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Fund Overview

The fund’s assets are approximately equally distributed among three value managers and two growth managers:

ALPS Advisors, Inc., the investment advisor to the Fund, has the ultimate authority (subject to oversight by the Board of Trustees) to oversee the investment managers and recommend their hiring, termination and replacement.

Fund Style Large-Cap Core
Fund Strategy Multi-managed fund that allocates its portfolio assets on an approximately equal basis among several independent investment management organizations (currently five in number) having different investment styles recommended and monitored by ALPS Advisors, Inc., the Fund's investment advisor.
Fund Structure
Value Managers

Aristotle Capital Management, LLC | Howard Gleicher, CFA

Macquarie Investment Management | D. Tysen Nutt, Jr.

Pzena Investment Management, LLC | Richard S. Pzena, John J. Flynn, & Benjamin S. Silver, CFA

Growth Managers

Sustainable Growth Advisers, LP | George Fraise, Robert Rohn & Gordon Marchand, CFA

TCW Investment Management Company | Craig C. Blum, CFA

Distribution Policy

Liberty All-Star Equity Fund's current policy, is to pay distributions on its common shares totaling approximately 10 percent of its net asset value per year, payable in four quarterly installments of 2.5 percent of the Fund's net asset value at the close of the New York Stock Exchange on the Friday prior to each quarterly declaration date. The fixed distributions are not related to the amount of the Fund's net investment income or net realized capital gains or losses and may be taxed as ordinary income up to the amount of the Fund's current and accumulated earnings and profits.

If, for any calendar year, the total distributions made under the distribution policy exceed the Fund's net investment income and net realized capital gains, the excess will generally be treated as a non-taxable return of capital, reducing the shareholder's adjusted basis in his or her shares.

If the Fund's net investment income and net realized capital gains for any year exceed the amount distributed under the distribution policy, the Fund may, in its discretion, retain and not distribute net realized capital gains and pay income tax thereon to the extent of such excess. The Fund retained such excess gains in 1993, 1996 and 1997.


Dividend & Tax

PERFORMANCE

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*Cumulative Total Return
Returns for the Fund and the Lipper Average are total returns, which include dividends, after deducting fund expenses. The Fund's performance is calculated assuming that a shareholder reinvested all distributions and exercised all primary rights in the Fund's rights offerings.

Past performance cannot predict future results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information shown does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

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