against</B></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:180pt; font-family:FranklinGothic-Demi; font-size:12pt"><B>&nbsp;Abstain </B></P>
<P style="line-height:14pt; margin:0pt; text-indent:288pt; font-family:FranklinGothic-Demi; font-size:12pt"><B>Non-Votes</B></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-family:FranklinGothic-Book; font-size:12pt"><FONT FACE="FranklinGothic-Book">12,405,156 </FONT></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:72pt; font-family:FranklinGothic-Book; font-size:12pt">471,884 </P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:180pt; font-family:FranklinGothic-Book; font-size:12pt">465,387 </P>
<P style="line-height:14pt; margin:0pt; text-indent:288pt; font-family:FranklinGothic-Book; font-size:12pt">4,199,396</P>
<P style="margin:0pt"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>f77q1agrowth.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>_</TITLE>
<META NAME="date" CONTENT="08/19/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:13pt; margin:0pt; font-size:11pt"><FONT FACE="Times New Roman" COLOR=#000000><B>77Q1 (a) Amendment to the registrant&#146;s Charter or By-laws</B></FONT></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>Restated</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>BY-LAWS OF</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>LIBERTY ALL-STAR GROWTH FUND, INC.</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>A Maryland Corporation</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>As amended through December 10, 2007</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>ARTICLE I</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>STOCKHOLDERS</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 1. &nbsp;<U>Annual Meetings</U>. &nbsp;The annual meeting of the stockholders of Liberty All-Star Growth Fund, Inc. (formerly &#147;The Charles Allmon Trust, Inc.&#148;) (the &#147;Corporation&#148;) shall be held on a date fixed from time to time by the Board of Directors within the thirty-one (31) day period ending four (4) months after the end of the Corporation&#146;s fiscal year. &nbsp;An annual meeting may be held at any place in or out of the State of Maryland as may be determined by the Board of Directors as shall be designated in the notice of the meeting and at the time specified by the Board of Directors. &nbsp;Any business of the Corporation may be transacted at an annual meeting without being specifically designated in the notice unless otherwise provided by statute, the Corporation&#146;s Charter or these By-Laws.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 2. &nbsp;<U>Special Meetings</U>. &nbsp;Special meetings of the stockholders of any purpose or purposes, unless otherwise prescribed by statute or by the Corporation&#146;s Charter, may be held at any place within the United States, and may be called at any time by the Board of Directors, by the Chairman of the Board or by the President, and shall be called by the Chairman of the Board or President or Secretary at the request in writing of a majority of the Board of Directors or at the request in writing of stockholders entitled to cast at least twenty-five (25) percent of the votes entitled to be cast at the meeting upon payment by such stockholders to the Corporation of the reasonably estimated cost of preparing and mailing a notice of a meeting (which estimated cost shall be provided to such stockholders by the Secretary of the Corporation). &nbsp;Notwithstanding the foregoing, unless requested by stockholders entitled to ca
st a majority of the votes entitled to be cast at the meeting, a special meeting of the stockholders need not be called at the request of stockholders to consider any matter that is substantially the same as a matter voted on at any special meeting of the stockholders held during the preceding twelve (12) months. &nbsp;A written request shall state the purpose or purposes of the proposed meeting.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 3. &nbsp;<U>Notice of Meetings</U>. &nbsp;Written or printed notice of the purpose or purposes and of the time and place of every meeting of the stockholders shall be given by the Secretary of the Corporation to each stockholder of record entitled to vote at the meeting, by placing the notice in the mail at least ten (10) days, but not more than ninety (90) days, prior to the date designated for the meeting addressed to each stockholder at the address appearing on the books of the Corporation or supplied by the stockholder to the Corporation for the purpose of notice. &nbsp;The notice of any meeting of stockholders may be accompanied by a form of proxy approved by the Board of Directors in favor of the actions or persons as the Board of Directors may select. &nbsp;Notice of any meeting of stockholders shall be deemed waived by any stockholder who attends the meeting in person or by proxy, who before or after the meeting submits
 a signed waiver of notice that is filed with the records of the meeting.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 4. &nbsp;<U>Quorum</U>. &nbsp;Except as otherwise provided by statute or by the Corporation&#146;s Charter, the presence in person or by proxy of stockholders of the Corporation entitled to cast at least a majority of the votes entitled to be cast shall constitute a quorum at each meeting of the stockholders and all questions shall be decided by majority vote of the shares so represented in person or by proxy at the meeting and entitled to vote. &nbsp;In the absence of a quorum, the stockholders present in person or by proxy at the meeting, by majority vote and without notice other than by announcement at the meeting, may adjourn the meeting from time to time as provided in Section 5 of this Article I until a quorum shall attend. &nbsp;The stockholders present at any duly organized meeting may continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum. &nbsp;The 
absence from any meeting in person or by proxy of holders of the number of shares of stock of the Corporation in excess of a majority that may be required by the laws of the State of Maryland, the Investment Company Act of 1940, or other applicable statute, the Corporation&#146;s Articles of Incorporation or these By-Laws, for action upon any given matter shall not prevent action at the meeting on any other matter or matters that may properly come before the meeting, so long as there are present, in person or by proxy, holders of the number of shares of stock of the Corporation required for action upon the other matter or matters.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 5. &nbsp;<U>Adjournment</U>. &nbsp;Any meeting of the stockholders may be adjourned from time to time, without notice other than by announcement at the meeting at which the adjournment is taken. &nbsp;At any adjourned meeting at which a quorum shall be present any action may be taken that could have been taken at the meeting originally called. &nbsp;A meeting of the stockholders may not be adjourned to a date more than one-hundred-twenty (120) days after the original record date.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 6. &nbsp;<U>Organization</U>. &nbsp;At every meeting of the stockholders, the Chairman of the Board, or in his absence or inability to act, the President, or in his absence or inability to act, a Vice President, or in the absence or inability to act of the Chairman of the Board, the President and all the Vice Presidents, a chairman chosen by the stockholders, shall act as chairman of the meeting. &nbsp;The Secretary, or in the absence or inability to act, a person appointed by the chairman of the meeting, shall act as secretary of the meeting and keep the minutes of the meeting.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 7. &nbsp;<U>Order of Business</U>. &nbsp;The order of business at all meetings of the stockholders shall be as determined by the chairman of the meeting.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 8. &nbsp;<U>Voting</U>. &nbsp;Except as otherwise provided by statute or the Corporation&#146;s Charter, each holder of record of shares of stock of the Corporation having voting power shall be entitled at each meeting of the stockholders to one (1) vote for every share of stock standing in his name on the records of the Corporation as of the record date determined pursuant to Section 9 of this Article I.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">Each stockholder entitled to vote at any meeting of stockholders may authorize another person or persons to act from him by a proxy signed by the stockholder or his attorney-in-fact. &nbsp;The placing of a shareholder&#146;s name on a proxy pursuant to telephonic or electronically transmitted instructions obtained pursuant to procedures reasonably designed to verify that such instructions have been authorized by such shareholder shall constitute execution or signature of such proxy by or on behalf of such shareholder. &nbsp;No proxy shall be valid after the expiration of eleven (11) months from the date thereof, unless otherwise provided in the proxy. &nbsp;Every proxy shall be revocable at the pleasure of the stockholder executing it, except in those cases in which the proxy states that it is irrevocable and in which an irrevocable proxy is permitted by law.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 9. &nbsp;<U>Fixing of Record Date for Determining Stockholders Entitled to Vote at Meeting</U>. &nbsp;The Board of Directors may set a record date for the purpose of determining stockholders entitled to vote at any meeting of the stockholders. &nbsp;The record date for a particular meeting shall be not more than ninety (90) for fewer than ten (10) days before the date of the meeting. &nbsp;All persons who were holders of record of shares as of the record date of a meeting, and no others, shall be entitled to vote at such meeting and any adjournment thereof.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 10. &nbsp;<U>Inspectors</U>. &nbsp;The Board of Directors may, in advance of any meeting of stockholders, appoint one (1) or more inspectors to act at the meeting or at any adjournment of the meeting. &nbsp;If the inspectors shall not be so appointed or if any of them shall fail to appear or act, the chairman of the meeting may appoint inspectors. &nbsp;Each inspector, before entering upon the discharge of his duties, shall, if required by the chairman of the meeting, take and sign an oath to execute faithfully the duties of inspector at the meeting with strict impartiality and according to the best of his ability. &nbsp;The inspectors shall determine the number of shares outstanding and the voting power of each share, the number of shares represented at the meeting, the existence of a quorum and the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions ari
