Liberty All-Star® Equity Fund Declares Distribution

The distribution will be paid in newly issued shares to all shareholders except those who are not participating in Liberty All-Star Equity Fund's Dividend Reinvestment Plan and who elect to receive the distribution in cash.  Shares will be issued at the lower of the August 20, 2021 net asset value per share or market value per share (but not less than 95% of market value).  The market value of the Fund's shares for this purpose will be the last sales price on the New York Stock Exchange.

The Fund does not continuously issue shares and trades in the secondary market, investors wishing to buy or sell shares need to place orders through an intermediary or broker.  The share price of a closed-end fund is based on the market's value. The Fund's shares are listed on the New York Stock Exchange under the ticker symbol USA. ALPS Advisors, Inc. is the investment advisor of the Fund, a multi-managed, closed-end investment company with more than $1.8 billion in net assets as of July 9, 2021.

Past performance cannot predict future results.
An investment in the Fund involves risk, including loss of principal.
Secondary market support provided to the Fund by ALPS Fund Services, Inc.'s affiliate ALPS Portfolio Solutions Distributor, Inc., a FINRA Member. ALPS Fund Services, Inc., ALPS Advisors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are affiliated entities.

For Information Contact:
Liberty All-Star® Equity Fund
1-800-241-1850
www.all-starfunds.com

SOURCE Liberty All-Star Equity Fund