Liberty All-Star Equity Fund (the Fund) is a diversified, closed-end management investment company. The Fund seeks total investment return comprised of long-term capital appreciation and current income through investing primarily in a diversified portfolio of equity securities. The average of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper�s United States domestic equity large-cap floor. The Fund�s portfolio managers are CORNERSTONE CAPITAL MANAGEMENT, INC., MATRIX ASSET ADVISORS, INC., PZENA INVESTMENT MANAGEMENT, LLC, and TCW INVESTMENT MANAGEMENT COMPANY. The Fund�s Investment Advisor is ALPS Advisors.