<SEC-DOCUMENT>0001049169-17-000234.txt : 20170828
<SEC-HEADER>0001049169-17-000234.hdr.sgml : 20170828
<ACCEPTANCE-DATETIME>20170828120236
ACCESSION NUMBER:		0001049169-17-000234
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170630
FILED AS OF DATE:		20170828
DATE AS OF CHANGE:		20170828
EFFECTIVENESS DATE:		20170828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR GROWTH FUND INC.
		CENTRAL INDEX KEY:			0000786035
		IRS NUMBER:				521452208
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04537
		FILM NUMBER:		171053778

	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>
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<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>libertyallstargrowth-afinal.fil
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008 A000003 SUSTAINABLE GROWTH ADVISERS, LP
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008 D010003 STAMFORD
008 D020003 CT
008 D030003 06901
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020 A000010 CRAIG-HALLUM CAPITAL GROUP LLC
<PAGE>      PAGE  3
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SIGNATURE   Kim Storms
TITLE       Treasurer

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77C VOTES
<SEQUENCE>2
<FILENAME>exhibit77clibertygrowth2017s.htm
<TEXT>

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<HEAD>
   <TITLE>exhibit77clibertygrowth2017s.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">Item
77C: Submission of Matters to a Vote of Security Holders </font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">Shareholder Meeting Results</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">On&nbsp;June&nbsp;16,&nbsp;2017,&nbsp;a&nbsp;Special&nbsp;Meeting&nbsp;of&nbsp;the&nbsp;Shareholders&nbsp;of&nbsp;the&nbsp;Fund&nbsp;was&nbsp;held&nbsp;to&nbsp;approve&nbsp;a&nbsp;new&nbsp;Portfolio&nbsp;Management&nbsp;Agreement&nbsp;with&nbsp;Weatherbie&nbsp;Capital,&nbsp;LLC&nbsp;(&#8220;Weatherbie&#8221;).&nbsp;On&nbsp;March&nbsp;30,&nbsp;2017,&nbsp;the&nbsp;record&nbsp;date&nbsp;for&nbsp;the&nbsp;meeting,&nbsp;the&nbsp;Fund&nbsp;had&nbsp;outstanding&nbsp;26,520,364&nbsp;shares&nbsp;of&nbsp;common&nbsp;stock.&nbsp;The&nbsp;votes&nbsp;cast&nbsp;at&nbsp;the&nbsp;meeting&nbsp;were&nbsp;as&nbsp;follows:&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">Proposal - To approve a new Portfolio Management Agreement with
Weatherbie:</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="width:74.98%;">
 <tr>
  <td valign=top width=33% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">For</font></b></p>
  </td>
 <td valign=top width=33% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">Against/Withheld</font></b></p>
  </td>
 <td valign=top width=34% style="border-bottom:solid black 1.5pt;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">Abstain</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=33% style="background:gainsboro;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">13,624,066.484</font></p>
  </td>
 <td valign=top width=33% style="background:gainsboro;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">216,865.656</font></p>
  </td>
 <td valign=top width=34% style="background:gainsboro;padding:1.5pt 1.5pt 1.5pt 1.5pt;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="times new roman" style="font-size:11.0pt;line-height:normal;">56,094.224</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>exhibit77q1egrowthweatherbie.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>exhibit77q1egrowthweatherbie.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">LIBERTY ALL-STAR GROWTH FUND, INC.</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PORTFOLIO
MANAGEMENT AGREEMENT</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WEATHERBIE
CAPITAL, LLC</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">June
16, 2017</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Re: </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Portfolio Management
Agreement</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Liberty All-Star Growth Fund, Inc. (the &#8220;Fund&#8221;) is a diversified
closed-end investment company registered under the Investment Company Act of
1940, as amended&#160; (the &#8220;Act&#8221;), and is subject to the rules and regulations
promulgated thereunder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ALPS Advisors, Inc. (the &#8220;Fund Manager&#8221;) evaluates and recommends
portfolio managers for managing the assets of the Fund, and the Fund Manager or
an affiliate of the Fund Manager is responsible for the day-to-day
administration of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Employment as a Portfolio Manager.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; The Fund, being duly
authorized, hereby employs Weatherbie Capital, LLC (&#8220;Portfolio Manager&#8221;) as a
discretionary portfolio manager, on the terms and conditions set forth herein,
of that portion of the Fund&#8217;s assets which the Fund Manager determines to
assign to the Portfolio Manager (those assets being referred to as the
&#8220;Portfolio Manager Account&#8221;). </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Fund Manager may, from time to time,
allocate and reallocate the Fund&#8217;s assets among the Portfolio Manager and the
other portfolio managers of the Fund&#8217;s assets.&#160; 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.&#160;
The Portfolio Manager&#8217;s responsibilities for providing portfolio management
services to the Fund shall be limited to the Portfolio Manager Account.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Acceptance of Employment; Standard of Performance.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; 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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Portfolio Management Services of Portfolio Manager.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In providing portfolio management services to the Portfolio Manager
Account, the Portfolio Manager shall be subject to the Fund&#8217;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 &#8220;Prospectus&#8221;), 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, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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.&#160; The Portfolio
Manager shall not consult with any other portfolio manager of the Fund
concerning transactions for the Fund in securities or other assets.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">B.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">As part of the services it will provide hereunder, the Portfolio Manager
will:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; formulate and implement a continuous investment program for
the Portfolio Manager Account;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; 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;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; 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</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; cooperate with and provide reasonable assistance to the Fund
Manager, the Fund&#8217;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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Transaction
Procedures.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; All portfolio transactions for the Portfolio Manager Account
will </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">be consummated by payment to or delivery by the
custodian of the Fund (the &#8220;Custodian&#8221;), or such depositories or agents as may
be designated by the Custodian in writing, as custodian for the Fund, of all
cash and/or securities due to or from the Portfolio Manager Account, and the
Portfolio Manager shall not have possession or custody thereof or any
responsibility or liability with respect to such custody. The Portfolio Manager
shall advise and confirm in writing to the Custodian all investment orders for
the Portfolio Manager Account placed by it with brokers and dealers at the
time. The Fund shall issue to the Custodian such instructions as may be
appropriate in connection with the settlement of any transaction initiated by
the Portfolio Manager. The Fund shall be responsible for all custodial
arrangements and the payment of all custodial charges and fees, and, upon
giving proper instructions to the Custodian, the Portfolio Manager shall have
no responsibility or liability with respect to custodial arrangements or the
acts, omissions or other conduct of the Custodian.</font></p>
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</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Allocation
of Brokerage.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; 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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A. In doing so, the
Portfolio Manager&#8217;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 &#8220;best execution&#8221; 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&#8217;s overall responsibilities
with respect to its clients, including the Fund, as to which the Portfolio
Manager exercises investment discretion, notwithstanding that the Fund may not
be the direct or exclusive beneficiary of any such services or that another
broker may be willing to charge the Fund a lower commission on the particular
transaction.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">C. The Portfolio
Manager shall not execute any portfolio transactions for the Portfolio Manager
Account with a broker or dealer which is an &#8220;affiliated person&#8221; (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
&#8220;affiliated persons&#8221; of the Fund or its portfolio managers.</font></p>


