<SEC-DOCUMENT>0001752724-19-011585.txt : 20190315
<SEC-HEADER>0001752724-19-011585.hdr.sgml : 20190315
<ACCEPTANCE-DATETIME>20190315171638
ACCESSION NUMBER:		0001752724-19-011585
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190315
DATE AS OF CHANGE:		20190315
EFFECTIVENESS DATE:		20190315

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04537
		FILM NUMBER:		19685936

	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>N-CEN
<SEQUENCE>1
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>fp0040303_g1aiii.htm
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<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right; color: #92D050">&nbsp;</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>3
<FILENAME>fp0040303_g1biii.htm
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: justify">The Manager shall comply &ndash; and to the extent the
Manager takes or is required to take action on behalf of the Fund hereunder shall cause the Fund to comply &ndash; with all applicable
requirements of the Investment Company Act and other applicable laws, rules, regulations, orders and codes of ethics, as well
as all investment objectives, policies, restrictions and procedures adopted by the Fund and the Fund&rsquo;s registration statement
on Form N-2, Articles of Incorporation and By-laws.</TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">B. Provision of Information Necessary for Preparation
of Securities Registration Statements, Amendments and Other Materials.</P>

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

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

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

<P STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> C. Other Obligations and Services.</P>



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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.95pt">(3)</TD><TD STYLE="text-align: justify">The Manager will maintain and implement compliance policies and procedures that are reasonably
designed to ensure its compliance with Rule 206(4)-7 of the Advisers Act and to prevent violations of the Federal Securities Laws
(as defined in Rule 38a-1 under the Investment Company Act). The Manager also will provide the Fund&rsquo;s Chief Compliance Officer
with periodic reports regarding the Manager&rsquo;s compliance with the Federal Securities Laws and the Manager&rsquo;s compliance
policies and procedures, which may include, from time to time, a copy and/or summary of such compliance policies and procedures,
and a report of the annual review determining the effectiveness of such compliance policies and procedures.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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



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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">9. <U>No Personal Liability.</U> Reference
is hereby made to the Articles of Incorporation dated November 6, 1995, establishing the Fund, a copy of which has been filed with
the Secretary of the Commonwealth of Massachusetts and elsewhere as required by law, and to any and all amendments thereto so filed
or hereafter filed. The name Liberty All-Star Equity Fund refers to the Board of Director under said Articles of Incorporation,
and not to the Director personally, and no Trustee, shareholder, officer, agent or employee of the Fund shall be held to any personal
liability hereunder or in connection with the affairs of the Fund, but only the trust estate under said Articles of Incorporation
is liable under this Agreement. Without limiting the generality of the foregoing, neither the Manager nor any of its officers,
directors, shareholders or employees shall, under any circumstances, have recourse or cause or willingly permit recourse to be
had directly or indirectly to any personal, statutory, or other liability of any shareholder, Trustee, officer, agent or employee
of the Fund or of any successor of the Fund, whether such liability now exists or is hereafter incurred for claims against the
trust estate, but shall look for payment solely to said trust estate, or the assets of such successor of the Fund.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">LIBERTY ALL-STAR GROWTH FUND, INC.</FONT></TD>
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ William R. Parmentier, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">William R. Parmentier, Jr.</FONT></TD>
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">Title: </FONT></TD>
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">ALPS ADVISORS, INC.</FONT></TD>
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Edmund J. Burke</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">Name: </FONT></TD>
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">Title: </FONT></TD>
    <TD STYLE="padding-left: 0in"><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD STYLE="padding-left: 0.25in">&nbsp;</TD></TR>
</TABLE>


