<SEC-DOCUMENT>0001398344-18-004672.txt : 20180323
<SEC-HEADER>0001398344-18-004672.hdr.sgml : 20180323
<ACCEPTANCE-DATETIME>20180323163250
ACCESSION NUMBER:		0001398344-18-004672
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180323
DATE AS OF CHANGE:		20180323
EFFECTIVENESS DATE:		20180323

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR EQUITY FUND
		CENTRAL INDEX KEY:			0000799195
		IRS NUMBER:				042935840
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		18710477

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303.623.2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>fp0032153_defa14a.htm
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">UNITED STATES</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">SECRUITIES AND EXCHANGE
COMMISSION</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Washington, D.C.
20549</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>SCHEDULE 14A</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">Proxy Statement
Pursuant to Section 14(a) of the Securities Exchange Act of 1934</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(Amendment No.___)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">Filed by Registrant
[X]</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">Filed by a Party
other than the Registrant [&nbsp; ]</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">Check the appropriate
box:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">[&nbsp;&nbsp;]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Preliminary
                                         Proxy Statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">[&nbsp;&nbsp;]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Confidential,
                                         for Use of the Commission Only (as permitted by Rule14a-6(e)(2))</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">[&nbsp;&nbsp;]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Definitive
                                         Proxy Statement</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">[X]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Definitive
                                         Additional Materials</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">[&nbsp;&nbsp;]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Soliciting
                                         Material Pursuant to Sec. 240.14a-12</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">LIBERTY ALL-STAR
EQUITY FUND</FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"><FONT STYLE="color: Black">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">(name of Registrant
as Specified in its Charter)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">Payment of Filing
Fee (Check the appropriate box):</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">[X]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">No
                                         fee required</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">[&nbsp;&nbsp;]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Fee
                                         computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Title
                                         of each class of securities to which transaction applies:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Aggregate
                                         number of securities to which transaction applies:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Per
                                         unit price or other underlying value of transaction computed pursuant to Exchange Act
                                         Rule 0-11(set forth the amount on which the filing fee is calculated and state how it
                                         was determined):</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Proposed
                                         maximum aggregate value of transaction:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Total
                                         fee paid:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">[&nbsp;&nbsp;]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Fee
                                         paid previously with preliminary materials.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">[&nbsp;&nbsp;]</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Check
                                         box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
                                         identify the filing for which the offsetting fee was paid previously. Identify the previous
                                         filing by registration statement number, or the Form or Schedule and the date of its
                                         filing.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Amount
                                         Previously Paid:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Form,
                                         Schedule or Registration Statement No.:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Filing
                                         Party:</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="color: Black">4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: Black">Date
                                         Filed:</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="color: Black">&nbsp;<IMG SRC="image_001.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 50%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #0D3F5C"><FONT STYLE="color: Black"><B>For
                           Information Contact:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #0D3F5C"><FONT STYLE="color: Black">Liberty
All-Star<B><SUP>&reg;</SUP></B> Funds<BR>
1-800-241-1850<BR>
www.all-starfunds.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: right; color: #0D3F5C"><FONT STYLE="color: Black"><I>Press
Release</I></FONT></P>


</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #7C7E81"><FONT STYLE="color: Black"><I>For Immediate Release</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #7C7E81"><FONT STYLE="color: Black"><I>March 23, 2018</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #7C7E81"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="color: #0D3F5C; font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>Liberty
All-Star<SUP>&reg;</SUP> Equity Fund and Liberty All-Star<SUP>&reg;</SUP> Growth Fund, Inc.</B><BR>
<B><I>Announce Board Approval of Special Shareholder Meetings</I></B></FONT></P>