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</DIV>
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<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Proxies.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; 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.&#160; 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><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; </font></u></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fees for Services.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> The compensation of the Portfolio Manager
for its services under this Agreement shall be calculated and paid by the Fund
Manager in accordance with the attached Schedule A. Pursuant to the Fund Management
Agreement between the Fund and the Fund Manager, the Fund Manager is solely
responsible for the payment of fees to the Portfolio Manager, and the Portfolio
Manager agrees to seek payment of its fees solely from the Fund Manager.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other Investment Activities of Portfolio Manager.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> 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 (&#8220;Client
Accounts&#8221;), 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 (&#8220;Affiliated Accounts&#8221;).
Subject to the provisions of paragraph 2 hereof, the Fund agrees that the
Portfolio Manager or its affiliates may give advice or exercise investment
responsibility and take such other action with respect to other Client Accounts
and Affiliated Accounts which may differ from the advice given or the timing or
nature of action taken with respect to the Portfolio Manager Account, provided
that the Portfolio Manager acts in good faith, and provided further, that it is
the Portfolio Manager&#8217;s policy to allocate, within its reasonable discretion,
investment opportunities to the Portfolio Manager Account over a period of time
on a fair and equitable basis relative to the Client Accounts and the
Affiliated Accounts, taking into account the cash position and the investment
objectives and policies of the Fund and any specific investment restrictions
applicable thereto. The Fund acknowledges that one or more Client Accounts and
Affiliated Accounts may at any time hold, acquire, increase, decrease, dispose
of or otherwise deal with positions in investments in which the Portfolio
Manager Account may have an interest from time to time, whether in transactions
which involve the Portfolio Manager Account or otherwise. The Portfolio Manager
shall have no obligation to acquire for the Portfolio Manager Account a
position in any investment which any Client Account or Affiliated Account may
acquire, and the Fund shall have no first refusal, co-investment or other
rights in respect of any such investment, either for the Portfolio Manager
Account or otherwise.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Limitation of Liability.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; 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&#8217;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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 17(i) of
the Act).&#160; Except as may otherwise be provided by the Act or any other federal
securities law, the Portfolio Manager shall indemnify and hold harmless the
Fund Manager and the Fund, and their officers and employees, consultants, all
affiliated persons thereof (within the meaning of Section 2(a)(3) of the Act)
and all controlling persons (as described in Section 15 of the Securities Act
of 1933, as amended) (collectively, the &#8220;Fund Indemnitees&#8221;) against any and all
losses, claims, damages, liabilities, or litigation (including reasonable legal
and other expenses) to which any of the Fund Indemnitees may become subject at
common law or otherwise, arising out of the Portfolio Manager&#8217;s action or
inaction or based on this Agreement; provided however, the Portfolio Manager
shall not indemnify or hold harmless the Fund Indemnitees for any losses,
claims, damages, liabilities or litigation (including reasonable legal and
other expenses) due to (i) any breach by the Fund or the Trust of a Fund
representation or warranty made herein, or (ii) any willful misconduct, fraud,
reckless disregard or gross negligence of the Fund or the Trust in the
performance of any of their duties or obligations hereunder.&#160; </font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.25in;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></font></p>