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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.8pt">(A) For
the investment management services provided to the Fund pursuant to Section 2(A) of this Agreement, the Fund will pay to the Manager,
on or before the 10<SUP>th</SUP> day of each calendar month, a fee calculated and accrued daily and payable monthly by the Fund
for the previous calendar month at the annual rate of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.8pt">&#9;0.80% of the average
daily net assets of the Fund up to and including $300 million; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.8pt">&#9;0.72% of the average
daily net assets of the Fund exceeding $300 million.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.8pt">(B) Pursuant
to Section 6 of this Agreement, the Manager will pay to each Portfolio Manager, on or before the 10<SUP>th</SUP> day of each calendar
month, a fee calculated and accrued daily and payable monthly by the Manager for the previous calendar month at the annual rate
of</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.8pt">&#9;0.40% of the Portfolio
Manager&rsquo;s Percentage (as defined below) of the average daily net assets of the Fund up to and including $300 million; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.8pt">&#9;0.36% of the Portfolio
Manager&rsquo;s Percentage of the average daily net assets of the Fund exceeding $300 million.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;Each monthly payment
set forth above shall be based on the average daily net assets of the Fund during such previous calendar month. The fee for the
period from the date this Agreement becomes effective to the end of the calendar month 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 Manager, the value of the Fund&rsquo;s net assets will be computed at the times and in the manner
specified in the Fund&rsquo;s Registration Statement under the Investment Company Act as from time to time in effect.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.8pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&ldquo;Portfolio Manager&rsquo;s
Percentage&rdquo; means the percentage obtained by dividing the average daily net assets of that portion of the Fund&rsquo;s assets
assigned to that Portfolio Manager by the total of the Fund&rsquo;s average daily net assets.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">keep the Fund Manager and the Board of 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;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">in accordance with procedures and methods established by the 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</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">C. It has adopted
a written code of ethics complying with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Act and
will provide the Fund Manager and the Board of 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. It will promptly
notify the Fund Manager of any material change to its code of ethics or material violation of its code of ethics.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">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&rsquo;s compliance policies
and procedures comply with the Advisers Act; (b) a report of the annual review determining the adequacy and effectiveness of the
Portfolio Manager&rsquo;s compliance policies and procedures; and (c) the name of the Portfolio Manager&rsquo;s Chief Compliance
Officer to act as a liaison for compliance matters that may arise between the Fund and the Portfolio Manager.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">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. The Portfolio Manager agrees
to bear all costs and expenses of the Fund, if any, arising out of an assignment or change in control.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">14. <U>Amendment.</U>
This Agreement may be amended at any time, but only by written agreement among the Portfolio Manager, the Fund Manager and the
Fund, which amendment, other than amendments to Schedule A, is subject to the approval of the Board of 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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">15. <U>Effective Date;
Term.</U> This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect
unless it has first been approved: (1) by a vote of a majority of the Directors who are not &ldquo;interested persons&rdquo; (as
defined in the Act) of any party to this Agreement (&ldquo;Independent Directors&rdquo;), cast in person at a meeting called for
the purpose of voting on such approval, and (ii) by vote of &ldquo;a majority of the outstanding voting securities&rdquo; (as defined
in the Act) of the Fund. This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter
provided such continuance is specifically approved at least annually by (i) the Fund&rsquo;s Board of 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.
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&rsquo;s shareholders next following the date of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">16. <U>Termination.</U>
This Agreement may be terminated at any time by any party, without penalty, immediately upon written notice to the other parties
in the event of a breach of any provision thereof by a party so notified, or otherwise upon not less than thirty (30) days&rsquo;
written notice to the Portfolio Manager in the case of termination by the Fund or the Fund Manager, or ninety (90) days&rsquo;
written notice to the Fund and the Fund Manager in the case of termination by the Portfolio Manager, but any such termination shall
not affect the status, obligations or liabilities of any party hereto to the other parties.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">17. <U>Applicable Law.</U>
To the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted,
as the same may be amended from time to time, this Agreement shall be administered, construed and enforced according to the laws
of the State of Colorado.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">18. <U>Severability; Counterparts.</U>
If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder
of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and
each and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application
permitted by law. This Agreement may be executed in counterparts, each of which will be deemed an original and all of which together
will be deemed to be one and the same agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">19. <U>Use of Name</U>.
The Portfolio Manager agrees and acknowledges that the Fund Manager is the sole owner of the names and marks &ldquo;Liberty All-Star&rdquo;
and &ldquo;All-Star&rdquo;, and that all use of any designation comprised in whole or in part of these names and marks shall inure
to the benefit of the Fund Manager. Except as used to identify the Fund to third parties as a client, the use by the Portfolio
Manager on its own behalf of such marks in any advertisement or sales literature or other materials promoting the Portfolio Manager
shall be with the prior written consent of the Fund Manager. The Portfolio Manager shall not, without the consent of the Fund Manager,
make representations regarding the Fund or the Fund Manager in any disclosure document, advertisement or sales literature or other
materials promoting the Portfolio Manager. Consent by the Fund Manager shall not be unreasonably withheld. Upon termination of
this Agreement for any reason, the Portfolio Manager shall cease any and all use of these marks as soon as reasonably practicable.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">265 Franklin Street</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Boston, MA 02110</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Phone: (617) 951-2550</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in">Fax: (617) 951-2531</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 11pt">LIBERTY ALL-STAR GROWTH FUND, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ William R. Parmentier, Jr.</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">William R. Parmentier, Jr.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 11pt">ALPS ADVISORS, INC.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Edmund J. Burke</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Edmund J. Burke</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">President</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 11pt">/s/ Tina Payne</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">Tina Payne</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 11pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 11pt">SVP, General Counsel</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">For services provided
to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each
calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar month at the
annual rate of</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">0.40% of the Portfolio Manager&rsquo;s Percentage (as defined below) of the average daily net assets
of the Fund up to and including $300 million; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">0.36% of the Portfolio Manager&rsquo;s Percentage of the average daily net assets of the Fund exceeding
$300 million.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">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&rsquo;s net assets will be computed
at the times and in the manner specified in the Registration Statement as from time to time in effect.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&ldquo;Portfolio Manager&rsquo;s
Percentage&rdquo; means the percentage obtained by dividing the average daily net assets in the Portfolio Manager Account by the
Fund&rsquo;s average daily net assets.</P>

