LIBERTY ALL STAR EQUITY FUND

# Liberty All Star Equity Fund

Established in 1986, this closed-end equity fund operates as a diversified investment vehicle focused on U.S. public equity markets. The fund is managed by ALPS Advisers, Inc., with co-management provided by Aristotle Capital Management, Pzena Investment Management, Delaware Investments Fund Advisers, Sustainable Growth Advisers, and TCW Investment Management Company. The multi-manager structure allows the fund to blend different investment philosophies and stock selection approaches across a single portfolio.

The fund's investment strategy centers on large-capitalization stocks spanning multiple sectors, with a primary focus on value and growth equities. Rather than operating as a traditional open-end mutual fund, Liberty All Star functions as a closed-end fund structure, meaning shares trade on the secondary market at prices determined by supply and demand rather than daily net asset value. The fund benchmarks its performance against the S&P 500 Index, Dow Jones Industrial Average, NASDAQ Composite Index, and the Lipper Large-Cap Core Mutual Fund Average.

The fund is incorporated in Massachusetts and headquartered in Denver, Colorado. As a financial services company operating within the asset management industry, it generates revenue primarily through management fees charged to its investment portfolio.