sing in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do those acts as are proper to conduct the election or vote with fairness to all stockholders. &nbsp;On request of the chairman of the meeting or any stockholder entitled to vote at the meeting, the inspectors shall make a report in writing of any challenge, request or matter determined by them and shall execute a certificate of any fact found by them. &nbsp;No director or candidate for the office of director shall act as inspector of an election of directors. &nbsp;Inspectors need not be stockholders of the Corporation.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 11. &nbsp;<U>Consent of Stockholders in Lieu of Meeting</U>. &nbsp;Except as otherwise provided by statute or the Corporation&#146;s Charter, any action required to be taken at any annual or special meeting of stockholders, or any action that may be taken at any annual or special meeting of the stockholders, may be taken without a meeting, without prior notice and without a vote, if the following are filed with the records of stockholders&#146; meetings: &nbsp;(a) an unanimous written consent that sets for the action and is signed by each stockholder entitled to vote on the matter and (b) a written waiver of any right to dissent signed by each stockholder entitled to notice of the meeting but not entitled to vote at the meeting.</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>ARTICLE II</U></P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>BOARD OF DIRECTORS</U></P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 1. &nbsp;<U>General Powers</U>. &nbsp;Except as otherwise provided in the Corporation&#146;s Charter, the business and affairs of the Corporation shall be managed under the direction of the Board of Directors. &nbsp;All powers of the Corporation may be exercised by or under authority of the Board of Directors except as conferred on or reserved to the stockholders by law, by the Corporation&#146;s Charter or by these By-Laws.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 2. &nbsp;<U>Number, Election and Term of Directors</U>. &nbsp;The number of directors shall be fixed from time to time by resolution of the Board of Directors adopted by a majority of the directors then in office; provided, however, that the number of directors shall in no event be fewer than three (3) nor more then nine (9). &nbsp;The Board of Directors shall be divided into three classes. &nbsp;Within the limits above specified, the number of directors in each class shall be determined by resolution of the Board of Directors or by the stockholders at the annual meeting thereof. &nbsp;The term of office of the first class shall expire on the date of the first annual meeting of stockholders. &nbsp;The term of office of the second class shall expire one year thereafter. &nbsp;The term of office of the third class shall expire two years thereafter. &nbsp;Upon expiration of the term of office in each class as set forth above, the 
number of directors in such class, as determined by the Board of Directors, shall be elected for a term of three years to succeed the directors whose terms of office expire. &nbsp;The directors shall be elected at the annual meeting of the stockholders, except as provided in Section 5 of this Article, and each director elected shall hold office until his successor shall have been elected and shall have qualified, or until his death, or until he shall have resigned or have been removed as provided in these By-Laws, or as otherwise provided by statute or the Corporation&#146;s Charter. &nbsp;Any vacancy created by an increase in directors may be filled in accordance with Section 5 of this Article II. &nbsp;No reduction in the number of directors shall have the effect of removing any director from office prior to the expiration of his term unless the director is specifically removed pursuant to Section 4 of this Article II at the time of the decrease. &nbsp;A director need not be a stockholder of the Corporatio
n, a citizen of the United States or a resident of the State of Maryland.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; font-size:12pt" align=justify>SECTION 3. &nbsp;<U>Chairman of the Board</U>. &nbsp;The Board of Directors shall appoint a Chairman of the Board from among the Directors, who shall be an &#147;independent director&#148; (an &#147;independent director&#148; is a director who is not an &#147;interested person&#148; of the Corporation as defined in the Investment Company Act of 1940). &nbsp;The Chairman of the Board shall not be an officer of the Corporation and shall have no greater liability, nor be held to any higher standard, by reason of being Chairman of the Board rather than being a Director who was not Chairman of the Board. &nbsp;The Chairman of the Board shall preside at all meetings of the Board of Directors at which he or she is present. &nbsp;The Chairman of the Board shall have and may exercise such powers as are, from time to time, assigned to him or her by the Board of Directors or as may be required by law. &nbsp;The Chairman of the
 Board shall serve (a) until his or her successor has been duly appointed and qualified by the Board of Directors, or (b) until his or her death, or until he or she shall have resigned or have been removed, as herein provided in these By-Laws. &nbsp;The Chairman of the Board may resign at any time by giving written notice to the Board of Directors. &nbsp;Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective is not specified therein, immediately upon its receipt or as otherwise determined by the Board of Directors. &nbsp;The Chairman of the Board may be removed by the Board of Directors with or without cause at any time. &nbsp;A vacancy in the office of Chairman of the Board may be filled by the vote of the Board of Directors.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 4. &nbsp;<U>Resignation</U>. &nbsp;A director of the Corporation may resign at any time by giving written notice of his resignation to the Board of Directors or the Chairman of the Board or to the President or the Secretary of the Corporation. &nbsp;Any resignation shall take effect at the time specified in it or, should the time when it is to become effective not be specified in it, immediately upon its receipt. &nbsp;Acceptance of a resignation shall not be necessary to make it effective unless the resignation states otherwise.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 5. &nbsp;<U>Removal of Directors</U>. &nbsp;Any director of the Corporation may be removed by the stockholders with or without cause by a vote of a majority of the votes entitled to be cast for the election of directors.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 6. &nbsp;<U>Vacancies</U>. &nbsp;Subject to the provisions of the Investment Company Act of 1940, any vacancies in the Board of Directors, whether arising from death, resignation, removal or any other cause except an increase in the number of directors, shall be filled by a vote of the majority of the Board of Directors then in office even though that majority is less than a quorum, provided that no vacancy or vacancies shall be filled by action of the remaining directors if, after the filling of the vacancy or vacancies, fewer than two-thirds of the directors then holding office shall have been elected by the stockholders of the Corporation. &nbsp;A majority of the entire Board may fill a vacancy that results from an increase in the number of directors. &nbsp;In the event that at any time a vacancy exists in any office of a director that may not be filled by the remaining directors, a special meeting of the stockholders shall 
be held as promptly as possible and in any event within sixty (60) days, for the purpose of filling the vacancy or vacancies. &nbsp;Any director appointed by the Board of Directors to fill a vacancy shall hold office only until the next annual meeting of stockholders of the Corporation and until a successor has been elected and qualifies or until his earlier resignation or removal. &nbsp;Any director elected by the stockholders to fill a vacancy shall hold office for the balance of the term of the director whose death, resignation or removal occasioned the vacancy and until a successor has been elected and qualified or until his earlier resignation or removal.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 7. &nbsp;<U>Place of Meetings</U>. &nbsp;Meetings of the Board may be held at any place that the Board of Directors may from time to time determine or that is specified in the notice of the meeting.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 8. &nbsp;<U>Regular Meetings</U>. &nbsp;Regular meetings of the Board of Directors may be held without notice at the time and place determined by the Board of Directors.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 9. &nbsp;<U>Special Meetings</U>. &nbsp;Special meetings of the Board of Directors may be called by two (2) or more directors of the Corporation or by the Chairman of the Board or the President.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 10. &nbsp;<U>Annual Meeting</U>. &nbsp;The annual meeting of the newly elected and other directors shall be held as soon as practicable after the meeting of stockholders at which the newly elected directors were elected. &nbsp;No notice of such annual meeting shall be necessary if held immediately after the adjournment, and at the site, of the meeting of stockholders. &nbsp;If not so held, notice shall be given as hereinafter provided for special meetings of the Board of Directors.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 11. &nbsp;<U>Notice of Special Meetings</U>. &nbsp;Notice of each special meeting of the Board of Directors shall be given by the Secretary as hereinafter provided. &nbsp;Each notice shall state the time and place of the meeting and shall be delivered to each director, either personally or by telephone or other standard form of telecommunication, at least twenty-four (24) hours before the time at which the meeting is to be held, or by first-class mail, postage prepaid, addressed to the director at his residence or usual place of business, and mailed at least three (3) days before the day on which the meeting is to be held.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 12. &nbsp;<U>Waiver of Notice of Meetings</U>. &nbsp;Notice of any special meeting need not be given to any director who shall, either before or after the meeting, sign a written waiver of notice that is filed with the records of the meeting or who shall attend the meeting.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 13. &nbsp;<U>Quorum and Voting</U>. &nbsp;One-third (1/3), but not fewer than two (2) of the members of the entire Board of Directors shall be present in person at any meeting of the Board so as to constitute a quorum for the transaction of business at the meeting, and except as otherwise expressly required by statute, the Corporation&#146;s Charter, these By-Laws, the Investment Company Act of 1940, or any other applicable statute, the act of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board. &nbsp;In the absence of a quorum at any meeting of the Board, a majority of the directors present may adjourn the meeting to another time and place until a quorum shall be present. &nbsp;Notice of the time and place of any adjourned meeting shall be given to the directors who were not present at the time of the adjournment and, unless the time and place were announced at the meet
