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<SEC-DOCUMENT>0000786035-10-000005.txt : 20100224
<SEC-HEADER>0000786035-10-000005.hdr.sgml : 20100224
<ACCEPTANCE-DATETIME>20100224165647
ACCESSION NUMBER:		0000786035-10-000005
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100224
DATE AS OF CHANGE:		20100224
EFFECTIVENESS DATE:		20100224

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-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04537
		FILM NUMBER:		10630382

	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
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<TEXT>
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SIGNATURE   KIM STORMS
TITLE       ASSISTANT TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>f77bgr.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</TITLE>
<META NAME="author" CONTENT="Victor, Zachary">
<META NAME="date" CONTENT="02/22/2010">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="line-height:13pt; margin:0px; font-family:Arial; font-size:11pt"><B>77.B) Accountant&#146;s Report on Internal Control</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Deloitte &amp; Touche LLP</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Suite 3600</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Denver, CO 80202-3942</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Tel: 303-292-5400</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">Fax: 303-312-4000</P>
<P style="line-height:13pt; margin:0px; font-size:11pt">www.deloitte.com</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-family:Arial; font-size:11pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt">To the Shareholders and Board of Directors of <BR>
Liberty All-Star&#174; Growth Fund, Inc.:</P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt">In planning and performing our audit of the financial statements of Liberty All-Star&#174; Growth Fund, Inc. (the &quot;Fund&quot;) as of and for the year ended December 31, 2009, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&#146;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s internal control over financial reporting.&nbsp; Accordingly, we express no such opinion.</P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.&nbsp; In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.&nbsp; A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.&nbsp; A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of finan
cial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3)<FONT style="color:#FF0000"> </FONT>provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund's assets that could have a material effect on the financial statements.</P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.&nbsp; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.&nbsp; A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund's annual financial statements will not be prevented or detected on a timely basis. &nbsp;Our consideration of the Fund&#146;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).&nbsp; However, we noted no deficiencies 
in the Fund&#146;s internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of December 31, 2009.</P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt">This report is intended solely for the information and use of management and the Board of Directors of Liberty All-Star&#174; Growth Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>
<P style="margin-top:14.667px; margin-bottom:0px"><BR></P>
<P style="line-height:13pt; margin-top:14.667px; margin-bottom:0px; font-size:11pt">/s/Deloitte &amp; Touche LLP</P>
<P style="margin-top:14.667px; margin-bottom:0px"><BR></P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:7.333px; font-size:11pt">February 18, 2010</P>
<P style="line-height:13pt; margin-top:0px; margin-bottom:6.133px; font-size:11pt">Denver, Colorado</P>
<P style="margin-top:14.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:14.667px; margin-bottom:0px"><BR></P>
<P style="margin-top:14.667px; margin-bottom:0px"><BR></P>
<H1>Endnotes</H1>
<P style="line-height:9pt; margin:0px; font-family:Arial; font-size:7pt; color:#00007F">Member of</P>
<P style="line-height:9pt; margin:0px; font-family:Arial; font-size:7pt; color:#00007F"><B>Deloitte Touche Tohmatsu</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:14.667px; margin-bottom:0px"><BR>
<BR></P>
</DIV></BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>f77q1egr.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>_</TITLE>
<META NAME="date" CONTENT="02/22/2010">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px" align=right><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:13pt; margin:0px; font-size:11pt"><B>77Q1)(e) Copies of any New or Amended Registrant Investment Advisory Contract</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>LIBERTY ALL-STAR GROWTH FUND, INC.</B></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT</B></P>
<P style="margin:0px" align=center><B>MAZAMA CAPITAL MANAGEMENT, INC.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>December 21, 2009</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Re: <U>Portfolio Management Agreement</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Ladies and Gentlemen:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>Liberty All-Star 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:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>ALPS Advisors, Inc. (the &#147;Fund Manager&#148;) evaluates and recommends portfolio managers for the assets of the Fund, and the Fund Manager or an affiliate of the Fund Manager is responsible for the day-to-day Fund administration of the Fund.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>1. <U>Employment as a Portfolio Manager.</U> &nbsp;The Fund, being duly authorized, hereby employs Mazama Capital Management, Inc. (&#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 Manager. &nbsp;The Portfolio Manager&#146;s responsibilities<A NAME="_DV_X17"></A><A NAME="_DV_C19"></A>

