<SEC-DOCUMENT>0000898432-10-000239.txt : 20120627
<SEC-HEADER>0000898432-10-000239.hdr.sgml : 20120627
<ACCEPTANCE-DATETIME>20100225215815
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000898432-10-000239
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20100225

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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    <title>letter.htm</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
25, 2010</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms. Laura
Hatch</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Division
of Investment Management</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100 F
Street, NE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
DC 20549</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Re:</font></div>
            </td>
            <td>
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Preliminary Proxy
      Statement filed by Full Value Partners
  L.P.</font></font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear Ms.
Hatch:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
writing to bring to the Staff&#8217;s attention what we believe to be material
misstatements and omissions contained in the preliminary proxy statement filed
on February 19, 2010 by Full Value Partners L.P. (&#8220;FVP&#8221;) in connection with the
2010 annual meeting of stockholders (the &#8220;Meeting&#8221;) of Liberty All-Star<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font>
Growth Fund, Inc. (the &#8220;Fund&#8221;).&#160;&#160;The FVP proxy materials seek to
persuade Fund stockholders to give their proxy to FVP to vote against the Fund&#8217;s
proposals to elect two director nominees proposed by the Fund&#8217;s Board of
Directors (the &#8220;Board&#8221;) and to approve a new portfolio management agreement
among the Fund, ALPS Advisors, Inc. and Mazama Capital Management, Inc. (the
&#8220;Agreement&#8221;).&#160;&#160;The Fund believes that, absent significant corrections,
the FVP proxy materials present several disclosure issues and may mislead the
Fund&#8217;s stockholders in violation of Rule 14a-9 under the Securities Exchange Act
of 1934, as amended (the &#8220;Exchange Act&#8221;), and omit information required by
Schedule 14A under the Exchange Act.&#160;&#160;We also note that the Schedule
13D filed on February 19, 2010 on behalf of certain of FVP&#8217;s affiliates fails to
comply with several of the specific disclosure requirements of Schedule
13D.&#160;&#160;Certain of these issues and concerns are set forth
below.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FVP&#8217;s Proxy Material
Disclosure Deficiencies</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In
a section entitled &#8220;Reasons for the Solicitation,&#8221; FVP&#8217;s proxy materials claim
that the &#8220;Fund&#8217;s long term performance has been mediocre at best,&#8221; citing a
decline in the Fund&#8217;s NAV at the rate of 1.91% per annum over the ten years
ending January 31, 2010.&#160;&#160;FVP misleadingly presents the Fund&#8217;s decline
in NAV as proof of the Fund&#8217;s mediocre long-term performance when, in fact, the
Fund outperformed its Lipper peer group average, which had an average annual
return of negative 2.21%, and its benchmark index, which had an average annual
return of negative 3.78%, on an NAV basis for the ten-year period ended January
31, 2010.&#160;&#160;Outperforming one&#8217;s benchmark is hardly &#8220;mediocre&#8221;
performance.&#160;&#160;We further note that FVP cited the Fund&#8217;s NAV return
without reflecting the distributions reinvested by stockholders and offered no
market price return information.&#160;&#160;Over the same period, the Fund&#8217;s
annualized NAV return with distributions reinvested was negative 1.35% and its
annualized market price return with distributions reinvested was negative 1.01%
- each further outperforming the Fund&#8217;s benchmark index and Lipper peer group
average.&#160;&#160;Thus, FVP&#8217;s characterization of the Fund&#8217;s long-term
performance as &#8220;mediocre&#8221; and omission of factual information to contextualize
the</font></div>
    <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms. Laura
Hatch</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
2</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fund&#8217;s
decline in NAV misleadingly suggests that comparable funds have fared better
historically, when the facts demonstrate otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP
declares, &#8220;[o]bviously, the Fund&#8217;s complicated and costly multi-manager strategy
has not worked very well.&#8221;&#160;&#160;FVP provides no facts or rationale to
support such a conclusory statement.&#160;&#160;Given the lack of such
information it is hardly &#8220;obvious&#8221; that the strategy is &#8220;complicated&#8221; or
&#8220;costly&#8221; or that it &#8220;has not worked very well.&#8221;&#160;&#160;In fact, for the ten-
year period ended January 31, 2010, the Fund was the second best performer among
its Lipper peer group when both return and non-market volatility in relation to
its benchmark are taken into consideration, reflecting an effective use of its
multi-manager structure.&#160;&#160;Without some context, it is impossible to
determine whether FVP has based its statement on comparisons of multi-manager
and single-manager strategies of other closed-end funds or open-end funds or
something entirely different.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP&#8217;s
proxy materials suggest that the Fund&#8217;s long-term performance and decline in NAV
are reasons to oppose the proposed Agreement.&#160;&#160;However, the Agreement
relates to a sub-adviser who is newly appointed to the Fund and who therefore
cannot be held responsible for the Fund&#8217;s long-term performance and decline in
