Liberty All-Star Equity Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to seek total investment return, consisting of long-term capital appreciation and current income. The Fund seeks its investment objective through investing at least 80% of its net assets in a diversified portfolio of equity securities of companies of any market capitalization. Its equity securities consist of common stocks and securities convertible into common stocks (Convertible Securities), such as bonds and preferred stocks, and securities having common stock characteristics, such as warrants and rights to purchase equity. The portion of the Fund’s portfolio not invested in equity securities (not more than 20% of its net assets under normal market conditions) is generally invested in short-term money market instruments. The Fund's investment advisor is ALPS Advisors, Inc.