 for providing portfolio management services to the Fund shall be limited to the Portfolio Manager Account.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>2. <U>Acceptance of Employment; Standard of Performance.</U> &nbsp;The Portfolio Manager accepts its employment as a discretionary portfolio manager and agrees to use its best professional judgment to make timely investment decisions for the Portfolio Manager Account in accordance with the provisions of this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>3. <U>Portfolio Management Services of Portfolio Manager.</U> &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-48px" align=justify>A.</P>
<P style="margin:0px; padding-left:72px" 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>
<A NAME="_DV_C34"></A><P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_C35"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:72px; text-indent:-48px" align=justify>

B.

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

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

</P>
<A NAME="_DV_C36"></A><P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_C37"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>

(i)

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

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

</P>
<A NAME="_DV_C38"></A><P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_C39"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>

(ii)

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

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

</P>
<A NAME="_DV_C40"></A><P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_C41"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>

(iii)

</P>
<P style="margin:0px; padding-left:96px" 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;<A NAME="_DV_C42"></A>

</P>
<P style="margin:0px" align=justify><BR></P>
<A NAME="_DV_C43"></A><P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>

(iv)

</P>
<P style="margin:0px; padding-left:96px" 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<A NAME="_DV_C45"></A>

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>

(v)

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

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

</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" align=justify>4. <U>Transaction Procedures.</U> &nbsp;All portfolio transactions for the Portfolio Manager Account will be consummated by payment to or delivery by the custodian of the Fund (the &#147;Custodian&#148;), or such depositories or agents as may be designated by the Custodian in writing, as custodian for the Fund, of all cash and/or securities due to or from the Portfolio Manager Account, and the Portfolio Manager shall not have possession or custody thereof or any responsibility or liability with respect to such custody. The Portfolio Manager shall advise and confirm in writing to the Custodian all investment orders for the Portfolio Manager Account placed by it with brokers and dealers at the time and in the manner set forth in Schedule A hereto (as amended from time to time by the Fund Manager). The Fund shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Portfolio Mana
ger. The Fund shall be responsible for all custodial arrangements and the payment of all custodial charges and fees, and, upon giving proper instructions to the Custodian, the Portfolio Manager shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" align=justify>5. <U>Allocation of Brokerage.</U> &nbsp;The Portfolio Manager shall have authority and discretion to select brokers and dealers to execute portfolio transactions initiated by the Portfolio Manager for the Portfolio Manager Account, and to select the markets on or in which the transaction will be executed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:12px" 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, includi
ng the Fund, as to which the Portfolio Manager exercises investment discretion, notwithstanding that the Fund may not be the direct or exclusive beneficiary of any such services or that another broker may be willing to charge the Fund a lower commission on the particular transaction.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:24px; text-indent:12px" 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:0px; margin-bottom:6.667px; padding-left:24px; text-indent:12px" 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:0px; margin-bottom:6.667px; text-indent:18px" 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 style="color:#0000FF"><U>

 &nbsp;