</DIV>
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<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">10. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Confidentiality.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; 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.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">11. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Assignment.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; 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.&#160; 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&#8217;s proxy statement and
shareholder meeting and proxy solicitation fees.</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Representations, Warranties and
Agreements of the Fund.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; The Fund represents, warrants and agrees that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A. The Portfolio Manager has been duly appointed
to provide investment services to the Portfolio Manager Account as contemplated
hereby.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">13. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Representations, Warranties and Agreements of the Portfolio
Manager.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; The Portfolio Manager represents, warrants and agrees that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A. It is registered as an &#8220;investment adviser&#8221;
under the Investment Advisers Act of 1940, as amended (&#8220;Advisers Act&#8221;) and will
continue to be so registered for as long as this Agreement remains in effect.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">B. It will maintain, keep current and preserve on
behalf of the Fund, in the manner required or permitted by the Act and the
rules and regulations thereunder, the records required to be so kept by an
investment adviser of the Fund in accordance with applicable law. The Portfolio
Manager agrees that such records are the property of the Fund, and will be
surrendered to the Fund promptly upon request.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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.&#160; It will promptly notify the Fund Manager of any
material change to its code of ethics or material violation of its code of
ethics.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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).</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 &#8220;SEC&#8221;), check the &#8220;13F Combination Report&#8221; box and on the Form 13F Summary
Page identify &#8220;ALPS Advisors, Inc.&#8221; 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&#8217;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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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&#8217;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&#8217;s compliance policies and procedures; and (c) the name of the
Portfolio Manager&#8217;s Chief Compliance Officer to act as a liaison for compliance
matters that may arise between the Fund and the Portfolio Manager.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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.&#160;
The Portfolio Manager agrees to bear all costs and expenses of the Fund, if
any, arising out of an assignment or change in control.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">I. The Portfolio Manager agrees to maintain an appropriate level of
errors and omissions or professional liability insurance coverage.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;text-indent:9.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">14. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;
This Agreement may be amended at any time, but only by written agreement among
the Portfolio Manager, the Fund Manager and the Fund, which amendment, other
than amendments to Schedule A, is subject to the approval of the Board of 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 Schedule
A may be amended by the Fund Manager without the written agreement of the Fund
or the Portfolio Manager.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">15. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Effective
Date; Term.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; 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:&#160; (1) by a vote of a majority of the Directors who are not
&#8220;interested persons&#8221; (as defined in the Act) of any party to this Agreement (&#8220;Independent
Directors&#8221;), cast in person at a meeting called for the purpose of voting on
such approval, and (ii) by vote of &#8220;a majority of the outstanding voting </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">securities&#8221; (as defined in the Act) of the Fund.&#160; 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&#8217;s Board of Directors or (ii) a vote of a
majority of the outstanding voting securities of the Fund, provided that in
either event such continuance is also approved by a majority of the Independent
Directors, by vote cast in person at a meeting called for the purpose of voting
on such approval.&#160; 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&#8217;s shareholders next following
the date of this Agreement.</font></p>
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</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">16. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Termination.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;
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&#8217; written notice to the Portfolio Manager in the case of
termination by the Fund or the Fund Manager, or ninety (90) days&#8217; 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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">17. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Applicable
Law.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; 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 State of Colorado.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">18. </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Severability;
Counterparts.</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; 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.&#160; 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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">19.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Use of
Name</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Portfolio Manager agrees and acknowledges that the Fund Manager
is the sole owner of the names and marks &#8220;Liberty All-Star&#8221; and &#8220;All-Star&#8221;, 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.&#160; 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.&#160; 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.&#160; Consent by the
Fund Manager shall not be unreasonably withheld.&#160; Upon termination of this
Agreement for any reason, the Portfolio Manager shall cease any and all use of
these marks as soon as reasonably practicable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:justify;text-indent:.2in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">20.&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">Notices</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-autospace:ideograph-numeric ideograph-other;">. 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):</font></p>