ing at which the adjournment was taken, to the other directors. &nbsp;At any adjourned meeting at which a quorum is present, any business may be transacted that might have been transacted at the meeting as originally called.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 14. &nbsp;<U>Organization</U>. &nbsp;The Board of Directors may designate a Chairman of the Board, who shall preside at each meeting of the Board. &nbsp;In the absence or inability of the Chairman of the Board to act, the President, or, in his absence or inability to act, another director chosen by a majority of the directors present, shall act as chairman of the meeting and preside at the meeting. &nbsp;The Secretary (or, in his absence or inability to act, any person appointed by the chairman) shall act as secretary of the meeting and keep the minutes of the meeting.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 15. &nbsp;<U>Committees</U>. &nbsp;The Board of Directors may designate one (1) or more committees of the Board of Directors, each consisting of one (1) or more directors. &nbsp;To the extent provided in the resolution, and permitted by law, the committee or committees shall have and may exercise the powers of the Board of Directors in the management of the business affairs of the Corporation. &nbsp;Any committee or committees shall have the name or names determined from time to time by resolution adopted by the Board of Directors. &nbsp;Each committee shall keep regular minutes of its meetings and provide those minutes to the Board of Directors when required. &nbsp;The members of a committee present at any meeting, whether or not they constitute a quorum, may appoint a director to act in the place of an absent member.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 16. &nbsp;<U>Written Consent of Directors in Lieu of a Meeting</U>. &nbsp;Subject to the provisions of the Investment Company Act of 1940, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee of the Board may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of the proceedings of the Board or committee.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 17. &nbsp;<U>Telephone Conference</U>. &nbsp;Members of the Board of Directors of any committee of the Board may participate in any Board or committee meeting by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time. &nbsp;Participation by such means shall constitute presence in person at the meeting.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 18. &nbsp;<U>Compensation</U>. &nbsp;Each director shall be entitled to receive compensation, if any, as may from time to time be fixed by the Board of Directors, including a fee for each meeting of the Board or any committee thereof, regular or special, he attends. &nbsp;Directors may also be reimbursed by the Corporation for all reasonable expenses incurred in traveling to and from the place of a Board or committee meeting. &nbsp;</P>
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<BR></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt">DC-689994&nbsp;v4</P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt; page-break-before:always" align=center><U>ARTICLE III</U></P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>OFFICERS, AGENTS AND EMPLOYEES</U></P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 1. &nbsp;<U>Number and Qualifications</U>. &nbsp;The officers of the Corporation shall be a President, a Treasurer, a Controller and a Secretary, each of whom shall be elected by the Board of Directors. &nbsp;The Board of Directors may also appoint any other officers, agents and employees it deems necessary or proper. &nbsp;Any two (2) or more officers may be held by the same person, except the office of President, but no officer shall execute, acknowledge or verify in more than one (1) capacity any instrument required by law to be executed, acknowledged or verified in more than one capacity. &nbsp;The Chairman of the Board, the President, the Treasurer, the Controller and the Secretary shall be elected by the Board of Directors each year at its first meeting held after the annual meeting of stockholders, each to hold office until the meeting of the Board following the next annual meeting of the stockholders and until his or he
r successor shall have been duly elected and shall have qualified, or until his or her death, or until he or she shall have resigned or have been removed, as provided in these By-Laws. &nbsp;Other elected officers are elected by the Directors. &nbsp;Assistant officers may be appointed by the elected officers. &nbsp;Such other officers and agents shall have such duties and shall hold their offices for such terms as may be prescribed by the Board or by the appointing authority. &nbsp;Any officer other than the Chairman of the Board may be but none need be, a Director, and any officer may be, but none need be a stockholder of the Corporation.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 2. &nbsp;<U>Resignations</U>. &nbsp;Any officer of the Corporation may resign at any time by giving written notice of his or her resignation to the Board of Directors, the Chairman of the Board, the President or the Secretary. &nbsp;Any resignation shall take effect at the time specified therein or, if the time when it shall become effective is not specified therein, immediately upon its receipt. &nbsp;The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 3. &nbsp;<U>Removal of Officer, Agent or Employee</U>. &nbsp;Any officer, agent or employee of the Corporation may be removed by the Board of Directors with or without cause at any time, and the Board may delegate the power of removal as to agents and employees not elected or appointed by the Board of Directors.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 4. &nbsp;<U>Vacancies</U>. &nbsp;A vacancy in any office, whether arising from death, resignation, removal or any other cause, may be filled for the unexpired portion of the term of the office that shall be vacant, in the manner prescribed in these By-Laws for the regular election or appointment to that office.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 5. &nbsp;<U>Compensation</U>. &nbsp;The compensation, if any, of the officers of the Corporation shall be fixed by the Board of Directors, but this power may be delegated to any officer with respect to other officers under his control.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 6. &nbsp;<U>Bonds or Other Security</U>. &nbsp;If required by the Board, any officer, agent or employee of the Corporation shall give a bond or other security for the faithful performance of his or her duties, in an amount and with any surety or sureties as the Board may require.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 7. &nbsp;<U>President</U>. &nbsp;The President shall be the Chief Executive Officer of the Corporation and shall have, subject to the control of the Board of Directors, general charge of the business and affairs of the Corporation, and may employ and discharge employees and agents of the Corporation, except those elected or appointed by the Board, and he or she may delegate these powers.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 8. &nbsp;<U>Vice President</U>. &nbsp;Each Vice President shall have the powers and perform the duties that the President or the Board of Directors may from time to time prescribe. &nbsp;In the absence or disability of the President, the Vice President or, if there be more than one Vice President, any Vice President designated by the Directors, shall perform all the duties and may exercise any of the powers of the President, subject to the control of the Board of Directors.<U> </U></P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 9. &nbsp;<U>Treasurer</U>. &nbsp;The Treasurer shall be the principal financial and accounting officer of the Corporation. &nbsp;He or she shall deliver all funds of the Corporation which may come into his or her hands to any custodian appointed by or pursuant to authority granted by the Board of Directors. &nbsp;He or she shall render a statement of condition of the finances of the Corporation to the Directors as often as they shall require the same, and he or she shall in general perform all the duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him or her by the Board of Directors. &nbsp;</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 10. &nbsp;<U>Assistant Treasurers</U>. &nbsp;In the absence or disability of the Treasurer, the Assistant Treasurer, or, if there be more than one, any Assistant Treasurer designated by the Board of Directors, shall perform all the duties, and may exercise all the powers, of the Treasurer. &nbsp;The Assistant Treasurers, if any, shall perform such other duties as from time to time may be assigned to them by the Treasurer or the Board of Directors.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 11. &nbsp;<U>Controller and Chief Accounting Officer</U>. &nbsp;The Controller shall be the officer of the Corporation primarily responsible for ensuring all expenditures of the Corporation<FONT COLOR=#0000FF> </FONT>are reasonable and appropriate<FONT COLOR=#0000FF>.</FONT> &nbsp;The Controller shall be responsible for oversight and maintenance of liquidity and leverage facilities available to the Corporation and shall have such other duties and powers as may be designated from time to time by the President or the Board.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">The Chief accounting officer of the Corporation shall be in charge of its books and accounting records. The Chief Accounting Officer shall be responsible for preparation of financial statements of the Corporation and shall have such other duties and powers as may be designated from time to time by the President or the Board.</P>