NAV.&#160;&#160;Conversely, the ability to achieve above average long-term
performance could be impaired if the advisor were inhibited in its ability to
replace sub-advisers on a timely basis.&#160;&#160;During the ten year period
ended January 31, 2010, three sub-advisers were replaced.&#160;&#160;Therefore,
it is unclear how opposing the Agreement would address the problems that FVP
perceives in the Fund&#8217;s performance and NAV.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP
proclaims, &#8220;the Fund&#8217;s shares trade at a double-digit discount,&#8221; without
providing any factual foundation, such as relevant time periods, for this
statement.&#160;&#160;As elsewhere, context is important.&#160;&#160;During the
ten year period cited by FVP, for example, the Fund&#8217;s average discount was 4.5%
and, at times, the Fund traded at a premium.&#160;&#160;Moreover, in the last
year the Fund&#8217;s discount has decreased by almost 50%.&#160;&#160;FVP also fails
to provide a balanced view by omitting the fact that many general equity
closed-end funds, as defined by Lipper, Inc., trade at a discount and by failing
to disclose how the Fund&#8217;s discount compares to the discounts at which
comparable closed-end funds trade.&#160;&#160;We note that over the same
ten-year&#160;time period, the average discount of the Fund&#8217;s peer group was
5.8%, or 25%+ greater than that of the Fund.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP&#8217;s
proxy materials urge that, &#8220;[r]ather than continually trying to replace
unsatisfactory investment managers, we believe it is time for the Board to
afford shareholders an opportunity to realize NAV.&#8221;&#160;&#160;FVP provides no
explanation whatsoever of what it means by &#8220;an opportunity to realize NAV&#8221; or
why the time is now. &#160;FVP likewise provides no information regarding
potential pros and cons of any such method.&#160;&#160;Thus, neither the Board
nor stockholders can ascertain, based on FVP&#8217;s proxy materials, what specific
action FVP would have the Fund undertake or why FVP believes any particular
method would be in the best interests of long-term</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms. Laura
Hatch</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
3</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">stockholders.&#160;&#160;We
note that, had FVP met the deadline for submitting stockholder proposals and
formally presented these statements as a proposal for stockholder consideration,
the Fund would have had a basis to seek no-action relief to exclude the proposal
under Rule 14a-8(i)(3) under the Exchange Act, as inherently vague and
indefinite.&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">See,
e.g., Staff Legal Bulletin No. 14B, Shareholder Proposals </font>(September 14,
2004).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Further,
if we speculate that FVP refers to the Fund converting to an open-end fund,
conducting a tender offer, or liquidating, then FVP has omitted any discussion
of the various risks and ramifications of these options, an understanding of
which is imperative to an informed decision by stockholders.&#160;&#160;For
instance, FVP neglects to describe the tax effects of open-ending the Fund or
the requisite corporate action following the stockholder vote to enact such a
proposal.&#160;&#160;Absent such details, FVP&#8217;s proxy materials preclude any
meaningful evaluation by stockholders of FVP&#8217;s statements regarding realizing
NAV.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We
further note that, although FVP opines, &#8220;[w]e do not believe shareholders should
approve any new investment management agreement unless they are also afforded an
opportunity to realize NAV,&#8221; FVP provides no explanation of why opposing the
Agreement should relate to realizing NAV.&#160;&#160;Moreover, FVP encourages
stockholders to oppose the Agreement without providing any alternatives with
respect to the Fund&#8217;s asset management should the Agreement not receive
stockholder approval or acknowledging potential consequences and costs of the
proposal not being approved.&#160;&#160;Likewise, FVP does not disclose that the
Fund&#8217;s expenses will not change whether or not the stockholders approve the
Agreement proposal.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In
addition, we note that FVP does not offer any explanation as to why stockholders
should submit proxies to FVP instead of submitting their vote instructions on
the Fund&#8217;s proxy card nor does it commit to exercising any proxies it
receives.&#160;&#160;Without further information, we are left to wonder whether
FVP plans to attempt to hinder the Fund&#8217;s ability to obtain quorum and the
required vote at the Meeting by refusing to cast the votes for which it
solicited proxies.&#160;&#160;We believe FVP should fully disclose its
motivations for investing in the Fund and making its solicitation as well as its
intentions with respect to voting any proxies it receives.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Schedule 14A
Deficiencies</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
believe that the items above&#160;are but the most obvious material omissions
and misleading statements in FVP&#8217;s description of its reasons for its proxy
solicitation.&#160;&#160;In addition, we believe FVP&#8217;s proxy materials fail to
disclose or inaccurately disclose information required by Schedule 14A,
including, without limitation:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Item
4 of Schedule 14A</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP
indicates that its employees or employees of its affiliates may assist FVP in
the solicitation of proxies, but does not disclose the class or classes of
employees to be so</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms. Laura