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

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

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



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<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>5
<FILENAME>fp0040303_g1biii-sustainable.htm
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">keep the Fund Manager and the Board of 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;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">in accordance with procedures and methods established by the 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</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">C. It has adopted
a written code of ethics complying with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Act and
will provide the Fund Manager and the Board of 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. It will promptly
notify the Fund Manager of any material change to its code of ethics or material violation of its code of ethics.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">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&rsquo;s compliance policies
and procedures comply with the Advisers Act; (b) a report of the annual review determining the adequacy and effectiveness of the
Portfolio Manager&rsquo;s compliance policies and procedures; and (c) the name of the Portfolio Manager&rsquo;s Chief Compliance
Officer to act as a liaison for compliance matters that may arise between the Fund and the Portfolio Manager.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">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. The Portfolio Manager agrees
to bear all reasonable expenses of the Fund, if any, arising out of an assignment or change in control.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">14. <U>Amendment.</U>
This Agreement may be amended at any time, but only by written agreement among the Portfolio Manager, the Fund Manager and the
Fund, which amendment, other than amendments to Schedule A, is subject to the approval of the Board of 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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">15. <U>Effective Date;
Term.</U> This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect
unless it has first been approved: (1) by a vote of a majority of the Directors who are not &ldquo;interested persons&rdquo; (as
defined in the Act) of any party to this Agreement (&ldquo;Independent Directors&rdquo;), cast in person at a meeting called for
the purpose of voting on such approval, and (ii) by vote of &ldquo;a majority of the outstanding voting securities&rdquo; (as defined
in the Act) of the Fund. This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter
provided such continuance is specifically approved at least annually by (i) the Fund&rsquo;s Board of 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.
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&rsquo;s shareholders next following the date of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">16. <U>Termination.</U>
This Agreement may be terminated at any time by any party, without penalty, immediately upon written notice to the other parties
in the event of a breach of any provision thereof by a party so notified, or otherwise upon not less than thirty (30) days&rsquo;
written notice to the Portfolio Manager in the case of termination by the Fund or the Fund Manager, or ninety (90) days&rsquo;
written notice to the Fund and the Fund Manager in the case of termination by the Portfolio Manager, but any such termination shall
not affect the status, obligations or liabilities of any party hereto to the other parties.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">17. <U>Applicable Law.</U>
To the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted,
as the same may be amended from time to time, this Agreement shall be administered, construed and enforced according to the laws
of the State of Colorado.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">18. <U>Severability; Counterparts.</U>
If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder
of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and
each and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application
permitted by law. This Agreement may be executed in counterparts, each of which will be deemed an original and all of which together
will be deemed to be one and the same agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">19. <U>Use of Name</U>.
The Portfolio Manager agrees and acknowledges that the Fund Manager is the sole owner of the names and marks &ldquo;Liberty All-Star&rdquo;
and &ldquo;All-Star&rdquo;, and that all use of any designation comprised in whole or in part of these names and marks shall inure
to the benefit of the Fund Manager. Except as used to identify the Fund to third parties as a client, the use by the Portfolio
Manager on its own behalf of such marks in any advertisement or sales literature or other materials promoting the Portfolio Manager
shall be with the prior written consent of the Fund Manager. The Portfolio Manager shall not, without the consent of the Fund Manager,
make representations regarding the Fund or the Fund Manager in any disclosure document, advertisement or sales literature or other
materials promoting the Portfolio Manager. Consent by the Fund Manager shall not be unreasonably withheld. Upon termination of
this Agreement for any reason, the Portfolio Manager shall cease any and all use of these marks as soon as reasonably practicable.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">3 Stamford Plaza</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">301 Tresser Blvd, Suite 1310</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Stamford, Connecticut 06901<BR>
<BR>
Phone:</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 135pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 135pt"></P>