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<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 12. &nbsp;<U>Assistant Controllers</U>. &nbsp;In the absence or disability of the Controller, the Assistant Controller, or, if there be more than one, any Assistant Controller designated by the Board of Directors, shall perform all of the duties, and may exercise all of the powers, of the Controller. &nbsp;The Assistant Controllers, if any, shall perform such other duties as from time to time may be assigned to them by the Controller or the Board of Directors.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 13. &nbsp;<U>Secretary</U>. &nbsp;The Secretary shall keep the minutes of all meetings of the Directors and of all meetings of the Stockholders of the Corporation in proper books provided for that purpose; he or she shall have custody of the seal of the Corporation; he or she shall have charge of the share transfer books, lists and records unless the same are in the charge of the Corporation&#146;s transfer agent. &nbsp;He or she shall attend to the giving and serving of all notices by the Corporation in accordance with the provisions of these By-Laws and as required by law; and subject to these By-Laws, he or she shall in general perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned to him or her by the Directors.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 14. &nbsp;<U>Assistant Secretaries</U>. &nbsp;In the absence or disability of the Secretary, the Assistant Secretary, or, if there be more than one, any Assistant Secretary designated by the Board of Directors, shall perform all of the duties, and may exercise all of the powers, of the Secretary. &nbsp;The Assistant Secretaries, if any, shall perform such other duties as from time to time may be assigned to them by the Secretary or the Board of Directors. </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 15. &nbsp;<U>Delegation of Duties</U>. &nbsp;In case of the absence or disability of any officer of the Corporation, or for any other reason that the Board of Directors may deem sufficient, the Board may confer for the time being the powers or duties, or any of them, of such officer upon any other officer or upon any Director.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>ARTICLE IV</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>STOCK</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 1. &nbsp;<U>Stock Certificates</U>. &nbsp;Unless otherwise provided by the Board of Directors and permitted by law, each holder of stock of the Corporation shall be entitled upon specific written request to such person as may be designated by the Corporation to have a certificate or certificates, in a form approved by the Board, representing the number of shares of stock of the Corporation owned by him; provided, however, that certificates for fractional shares will not be delivered in any case. &nbsp;The certificates representing shares of stock shall be signed by or in the name of the Corporation by the Chairman of the Board, the President or a Vice President and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer and sealed with the seal of the Corporation. &nbsp;Any or all of the signatures or the seal on the certificate may be facsimiles. &nbsp;In case any officer, transfer agent or regist
rar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before the certificate is issued, it may be issued by the Corporation with the same effect as if the officer, transfer agent or registrar was still in office at the date of issue.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 2. &nbsp;<U>Stock Ledger</U>. &nbsp;There shall be maintained a stock ledger containing the name and address of each stockholder and the number of shares of stock of each class the shareholder holds. &nbsp;The stock ledger may be in written form or any other form which can be converted within a reasonable time into written form for visual inspection. &nbsp;The original or a duplicate of the stock ledger shall be kept at the principal office of the Corporation or at any other office or agency specified by the Board of Directors.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 3. &nbsp;<U>Transfers of Shares</U>. &nbsp;Transfers of shares of stock of the Corporation shall be made on the stock records of the Corporation only by the registered holder of the shares, or by his attorney thereunto authorized by power of attorney duly executed and filed with the Secretary or with a transfer agent or transfer clerk, and on surrender of the certificate or certificates, if issued, for the shares properly endorsed or accompanied by a duly executed stock transfer power and the payment of all taxes thereon. &nbsp;Except as otherwise provided by law, the Corporation shall be entitled to recognize the exclusive right of a person in whose name any share or shares stand on the record of stockholders as the owner of the share or shares for all purposes, including, without limitation, the rights to receive dividends or other distributions and to vote as the owner, and the Corporation shall not be bound to recognize any
 equitable or legal claim to or interest in any such share or shares on the part of any other person.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 4. &nbsp;<U>Regulations</U>. &nbsp;If stock certificates are issued, the Board of Directors may make any additional rules and regulations, not inconsistent with these By-Laws, as it may deem expedient concerning the issue, transfer and registration of certificates for shares of stock of the Corporation. &nbsp;The Board may appoint, or authorize any officer or officers to appoint, one or more transfer agents or one or more transfer clerks and one or more registrars and may require all certificates for shares of stock to bear the signature or signatures of any of them.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 5. &nbsp;Uncertificated Stock. &nbsp;The Board of Directors may authorize the issuance of uncertificated securities if permitted by law. &nbsp;In the event that the Board of Directors authorizes the issuance of uncertificated securities, the Board of Directors may, in its discretion, and at any time, discontinue the issuance of stock certificates and may, by written notice to the registered owners of each certificated share of stock, require the surrender of stock certificates to the Corporation for cancellation. &nbsp;Such surrender and cancellation shall not affect the ownership of stock of the Corporation. </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 6. &nbsp;<U>Lost, Destroyed or Mutilated Certificates</U>. &nbsp;The holder of any certificate representing shares of stock of the Corporation shall immediately notify the Corporation of its loss, destruction or mutilation and the Corporation may issue a new certificate of stock in the place of any certificate issued by it that has been alleged to have been lost or destroyed or that shall have been mutilated. &nbsp;The Board may, in its discretion, require the owner (or his legal representative) of a lost, destroyed or mutilated certificate: to give the Corporation a bond in a sum, limited or unlimited, and in a form and with any surety or sureties, as the Board in its absolute discretion shall determine, to indemnify the Corporation against any claim that may be made against it on account of the alleged loss or destruction of any such certificate, or issuance of a new certificate. &nbsp;Anything herein to the contrary notwiths
tanding, the Board of Directors, in its absolute discretion, may refuse to issue any such new certificate, except pursuant to legal proceedings under the laws of the State of Maryland.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 7. &nbsp;<U>Fixing of Record Date for Dividends, Distributions, etc.</U> &nbsp;The Board may fix, in advance, a date not more than ninety (90) days preceding the date fixed for the payment of any dividend or the making of any distribution or the allotment of rights to subscribe for securities of the Corporation, or for the delivery of evidences of rights or evidences of interests arising out of any change, conversion or exchange of common stock or other securities, as the record date for the determination of the stockholders entitled to receive any such dividend, distribution, allotment, rights or interest, and in such case only the stockholders of record at the time so fixed shall be entitled to receive such dividend, distribution, allotment, rights or interests.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 8. &nbsp;<U>Information to Stockholders and Others</U>. &nbsp;Any stockholder of the Corporation or his agent may inspect and copy during the Corporation&#146;s usual business hours the Corporation&#146;s By-Laws, minutes of the proceedings of its stockholders, annual statements of its affairs and voting trust agreements on file at its principal office.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>ARTICLE V</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>INDEMNIFICATION</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 1. &nbsp;<U>Indemnification of Directors and Officers</U>. &nbsp;The Corporation shall indemnify its directors to the fullest extent that indemnification of directors is permitted by the Maryland General Corporation Law. &nbsp;The Corporation shall indemnify its officers to the same extent as its directors and to such further extent as is consistent with law. &nbsp;The Corporation shall indemnify its directors and officers who while serving as directors or officers also serve at the request of the Corporation as a director, officer, partner, trustee, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, other enterprise or employee benefit plan to the fullest extent consistent with law. &nbsp;The indemnification and other rights provided by this Article shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrat
ors of such a person. &nbsp;This Article shall not protect any such a person against any liability to the Corporation or any stockholder thereof to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office (&#147;disabling conduct&#148;). </P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 2. &nbsp;<U>Advances</U>. &nbsp;Any current or former director or officer of the Corporation claiming indemnification within the scope of this Article V shall be entitled to advances from the Corporation for payment of the reasonable expenses incurred by him in connection with proceedings to which he is a party in the manner and to the fullest extent permissible under the Maryland General Corporation Law. &nbsp;The person seeking indemnification shall provide to the Corporation a written affirmation of his good faith belief that the standard of conduct necessary for indemnification by the Corporation has been met and a written undertaking to repay any such advance, if it should ultimately be determined that the standard of conduct has not been met. &nbsp;In addition, at lease one of the following additional conditions shall be met: &nbsp;(a) the person seeking indemnification shall provide a security in form and amount acceptab