Hatch</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
4</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">employed,
and the manner and nature of their employment for assisting in the proxy
solicitation, as required by Item 4(b)(2) of Schedule 14A.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP
does not disclose the total expenditures incurred to date for, in furtherance
of, or in connection with its solicitation of Fund stockholders, as required by
Item 4(b)(4) of Schedule 14A.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Item
5 of Schedule 14A</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP
does not disclose the present principal occupation or employment of the
participants in the proxy solicitation and the name of any corporation or other
organization in which such employment is carried on, as required by Item
5(b)(1)(ii) of Schedule 14A.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP
does not disclose the amount of each class of Fund securities owned beneficially
by Phillip Goldstein and Andrew Dakos, each of whom are identified as a
participant in the proxy solicitation, as required by Item 5(b)(1)(iv) of
Schedule 14A.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP&#8217;s
proxy materials indicate that FVP owns Fund securities but does not disclose,
with respect to Fund securities that it purchased or sold within the past two
years, the dates on which those securities were purchased or sold, the amount
purchased or sold on each such date, and whether any part of the purchase price
or market value of any of the shares purchased or sold is represented by
borrowed funds, as required by&#160;&#160;Items 5(b)(1)(vi) and (vii) of
Schedule 14A.&#160;&#160;Schedule 14A also requires disclosure of this
information with respect to Fund securities purchased or sold by Messrs.
Goldstein and Dakos within the past two years.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP&#8217;s
proxy materials indicate that FVP&#8217;s affiliates beneficially own Fund shares but
do not provide the name and address of each such affiliate.&#160;&#160;FVP is
required to disclose this information, to the extent that FVP&#8217;s affiliates are
associates of FVP or Messrs. Goldstein or Dakos, under Item 5(b)(1)(ix) of
Schedule 14A.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP
did not furnish for itself, Messrs. Goldstein and Dakos and their associates the
information required by Item 404(a) of Regulation S-K, as required by Item
5(b)(xi) of Schedule 14A.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Item
21 of Schedule 14A</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP&#8217;s
proxy materials incorrectly state that a director nominee &#8220;must receive the vote
of a plurality of the shares voting at the Meeting.&#8221;&#160;&#160;In fact, a
nominee must receive the vote of the majority of the shares represented in
person or by proxy at the Meeting and entitled to vote.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP&#8217;s
proxy materials inaccurately state that approval of the Agreement requires &#8220;the
affirmative vote of shareholders owning &#8230; 67 percent or more of the shares
present</font></div><br>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms. Laura
Hatch</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
5</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">at the
Meeting,&#8221; and fail to clarify that the Agreement may be approved by such an
affirmative vote only if more than 50% of the outstanding shares
are&#160;present at the Meeting.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP
fails to disclose the treatment and effect of broker non-votes under applicable
state law and Fund charter and by-law provisions, as required by Item
21(b).&#160;&#160;FVP incorrectly assumes that the Fund&#8217;s solicitation could not
generate any broker non-votes.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP&#8217;s
proxy materials also fail to disclose the deadline for submitting stockholder
proposals and the date after which notice of a stockholder proposal submitted
outside the processes of Rule 14a-8 is considered untimely, as required
by&#160;&#160;Rule 14a-5(e) under the Exchange Act.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In
addition, FVP&#8217;s proxy fails to comply with the following requirements of Rule
14a-4:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In
addition to stating that the proxy is solicited by FVP, FVP should clarify that
the proxy is not solicited on behalf of the Board and should provide this
statement in bold face type as required by Rule 14a-4(a)(1).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP&#8217;s
proxy does not provide an option for withholding authority to vote for each
director nominee, as required by Rule 14a-4(b)(2) under the Exchange
Act.&#160;&#160;As a related matter, FVP&#8217;s proxy materials should clarify that,
in opposing the Board&#8217;s director nominees, stockholders may withhold their vote
for a director nominee but may not vote &#8220;against&#8221; any nominee.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FVP&#8217;s
proxy seeks to confer discretionary authority on FVP but FVP&#8217;s proxy materials
do not specifically state that FVP does not know about any matters to be
presented at the Meeting other than the Board&#8217;s proposals, as required by Rule
14a-4(c)(3).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Schedule
13D</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
preliminary matter we note that FVP is not included in the Schedule 13D filed by
Bulldog Investors, Brooklyn Capital Management LLC, Phillip Goldstein and Andrew
Dakos (the &#8220;Schedule 13D Filers&#8221;).&#160;&#160;As FVP appears to be a stockholder
and is soliciting proxies in conjunction with Messrs. Goldstein and Dakos, two