</U></FONT></P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>7. <U>Fees for Services.</U> The compensation of the Portfolio Manager for its services under this Agreement shall be calculated and paid by the Fund Manager in accordance with the attached Schedule 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:0px; margin-bottom:6.667px; text-indent:18px" align=justify>8. <U>Other Investment Activities of Portfolio Manager.</U> The Fund acknowledges that the Portfolio Manager or one or more of its affiliates has investment responsibilities, renders investment advice to and performs other investment advisory services for other individuals or entities (&#147;Client Accounts&#148;), and that the Portfolio Manager, its affiliates or any of its or their directors, officers, agents or employees may buy, sell or trade in any securities for its or their respective accounts (&#147;Affiliated Accounts&#148;). Subject to the provisions of paragraph 2 hereof, the Fund agrees that the Portfolio Manager or its affiliates may give advice or exercise investment responsibility and take such other action with respect to other Client Accounts and Affiliated Accounts which may differ from the advice given or the timing or nature of action taken with respect to the Portfolio Manager Account, provided that the Port
folio Manager acts in good faith, and provided further, that it is the Portfolio Manager&#146;s policy to allocate, within its reasonable discretion, investment opportunities to the Portfolio Manager Account over a period of time on a fair and equitable basis relative to the Client Accounts and the Affiliated Accounts, taking into account the cash position and the investment objectives and policies of the Fund and any specific investment restrictions applicable thereto. The Fund acknowledges that one or more Client Accounts and Affiliated Accounts may at any time hold, acquire, increase, decrease, dispose of or otherwise deal with positions in investments in which the Portfolio Manager Account may have an interest from time to time, whether in transactions which involve the Portfolio Manager Account or otherwise. The Portfolio Manager shall have no obligation to acquire for the Portfolio Manager Account a position in any investment which any Client Account or Affiliated Account may acquire, and the Fund shal
l have no first refusal, co-investment or other rights in respect of any such investment, either for the Portfolio Manager Account or otherwise.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>9. <U>Limitation of Liability.</U> &nbsp;The Portfolio Manager shall not be liable for any action taken, omitted or suffered to be taken by it in its reasonable judgment, in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement, or in accordance with (or in the absence of) specific directions or instructions from the Fund, provided, however, that such acts or omissions shall not have resulted from the Portfolio Manager&#146;s willful misfeasance, bad faith or gross negligence, a violation of the standard of care established by and applicable to the Portfolio Manager in its actions under this Agreement or breach of its duty or of its obligations hereunder (provided, however, that the foregoing shall not be construed to protect the Portfolio Manager from liability in violation of Section 17(i) of the Act).</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>10. <U>Confidentiality.</U> &nbsp;Subject to the duty of the Portfolio Manager, the Fund Manager and the Fund to comply with applicable law, including any demand of any regulatory or taxing authority having jurisdiction, the parties hereto shall treat as confidential all information pertaining to the Portfolio Manager Account and the actions of the Portfolio Manager and the Fund in respect thereof.</P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:18px" align=justify>11. <U>Assignment.</U> &nbsp;This Agreement shall terminate automatically in the event of its assignment, as that term is defined in Section 2(a)(4) of the Act. The Portfolio Manager shall notify the Fund in writing sufficiently in advance of any proposed change of control, as defined in Section 2(a)(9) of the Act, as will enable the Fund to consider whether an assignment as defined in Section 2(a)(4) of the Act will occur, and whether to take the steps necessary to enter into a new contract with the Portfolio Manager. &nbsp;Should the Fund enter into a new contract with the Portfolio Manager in connection with an assignment, the Portfolio Manager agrees to pay all costs and expenses incurred by the Fund to obtain shareholder approval of the new contract, including costs associated with the preparation and mailing of the Fund&#146;s proxy statement and shareholder meeting and proxy solicitation fees.</P>
<P style="margin:0px; text-indent:19.2px" align=justify>12. <U>Representations, Warranties and Agreements of the Fund.</U> &nbsp;The Fund represents, warrants and agrees that:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>A. The Portfolio Manager has been duly appointed to provide investment services to the Portfolio Manager Account as contemplated hereby.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>B. The Fund will deliver to the Portfolio Manager a true and complete copy of its then current Prospectus as effective from time to time and such other documents governing the investment of the Portfolio Manager Account and such other information as is necessary for the Portfolio Manager to carry out its obligations under this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:19.2px" align=justify>13. <U>Representations, Warranties and Agreements of the Portfolio Manager.</U> &nbsp;The Portfolio Manager represents, warrants and agrees that:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>A. It is registered as an &#147;investment adviser&#148; under the Investment Advisers Act of 1940, as amended (&#147;Advisers Act&#148;) and will continue to be so registered for as long as this Agreement remains in effect.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>B. It will maintain, keep current and preserve on behalf of the Fund, in the manner required or permitted by the Act and the rules and regulations thereunder, the records required to be so kept by an investment adviser of the Fund in accordance with applicable law, 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:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>C. It has adopted a written code of ethics complying with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Act and will provide the Fund Manager and the Board of