le to the Corporation for his undertaking; (b) the Corporation is insured against losses arising by reason of &nbsp;the advance; or (c) a majority of a quorum of directors of the Corporation who are neither &#147;interested persons&#148; as defined in Section 2(a)(19) of the Investment Company Act of 1940 nor parties to the proceeding (&#147;disinterested non-party directors&#148;), or independent legal counsel, in a written opinion, shall have determined, based in a review of facts readily available to the Corporation at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be entitled to indemnification.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 3. &nbsp;<U>Procedure</U>. &nbsp;At the request of any person claiming indemnification under this Article, the Board of Directors shall determine, or cause to be determined, in a manner consistent with the Maryland General Corporation Law, whether the standards required by this Article have been met. &nbsp;Indemnification shall be made only following: (a) a final decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of disabling conduct or (b) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the person to be indemnified was not liable by reason of disabling conduct, by (i) the vote of a majority of a quorum of disinterested non-party directors or (ii) an independent legal counsel in a written opinion.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 4. &nbsp;<U>Indemnification of Employees and Agents</U>. &nbsp;Employees and agents who are not officers or directors of the Corporation may be indemnified, and reasonable expenses may be advanced to such employees or agents, as may be provided by action of the Board of Directors or by contract subject to any limitations imposed by the Investment Company Act of 1940.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 5. &nbsp;<U>Other Rights</U>. &nbsp;The Board of Directors may make further provision consistent with law for indemnification and advance of expenses to directors, officers, employees and agents by resolution, agreement or otherwise. &nbsp;The indemnification provided by this Article shall not be deemed exclusive of any other right, with respect to indemnification or otherwise, to which those seeking indemnification may be entitled under any insurance or other agreement or resolution of stockholders or disinterested directors or otherwise.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 6. &nbsp;<U>Amendments</U>. &nbsp;References in this Article are to the Maryland General Corporation Law and to the Investment Company Act of 1940 as from time to time amended. &nbsp;No amendment of these By-Laws shall affect any right of any person under this Article based on any event, omission or proceeding prior to the amendment.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>ARTICLE VI</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>SEAL</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">The seal of the Corporation shall be circular in form and shall bear the name of the Corporation, the year of its incorporation, the words &#147;Corporate Seal&#148; and &#147;Maryland&#148; and any emblem or device approved by the Board of Directors. &nbsp;The seal may be used by causing it or a facsimile to be impressed or affixed or in any other manner reproduced, or by placing the word (&#147;seal&#148;) adjacent to the signature of the authorized officer of the Corporation.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>ARTICLE VII</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>FISCAL YEAR</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 1. &nbsp;<U>Fiscal Year</U>. &nbsp;The Corporation&#146;s fiscal year shall be fixed by the Board of Directors.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 2. &nbsp;<U>Accountant</U>.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">(a) The Corporation shall employ an independent public accountant or a firm of independent public accountants of national reputation as its Accountant to examine the accounts of the Corporation and to sign and certify financial statements filed by the Corporation. &nbsp;The Accountant&#146;s certificates and reports shall be addressed both to the Board of Directors and to the stockholders. &nbsp;The employment of the Accountant shall be conditioned upon the right of the Corporation to terminate the employment forthwith without any penalty by vote of a majority of the outstanding voting securities at any stockholders&#146; meeting called for that purpose.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">(b) A majority of the members of the Board of Directors who are not &#147;interested persons&#148; (as such term is defined in the Investment Company Act of 1940) of the Corporation shall select the Accountant at any meeting held within thirty (30) days before or after the beginning of the fiscal year of the Corporation or before the annual stockholders&#146; meeting in that year. &nbsp;Such selection shall be submitted for ratification or rejection at the next succeeding annual stockholders&#146; meeting. &nbsp;If such meeting shall reject such selection, the Accountant shall be selected by majority vote of the Corporation&#146;s outstanding voting securities, either at the meeting at which the rejection occurred or at a subsequent meeting of stockholders called for that purpose.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">(c) Any vacancy occurring between annual meetings, due to the resignation of the Accountant, may be filled by the vote of a majority of the members of the Board of Directors who are not &#147;interested persons&#148; of the Corporation, as that term is defined in the Investment Company Act of 1940, at a meeting called for the purpose of voting on such action.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>ARTICLE VIII</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>CUSTODY OF SECURITIES</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 1. &nbsp;<U>Employment of a Custodian</U>. &nbsp;The Corporation shall place and at all times maintain in the custody of a Custodian (including any sub-custodian for the Custodian) all funds, securities and similar investments owned by the Corporation. &nbsp;The Custodian (and any sub-custodian) shall be an institution conforming to the requirements of Section 17(f) of the Investment Company Act of 1940 and the rules of the Securities and Exchange Commission thereunder. &nbsp;The Custodian shall be appointed from time to time by the Board of Directors, which shall fix its renumeration.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">SECTION 2. &nbsp;<U>Termination of Custodian Agreement</U>. &nbsp;Upon termination of the Custodian Agreement or inability of the Custodian to continue to serve, the Board of Directors shall promptly appoint a successor custodian, but in the event that no successor Custodian can be found who has the required qualifications and is willing to serve, the Board of Directors shall call as promptly as possible a special meeting of the stockholders to determine whether the Corporation shall function without a Custodian or shall be liquidated. &nbsp;If so directed by vote of the holders of a majority of the outstanding shares of stock entitled to vote of the Corporation, the Custodian shall deliver and pay over all property of the Corporation held by it as specified in such vote.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>ARTICLE IX</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><U>AMENDMENTS</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt">These By-Laws may be amended or repealed by the affirmative vote of a majority of the Board of Directors at any regular or special meeting of the Board of Directors, subject to the requirements of the Investment Company Act of 1940.</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">2</P>
<P style="margin:0pt"><BR></P>
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<TYPE>EX-99.77Q2 ITEM 405
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<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><FONT FACE="Times New Roman" COLOR=#000000><B>77Q1 (e) Amended Registrant Investment Advisory Contracts</B></FONT></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B>LIBERTY ALL-STAR GROWTH FUND, INC.</B></P>
<P style="margin:0pt" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT</B></P>
<P style="margin:0pt" align=center><B>CHASE INVESTMENT COUNSEL CORPORATION</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center>January 2, 2008</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Re: <U>Portfolio Management Agreement</U></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">Ladies and Gentlemen:</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; text-indent:14.4pt" align=justify>Liberty All-Star Growth Fund, Inc. (the &#147;Fund&#148;) is a diversified closed-end investment company registered under the Investment Company Act of 1940, as amended &nbsp;(the &#147;Act&#148;), and is subject to the rules and regulations promulgated thereunder.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:14.4pt" align=justify>ALPS Advisers, Inc. (the &#147;Fund Manager&#148;) evaluates and recommends portfolio managers for the assets of the Fund, and the Fund Manager or an affiliate of the Fund Manager is responsible for the day-to-day Fund administration of the Fund.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:14.4pt" align=justify>1. <U>Employment as a Portfolio Manager.</U> &nbsp;The Fund, being duly authorized, hereby employs CHASE INVESTMENT COUNSEL CORPORATION (&#147;Portfolio Manager&#148;) as a discretionary portfolio manager, on the terms and conditions set forth herein, of that portion of the Fund&#146;s assets which the Fund Manager determines to assign to the Portfolio Manager (those assets being referred to as the &#147;Portfolio Manager Account&#148;). <B>&nbsp;</B>The Fund Manager may, from time to time, allocate and reallocate the Fund&#146;s assets among the Portfolio Manager and the other portfolio managers of the Fund&#146;s assets. &nbsp;The Portfolio Manager will be an independent contractor and will have no authority to act for or represent the Fund or the Fund Manager in any way or otherwise be deemed to be an agent of the Fund or the Fund Manager except as expressly authorized in this Agreement or in another writing by the Fund Manager and the Portfolio Mana
ger. &nbsp;The Portfolio Manager&#146;s responsibilities for providing portfolio management services to the Fund shall be limited to the Portfolio Manager Account.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:14.4pt" align=justify>2. <U>Acceptance of Employment; Standard of Performance.</U> &nbsp;The Portfolio Manager accepts its employment as a discretionary portfolio manager and agrees to use its best professional judgment to make timely investment decisions for the Portfolio Manager Account in accordance with the provisions of this Agreement.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:14.4pt" align=justify>3. <U>Portfolio Management Services of Portfolio Manager.</U> &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-36pt" align=justify>A.</P>
<P style="margin:0pt; padding-left:54pt" align=justify>In providing portfolio management services to the Portfolio Manager Account, the Portfolio Manager shall be subject to the Fund&#146;s Articles of Incorporation and By-Laws, as amended from time to time, investment objectives, policies and restrictions of the Fund as set forth in its Prospectus and Statement of Additional Information, as the same may be modified from time to time (together, the &#147;Prospectus&#148;), the investment objectives, policies and restrictions of the Fund as determined from time to time by the Board of Directors, 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 Directors of the Fund, and to instructions from the Fund Manager. The Portfolio Manager shall not, without the prior approval of the Fund or the Fund Manager, effect any transactions that would cause the Portfolio Manager Account, treated as a separate fund, to be out 
of compliance with any of such restrictions or policies. &nbsp;The Portfolio Manager shall not consult with any other portfolio manager of the Fund concerning transactions for the Fund in securities or other assets.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:54pt; text-indent:-36pt" align=justify>