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


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 135pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 99pt; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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


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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">For services provided
to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each
calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar month at the
annual rate of</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">0.40% of the Portfolio Manager&rsquo;s Percentage (as defined below) of the average daily net assets
of the Fund up to and including $300 million; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">0.36% of the Portfolio Manager&rsquo;s Percentage of the average daily net assets of the Fund exceeding
$300 million.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">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&rsquo;s net assets will be computed
at the times and in the manner specified in the Registration Statement as from time to time in effect.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&ldquo;Portfolio Manager&rsquo;s
Percentage&rdquo; means the percentage obtained by dividing the average daily net assets in the Portfolio Manager Account by the
Fund&rsquo;s average daily net assets.</P>

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

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<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>6
<FILENAME>fp0040303_g1biii-congress.htm
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">keep the Fund Manager and the Board of 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;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">in accordance with procedures and methods established by the 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</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">C. It has adopted
a written code of ethics complying with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Act and
will provide the Fund Manager and the Board of 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. It will promptly
notify the Fund Manager of any material change to its code of ethics or material violation of its code of ethics.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">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&rsquo;s compliance policies
and procedures comply with the Advisers Act; (b) a report of the annual review determining the adequacy and effectiveness of the
Portfolio Manager&rsquo;s compliance policies and procedures; and (c) the name of the Portfolio Manager&rsquo;s Chief Compliance
Officer to act as a liaison for compliance matters that may arise between the Fund and the Portfolio Manager.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 9pt">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. The Portfolio Manager agrees
to bear all costs and expenses of the Fund, if any, arising out of an assignment or change in control.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">14. <U>Amendment.</U>
This Agreement may be amended at any time, but only by written agreement among the Portfolio Manager, the Fund Manager and the
Fund, which amendment, other than amendments to Schedule A, is subject to the approval of the Board of 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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">15. <U>Effective Date;
Term.</U> This Agreement shall become effective on the date first above written, provided that this Agreement shall not take effect
unless it has first been approved: (1) by a vote of a majority of the Directors who are not &ldquo;interested persons&rdquo; (as
defined in the Act) of any party to this Agreement (&ldquo;Independent Directors&rdquo;), cast in person at a meeting called for
the purpose of voting on such approval, and (ii) by vote of &ldquo;a majority of the outstanding voting securities&rdquo; (as defined
in the Act) of the Fund. This Agreement shall continue for two years from the date of this Agreement and from year to year thereafter
provided such continuance is specifically approved at least annually by (i) the Fund&rsquo;s Board of 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.
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&rsquo;s shareholders next following the date of this Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">16. <U>Termination.</U>
This Agreement may be terminated at any time by any party, without penalty, immediately upon written notice to the other parties
in the event of a breach of any provision thereof by a party so notified, or otherwise upon not less than thirty (30) days&rsquo;
written notice to the Portfolio Manager in the case of termination by the Fund or the Fund Manager, or ninety (90) days&rsquo;
written notice to the Fund and the Fund Manager in the case of termination by the Portfolio Manager, but any such termination shall
not affect the status, obligations or liabilities of any party hereto to the other parties.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">17. <U>Applicable Law.</U>
To the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted,
as the same may be amended from time to time, this Agreement shall be administered, construed and enforced according to the laws
of the State of Colorado.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">18. <U>Severability; Counterparts.</U>