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:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>D. Upon request, the Portfolio Manager will promptly supply the Fund with any information concerning the Portfolio Manager and its stockholders, partners, employees and affiliates that the Fund may reasonably request in connection with the preparation of its registration statement (as amended from time to time), prospectus and statement of additional information (as supplemented and modified from time to time), proxy material, reports and other documents required to be filed under the Act, the Securities Act of 1933, or other applicable securities laws.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" align=justify>E. The Portfolio Manager shall maintain and implement compliance procedures that are reasonably designed to ensure its compliance with Rule 206(4)-7 of the Advisers Act and to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 under the Act).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" 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 Advisors, Inc.&#148; as another manager for which the Portfolio Manager is filing the Form 13F report; (ii) within 60 days after the end of each calendar year, provide the Fund Manager with a certification that the Portfolio Manager&#146;s Form 13F was filed with the SEC on a timely basis and included all of the securities required to be reported by the SEC; (iii) within 60 days after the end of each calendar year, provide to the Fund Manager a copy of each Form 13F, or amendment to a Form 13F filed by it during the prior four quarters; and (iv) promptly notify the Fund Manager in the event the Portfolio Manager determines that it has failed to comply with Section 13(f)
 in a material respect, or receives a comment letter from the SEC raising a question with respect to compliance.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" 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:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" 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:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:24px; text-indent:12px" 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:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" 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:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" 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 I
ndependent 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:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" align=justify>16. <U>Termination.</U> &nbsp;This Agreement may be terminated at any time by any party, without penalty, immediately upon written notice to the other parties in the event of a breach of any provision thereof by a party so notified, or otherwise upon not less than thirty (30) days&#146; written notice to the Portfolio Manager in the case of termination by the Fund or the Fund Manager, or ninety (90) days&#146; written notice to the Fund and the Fund Manager in the case of termination by the Portfolio Manager, but any such termination shall not affect the status, obligations or liabilities of any party hereto to the other parties.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" align=justify>17. <U>Applicable Law.</U> &nbsp;To the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted, as the same may be amended from time to time, this Agreement shall be administered, construed and enforced according to the laws of the Commonwealth of Massachusetts.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" align=justify>18. <U>Severability; Counterparts.</U> &nbsp;If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and each and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application permitted by law. &nbsp;This Agreement may be executed in counterparts, each of which will be deemed an original and all of which together will be deemed to be one and the same agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:18px" 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 termi
nation of this Agreement for any reason, the Portfolio Manager shall cease any and all use of these marks as soon as reasonably practicable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:13.333px; text-indent:19.2px" align=justify><U>20. &nbsp;Notices</U>. All notices and other communications hereunder shall be in writing, shall be deemed to have been given when received or when sent by U.S. mail, overnight carrier or facsimile, and shall be given to the following addresses (or such other addresses as to which notice is given):</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:96px" align=justify>To Fund Manager:</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:96px">ALPS Advisors, Inc.<BR>
1290 Broadway, Suite 1100<BR>
Denver, Colorado 80203<BR>
Attn: General Counsel<BR>
Phone: &nbsp;(303) 623-2577<BR>
Fax: (303) 623-7850</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:96px">To the Portfolio Manager:</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">Mazama Capital Management, Inc.</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">One SW Columbia Street, Suite 1500</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">Portland, OR &nbsp;97258</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">Attn: &nbsp;<BR>
Phone:</P>
<P style="line-height:10pt; margin:0px; padding-left:96px">Fax:</P>
<P style="line-height:10pt; margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:180px">LIBERTY ALL-STAR GROWTH FUND, INC.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:180px">By: <U>/s/ William R. Parmentier, Jr.</U></P>
<P style="margin:0px; padding-left:180px">Name: William R. Parmentier, Jr.</P>
<P style="margin:0px; padding-left:180px">Title: &nbsp;President</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:180px">ALPS ADVISORS, INC.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:180px">By: <U>/s/ Thomas Carter</U></P>
<P style="margin:0px; padding-left:180px">Name: &nbsp;Thomas Carter</P>
<P style="margin:0px; padding-left:180px">Title: &nbsp;President</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ACCEPTED:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">MAZAMA CAPITAL MANAGEMENT, INC.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">By: <U>/s/ Brian P. Alfrey</U></P>