B.

</P>
<P style="margin:0pt; padding-left:54pt" align=justify>

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

</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt" align=justify>

(i)

</P>
<P style="margin:0pt; padding-left:72pt" align=justify>

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

</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt" align=justify>

(ii)

</P>
<P style="margin:0pt; padding-left:72pt" align=justify>

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

</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt" align=justify>

(iii)

</P>
<P style="margin:0pt; padding-left:72pt" align=justify>

keep the Fund Manager and the Board of Directors 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 Directors of the Fund; attend meetings with the Fund Manager and/or Directors, as reasonably requested, to discuss the foregoing and such other matters as may be requested by the Fund Manager or Directors;

</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt" align=justify>

(iv)

</P>
<P style="margin:0pt; padding-left:72pt" align=justify>

in accordance with procedures and methods established by the Directors 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

</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt" align=justify>

(v)

</P>
<P style="margin:0pt; padding-left:72pt" align=justify>

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

</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt" align=justify>4. <U>Transaction Procedures.</U> &nbsp;All portfolio transactions for the Portfolio Manager Account will be consummated by payment to or delivery by the custodian of the Fund (the &#147;Custodian&#148;), or such depositories or agents as may be designated by the Custodian in writing, as custodian for the Fund, of all cash and/or securities due to or from the Portfolio Manager Account, and the Portfolio Manager shall not have possession or custody thereof or any responsibility or liability with respect to such custody. The Portfolio Manager shall advise and confirm in writing to the Custodian all investment orders for the Portfolio Manager Account placed by it with brokers and dealers at the time 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 b
y the Portfolio Manager. The Fund shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian, the Portfolio Manager shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:72pt; text-indent:-36pt" align=justify>5. <U>Allocation of Brokerage.</U> &nbsp;The Portfolio Manager shall have authority and discretion to select brokers and dealers to execute portfolio transactions initiated by the Portfolio Manager for the Portfolio Manager Account, and to select the markets on or in which the transaction will be executed.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:-36pt" align=justify>A. In doing so, the Portfolio Manager&#146;s primary responsibility shall be to seek to obtain best net price and execution for the Fund. However, this responsibility shall not obligate the Portfolio Manager to solicit competitive bids for each transaction or to seek the lowest available commission cost to the Fund, so long as the Portfolio Manager reasonably believes that the broker or dealer selected by it can be expected to obtain a &#147;best execution&#148; market price on the particular transaction and determines in good faith that the commission cost is reasonable in relation to the value of the brokerage and research services (as defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by such broker or dealer to the Portfolio Manager viewed in terms of either that particular transaction or of the Portfolio Manager&#146;s overall responsibilities with respect to its clients, including 
the Fund, as to which the Portfolio Manager exercises investment discretion, notwithstanding that the Fund may not be the direct or exclusive beneficiary of any such services or that another broker may be willing to charge the Fund a lower commission on the particular transaction.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:-36pt" align=justify>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="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:-36pt" align=justify>C. The Portfolio Manager shall not execute any portfolio transactions for the Portfolio Manager Account with a broker or dealer which is an &#147;affiliated person&#148; (as defined in the Act) of the Fund, the Portfolio Manager or any other portfolio manager of the Fund without the prior written approval of the Fund. The Fund Manager will provide the Portfolio Manager with a list of brokers and dealers which are &#147;affiliated persons&#148; of the Fund or its portfolio managers.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:-36pt" align=justify>6. <U>Proxies.</U> &nbsp;The Fund Manager will vote all proxies solicited by or with respect to the issuers of securities in which assets of the Portfolio Manager Account may be invested from time to time in accordance with such policies as shall be determined by the Fund Manager, and reviewed and approved by the Board of Directors. &nbsp;Upon the written request of the Fund Manager, the Portfolio Manager will vote all proxies solicited by or with respect to the issuers of securities in which assets of the Portfolio Manager Account may be invested from time to time in accordance with such policies as shall be determined by the Fund Manager, and reviewed and approved by the Board of Directors.<FONT COLOR=#0000FF><U>

 &nbsp;