<P STYLE="color: #0D3F5C; font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black"><B>BOSTON,
March 23, 2018 &ndash; </B>Liberty All-Star<SUP>&reg;</SUP> Equity Fund (NYSE: USA) and Liberty All-Star<SUP>&reg;</SUP> Growth
Fund, Inc. (NYSE: ASG) (each, a &ldquo;Fund&rdquo;) have each announced that on March 22, 2018 the Board of Trustees of Liberty
All-Star<SUP>&reg;</SUP> Equity Fund and the Board of Directors of Liberty All-Star<SUP>&reg;</SUP> Growth Fund, Inc. (collectively,
the &ldquo;Board&rdquo;) approved that a special meeting of each Fund&rsquo;s shareholders be held on May 31, 2018. In addition,
the Board of each Fund approved a new Fund Management Agreement with ALPS Advisors, Inc. (&ldquo;ALPS Advisors&rdquo;) and new
Portfolio Management Agreements with the Fund&rsquo;s current sub-advisors, subject to approval of such agreements by shareholders
of the Fund. The new Fund Management Agreements and Portfolio Management Agreements were considered in connection with the recently
announced transaction in which DST Systems, Inc. (&ldquo;DST&rdquo;), the parent company of ALPS Advisors, entered into a definitive
agreement with SS&amp;C Technologies Holdings, Inc. (&ldquo;SS&amp;C&rdquo;) wherein SS&amp;C will acquire DST (the &ldquo;Transaction&rdquo;).
The Transaction, when completed, will result in a change of control of ALPS Advisors, which may be deemed to result in an &ldquo;assignment&rdquo;
of the Funds&rsquo; existing Fund Management Agreements and Portfolio Management Agreements, resulting in their automatic termination.
Completion of the Transaction is subject to a number of conditions. DST and SS&amp;C currently expect to complete the Transaction
before the end of the second quarter of 2018.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black">To
provide for continuity in the operation of the Funds, shareholders of the Funds will be asked to approve the new Fund Management
Agreements and new Portfolio Management Agreements at the special meeting of shareholders to be held on May 31, 2018. The record
date for each Fund&rsquo;s special meeting of shareholders is March 2, 2018.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black">The
Funds do not continuously issue shares. Shares of the Funds trade 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&rsquo;s value.
Liberty All-Star<SUP>&reg;</SUP> Equity Fund&rsquo;s shares are listed on the New York Stock Exchange under the symbol USA and
Liberty All-Star<SUP>&reg;</SUP> Growth Fund, Inc.&rsquo;s shares are listed on the New York Stock Exchange under the symbol ASG.
ALPS Advisors, Inc. is the investment advisor of Liberty All-Star<SUP>&reg;</SUP> Equity Fund and Liberty All-Star<SUP>&reg;</SUP>
Growth Fund, Inc., which are multi-managed, closed-end investment companies with more than $1.3 billion and $158 million in net
assets, respectively as of March 21, 2018.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #404040"><FONT STYLE="color: Black">***</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black">In
connection with the presentation of the new Fund Management Agreements and new Portfolio Management Agreements to the Funds&rsquo;
shareholders for approval, the Funds intend to file relevant materials with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
including a preliminary proxy statement on Schedule 14A. Following the filing of the definitive proxy statement with the SEC,
the Funds will mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the special meeting.
<B>Shareholders are urged to carefully read these materials in their entirety (including any amendments or supplements thereto)
and any other relevant documents that the Funds will file with the SEC when they become available because they will contain important
information. </B>The proxy statement and other relevant materials (when available), and any and all documents filed by the Funds
with the SEC, may be obtained for free at the SEC&rsquo;s website at www.sec.gov.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="color: Black">&nbsp;<IMG SRC="image_001.jpg" ALT=""></FONT></TD>
    <TD STYLE="width: 50%"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #0D3F5C"><FONT STYLE="color: Black"><B>For
                           Information Contact:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right; color: #0D3F5C"><FONT STYLE="color: Black">Liberty
All-Star<B><SUP>&reg;</SUP></B> Funds<BR>
1-800-241-1850<BR>
www.all-starfunds.com</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: right; color: #0D3F5C"><FONT STYLE="color: Black"><I>Press
Release</I></FONT></P>


</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="color: Black">This
communication is not a solicitation of a proxy from any Fund shareholder. The Funds, their investment advisors and sub-advisers
and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants
in the solicitation of proxies from shareholders in connection with the proposals. Information about the investment advisors and
sub-advisers, directors/trustees and officers of the Funds may be found in their respective annual reports and annual proxy statements
previously filed with the SEC.</FONT></P>

<P STYLE="color: #404040; font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="color: #404040; font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><I>Past
performance cannot predict future results.</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #404040"><FONT STYLE="color: Black"><I>An investment in
the Fund involves risk, including loss of principal.</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #404040"><FONT STYLE="color: Black"><I>ALPS Portfolio Solutions
Distributor, Inc. &ndash; FINRA Member Firm</I></FONT></P>

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<P STYLE="color: #404040; font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black">LAS000848
3/31/2019</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