<P style="margin:0px">Name: &nbsp;&nbsp;Brian P. Alfrey</P>
<P style="margin:0px">Title: &nbsp;&nbsp;EVP/COO</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=114></TD><TD width=363.667></TD></TR>
<TR><TD valign=top width=114><P style="line-height:11.4pt; margin:0px">SCHEDULES:</P>
</TD><TD valign=top width=363.667><P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px">A.</P>
<P style="line-height:11.4pt; margin:0px; padding-left:24px">Operational Procedures </P>
</TD></TR>
<TR><TD valign=top width=114><P>&nbsp;</P></TD><TD valign=top width=363.667><P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px">B. &nbsp;</P>
<P style="line-height:11.4pt; margin:0px; padding-left:24px">Records To Be Maintained By The Portfolio Manager</P>
</TD></TR>
<TR><TD valign=top width=114><P>&nbsp;</P></TD><TD valign=top width=363.667><P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px">C. </P>
<P style="line-height:11.4pt; margin:0px; padding-left:24px">Portfolio Manager Fee</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<P style="line-height:10pt; margin:0px; font-size:8pt">DC-867119&nbsp;v1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; page-break-before:always" align=center><B>LIBERTY ALL-STAR GROWTH FUND, INC.</B></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE A</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>MAZAMA CAPITAL MANAGEMENT, INC.</B></P>
<P style="margin:0px" align=center><B>OPERATIONAL PROCEDURES</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; text-indent:48px" 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:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px">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:0px"><BR></P>
<P style="margin:0px"><B>Liberty All-Star Growth Fund trade reporting requirements:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>1.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Name of Fund &amp; Portfolio Manager</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>2.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Trade date</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>3.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Settlement date</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>4.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Purchase or sale</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>5.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Security name/description</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>6.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Cusip / sedol / or other numeric identifier</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>7.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Purchase/sale price per share or unit</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>8.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Interest purchased/sold (if applicable)</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>9.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Aggregate commission amount</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>10.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Indication as to whether or not commission amounts are ALPS Directed.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>11.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Executing broker and clearing bank (if applicable)</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>12.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Total net amount of the transaction</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>13.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" align=justify>Sale lot disposition method, if different from the established policy of Lowest Cost.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>14.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:12.2px; padding-left:24px" 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:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><B>Commission Reporting</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" 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:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><B>Trade Exception Processing</B></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>1.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px" 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:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px" align=justify>2.</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px; padding-left:24px" 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:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px; padding-left:192px; text-indent:48px" align=justify><B><U>State Street Delivery Instructions</U></B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><B><U>DTC instructions</U></B>:</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><B>For Liberty All-Star Growth Fund</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>Depository Trust Company (DTC)</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>Participant # 0997</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>Agent Bank# 20997</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>Ref: C7S3</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><B><U>Physical Securitie s DVP/RVP</U></B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>DTC/New York Window</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>55 Water Street</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>New York, NY 10041</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>Attn: Robert Mendes</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>Ref: Fund C7S3</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><B><U>Government issues delivered through Fed Book Entry</U></B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>Boston Federal Reserve Bank</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>ABA 011000028</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>STATE ST BOS/SPEC/C7S3</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><B><U>Wire Instructions</U>:</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>State Street Bank</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>ABA # 011000028</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>Ref: <B>Liberty All-Star