</U></FONT></P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:-36pt" align=justify>7. <U>Fees for Services.</U> The compensation of the Portfolio Manager for its services under this Agreement shall be calculated and paid by the Fund Manager in accordance with the attached Schedule 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="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:-36pt" align=justify>8. <U>Other Investment Activities of Portfolio Manager.</U> The Fund acknowledges that the Portfolio Manager or one or more of its affiliates has investment responsibilities, renders investment advice to and performs other investment advisory services for other individuals or entities (&#147;Client Accounts&#148;), and that the Portfolio Manager, its affiliates or any of its or their directors, officers, agents or employees may buy, sell or trade in any securities for its or their respective accounts (&#147;Affiliated Accounts&#148;). Subject to the provisions of paragraph 2 hereof, the Fund agrees that the Portfolio Manager or its affiliates may give advice or exercise investment responsibility and take such other action with respect to other Client Accounts and Affiliated Accounts which may differ from the advice given or the timing or nature of action taken with respect to the Portfolio Manager Account, provid
ed that the Portfolio Manager acts in good faith, and provided further, that it is the Portfolio Manager&#146;s policy to allocate, within its reasonable discretion, investment opportunities to the Portfolio Manager Account over a period of time on a fair and equitable basis relative to the Client Accounts and the Affiliated Accounts, taking into account the cash position and the investment objectives and policies of the Fund and any specific investment restrictions applicable thereto. The Fund acknowledges that one or more Client Accounts and Affiliated Accounts may at any time hold, acquire, increase, decrease, dispose of or otherwise deal with positions in investments in which the Portfolio Manager Account may have an interest from time to time, whether in transactions which involve the Portfolio Manager Account or otherwise. The Portfolio Manager shall have no obligation to acquire for the Portfolio Manager Account a position in any investment which any Client Account or Affiliated Account may acquire, a
nd the Fund shall have no first refusal, co-investment or other rights in respect of any such investment, either for the Portfolio Manager Account or otherwise.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:-36pt" align=justify>9. <U>Limitation of Liability.</U> &nbsp;The Portfolio Manager shall not be liable for any action taken, omitted or suffered to be taken by it in its reasonable judgment, in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement, or in accordance with (or in the absence of) specific directions or instructions from the Fund, provided, however, that such acts or omissions shall not have resulted from the Portfolio Manager&#146;s willful misfeasance, bad faith or gross negligence, a violation of the standard of care established by and applicable to the Portfolio Manager in its actions under this Agreement or breach of its duty or of its obligations hereunder (provided, however, that the foregoing shall not be construed to protect the Portfolio Manager from liability in violation of Section 17(i) of the Act).</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:-36pt" align=justify>10. <U>Confidentiality.</U> &nbsp;Subject to the duty of the Portfolio Manager, the Fund Manager and the Fund to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential all information pertaining to the Portfolio Manager Account and the actions of the Portfolio Manager and the Fund in respect thereof.</P>
<P style="margin-top:0pt; margin-bottom:5pt; padding-left:72pt; text-indent:-36pt" align=justify>11. <U>Assignment.</U> &nbsp;This Agreement shall terminate automatically in the event of its assignment, as that term is defined in Section 2(a)(4) of the Act. The Portfolio Manager shall notify the Fund in writing sufficiently in advance of any proposed change of control, as defined in Section 2(a)(9) of the Act, as will enable the Fund to consider whether an assignment as defined in Section 2(a)(4) of the Act will occur, and whether to take the steps necessary to enter into a new contract with the Portfolio Manager.</P>
<P style="margin:0pt; text-indent:14.4pt" align=justify>12. <U>Representations, Warranties and Agreements of the Fund.</U> &nbsp;The Fund represents, warrants and agrees that:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; text-indent:9pt" align=justify>A. The Portfolio Manager has been duly appointed to provide investment services to the Portfolio Manager Account as contemplated hereby.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:14.4pt; text-indent:14.4pt" align=justify>B. The Fund will deliver to the Portfolio Manager a true and complete copy of its then current Prospectus as effective from time to time and such other documents governing the investment of the Portfolio Manager Account and such other information as is necessary for the Portfolio Manager to carry out its obligations under this Agreement.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:14.4pt" align=justify>13. <U>Representations, Warranties and Agreements of the Portfolio Manager.</U> &nbsp;The Portfolio Manager represents, warrants and agrees that:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; text-indent:9pt" align=justify>A. It is registered as an &#147;investment adviser&#148; under the Investment Advisers Act of 1940, as amended (&#147;Advisers Act&#148;) and will continue to be so registered for as long as this Agreement remains in effect.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; text-indent:9pt" align=justify>B. It will maintain, keep current and preserve on behalf of the Fund, in the manner required or permitted by the Act and the rules and regulations thereunder, the records required to be so kept by an investment adviser of the Fund in accordance with applicable law, 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="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:14.4pt; text-indent:14.4pt" align=justify>C. It has adopted a written code of ethics complying with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Act and will provide the Fund Manager and the Board of Directors with a copy of its code of ethics and evidence of its adoption. Within 45 days of the end of each year while this Agreement is in effect, or at any other time requested by the Fund Manager, an officer, director or general partner of the Portfolio Manager shall certify to the Fund that the Portfolio Manager has complied with the requirements of Rule 17j-1 and Rule 204A-1 during the previous year and that there has been no material violation of its code of ethics or, if such a violation has occurred, that appropriate action was taken in response to such violation. &nbsp;It will promptly notify the Fund Manager of any material change to its code of ethics or material violation of its code of ethics.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; text-indent:9pt" align=justify>D. Upon request, the Portfolio Manager will promptly supply the Fund with any information concerning the Portfolio Manager and its stockholders, partners, employees and affiliates that the Fund may reasonably request in connection with the preparation of its registration statement (as amended from time to time), prospectus and statement of additional information (as supplemented and modified from time to time), proxy material, reports and other documents required to be filed under the Act, the Securities Act of 1933, or other applicable securities laws.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; text-indent:9pt" align=justify>E. The Portfolio Manager shall maintain and implement compliance procedures that are reasonably designed to ensure its compliance with Rule 206(4)-7 of the Advisers Act and to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 under the Act).</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:14.4pt; text-indent:14.4pt" align=justify>F. The Portfolio Manager will: (i) on the cover page of each Form 13F that the Portfolio Manager files with the Securities and Exchange Commission (the &#147;SEC&#148;), check the &#147;13F Combination Report&#148; box and on the Form 13F Summary Page identify &#147;ALPS Advisers, Inc.&#148; as another manager for which the Portfolio Manager is filing the Form 13F report; (ii) within 60 days after the end of each calendar year, provide the Fund Manager with a certification that the Portfolio Manager&#146;s Form 13F was filed with the SEC on a timely basis and included all of the securities required to be reported by the SEC; (iii) within 60 days after the end of each calendar year, provide to the Fund Manager a copy of each Form 13F, or amendment to a Form 13F filed by it during the prior four quarters; and (iv) promptly notify the Fund Manager in the event the Portfolio Manager determines that it has failed to comply with Section 1
3(f) in a material respect, or receives a comment letter from the SEC raising a question with respect to compliance.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; text-indent:9pt" align=justify>G. The Portfolio Manager has adopted written compliance policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules promulgated thereunder and the Portfolio Manager agrees to provide: (a) from time to time, a copy and/or summary of such compliance policies and procedures and an accompanying certification certifying that the Portfolio Manager&#146;s compliance policies and procedures comply with the Advisers Act; (b) a report of the annual review determining the adequacy and effectiveness of the Portfolio Manager&#146;s compliance policies and procedures; and (c) the name of the Portfolio Manager&#146;s Chief Compliance Officer to act as a liaison for compliance matters that may arise between the Fund and the Portfolio Manager.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; text-indent:9pt" align=justify>H. The Portfolio Manager will notify the Fund and the Fund Manager of any assignment of this Agreement or change of control of the Portfolio Manager, as applicable, and any changes in the key personnel who are either the portfolio manager(s) of the Portfolio Manager Account or senior management of the Portfolio Manager, in each case prior to or promptly after, such change. &nbsp;The Portfolio Manager agrees to bear all reasonable expenses of the Fund, if any, arising out of an assignment or change in control.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:18pt; text-indent:9pt" align=justify>I. The Portfolio Manager agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:13.5pt" align=justify>14. <U>Amendment.</U> &nbsp;This Agreement may be amended at any time, but only by written agreement among the Portfolio Manager, the Fund Manager and the Fund, which amendment, other than amendments to Schedules A, B and C, is subject to the approval of the Board of Directors 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="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:13.5pt" align=justify>15. <U>Effective Date; Term.</U> &nbsp;This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect unless it has first been approved: &nbsp;(1) by a vote of a majority of the Directors who are not &#147;interested persons&#148; (as defined in the Act) of any party to this Agreement (&#147;Independent Directors&#148;), cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of &#147;a majority of the outstanding voting securities&#148; (as defined in the Act) of the Fund. &nbsp;This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter provided such continuance is specifically approved at least annually by (i) the Fund&#146;s Board of Directors 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 Directors, by vote cast in person at a meeting called for the purpose of voting on such approval. &nbsp;If the SEC issues an order to the Fund and the Fund Manager for an exemption from Section 15(a) of the Act, then, in accordance with the application of the Fund and the Fund Manager, the continuance of this Agreement after initial approval by the Directors as set forth above, shall be subject to approval by a majority of the outstanding voting securities of the Fund at the regularly scheduled annual meeting of the Fund&#146;s shareholders next following the date of this Agreement.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:13.5pt" align=justify>16. <U>Termination.</U> &nbsp;This Agreement may be terminated at any time by any party, without penalty, immediately upon written notice to the other parties in the event of a breach of any provision thereof by a party so notified, or otherwise upon not less than thirty (30) days&#146; written notice to the Portfolio Manager in the case of termination by the Fund or the Fund Manager, or ninety (90) days&#146; written notice to the Fund and the Fund Manager in the case of termination by the Portfolio Manager, but any such termination shall not affect the status, obligations or liabilities of any party hereto to the other parties.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:13.5pt" align=justify>17. <U>Applicable Law.</U> &nbsp;To the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted, as the same may be amended from time to time, this Agreement shall be administered, construed and enforced according to the laws of the Commonwealth of Massachusetts.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:13.5pt" align=justify>18. <U>Severability; Counterparts.</U> &nbsp;If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and each and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application permitted by law. &nbsp;This Agreement may be executed in counterparts, each of which will be deemed an original and all of which together will be deemed to be one and the same agreement.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:13.5pt" align=justify>19. &nbsp;<U>Use of Name</U>. &nbsp;The Portfolio Manager agrees and acknowledges that the Fund Manager is the sole owner of the names and marks &#147;Liberty All-Star&#148; and &#147;All-Star&#148;, and that all use of any designation comprised in whole or in part of these names and marks shall inure to the benefit of the Fund Manager. &nbsp;Except as used to identify the Fund to third parties as a client, the use by the Portfolio Manager on its own behalf of such marks in any advertisement or sales literature or other materials promoting the Portfolio Manager shall be with the prior written consent of the Fund Manager. &nbsp;The Portfolio Manager shall not, without the consent of the Fund Manager, make representations regarding the Fund or the Fund Manager in any disclosure document, advertisement or sales literature or other materials promoting the Portfolio Manager. &nbsp;Consent by the Fund Manager shall not be unreasonably withheld. &nbsp;Upon ter
mination of this Agreement for any reason, the Portfolio Manager shall cease any and all use of these marks as soon as reasonably practicable.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:135pt">LIBERTY ALL-STAR GROWTH FUND, INC.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:135pt">By: <U>/s/ Jeremy O. May</U></P>
<P style="margin:0pt; padding-left:135pt">Name: Jeremy O. May</P>