If any term or condition of this Agreement shall be invalid or unenforceable to any extent or in any application, then the remainder
of this Agreement, and such term or condition except to such extent or in such application, shall not be affected thereby, and
each and every term and condition of this Agreement shall be valid and enforced to the fullest extent and in the broadest application
permitted by law. This Agreement may be executed in counterparts, each of which will be deemed an original and all of which together
will be deemed to be one and the same agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 13.5pt">19. <U>Use of Name</U>.
The Portfolio Manager agrees and acknowledges that the Fund Manager is the sole owner of the names and marks &ldquo;Liberty All-Star&rdquo;
and &ldquo;All-Star&rdquo;, and that all use of any designation comprised in whole or in part of these names and marks shall inure
to the benefit of the Fund Manager. Except as used to identify the Fund to third parties as a client, the use by the Portfolio
Manager on its own behalf of such marks in any advertisement or sales literature or other materials promoting the Portfolio Manager
shall be with the prior written consent of the Fund Manager. The Portfolio Manager shall not, without the consent of the Fund Manager,
make representations regarding the Fund or the Fund Manager in any disclosure document, advertisement or sales literature or other
materials promoting the Portfolio Manager. Consent by the Fund Manager shall not be unreasonably withheld. Upon termination of
this Agreement for any reason, the Portfolio Manager shall cease any and all use of these marks as soon as reasonably practicable.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Address: 2 Seaport Lane</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Boston, MA 02210<BR>
Phone: 617-428-4320</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">Fax: 617-428-4391</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">CONGRESS ASSET MANAGEMENT COMPANY, LLP</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">For services provided
to the Portfolio Manager Account, the Fund Manager will pay to the Portfolio Manager, on or before the 10<SUP>th</SUP> day of each
calendar month, a fee calculated and accrued daily and payable monthly by the Fund Manager for the previous calendar month at the
annual rate of</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">0.40% of the Portfolio Manager&rsquo;s Percentage (as defined hereafter) of the Average Total Fund
Net Assets (as defined hereafter) of the Fund up to and including $300 million; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">0.36% of the Portfolio Manager&rsquo;s Percentage of the Average Total Fund Net Assets of the Fund
exceeding $300 million.</TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">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&rsquo;s net assets will be computed
at the times and in the manner specified in the Registration Statement as from time to time in effect.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&ldquo;Portfolio Manager&rsquo;s
Percentage&rdquo; means the percentage obtained by dividing (i) the average daily net asset values of the Portfolio Manager Account
during the preceding calendar month, by (ii) the Average Total Fund Net Assets.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&ldquo;Average Total Fund
Net Assets&rdquo; means the average daily net asset values of the Fund as a whole during the preceding calendar month.</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exhibit b.iv. &ndash; Liberty All Star Growth
Fund, Inc.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Section 16(a) Beneficial Ownership Reporting
Compliance</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 16(a) of the 1934 Act and Section 30(h)
of the 1940 Act, and the rules thereunder, require the Liberty All Star Growth Fund Inc.&rsquo;s (the &ldquo;Fund&rdquo;) officers
and Trustees, officers and directors of the investment adviser, affiliated persons of the investment adviser, and persons who beneficially
own more than 10% of a registered class of the Fund&rsquo;s Common Shares (the &ldquo;Reporting Persons&rdquo;) to file reports
of ownership and changes in ownership with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and the New York Stock Exchange
and to furnish the Fund with copies of all Section 16(a) forms they file. Based solely on a review of the reports filed with the
SEC and upon representations that no applicable Section 16(a) forms were required to be filed, the Fund believes that as of the
Fund&rsquo;s fiscal year end on December 31, 2018, all Section 16(a) filing requirements applicable to the Fund&rsquo;s officers
and Trustees, officers and directors of the investment adviser or sub-advisers, affiliated persons of the investment adviser or
sub-advisers, and greater than 10% beneficial owners were complied with, with the exception of the following: 1) a statement of
initial beneficial ownership on Form 3 for Richard C. Noyes, General Counsel of the Adviser, was not filed within 10 days following
the day on which he became a reporting person due to an administrative error. Mr. Noyes did not own any Fund shares reportable
on Form 3; and 2) a statement of initial beneficial ownership on Form 3 for Alger Associates, Inc., the parent company of Weatherbie
Capital LLC, was not filed within 10 days following the day on which it became a reporting person. Alger Associates did not own
any Fund shares reportable on Form 3.</P>

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