Growth Fund</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>Fund Number: C7S3</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify>DDA # 40601767</P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><B>Custodian (State Street Corporation)</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" 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:0px; margin-bottom:6.667px" align=justify><B>Voluntary Corporate Actions</B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" 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:0px; margin-bottom:6.667px" align=justify><BR></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" align=justify><B><U>Other Custodian Requirements</U></B></P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" 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:0px; margin-bottom:6.667px" 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:0px; margin-bottom:6.667px" align=justify>State Street will need an authorized signature list from the Portfolio Manager. </P>
<P style="line-height:10pt; margin-top:0px; margin-bottom:6.667px" 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:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=center><B>LIBERTY ALL-STAR GROWTH FUND, INC.</B></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE B</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>RECORDS TO BE MAINTAINED BY THE PORTFOLIO MANAGER</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:19.2px; padding-right:4.8px; text-indent:-19.2px" 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:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px" align=justify>A.</P>
<P style="margin:0px; padding-left:24px; text-indent:24px" align=justify>The name of the broker;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px" align=justify>B.</P>
<P style="margin:0px; padding-left:24px; text-indent:24px" align=justify>The terms and conditions of the order and of any modifications or cancellation thereof;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px" align=justify>C.</P>
<P style="margin:0px; padding-left:24px; text-indent:24px" align=justify>The time of entry or cancellation;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px" align=justify>D.</P>
<P style="margin:0px; padding-left:24px; text-indent:24px" align=justify>The price at which executed;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px" align=justify>E.</P>
<P style="margin:0px; padding-left:24px; text-indent:24px" align=justify>The time of receipt of a report of execution; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px" align=justify>F.</P>
<P style="margin:0px; padding-left:24px; text-indent:24px" align=justify>The name of the person who placed the order on behalf of the Fund.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:19.2px; padding-right:9.6px; text-indent:-19.2px" 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:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:19.2px" align=justify>A. Shall include the consideration given to:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px" align=justify>(i) The sale of shares of the Fund by brokers or dealers.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px" align=justify>(ii) The supplying of services or benefits by brokers or dealers to:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:67.2px" align=justify>(a)</P>
<P style="margin:0px; padding-left:67.2px; text-indent:24px" align=justify>The Fund;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:67.2px" align=justify>(b)</P>
<P style="margin:0px; padding-left:67.2px; text-indent:24px" align=justify>The Fund Manager;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:67.2px" align=justify>(c)</P>
<P style="margin:0px; padding-left:67.2px; text-indent:24px" align=justify>The Portfolio Manager; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:67.2px" align=justify>(d)</P>
<P style="margin:0px; padding-left:67.2px; text-indent:24px" align=justify>Any person other than the foregoing.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:43.2px" align=justify>(iii) Any other consideration other than the technical qualifications of the brokers and dealers as such.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:19.2px" align=justify>B. Shall show the nature of the services or benefits made available.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:18px; padding-right:14.4px" 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:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:18px; padding-right:14.4px" 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:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:20px; padding-left:19.2px; padding-right:14.4px; text-indent:-19.2px" 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:0px; padding-left:19.2px; text-indent:-19.2px" 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>
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<P style="margin:0px" align=center><B>LIBERTY ALL-STAR GROWTH FUND, INC.</B></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGEMENT AGREEMENT<BR>
SCHEDULE C</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>PORTFOLIO MANAGER FEE</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-right:9.6px; text-indent:24px" align=justify>For services provided to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar &nbsp;month at the annual rate of&shy;</P>
<P style="margin-top:14px; margin-bottom:-16px; padding-left:72px; padding-right:9.6px; text-indent:-24px" align=justify>(1) </P>
<P style="margin:0px; padding-left:72px; padding-right:9.6px" 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:14px; margin-bottom:-16px; padding-left:72px; padding-right:9.6px; text-indent:-24px" align=justify>(2) </P>
<P style="margin:0px; padding-left:72px; padding-right:9.6px" 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:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:9.6px; text-indent:24px" 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:0px" align=justify><BR></P>
<P style="margin:0px; padding-right:9.6px; text-indent:24px" 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:0px" align=center><BR></P>
<H1>Footnotes</H1>
<P style="margin:0px"><SUP>1</SUP> 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>
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