<P style="margin:0pt; padding-left:135pt">Title: &nbsp;Treasurer</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:135pt">ALPS ADVISERS, INC.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:135pt">By: <U>/s/ Edmund Burke</U></P>
<P style="margin:0pt; padding-left:135pt">Name: &nbsp;Edmund Burke</P>
<P style="margin:0pt; padding-left:135pt">Title: &nbsp;President</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">ACCEPTED:</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">CHASE INVESTMENT COUNSEL CORPORATION</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">By: <U>/s/ David B. Scott</U></P>
<P style="margin:0pt">Name: &nbsp;David B. Scott</P>
<P style="margin:0pt">Title: &nbsp;Senior Vice President</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=85.5></TD><TD width=272.75></TD></TR>
<TR><TD valign=top width=114><P style="line-height:11.4pt; margin:0pt">SCHEDULES:</P>
</TD><TD valign=top width=363.667><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt">A.</P>
<P style="line-height:11.4pt; margin:0pt; padding-left:18pt">Operational Procedures </P>
</TD></TR>
<TR><TD valign=top width=114>&nbsp;</TD><TD valign=top width=363.667><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt">B. &nbsp;</P>
<P style="line-height:11.4pt; margin:0pt; padding-left:18pt">Records To Be Maintained By The Portfolio Manager</P>
</TD></TR>
<TR><TD valign=top width=114>&nbsp;</TD><TD valign=top width=363.667><P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt">C. </P>
<P style="line-height:11.4pt; margin:0pt; padding-left:18pt">Portfolio Manager Fee</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="line-height:10pt; margin:0pt; font-size:8pt">DC-867119&nbsp;v1</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always" align=center><B>LIBERTY ALL-STAR GROWTH FUND, INC.</B></P>
<P style="margin:0pt" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE A</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B>CHASE INVESTMENT COUNSEL CORPORATION</B></P>
<P style="margin:0pt" align=center><B>OPERATIONAL PROCEDURES</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; text-indent:36pt" align=justify>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="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt">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="margin:0pt"><BR></P>
<P style="margin:0pt"><B>Liberty All-Star Growth Fund trade reporting requirements:</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>1.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Name of Fund &amp; Portfolio Manager</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>2.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Trade date</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>3.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Settlement date</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>4.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Purchase or sale</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>5.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Security name/description</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>6.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Cusip / sedol / or other numeric identifier</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>7.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Purchase/sale price per share or unit</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>8.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Interest purchased/sold (if applicable)</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>9.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Aggregate commission amount</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>10.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Indication as to whether or not commission amounts are ALPS Directed.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>11.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Executing broker and clearing bank (if applicable)</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>12.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Total net amount of the transaction</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>13.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Sale lot disposition method, if different from the established policy of Lowest Cost.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>14.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" align=justify>Confirmation of DTC trades; please advise brokers to use the custodian&#146;s DTC ID system number to facilitate the receipt of information by the custodian. &nbsp;The Portfolio Manager will affirm trades to the custodian.</P>
<A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A><P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B>Commission Reporting</B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" 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. &nbsp;The Portfolio Manager is responsible for comparing their records to the accounting records and contacting the Fund Manager regarding discrepancies.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B>Trade Exception Processing</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>1.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" 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.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt" align=justify>2.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:18pt" 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 &#147;best efforts&#148; basis.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt; padding-left:144pt; text-indent:36pt" align=justify><B><U>State Street Delivery Instructions</U></B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B><U>DTC instructions</U></B>:</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B>For Liberty All-Star Growth Fund</B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>Depository Trust Company (DTC)</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>Participant # 0997</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>Agent Bank# 20997</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>Ref: C7S1</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B><U>Physical Securitie s DVP/RVP</U></B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>DTC/New York Window</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>55 Water Street</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>New York, NY 10041</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>Attn: Robert Mendes</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>Ref: Fund C7S1</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B><U>Government issues delivered through Fed Book Entry</U></B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>Boston Federal Reserve Bank</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>ABA 011000028</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>STATE ST BOS/SPEC/C7S1</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B><U>Wire Instructions</U>:</B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>State Street Bank</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>ABA # 011000028</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>Ref: <B>Liberty All-Star Growth Fund</B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>Fund Number: C7S1</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>DDA # 40601767</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B>Custodian (State Street Corporation)</B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" 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="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B>Voluntary Corporate Actions</B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" 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 <A NAME="OLE_LINK5"></A>the fax number indicated on the corporate action notice.</P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify><B><U>Other Custodian Requirements</U></B></P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>All trades must be transmitted to the custodian bank, State Street, via signed facsimile to 617-662-2342. </P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" 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="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" align=justify>State Street will need an authorized signature list from the Portfolio Manager. </P>
<P style="line-height:10pt; margin-top:0pt; margin-bottom:9.15pt" 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="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always" align=center><B>LIBERTY ALL-STAR GROWTH FUND, INC.</B></P>
<P style="margin:0pt" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE B</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><B>RECORDS TO BE MAINTAINED BY THE PORTFOLIO MANAGER</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-left:14.4pt; padding-right:3.6pt; text-indent:-14.4pt" align=justify>1. (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:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt" align=justify>A.</P>
<P style="margin:0pt; padding-left:18pt; text-indent:18pt" align=justify>The name of the broker;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt" align=justify>B.</P>
<P style="margin:0pt; padding-left:18pt; text-indent:18pt" align=justify>The terms and conditions of the order and of any modifications or cancellation thereof;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt" align=justify>C.</P>
<P style="margin:0pt; padding-left:18pt; text-indent:18pt" align=justify>The time of entry or cancellation;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt" align=justify>D.</P>
<P style="margin:0pt; padding-left:18pt; text-indent:18pt" align=justify>The price at which executed;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt" align=justify>E.</P>
<P style="margin:0pt; padding-left:18pt; text-indent:18pt" align=justify>The time of receipt of a report of execution; and</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt" align=justify>F.</P>
<P style="margin:0pt; padding-left:18pt; text-indent:18pt" align=justify>The name of the person who placed the order on behalf of the Fund.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:14.4pt; padding-right:7.2pt; text-indent:-14.4pt" align=justify>2. (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:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:14.4pt" align=justify>A. Shall include the consideration given to:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt" align=justify>(i) The sale of shares of the Fund by brokers or dealers.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt" align=justify>(ii) The supplying of services or benefits by brokers or dealers to:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:50.4pt" align=justify>(a)</P>
<P style="margin:0pt; padding-left:50.4pt; text-indent:18pt" align=justify>The Fund;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:50.4pt" align=justify>(b)</P>
<P style="margin:0pt; padding-left:50.4pt; text-indent:18pt" align=justify>The Fund Manager;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:50.4pt" align=justify>(c)</P>
<P style="margin:0pt; padding-left:50.4pt; text-indent:18pt" align=justify>The Portfolio Manager; and</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:50.4pt" align=justify>(d)</P>
<P style="margin:0pt; padding-left:50.4pt; text-indent:18pt" align=justify>Any person other than the foregoing.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:32.4pt" align=justify>(iii) Any other consideration other than the technical qualifications of the brokers and dealers as such.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:14.4pt" align=justify>B. Shall show the nature of the services or benefits made available.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:13.5pt; padding-right:10.8pt" align=justify>C. 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.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:13.5pt; padding-right:10.8pt" align=justify>D. The name of the person responsible for making the determination of such allocation and such division of brokerage commissions or other compensation.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:15pt; padding-left:14.4pt; padding-right:10.8pt; text-indent:-14.4pt" align=justify>3. (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></P>
<P style="margin:0pt; padding-left:14.4pt; text-indent:-14.4pt" align=justify>4. (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&#146;s transactions with the Fund.</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="margin:0pt" align=center><B>LIBERTY ALL-STAR GROWTH FUND, INC.</B></P>
<P style="margin:0pt" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE C</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><B>PORTFOLIO MANAGER FEE</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; padding-right:7.2pt; text-indent:18pt" align=justify>For services provided to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar &nbsp;month at the annual rate of&shy;</P>
<P style="margin-top:10.5pt; margin-bottom:-12pt; padding-left:54pt; padding-right:7.2pt; text-indent:-18pt" align=justify>(1) </P>
<P style="margin:0pt; padding-left:54pt; padding-right:7.2pt" align=justify>0 .40% of the Portfolio Manager&#146;s Percentage (as defined below) of the average daily net assets of the Fund up to and including $300 million; and</P>
<P style="margin-top:10.5pt; margin-bottom:-12pt; padding-left:54pt; padding-right:7.2pt; text-indent:-18pt" align=justify>(2) </P>
<P style="margin:0pt; padding-left:54pt; padding-right:7.2pt" align=justify>0.36% of the Portfolio Manager&#146;s Percentage of the average daily net assets of the Fund exceeding $300 million.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:7.2pt; text-indent:18pt" align=justify>Each monthly payment set forth above shall be based on the average daily net assets during such previous calendar &nbsp;month. The fee for the period from the date this Agreement becomes effective to the end of the calendar &nbsp;month in which such effective date occurs will be prorated according to the proportion that such period bears to the full monthly period. Upon any termination of this Agreement before the end of a calendar month, the fee for the part of that calendar month during which this Agreement was in effect shall be prorated according to the proportion that such period bears to the full monthly period and will be payable upon the date of termination of this Agreement. For the purpose of determining fees payable to the Portfolio Manager, the value of the Fund&#146;s net assets will be computed at the times and in the manner specified in the Registration Statement as from time to time in effect.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:7.2pt; text-indent:18pt" align=justify>&#147;Portfolio Manager&#146;s Percentage&#148; means the percentage obtained by dividing the average daily net assets in the Portfolio Manager Account by the Fund&#146;s average daily net assets.</P>
<P style="margin:0pt" align=center><BR></P>
<H1>Footnotes</H1>
<P style="margin:0pt"><FONT FACE="Times New Roman" COLOR=#000000><SUP>1</SUP></FONT> 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.</P>
<P style="margin:0pt" align=center><BR>
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<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
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