of the Schedule 13D Filers, we believe FVP, and its holdings, should be included
in the Schedule 13D filing.&#160;&#160;Alternatively, if FVP has no holdings in
the Fund, we question whether it is appropriate for FVP to make the proxy
solicitation.&#160;&#160;In addition, we note that the Schedule 13D appears to
have been filed late.&#160;&#160;Based on the transactions reported in the
filing, the Schedule 13D Filers obtained 5% of the Fund&#8217;s shares by February 4,
2010, and therefore should have filed no later than February 15,
2010.&#160;&#160;Instead of filing within the required time, the Schedule 13D
Filers filed less than 90 seconds before FVP filed its proxy
materials.&#160;&#160;The uncanny timing of the filings leads us to wonder again
whether FVP is coordinating with the Schedule 13D Filers and should have been
identified as</font></div><br>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms. Laura
Hatch</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
6</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">part of
their group and whether the Schedule 13D Filers (other than Messrs. Goldstein
and Dakos, who are already so identified) should be identified as participants
in FVP&#8217;s proxy materials.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
further note that the Schedule 13D filing fails to disclose certain required
information, including, without limitation:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Item
2 of Schedule 13D</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Schedule 13D filing discloses that in 2007 certain of the Schedule 13D Filers
were parties to Massachusetts administrative enforcement proceedings that
concluded in the issuance of a cease and desist order against them with respect
to violations of the Massachusetts Uniform Securities Act.&#160;&#160;Although
the parties&#8217; appeal of that order is still pending in state courts, the order
was a final order that resulted in the parties being &#8220;subject to a &#8230; final order
enjoining future violations of ... state securities laws or finding any
violation with respect to such laws.&#8221;&#160;&#160;Thus, we believe that under
Item 2(e), the Schedule 13D Filers are required to disclose information about
the proceedings as well as the terms of the final order.&#160;&#160;The Schedule
13D Filers, however, failed to indicate on line 5 of the cover page of their
Schedule 13D filing that they are required to make disclosure of legal
proceedings pursuant to Item 2(e).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Moreover,
we believe that the Schedule 13D Filers&#8217; description of the administrative
proceedings and the cease and desist order does not satisfy the requirements of
Item 2(e) of Schedule 13D.&#160;&#160;In particular, we note that the current
description fails to specify that the parties to the proceedings violated state
securities law and that the cease and desist order enjoined the parties from
future violations of such securities law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We
further believe that although the information in the Schedule 13D filing was
certified by Messrs. Goldstein and Dakos, the description of the administrative
proceedings is incomplete because it states that oral argument in the appeals is
scheduled for November 12, 2009 without clarifying that such argument was never
held because the case was transferred on October 21, 2009 to the Massachusetts
Supreme Judicial Court, which will decide the appeal.&#160;&#160;We note that
FVP&#8217;s proxy materials filed on the same day as the Schedule 13D filing include
information regarding the proceedings involving the Schedule 13D
Filers.&#160;&#160;Unlike the Schedule 13D filing, FVP&#8217;s proxy materials state
that the appeal was transferred to and will be decided by the Massachusetts
Supreme Judicial Court.&#160;&#160;The participation of Messrs. Goldstein and
Dakos in the FVP proxy solicitation as well as the fact they are parties to the
proceedings at issue indicate that Messrs. Goldstein and Dakos, upon reasonably
inquiry, should have known of the current status of the proceedings and,
therefore, that the information in the Schedule 13D is incomplete and
inaccurate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Item
5</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With
respect to the securities transactions identified by the Schedule 13D Filers in
response to Item 5(c) of Schedule 13D, the Schedule 13D Filers have failed to
identify the</font></div><br>
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    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ms. Laura
Hatch</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Page
7</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">identity
of the person who effected each transaction and where and how the transaction
was effected, as required by Instructions 1 and 5 to Item 5 of Schedule
13D.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank you
very much for your consideration of this letter.&#160;&#160;We of course leave
it to the Staff to determine whether to request that FVP refile its Schedule 14A
in preliminary form, or to file an amendment to the Schedule 13D, to give the
Staff an opportunity to determine whether FVP has addressed these
concerns.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
call Clifford J. Alexander at 202-778-9068, Jennifer R. Gonzalez at 202-778-9286
or me at 720-917-0711 if you have any questions or if you would like copies of
any of the material referred to in this letter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Very
truly yours,</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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All-Star<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font>
Growth Fund, Inc.</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