<p style="margin:0in;margin-bottom:11.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">To
Fund Manager:</font></p>

<p style="margin:0in;margin-bottom:11.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">ALPS Advisors, Inc.<br>
1290 Broadway, Suite 1100<br>
Denver, Colorado 80203<br>
Attn: General Counsel<br>
Phone:&#160; (303) 623-2577<br>
Fax: (303) 623-7850</font></p>

<p style="margin:0in;margin-bottom:11.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">To the Portfolio
Manager:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">Weatherbie Capital, LLC</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">265 Franklin Street</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">Boston, MA 02110</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">Attn:&#160; Matthew A. Weatherbie</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">Phone: (617) 951-2550</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.25pt;">Fax:
(617) 951-2531</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:13.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>


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</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">LIBERTY ALL-STAR GROWTH FUND, INC.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/
William Parmentier</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name:
William Parmentier</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title:&#160;
President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ALPS
ADVISORS, INC.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/
Thomas Carter </font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name:&#160;
Thomas Carter</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:135.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title:&#160;
President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ACCEPTED:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WEATHERBIE CAPITAL, LLC</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Matthew Weatherbie</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name:&#160;&#160; Matthew Weatherbie</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title:&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>





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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">LIBERTY ALL-STAR GROWTH FUND, INC.</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">PORTFOLIO MANAGEMENT AGREEMENT<br>
SCHEDULE A</font></b></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">PORTFOLIO MANAGER FEE</font></b></p>

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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.1in;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For services provided to the Portfolio Manager Account, the Fund Manager
will pay to the Portfolio Manager, on or before the 10<sup>th</sup> day of each
calendar month, a fee calculated and accrued daily and payable monthly by the
Fund Manager for the previous calendar month at the annual rate of&#173;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:.1in;margin-top:12.6pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)  0.40% of the Portfolio Manager&#8217;s Percentage (as defined below) of
the average daily net assets of the Fund up to and including $300 million; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;margin-right:.1in;margin-top:12.6pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2)  0.36% of the Portfolio Manager&#8217;s Percentage of the average daily net
assets of the Fund exceeding $300 million.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.1in;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Each monthly payment set forth above shall be based on the average daily
net assets during such previous calendar month. The fee for the period from the
date this Agreement becomes effective to the end of the calendar 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&#8217;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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.1in;text-align:justify;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Portfolio Manager&#8217;s Percentage&#8221; means the percentage obtained by
dividing the average daily net assets in the Portfolio Manager Account by the
Fund&#8217;s average daily net assets.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:.1in;text-align:center;text-indent:.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:.15in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

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