Liberty All-Star Equity Fund USA

Liberty All-Star Equity Fund (the Fund) is a diversified, closed-end management investment company. Its investment objective is to seek total investment return, comprised of long-term capital appreciation and current income. It seeks its investment objective through investment primarily in a diversified portfolio of equity securities. It invests approximately 80% of its net assets (plus any borrowings for investment purposes) in equity securities, defined as common stocks and securities convertible into common stocks, such as bonds and preferred stocks, and securities having common stock characteristics, such as warrants and rights to purchase equity securities (although, as a non-fundamental policy, not more than 20% of the value of the Fund’s total assets may be invested in rights and warrants). It invests in various sectors, such as information technology, consumer discretionary, industrials, energy, and utilities. ALPS Advisors, Inc. is the investment adviser for the Fund.